With ETH 2.0 supposedly coming out by the end of the year or as soon as November if all things go well, are you ready to start staking in the Ethereum 2.0 Network?
For some you will run your own validator on the ETH 2.0 network with 32 ETH per node.
For people with less than 32 ETH you will have to resort to staking pools or 3rd party services which will take a piece of your profit.
Introducing Rocketpool 🚀 , a Decentralized Ethereum Proof of Stake Network.
Rocket Pool was originally designed in late 2016 using specifications for Casper in the Mauve Paper which was released by Vitalik Buterin.
The staking network allows any individual, business, defi dapp, wallet provider, SaaS provider, exchange — just about any service — the ability to provide their users with the option to earn staking rewards on their ETH holdings without worrying about maintaining an extensive staking infrastructure.
For the average user you will have 2 main options to get started with Rocketpool 🚀
This is staking made easy, no need to run a node and having to worry about setup, monitoring, and updating.
Just deposit as little as 0.01 ETH and instantly receive the rETH token which is a tokenised staking deposit and the rewards it gains over time in the network. This token will not need to be locked up for any period of time to gain rewards and you will be able to trade, sell, or hold as the you desire, all from the moment you deposit ETH.
This will be for the more advanced users that want the experience of running a node, but want the safety features that come along with staking in Rocketpool 🚀.
There are 3 main benefits of the Stake + Run Node option.
- The ability to stake your own ETH in the network free from any commissions the network charges.
- Gain extra rewards from the network by running a node on the network and generating a higher ROI than you would staking solo.
- 16 ETH is the minimum required to become a validator, half of the amount required if you wanted to solo stake. If you have more than 16 dont worry, you will be able to stake multiple amounts of 16 ETH on your own node easily enough.
The biggest benefit of becoming a Rocketpool 🚀 user is the Minimized Deposit Risk.
Any losses that could occur from bad nodes for stakers who deposit ETH are split across the entire network to minimize impact on any single user.
Until the ETH 1.0 PoW and ETH 2.0 PoS chains fully merge, which could take a few more years to complete. You will still be able to mine ETH on the 1.0 chain and stake on the 2.0 chain.
Personally all profits I get from my mining farm will be funneled directly into running more 16 ETH validators.
For more info on How To Mine Ethereum you can read over that short guide, feel free to comment if you need more info on how to get started mining.
