Big developments are underway in the world of cryptocurrency as Coinbase Ventures makes strides in power moves. Its activity with a native token, RPL, reveals a deepening relation with RocketPool. The token is an essential part of the Rocket Pool’s ecosystem, providing incentives and governance insurance. With Coinbase Ventures sweeping up RPL, it shows their faith not just in the token, but also in the protocol.
The connection between Coinbase Ventures and Rocket Pool got linked further after weeks of participating in Rocket Pool’s Oracle DAO. It’s a clan of unique node operators given extra responsibilities within the liquid staking network. The investment made in RPL by Coinbase Ventures didn’t reveal specifics about the volume acquired. Still, it was labelled as a “strategic investment” via X, previously known as Twitter.
Discussing the recent activities, Valdorff, a rocket pool community contributor operating behind the veil of anonymity, revealed surprising news. Coinbase’s brand-oriented approach and its willingness to associate closely with Rocket Pool were conveyed.
Crunching the numbers, there’s convincing evidence about Rocket Pool’s potential. The platform is currently offering a handsome 3.33% APY on Ether (ETH) staking. Up till now, Rocket Pool has amassed more than 779,000 ETH. It’s a princely sum of $1.4 billion, making it the third most backed liquid staking platform in terms of locked value. Its places it just behind Lido and Coinbase, based on data from blockchain analytics firm DefiLlama.
Although the association appears lucrative considering the handsome return and the $1.4 billion stakes, the crypto terrain is notoriously volatile. It’s not uncommon for tokens to frequently unpredictably soar or crash, leaving strategies in shambles. The rise of RPL at this juncture sounds promising, but the flip side is a return to the traditional unpredictability and flux of the crypto world.
Just as the crypto market evolves at an exhilarating pace, more developments are bound to pour in soon. Being the major player, Coinbase Ventures’ movements are predicted to stir significant ripples within the cryptocurrency community.
Source: Coindesk
