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What Is Rocket Pool?

Jan 26, 2023
5 min read

This blog post will cover:

  • About Rocket Pool (RPL)
  • Where did Rocket Pool (RPL) come from?
  • What are the advantages of Rocket Pool (RPL)?
  • What are the disadvantages of Rocket Pool (RPL)?
  • How to buy Rocket Pool (RPL) on SimpleSwap?

About Rocket Pool (RPL)

It is a decentralized Ethereum staking protocol. It’s made to help stakers, intending to give everybody an opportunity to stake Ethereum to a network autonomously, backed by a collateral — the RPL token.    

The idea of the project is to guarantee that the network is not controlled by any party. This point concerns both ETH and ETH2. Rocket Pool is willing to bring to life the most important ethos of ETH and decentralized finance, especially the non-custodial and trustless nature.  

From the very beginning, the project’s token, RPL, was the real backbone of the protocol. Now, RPL is used for governance, incentivising and insurance.  

Where did Rocket Pool (RPL) come from?

Rocket Pool was created by David Rugendyke, who started working on it in 2016. David has almost 20 years of experience in guiding the teams of developers, producing app architecture and launching products for governmental and financial purposes. The total experience of the team members exceeds 70 years.     

Rocket Pool’s unique feature is that it allows anyone to join ETH2 staking, no matter how much they’ve invested and if they have enough technological knowledge.  

What are the advantages of Rocket Pool (RPL)?

  1. Liquid staking
    Rocket pool gives users a chance to benefit from a growing exchange rate rather than rebasing the collateral they’ve staked.  
  2. Smart nodes
    Anybody can run a node on the network. With the losses of bad nodes socialised throughout the network, users reduce their risk of getting under sanctions.
  3. Experience
    The project has started its way in Crypto World in 2016. The protocol was developed via Mauve Paper introduced by Vitalik Buterin. Rocket Pool has been in this industry for a long time, and the experienced team of developers is working hard to make the magic of decentralization happen. 

What are the disadvantages of Rocket Pool (RPL)?

  1. Difficulty
    Some users claim that they would love to join Rocket Pool but consider it too complicated, especially when it comes to staking and
    setting up a personal node.
  2. Competition
    Rocket Pool might meet high competition on the crypto market as more decentralized ETH staking protocols appear every year. However they seem to successfully overcome such challenges as RPL becomes more popular lately. 

How to buy Rocket Pool (RPL) on SimpleSwap?

Excited to continue discovering the Crypto World? If you want to purchase some RPL coins, then use SimpleSwap. It's very easy, just read the short guide below:

  1. For example, you want to swap BTC for RPL. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  2. Select RPL in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. RPL will be sent. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to RPL exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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