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Rocket Pool

$RPL
Tier 2DeFiDigital Assets
Ethereum's most decentralized liquid staking protocol with $2.5B+ TVL and 4,000+ node operators, generating $15M+ monthly revenue with RPL collateral mechanics creating direct ETH staking demand.
Price
$1.75
Market Cap
$39.7M
Volume 24h
$2.6M
Updated
May 23, 2026
68
Pattern match score
out of 100
Working Code (88)Dev Activity (80)Smart Money (72)Community (72)Catalyst (68)Narrative (65)Valuation Gap (70)Obscurity (30)
Working Code
88
Dev Activity
80
Smart Money
72
Community
72
Catalyst
68
Narrative
65
Valuation Gap
70
Obscurity
30

Value accrual

How much revenue reaches the token, and whether an equity class sits above it

Revenue to token
~9% (new)
Revenue multiple
n.a.
Structure
Single token

Rocket Pool was pure node-operator collateral until the Saturn One upgrade in February 2026 added a Voter Share, routing about 9% of ETH commission to staked RPL.

The share is new and small, and DefiLlama still logs $0 protocol revenue for the token because its fee adapter does not track it yet, so treat the flow as early.

Compare Rocket Pool on the revenue distribution trackerSource

Last updated May 23, 2026

Thesis

Rocket Pool is the ideologically pure alternative to Lido for Ethereum liquid staking, decentralized, permissionless, and designed to preserve Ethereum's validator diversity. While Lido dominates with 30%+ of all staked ETH ($30B+ TVL), Rocket Pool occupies the critical niche of 'truly decentralized staking', any node operator with 8 ETH (reduced from 16 ETH in 2023's Atlas upgrade) can run a minipool, and they must bond RPL tokens as collateral against slashing risk. The RPL collateral mechanic is central to the token value proposition: node operators must stake 10-150% of their ETH bond in RPL value, creating direct demand correlation with staked ETH growth. As more validators join Rocket Pool, more RPL must be staked as collateral. With 4,000+ node operators and 80,000+ ETH ($2.5B+) staked, this creates structural RPL demand that is independent of speculative demand. RPL is one of the few DeFi tokens with mechanical buy pressure tied to real network growth. The rETH liquid staking token trades at a premium to ETH (reflecting accumulated staking rewards) and is integrated across major DeFi protocols, Curve, Convex, Aave, and Balancer all support rETH as collateral. This DeFi integrations moat makes rETH useful beyond simple yield, increasing capital efficiency for rETH holders. Protocol revenue of $15M+ monthly (ETH validator rewards) with RPL holders capturing a portion creates a compelling yield structure. Risks center on the structural threat from Lido's dominance and Ethereum's potential response. Lido's market share means it already provides most of Ethereum's validator diversity benefit. Rocket Pool's Saturn upgrade (planned for 2025-2026) will further reduce the ETH bond requirement and redesign RPL mechanics, the redesign could either strengthen or weaken the RPL demand mechanics. Regulatory risk on liquid staking (SEC's view of staked ETH as securities) remains a systemic concern.

Catalysts

  • +Saturn upgrade reducing minimum ETH bond to 4 ETH dramatically expanding node operator addressable market
  • +rETH DeFi integration depth growing as new protocols add rETH collateral support
  • +Ethereum staking yield increase post-Dencun creating more attractive node operator economics

Risks

  • -Lido's dominance (30%+ market share) limiting Rocket Pool's growth ceiling
  • -Saturn upgrade may redesign RPL mechanics in ways that weaken token demand
  • -SEC classification of liquid staking tokens as securities could trigger forced unwinding

Common questions

What is Rocket Pool's price and market cap?

Rocket Pool (RPL) trades near $1.75 with a market cap around $39.7M. Daily volume runs near $2.6M. These figures refresh daily from live market data.

What could drive RPL higher?

Saturn upgrade reducing minimum ETH bond to 4 ETH dramatically expanding node operator addressable market rETH DeFi integration depth growing as new protocols add rETH collateral support Ethereum staking yield increase post-Dencun creating more attractive node operator economics

What are the main risks of holding RPL?

Lido's dominance (30%+ market share) limiting Rocket Pool's growth ceiling Saturn upgrade may redesign RPL mechanics in ways that weaken token demand SEC classification of liquid staking tokens as securities could trigger forced unwinding

Is RPL undervalued?

Early Thunder's valuation gap signal puts Rocket Pool at 70 out of 100, where a higher number means a wider gap between the current price and what the fundamentals suggest. The thesis and competitive sections above show the full read.

Does Rocket Pool earn revenue for token holders?

About ~9% (new) of protocol revenue reaches RPL, at roughly a n.a. revenue multiple. Rocket Pool was pure node-operator collateral until the Saturn One upgrade in February 2026 added a Voter Share, routing about 9% of ETH commission to staked RPL.

Does Rocket Pool have a dual token and equity structure?

Rocket Pool is a single-token structure, with no private company holding equity above the token.

Risk Disclosure

Rocket Pool ($RPL). Digital assets are highly volatile and can lose 100% of their value. Past patterns do not predict future results. Always do your own research and consult a qualified advisor before investing.