Rocket Pool’s RPL token price skyrocketed after Binance announced that it would list the token in its innovation zone. The ETH liquid staking solution project has made a name for itself, although it lags behind the Lido.
Ethereum Liquid staking project Rocket Pool’s RPL token skyrocketed following Binance’s announcement that it would be listed. The exchange said it would list the token in the Innovation Zone, opening trading for the token on January 18. Along with being available for trading using BTC, BUSD, and USDT, the token is also listed for Margin of negociation.
rocket pool saw a price increase of more than 50% following the news, although it has since fallen by around 20%. The token is now trading at around $33.70. Trading volume for RPL also saw a massive increase, up around 180% to $90 million. As you might expect, a large portion of this volume comes from Binance.
Binance’s Innovation Zone is a hub for traders to work with newer tokens with certain safeguards that mitigate the risk associated with these assets. Volatility is a good example of these tokens, and the Binance team is checking to see if traders understand the risks associated with these new tokens.
The Innovation Zone is intended for merchants who wish to be able to quickly embark on new projects. It comes with a set of risks, but the reward can also be higher if it is a truly successful project.
Rocket Pool Liquid Staking Growth
Rocket Pool is a project that has made a name for itself as a decentralized project ETH Liquid Staking supplier of derivative products. It offers easier entry into Ethereum Staking, which reduces the capital required for the process. Users can stake their ETH in neighborhoods node operators, granting them rETH, which represents their participation. The RPL token is used for network assurance and governance assurance purposes.
Rocket Pool is third behind the Lido and Coinbase as a liquid staking solution provider. The latter holds the largest market share in this niche, with 75.6% of all ETH staked. Rocket Pool holds 3.5% of the pool, far behind the top two.
Shanghai upgrade excites stakeholders
Liquid staking is becoming a hot topic as the Ethereum Shanghai Upgrade approaches. The upgrade will be available in March, allowing stakers to withdraw their ETH. It is a major move for the network, which did not allow validators to withdraw their entries. The stakers will be happy to be able to withdraw the 32 ETH they have invested, which is a considerable sum.
Meanwhile, Metamask also offers liquid staking features as it now integrates Lido and Rocket Pool. This will surely see more ETH coming to the network for staking, as the integration makes participation much more convenient.
BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.