Rocket Pool, a decentralized Ethereum-based staking service, experienced the largest daily redemption of its rocketpool ether (rETH) token this week, with one trader redeeming $12.3 million worth of the token before sending it to Binance.

rETH is an ERC-20 token that traders receive in exchange for depositing ether (ETH) into Rocket Pool's staking protocol. Instead of requiring a 32 ether deposit to become a validator, Rocket Pool allows traders to stake in fractions.

According to Dune Analytics, a total of 6,720 rETH was redeemed on July 24 and the wallet then transferred the ETH to Binance, per on-chain analyst Tom Wan.

Rocket Pool currently has $1.88 billion in total value locked (TVL), making it the second largest liquid staking protocol after Lido, according to DefiLlama.

Traders stake ether on Rocket Pool to receive a yield, which is currently at 3.64% APR for regular staking and 8.62% for staking 8 ether. Redemptions occur when a trader is looking to either free up liquidity or secure a better yield elsewhere. Binance's ether staking portal currently offers around 4.07% APR.

Rocket Pool's native token (RPL) has endured a slight correction this month, falling by more than 25% from $38.51 to $30 since the turn of the month.