Rocket Pool, a decentralized Ethereum 2.0 staking platform has surpassed $350 million worth of total value locked (TVL) within five weeks of its official launch.

The project aims to remove the barriers to entry for Eth2 stakers and node operators. It allows any user to run a node for 16 ETH ($59,000), which is half of the 32 ETH ($119,000) required in the Eth2 deposit contract. Users with as little as 0.01 ETH can also stake their funds and receive yield.

According to data from DefiLlama, Rocket Pool has surged up the decentralized finance (DeFi) staking platform rankings to sit at third with a TVL of $355.64 million at the time of writing. The project is currently behind the Keep3r Network at $584.34 million, and Lido Finance in first place with $6.04 billion.

Lido Finance was launched in December 2020 and currently towers over its competitors in terms of TVL however, it only had 14 node operators as of Q4 2021.

In comparison, Rocket Pool has around 635 node operators which the platform says contributes more to the decentralization of Ethereum. Around 67,000 ETH worth more than $252M is staked, with the remainder of the TVL from the platform’s own token RPL.

Staking
TVL: Ξ94.1k (+1.5%) – $345.4M
Staking Pool: Ξ1.48k
rETH Price: Ξ1.0096 (4.3% APY)
Average Commission: 12.24%

️ Nodes
Registered Nodes: 634
Staking Minipools: 2.07k
ETH Validator Share: 0.75%
Commission: 15.51%
RPL Price: Ξ0.0112
RPL Staked: 2.37M (Effective 2.30M) pic.twitter.com/SjYbQXr1rY

— Rocket Pool Network Bot (@RocketPoolBot) December 30, 2021

The project officially kicked off on Nov. 22 after a…