In this article I’ll discuss;
- Rocket Pool overview
- Teams
- Financial Metrics
- Tokenomics
- Protocol Safety
- Final thought (conclusion)
ROCKET POOL OVERVIEW
Rocket pool is a base layer 1 protocol for decentralized and trustless Ethereum staking, it’s a protocol that strives to embody the core ethos of Defi, specifically its non-custodial, trustlees nature which allows self sovereignty to truly thrive.
Providers of ETH are allowed to stake their ETH as SaaS solutions, rather than having to spur up staking solutions to deal with each client.
The protocol serves two groups of users; those who wish to participate in tokenized liquid staking using ETH & those who wish to stake ETH and run a node.
TEAMS
- David Rugendyke (Founder & CTO): A good computer science background before he started designing rocket pool
- Darren Langley ( General Manager): 18 years of commercial experience
- Kane Walkman (Senior solidity engineer): 15 years in web & application development
- Nick Doherty ( Senior blockchain engineer): 15 years experience in engineering high-level technical solutions.
- Joe Clapis (Senior blockchain engineer): 11 years of software engineering
- Maverick (Marketing and community manager
FINANCIAL METRICS
Circulating market cap - $873.11m
Total value locked - $1.26b
Asset staked - $744.43m
The source of revenue/source of revenue metrics is not tracked
TOKENOMICS
Supply
Circulating supply 19,256,025
Total supply 19,257,025
No maximum supply
Supply allocation
Presale ( 6,220,000 tokens)
Crowdsale (7,080,000 tokens)
Reserve ( 2,700,000 tokens)
Demand
RPL token can be used for governance of the protocol.
The need for governance should drive the value for the token high over time since it's being used to vote or propose a change or upgrade to the protocol
PROTOCOL SAFETY
-Smart contract and team: The smart contract can be easy to find, with an active primary contract, a public software repository, good development history & a doxxed team
- Documentation: There is a public white paper, a well-documented software architecture, and a possibility to trace the documented software to its implementation.
- Testing: The protocol has its tested code deployed.
- Security: The protocol is sufficiently audited & the bounty value is acceptably low
- Admin & control: The protocols admins control information is not easy to find, with a bit of information on if it’s well-labeled upgradeable or not
- Oracle: The protocol’s oracle is partially documented, it’s mitigated by a front-running, flash loan attack is possible but the risk for it is mitigated
FINAL THOUGHT (CONCLUSION)
Rocket Pool is a protocol that aims to allow ETH maxis to use their ETH asset by staking it. With 442,208 total staked assets, 2, 256 node operators & 7.08% APR ETH rewards, there is a high chance that rocket pool protocol will serve as a strong project for the Liquidity staking derivative (LSD) in the Defi ecosystem.
What excites me the more is the fact that the team has a good foundational background record.
