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When was RPL coin issued? Learn about the origin of RPL coin in one article
RPL, Rocket Pool's native token, was conceived in 2017 and fairly launched in 2020, establishing a decentralized staking infrastructure for Ethereum.
Oct 11, 2024 at 06:17 pm
A Comprehensive Guide to the Genesis of RPL Coin
1. Early History
RPL, the native token of the Rocket Pool network, was created in 2017 by David Rugendyke and Darren Langley. The Rocket Pool team set out to develop a decentralized protocol that would make staking Ethereum more accessible and cost-effective for both individuals and institutions.
2. Initial Token Distribution
On February 25, 2020, Rocket Pool conducted a fair launch of its RPL token. 100 million RPL tokens were distributed through a public sale, with 80% of the total supply sold to the public and 20% reserved for the Rocket Pool team and future development.
3. Token Utility
RPL serves as the backbone of the Rocket Pool protocol, providing incentives for node operators and insurance providers to secure the network and validate Ethereum transactions. Node operators stake their RPL to earn rewards, while insurance providers use RPL to cover potential losses in the event of node downtime or malicious behavior.
4. Token Mechanics
RPL tokens have a total supply of 1 billion, with an inflationary supply mechanism to incentivize node operators and insurance providers. The emission rate is set at 4% per year, with half of the newly minted tokens being distributed to node operators and half to insurance providers.
5. Role in the Rocket Pool Protocol
RPL is the key to unlocking the full potential of the Rocket Pool ecosystem. It plays a crucial role in:
- Node operation incentives: Node operators stake RPL to secure the network and earn rewards.
- Insurance provision: Insurance providers stake RPL to cover potential losses for node operators.
- Protocol governance: RPL holders have voting rights on protocol updates and proposals.
- Economic security: The inflationary emission rate provides ongoing incentives for node operators and insurance providers to participate in the protocol.
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