Rocket Pool (RPL) experienced a nearly 10% increase in price after Coinbase Ventures, the venture arm of cryptocurrency exchange Coinbase, announced its strategic investment in RPL tokens. The news led to RPL reaching intraday highs of $29.25, with a trading volume of over $15 million in 24 hours, a 75% increase.

Why Did Rocket Pool Price Increase?

Rocket Pool is a decentralized Ethereum staking protocol that has gained popularity within the crypto ecosystem. The protocol boasts over 779,800 ETH staked and more than 3,110 node operators, making it one of the leading liquid staking platforms. The native RPL tokens are used for incentivizing users and for governance purposes.

The price surge occurred following the announcement of Coinbase Ventures’ investment in Rocket Pool. In a tweet, Coinbase Ventures stated that it had made a strategic investment by purchasing RPL tokens from the Rocket Pool team. This investment is part of Coinbase’s effort to scale Ethereum’s infrastructure and expand its user base.

This investment follows Coinbase Ventures’ decision to join Rocket Pool’s Oracle DAO and the launch of Base, Coinbase’s layer-2 platform. In their tweet, Coinbase expressed their belief in Rocket Pool’s vision and their excitement to support the project by actively participating in the Oracle DAO and operating hundreds of nodes on the Rocket Pool network using ETH from their corporate balance sheet.

Summary

Rocket Pool’s price surged by nearly 10% after Coinbase Ventures announced its strategic investment in RPL tokens. This investment is part of Coinbase’s push to scale Ethereum’s infrastructure and bring more users to the ecosystem. Rocket Pool, a popular Ethereum staking protocol, has garnered significant attention within the crypto community.

FAQs

What is Rocket Pool?

Rocket Pool is a decentralized Ethereum staking protocol that allows users to stake their ETH and earn rewards without the need for running their own node.

What are RPL tokens used for?

RPL tokens are used for incentivizing ecosystem users and for governance purposes within the Rocket Pool protocol.

Why did Coinbase Ventures invest in Rocket Pool?

Coinbase Ventures invested in Rocket Pool to support the scaling of Ethereum’s infrastructure and to help onboard the next billion users to the ecosystem.