Rocket Pool Extends Price Rally Amid Saturn Devnet Launch

Rocket Pool, an Ethereum-based liquid staking protocol, has been on a tear recently, with its RPL token surging 20% in the past 24 hours and over 50% in the last week.

The rally comes as the protocol gears up for its Saturn upgrade, which includes an overhaul of RPL’s tokenomics in a bid to drive more value to the token.

“Saturn devnet-1 is live! The future of Rocket Pool is on its way,” the general manager of Rocket Pool announced in a Feb. 11 X post.

According to Coinglass data, futures open interest (OI) for RPL surged from $2.3 million on Feb. 8 to $15.93 million on Feb. 9, when the rally began. RPL's open interest currently stands at $15 million. This influx of new capital indicates strong market confidence and potential for further upside.

Rocket Pool is the second largest decentralized Ethereum liquid staking protocol after Lido, with nearly $2 billion in total value locked (TVL), according to DeFiLlama. Its RPL token trades at a $200 million valuation, according to Coingecko.

Rocket Pool’s recent governance reforms could also have increased investor confidence. Ahead of a transition to fully onchain governance, a vote is ongoing to revise Rocket Pool’s protocol DAO governance threshold and make governance more efficient and adaptable. The vote aims to lower the quorum for proposals and vetoes to enhance participation while maintaining decentralization.

Rocket Pool is set to introduce a slew of new features this year, including megapools, which will aggregate smaller staking pools into larger ones to boost efficiency and scalability, and a dynamic fee split between node operators and the protocol.