KoinlyticsRocket Pool is the largest permissionless liquid staking protocol. Anyone with 8 ETH + RPL collateral can run a Rocket Pool node. Users deposit ETH and receive rETH, a non-rebasing token whose price rises as staking rewards accrue.
Node operator model
- Operator bonds 8 ETH + 10% value in RPL.
- Rocket Pool matches 24 ETH from user deposits to complete the 32 ETH validator.
- Operator runs the validator.
- Operator earns commission (typically 14%) on the pool's share of rewards, plus keeps their own 8 ETH yield.
Why the RPL collateral
RPL is slashed if the operator misbehaves badly enough to hurt user funds. This aligns operator incentives with pool health.
rETH properties
- Non-rebasing (price rises, balance constant).
- Redemption enabled since Atlas upgrade.
- Small premium/discount to fair value based on Curve pool liquidity.
Why decentralized matters
Rocket Pool has thousands of operators globally. No whitelist. This is the answer to Lido's concentration concern: pool decentralization by design, not by governance.
Trade-offs
- Smaller TVL (~$3-5B vs Lido's $30B+).
- Slightly higher fees (operator commission + RPL cost).
- Less DeFi integration than stETH/wstETH.
Where rETH fits
- Users who value decentralization > yield optimization.
- DeFi strategies that prefer diversifying LST exposure.
- Anyone with 8 ETH who wants to run a validator with less setup complexity than solo.