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.

On-chain Data Staked eth Ether

Oliver Knight

Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.