Coinbase Ventures Joins Liquid Staking Protocol Rocket Pool’s Oracle DAO

The investment branch of one of the largest centralized exchanges will receive a share of rewards dedicated to Rocket Pool’s Oracle DAO.

AccessTimeIconApr 3, 2023 at 8:58 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

Coinbase Ventures has increased its involvement with liquid staking protocol Rocket Pool. Last Friday, the investment branch of one of the largest centralized exchanges by trading volume joined Rocket Pool’s Oracle DAO (oDAO), a group of permissioned special node operators that perform extra duties for the protocol.

As such, Coinbase Ventures will receive a share of the 15% of the total RPL inflation produced at each rewards period dedicated to Rocket Pool’s Oracle DAO. RPL, the native token for the Rocket Pool ecosystem that provides direct incentives, insurance and governance for protocol according to a blog post, has traded flat in April, ranging between $43 and $44, per CoinGecko. Additionally, rETH, Rocket Pool’s staking derivative, has a premium against ETH: On Uniswap, 1 rETH swaps for 1.07295 ETH at press time.

  • EigenLabs CEO on Jump in User Deposits
    11:30
    EigenLabs CEO on Jump in User Deposits
  • EigenLabs CEO on Building Decentralized Trust Network
    01:53
    EigenLabs CEO on Building Decentralized Trust Network
  • BlackRock Files Ether ETF Prospectus; Vivek Ramaswamy Proposes New Crypto Rules
    02:16
    BlackRock Files Ether ETF Prospectus; Vivek Ramaswamy Proposes New Crypto Rules
  • Ethereum Validator Queue Has Nearly Cleared Out, Signaling Weak Staking Demand
    01:17
    Ethereum Validator Queue Has Nearly Cleared Out, Signaling Weak Staking Demand
  • Earlier this year, Rocket Pool founder David Rugendyke announced that Coinbase Ventures had invested in the staking platform. Coinbase Ventures’ recent inclusion with Rocket Pool’s oDAO comes as many in the crypto space are gearing up for Ethereum’s Shanghai hard fork, set to enable ether withdrawals for the first time on April 12.

    A pseudonymous Rocket Pool node operator, who goes by [object Object] on Discord, said they welcome Coinbase Ventures as a member of the Oracle DAO, but also responded to CoinDesk, “I personally would like to see more non-U.S. based entities in the oDAO going forward. As it stands, 8/18 oDAO members are based in the U.S.”

    Edited by Christie Harkin.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sage D. Young

    Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.