- Rocket Pool value soared almost 10% after Coinbase Ventures’s buy of RPL tokens.
- The Coinbase enterprise arm introduced the strategic funding on Thursday.
- RPL rose to highs of $29.25, with over $15 million traded in 24 hours as quantity spiked 75%
Rocket Pool (RPL) value soared almost 10% on Thursday to commerce at intraday highs of $29.25 on the crypto alternate Coinbase. The token’s 24-hour buying and selling quantity rose 75% to over $15 million.
The value of the decentralised Ethereum staking protocol was round $28.45 on the time of writing, nonetheless up roughly 7% after a slight drawdown following broader crypto response to the US inflation knowledge launch.
Why did Rocket Pool value go up in the present day?
Rocket Pool is a liquid staking protocol on Ethereum that has more and more turn out to be well-liked throughout the ecosystem. Its website reveals the protocol has over 779,800 ETH staked and greater than 3,110 node operators. According to knowledge from DeFiLlama, solely Lido and Coinbase have extra TVL than Rocket Pool amongst liquid staking platforms.
The native RPL tokens are used for incentivizing ecosystem customers and for governance functions. The RPL value surge in the present day got here after a serious announcement associated to the token.
On Thursday, Coinbase Ventures – the funding arm of US-based crypto alternate Coinbase, introduced it had made a strategic funding in Rocket Pool. This was achieved by way of a purchase order of RPL from the Rocket Pool workforce, Coinbase Ventures wrote on X (previously Twitter).
Exciting news to share: Coinbase Ventures just lately made a strategic funding into @Rocket_Pool by buying RPL tokens from the Rocket Pool workforce.
— Coinbase Ventures 🛡️ (@cbventures) August 10, 2023
The funding follows the Coinbase unit’s transfer to affix Rocket Pool’s Oracle DAO and the disclosing of Base, the crypto alternate’s layer-2 platform. Highlighting the collaboration with Rocket Pool, the Coinbase workforce stated the funding is a part of the push to scale Ethereum’s infrastructure and produce the following billion customers to the ecosystem.
“We know the Rocket Pool team shares this belief and we’re delighted to support them via active participation in their Oracle DAO and using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network,” they wrote on X.
