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HomeNewsCoinbase Ventures strengthens Ethereum ties with Rocket Pool Oracle DAO investment

Coinbase Ventures strengthens Ethereum ties with Rocket Pool Oracle DAO investment

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  • Coinbase Ventures joins Rocket Pool’s Oracle DAO, a group of special node operators.
  • Coinbase Ventures will receive a share of the total RPL inflation produced at each rewards period.
  • Rocket Pool’s staking derivative, rETH, has a premium against ETH on Uniswap.
  • The move comes ahead of Ethereum’s Shanghai hard fork on April 12.

Coinbase Ventures, the investment branch of the centralized exchange Coinbase, has increased its involvement with Rocket Pool, a liquid staking protocol. Last Friday, Coinbase Ventures joined Rocket Pool’s Oracle DAO, a group of permissioned special node operators that perform extra duties for the protocol. As a result, Coinbase Ventures will receive a share of the 15% of the total RPL inflation produced at each rewards period dedicated to Rocket Pool’s Oracle DAO. RPL is the native token for the Rocket Pool ecosystem that provides direct incentives, insurance, and governance for the protocol.

Rocket Pool’s staking derivative, rETH, has a premium against ETH on Uniswap, with 1 rETH swapping for 1.07295 ETH at press time. Coinbase Ventures’ recent inclusion in Rocket Pool’s Oracle DAO comes as many in the crypto space are gearing up for Ethereum’s Shanghai hard fork, which is set to enable ether withdrawals for the first time on April 12.

Coinbase Ventures Expands Involvement with Rocket Pool

Earlier this year, Rocket Pool founder David Rugendyke announced that Coinbase Ventures had invested in the staking platform. Now, Coinbase Ventures has increased its involvement by joining Rocket Pool’s Oracle DAO, which allows Coinbase Ventures to receive a share of the rewards dedicated to the group. The move comes as Coinbase Ventures continues to expand its portfolio in the crypto space.

Rocket Pool Aims to Revolutionize Staking

Rocket Pool aims to revolutionize staking by creating a decentralized platform that allows users to stake their ETH and earn rewards without needing to maintain a node. The platform also allows users to convert their staked ETH into rETH, a tradeable ERC-20 token that can be used for other purposes. With Coinbase Ventures’ increased involvement in Rocket Pool, the platform may be poised for further growth and adoption in the crypto space.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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