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Rocket Pool (RPL) Soars 50% on Binance Listing, Here's Why It's on Everyone's Radar

Wed, 01/18/2023 - 09:46
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Gamza Khanzadaev
Ethereum liquid staking provider Rocket Pool achieves major exchange listing, RPL token soars 50%
Rocket Pool (RPL) Soars 50% on Binance Listing, Here's Why It's on Everyone's Radar
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Major crypto exchange Binance announced the listing of RPL, the native token of the decentralized Ethereum liquid staking provider. The price of the token reacted to the news of the long-awaited appearance on the black-and-yellow crypto giant with a 36% increase, and at one point it was more than 50%. It is also important to note that the RPL will be listed in the innovation zone of the exchange, and trading will be open from today.

RPL to USD by CoinMarketCap

The RPL token is directly involved in Rocket Pool's operation. Thus, Rocket Pool's node operators use the native token as insurance collateral. In addition, RPL is used to fund one of the two decentralized autonomous organizations that run the protocol. At the time of writing, the RPL price is $37.15, down 66% from the all-time high of $55.91 per token.

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What is Rocket Pool (RPL)?

Rocket Pool is the second largest liquid staking provider of Ethereum after Lido (LIDO) in terms of total value locked. According to DefiLlama, to date, users and node operators have deposited $903.83 million worth of Ethereum through the platform. In comparison, not only the current market capitalization but also the fully diluted capitalization of Rocket Pool is less than this value by double-digit percentages.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.