Rocket Pool’s RPL token surged in price after Binance announced it would be listing the token in its Innovation Zone. The ETH Liquid Staking Solution project is making a name for itself, although it lags behind Lido.
The RPL token of Ethereum liquid staking project Rocket Pool has skyrocketed following a Binance announcement that it will be listed. The exchange said it will list the token in Innovation Zone, with trading for the token set to begin on January 18. In addition to being available for trading using BTC, BSD, and USDT, the token is also listed for margin trading.
The news saw Rocket Pool drop more than 50% in price, although it has since recovered by about 20%. The token is now trading at around $33.70. There has also been a huge increase in trading volume for RPL, which has increased by almost 180% to $90 million. Obviously, a large portion of that volume comes from Binance.
Binance’s Innovation Zone is a hub for traders to work with new tokens with some safeguards that reduce the risk coming from these assets. Volatility is a good example of these coins, and the Binance team examines whether traders understand the risks associated with these new coins.
The Innovation Zone is intended for businessmen who want to be able to quickly get involved in new projects. It comes with a set of risks, but the reward could be even greater if it is a truly successful project.
Rocket Pool’s Liquid Staking Is On The Rise
Rocket Pool is one such project that is making a name for itself as a decentralized ETH liquid staking derivatives provider. It provides easy entry into Ethereum staking, reducing the amount of capital required for the process. Users can stake their ETH to Ward node operators, providing them with RETH, which represents their stake. The RPL token is used for network insurance collateral and governance purposes.
Rocket Pool ranks third behind Lido and Coinbase as a liquid staking solution provider. The latter has the largest market share in this niche, accounting for 75.6% of all ETH. Rocket Pool has 3.5% of the pool, well behind the top two.
Stackers excited by Shanghai upgrade
Liquid staking is becoming a hot topic as the Ethereum Shanghai upgrade approaches. The upgrade will expire in March, allowing stakers to unstake their ETH. This is a significant step for the network, which has not allowed validators to unstake their holdings. Stakers will be happy that they can withdraw the 32 ETH they put in, which is a huge amount.
Meanwhile, MetaMask also offers liquid betting features as it is now integrated with Lido and Rocket Pool. This will surely bring more ETH to the network for staking, as the integration makes it more convenient to participate.
disclaimer
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.