The industry incumbents are showing a mounting interest in Ethereum Layer-2 scaling projects as they gain momentum. In a recent update, Rocket Pool, a long-standing Ethereum liquid staking protocol, made a significant announcement about its successful deployment on the zkSync Era platform.
This move not only highlights the increasing recognition of Layer-2 solutions but also positions Rocket Pool as a pioneer in utilizing zkSync Era’s capabilities for enhanced efficiency and scalability.
Rocket Pool’s Expansion Onto zkSync Era Takes Shape
With its unwavering focus on community engagement, Rocket Pool stands out as one of the foremost crypto projects in the Ethereum ecosystem. In an exciting development, this liquid staking protocol has decided to broaden its horizons beyond the Ethereum mainnet.
A groundbreaking announcement came forth on Thursday when Rocket Pool revealed its successful deployment on zkSync Era zkEVM, an innovative Ethereum Layer-2 scaling solution. Leveraging the power of zero-knowledge proofs, this technology amplifies throughput while simultaneously reducing transaction fees.
This strategic move signifies Rocket Pool’s commitment to embracing cutting-edge advancements and enhancing the overall efficiency of the Ethereum network. By expanding its presence to the zkSync Era zkEVM platform, Rocket Pool not only demonstrates its ambition to explore new frontiers but also reinforces its position as a trailblazer in the realm of decentralized finance.
Rocket Pool takes the lead as the first to deploy on the highly anticipated zkSync Era platform. Notably, zkSync Era had its momentous launch on the Ethereum mainnet in March. This development empowers users to leverage the rETH token more affordably on the network, opening up exciting opportunities to deploy it across various decentralized finance (DeFi) platforms.
Significant Growth and Dominance in the Liquid Staking Market
Liquid staking is on the rise, with a substantial increase in ETH staked this year. Leading protocols hold nearly 10 million ETH, and Rocket Pool claims 7.72% of the market share. Zksync Era, a Layer 2 solution like Arbitrum and Optimism, launched recently, offering faster confirmations and lower fees for stakers using Zksync.
Rocket Pool stated that liquid stakers will enjoy faster speeds and lower transaction costs, secured by Zksync Era’s zero-knowledge proofs. This represents another step in their mission to reduce barriers to entry and ensure universal participation in Ethereum’s proof-of-stake system. According to data, Zksync currently charges $0.10 for sending ether and $0.24 per coin swap, whereas an on-chain ETH transaction costs $1.54, and a high-priority token swap on-chain transaction costs $13.91.
Over the past two months, Rocket Pool has witnessed significant activity, with a 4.87% increase in its total value locked (TVL) according to seven-day statistics. In the previous 30 days, Rocket Pool’s TVL has surged by 25.68%. Despite holding the third-largest amount of ETH among liquid staking protocols, Rocket Pool lags behind Lido Finance, which dominates an impressive 73.90% of the entire Ethereum-based liquid staking market share. Lido’s protocol accounts for 7.01 million ether out of the current 9.49 million ETH held.
Final Thought
Rocket Pool’s deployment on zkSync Era demonstrates the industry’s increasing interest in Ethereum Layer-2 scaling. This move positions Rocket Pool as a pioneer, enhancing efficiency and scalability in the liquid staking market. With significant growth and dominance, Rocket Pool’s expansion solidifies its commitment to cutting-edge advancements in decentralized finance, reducing barriers and offering faster speeds and lower transaction costs to liquid stakers.