Try Quests to earn cryptoRocket Pool Overview
Liquid staking providers are very popular within the Ethereum ecosystem. A decent chunk of the total ETH supply already ended up in one of them. In this dashboard we will be looking at Rocket Pool, which is one of the more popular ones.
Rocket Pool š
Rocketpool is a liquid staking provider for Ethereum.
This means that users can deposit their ETH to stake their ETH through a Rocketpool validator and gaining a split of the staking rewards in return.
Liquid means that you will get a token in return for depositing ETH which can be freely traded and (post merge) redeemed for the ETH deposited (plus rewards).
This token can be used to sell the staked ETH while unstaking is not an option or as collateral.
ETH Staking
Staking is the process of locking up funds in order to participate in the network consensus as a validator.
In PoS blockchains each block is processed by a validator instead of a miner. The block rewards will also go to the validator.
Ethereum decided against natively supporting staking delegation to achieve a more decentralization.
Liquid staking providers are basically working against that goal by adding providing delegation through smart contracts.
The Deposit Contract š°
Finding the contract used for depositing is easy:
- Go to Rocketpool
- Enter some value for ETH & Click Stake
- In the wallet popup check which address the contract call leads to
It is not necessary to confirm the transaction!
Some further digging resulted in 2 addresses used for deposits:
Vault Contract :moneybag:
Looking at the address that is emitting the EtherDeposited event we will find the RocketVault contract which will then further redistribute the funds to validators in 16 ETH chunks.
All deposits must go through this contract making it a perfect fit for identifiying deposits.
Transaction
In order to identify deposits we will look at a random deposit transaction, more specifically the events emitted by it.
You will find a EtherDeposited event which can be uniquely identified in the ethereum.core.fact_event_logs table by using the topic[0] which is the hash of the event signature (event name, parameter names) and the address emitting the event.
Decoding the amount can be done with ethereum.public.udf_hex_to_int(SUBSTR(data, 0, 66))
Both old and new deposit contract emit the event the same way
That is quite a lot of ETH!
Not only are we looking at 130.000 ETH which is about 0.1% of all ETH in circulation right now,
it is still growing by several hundred ETH every week.
Weekly growth is down a lot from the first weeks which is likely due to tokens of most liquid staking providers losing peg to ETH making it cheaper to swap to them instead of staking.
Findings
While the vast majority (80%) of depositers deposited less than 5 ETH in total, this class only makes up for ~3% of all deposited ETH.
A very small group of 0.3% of depositors ended up depositing 1000+ ETH each making up for ~37% of all deposited ETH.
The median reveals that half of all deposits are smaller than 0.25 ETH, confirming that a very small group of depositors are responsible for nearly all the deposited ETH.
Concluding
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Rocket Pool is a ==liquid staking provider==
- Users can ==deposit their ETH into Rocket== to participate in staking & gain staking rewards
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There is a total of ==130.000 ETH== worth ==$200M== deposited into Rocket Pool
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A total of ~9000 addresses deposited ETH
- ~80% of which deposited less than 5 ETH
- ~97.4% deposited less than 100 ETH
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Few depositors are responsible for the vast majority of ETH deposited
- Top 0.3% deposited 37% of ETH
- Top 2.6% deposited 75% of ETH
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The largest depositor deposited ~9.300 ETH while the second largest is at just more than half of this (5000 ETH)