Rocket Pool soars after Coinbase’s buy of RPL tokens

• Rocket Pool worth 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) worth soared almost 10% on Thursday to commerce at intraday highs of $29.25 on the crypto change 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 worth go up at this time?

Rocket Pool is a liquid staking protocol on Ethereum that has more and more turn out to be in style throughout the ecosystem. Its web site reveals the protocol has over 779,800 ETH staked and greater than 3,110 node operators. In keeping with 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 worth surge at this time got here after a serious announcement associated to the token.

On Thursday, Coinbase Ventures – the funding arm of US-based crypto change Coinbase, introduced it had made a strategic funding in Rocket Pool. This was accomplished through a purchase order of RPL from the Rocket Pool staff, Coinbase Ventures wrote on X (previously Twitter).

Thrilling information to share: Coinbase Ventures lately made a strategic funding into @Rocket_Pool by buying RPL tokens from the Rocket Pool staff.

— 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 change’s layer-2 platform. Highlighting the collaboration with Rocket Pool, the Coinbase staff stated the funding is a part of the push to scale Ethereum’s infrastructure and produce the following billion customers to the ecosystem.

“We all know the Rocket Pool staff shares this perception and we’re delighted to help them through lively participation of their Oracle DAO and utilizing ETH from our company stability sheet to function a number of hundred nodes on the Rocket Pool community,” they wrote on X.