Rocket Pool

Rocket Pool issues rETH, a non-rebasing liquid staking token whose exchange rate appreciates versus ETH as rewards accrue, backed by a permissionless network of node operators.

Anyone can run a node by posting reduced ETH collateral plus RPL bond — the most decentralized operator set among major LSTs.

- rETH (liquid staking token): A reward-bearing ERC-20 that any user can mint by depositing ETH (no minimum). rETH does not rebase; instead its exchange rate to ETH increases as staking rewards accrue. It gives passive stakers liquid exposure to Ethereum staking yield without running a node. - Minipools / node operators: Permissionless node operators run validators by pairing their own ETH bond with ETH from the rETH deposit pool. Pre-Atlas a minipool required 16 ETH from the operator; the Atlas upgrade introduced 8-ETH minipools (LEB8), and the Saturn I upgrade further reduced the bond toward 4 ETH per validator, improving capital efficiency and rETH-collateralization capacity. - RPL (protocol/collateral token): Node operators historically staked RPL as an insurance bond/collateral against their commission and to qualify for RPL inflation rewards. RPL secures the protocol and is used in governance. Post-Saturn, RPL is being repositioned to earn a share of protocol ETH revenue rather than relying on RPL inflation emissions. - Megapools (Saturn): Introduced in Saturn I, megapools let a single node operator group multiple validators under one contract for gas and management efficiency, and support the reduced 4-ETH bond model plus express/standard deposit queues. - Oracle DAO (oDAO): A permissioned set of members (including entities such as Consensys and Sigma Prime) that shuttle data between the Ethereum consensus and execution layers, submit oracle data (e.g., the rETH exchange rate and network balances) via threshold consensus, and historically handled protocol parameter and upgrade duties. - Protocol DAO (pDAO): The token-holder governance body. The Houston upgrade (2024) moved the pDAO fully on-chain with an optimistic fraud-proof system, letting node operators raise, vote on, and challenge proposals directly on-chain, with Snapshot still used for gas-free signaling votes.

- RPL (RPL) — Token, Governance token - rETH (rETH) — Receipt, LiquidStaking

- Smart Contract: rETH minting/burning, the deposit pool, and minipool/megapool contracts hold and route large amounts of ETH. A bug in the newer Saturn megapool contracts or the rETH exchange-rate accounting could impair redemptions or lock funds despite audits. - Oracle: The rETH:ETH exchange rate and network balances are set by oDAO members submitting data via threshold consensus (default 51%). Collusion, compromise, or a stale/incorrect oracle submission by oDAO members could mis-price rETH. - Collateral: Node operators post an ETH bond plus (historically) RPL as insurance collateral. If a validator is slashed or penalized beyond the operator's bond, or if RPL's value falls sharply relative to the ETH being insured, the buffer protecting rETH holders can be eroded. - Counterparty: rETH is backed by validators run by independent, permissionless node operators. Operator downtime, poor performance, or failure to exit validators on request can drag on rETH yield and complicate redemptions, and rETH holders rely on those operators honoring the protocol's economics. - Governance: Control is split between the on-chain pDAO (RPL holders) and the permissioned oDAO. Concentrated RPL voting power, low participation, or the trusted oDAO set can push through parameter or upgrade changes (e.g., the Saturn revenue-split levers) that materially alter operator and rETH-holder economics.

- Money market / dividend-reinvesting fund share: similar — rETH is a single fungible instrument whose per-unit value compounds automatically as underlying yield accrues, similar to an accumulating fund share where distributions are reinvested rather than paid out.; differs — rETH is fully on-chain, redeemable 24/7 against a smart-contract deposit pool, has no fund manager or NAV cutoff, and its yield derives from Ethereum protocol staking rewards, which carry slashing and smart-contract risk rather than credit/interest-rate risk.