A single trader on Rocket Pool made a remarkable redemption, cashing out $12.3 million worth of rETH tokens in a single day. These tokens represent staked ETH and offer an alternative to the traditional 32 ETH requirement for staking on the platform.
On July 24, a total of 6,720 rETH tokens were redeemed, and the corresponding ETH was sent to Binance, as reported by Dune Analytics.
Rocket Pool enables users to stake their ETH and earn a yield, similar to an interest rate. Currently, the yield for regular staking is 3.64% APR, while staking 8 ETH provides a higher yield of 8.62% APR.
Traders redeem their rETH tokens when they want to access their staked ETH or seek better yields elsewhere.
It’s worth noting that Binance, where the trader transferred their rETH tokens, also offers an ETH staking service with a yield of approximately 4.07% APR.
The significant daily redemption of rETH tokens highlights the growing interest in decentralized staking services and the potential for attractive yields in the cryptocurrency market.