What is Rocket Pool?
As a well-known protocol offering decentralized ETH staking services, Rocket Pool mainly serves two user groups, namely, regular stakers and node operators.
- Regular Stakers: they can earn ETH rewards by staking as low as 0.01 ETH, without worrying about node management.
- Node Operators: they can earn ETH and RPL rewards by staking as low as 17.6 ETH (16 ETH + some RPL tokens worth 1.6 ETH). However, they need to maintain and manage their nodes in the long run.
- Rocket Pool will combine the 16 ETH from a node operator with another 16 ETH from the rETH staking pool to create a new validator on the Beacon Chain.
This article focuses on how to become a regular staker on Rocket Pool. You can check out A Node Operator’s Responsibilities if you are interested in becoming a Rocket Pool node operator.
How to Use Rocket Pool in imToken?
1. Open your ETH wallet and switch to the “Browser” page. On this page, enter “RocketPool” in the search bar to open the DApp.
2. Click the wallet icon at the top right corner and click “Wallet Connect” to authorize Rocket Pool to access your wallet address. After that, your wallet will be connected to it.
3. Enter the amount of ETH you want to stake (at least 0.01 ETH) in the “Stake ETH” bar. The amount of rETH (it represents your staked ETH) you will receive is shown in the “Receive rETH” bar.
Note: The amount of rETH you’ll receive is related to how much ETH you staked and when you staked it, meaning that rETH you’ll get is not the same as the amount of ETH you staked. And the exchange rate of rETH to ETH will continue to grow. Therefore, the amount of redeemable ETH will increase with a fixed amount of rETH. Click here for more details.
4. Click “Stake” to enter the page showing the payment details. After confirming those details, you can click “Next” to enter your password. With the transaction being confirmed, the received rETH are shown on the asset page of your ETH wallet.
How to Redeem ETH?
Method One: unstake rETH with Rocket Pool
1. Open RocketPool and connect your wallet
2.Click the two-way arrow button and enter the amount of rETH you want to unstake in the “Unstake rETH” bar. The number of ETH that you can redeem is displayed in the “Receive ETH” bar.
3. Click “Unstake” to check your payment details. After confirming all the details, you can click “Next” to enter your password. The redeemed ETH will be shown on the asset page of your ETH wallet after the transaction is confirmed.
Method Two: redeem ETH with rETH through DEXs such as Uniswap
You cannot unstake rETH in Rocket Pool if there is insufficient liquidity in the rETH staking pool. In this case, you can exchange rETH for ETH through DEXs such as Uniswap.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions