ETH2.0 business of third-party service provider Rocket Pool
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Blue Fox Notes (ID: lanhubiji)
Blue Fox Notes (ID: lanhubiji)
, reprinted by Odaily with authorization.
In order to start the ETH2.0 network, 524,288 ETHs (16,384 verifiers) need to be pledged. As of the writing of Blue Fox Notes, the current pledged ETHs are 60,928, and the completion rate is only about 11.6%, which is far from the minimum start-up requirements. far distance.
Many people are worried about whether the ETH2.0 network can be launched. Although it is hard to say whether it will be launched as scheduled on December 1, the launch of the ETH2.0 network is only a matter of time. From the perspective of pledge income, in the long run, there is a high probability that the pledged ETH will exceed 10 million, and it is also possible to reach more than 20-30 million.
In addition to the threshold for running a node, there is also a minimum requirement of 32ETH for stakers, which is about $15,000 according to today’s price, which is also a threshold. And if some users have less than 32 ETH, can they not participate?
In addition, some users worry that the ETH deposited in the storage contract cannot be transferred or withdrawn temporarily, and they are therefore worried about liquidity.
Once the technical threshold, capital threshold, and liquidity barriers of staking are resolved, it is expected that the pledged ETH will show explosive growth. And this explosive growth is inseparable from the help of some infrastructure. Wallets, exchanges, dApps, etc. will never miss the staking business of ETH2.0.
In order to help ordinary users participate in the ETH2.0 pledge business, many projects have begun to provide solutions, such as Rocket Pool, Stkr, Lido and so on. Among them, Rocket Pool has been conceived since 2016 and is one of the earliest projects in this field. So, what is Rocket Pool, and how does it help ordinary users participate in the pledge of ETH2.0?
What are RPLs?
For simplicity, Rocket Pool is simplified as RPL below, and RPL is also the name of its token. RPL is the basic service for ETH2.0 PoS staking business. It is a pledge network that allows individuals and institutions to more easily participate in ETH2.0 pledge services. Users only need to deposit ETH to earn pledge income, and they do not need to run nodes themselves. In addition, wallets, exchanges or dApps can also integrate RPL to provide staking services for their users.
When the user deposits his ETH into the RPL smart contract, the user will get the corresponding rETH, which represents the user's ETH pledge rights stored in the RPL network, and can earn pledge income. In RPL, users do not need to deposit 32ETH, and the specific amount is not limited, nor does it need to be a multiple of 32. The minimum acceptable deposit is 0.01ETH. According to the current ETH price, it is less than 5 US dollars. The threshold for capital participation is relatively 15,000 US dollars. It is much lower.
At the same time, and more importantly, with rETH, liquidity is possible. Because users are free to choose how to deal with rETH, they can hold it, trade it, and even participate in DeFi activities such as lending or mining through DeFi projects. And if the node deposits its ETH into the storage contract of Ethereum, this part of ETH cannot be transferred and withdrawn temporarily.
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ETH users and node operators on the RPL network
In the RPL network, node operators are responsible for running staking services. The reason why they are willing to provide services for ordinary users is because they can obtain commission income. Of course, the ultimate income comes from the additional issuance incentives of ETH2.0. From this perspective, RPL is a pledge service network that connects ETH holders and ETH2.0 PoS nodes.
Therefore, the most important roles in the RPL network are ETH holders and node operators. ETH holders deposit their ETH into the smart contract. And these deposited ETH will be automatically distributed to node operators. When they deposit ETH, they will get the corresponding rETH, which represents their pledged rights. The node operator maintains the server infrastructure in the RPL network and runs the smart node software stack, including ETH1 client, ETH2 client and RPL client, to coordinate network activities.
For node operators, they can pledge a larger amount with less ETH, so as to obtain higher returns. In addition to the pledge income, there is also commission income for services.
smart contract
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In RPL, three aspects form the basis of its staking network:
smart contract
smart contract
smart node
minipool validators
RPL's smart contracts are upgradable and can be deployed iteratively if something goes wrong. RPL requires all node operators to pledge half of their ETH, so that they will have enough motivation to do a good job of pledge operation services to avoid losses. If RPL's smart contract detects that a node is not responding, it will stop sending the user's deposited ETH to the node, which helps reduce pledge losses due to server problems.
For pledgers, if they hold a large amount of ETH, they can distribute their pledged ETH to multiple nodes according to 16ETH, so that if a node has a problem and is punished, since only some nodes have problems, Its loss will not be too large. And if it is only run through one node, once there is a problem with the node, the loss will be greater. This is also a potential benefit of RPL's pledge network model, which can reduce the risk of penalty losses by decentralizing fund storage.
smart node
Smart nodes are responsible for participating in the PoS pledge service of ETH2.0, and they need to run node software. In the RPL network, nodes are not only ordinary nodes, but also intelligent nodes. The RPL smart node software listens to everything happening on the network, allowing node operators to run various commands and monitor the ETH storage on their nodes. The smart node also automatically checks the RPL smart contract intermittently to prove that the server is still online to accept ETH storage funds.
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There are two types of node operators on RPL: untrusted node operators and trusted node operators. Nodes that do not need to be trusted can join the network at any time without permission or registration, and they deposit half of the ETH themselves, and they can get commission income for pledge. At the same time, they can also deposit RPL as a security deposit, and obtain a corresponding proportion of income according to their deposited funds. If a penalty event occurs, its RPL tokens will be destroyed according to the corresponding amount.
Nodes that do not need to be trusted will first obtain ETH deposited by users. If there is a surplus, the pledged ETH is distributed to trusted node operators, which serve as backup nodes. Trusted node operators can also serve as oracles for beacon chain data. Smart contracts on ETH1 need information from ETH2, which they can provide.
Minipool Validator
Minipool verifier is a type of smart contract created by RPL, and node operators deposit their own ETH in the node. These contracts pool ETH from various stakers and are activated when it reaches 32ETH. Node operators have no access to user funds, which are handled by the minipool validator smart contract.
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RPL's Token Mechanism
RPL tokens are protocol tokens that can be used for security deposits of RPL nodes. Nodes use RPL tokens as a security deposit for additional security commitments. The advantage of doing this is that you can earn extra commissions, and the income you get is related to the amount of security deposit you pledge. If the node does not perform its tasks well and is fined and confiscated part of the funds, its pledged RPL security deposit will be destroyed according to the loss ratio.
