Proposal to add rETH as a capped collateral to Interest Protocol.
rETH is an ETH liquid staking derivative built on Rocket Pool. Each rETH represents a certain increasing amount of staked ETH. Rocket Pool aims to be more decentralized than Lido, allowing stakers to permissionlessly deposit 16 ETH + 1.6 ETH worth of RPL to run a “minipool” (Lido only allows permissioned operators).
Token Address: 0xae78736cd615f374d3085123a210448e74fc6393
Liquidation incentive: 10%
Cap: 3k (~$4m)
Oracle Address: 0x1E19CF2D73a72Ef1332C882F20534B6519Be0276
Primary oracle: Balancer rETH-WETH
Secondary oracle: Curve rETH-wstETH OR Uniswap v3 rETH-ETH
Balancer liquidity: $46m
Coingecko 7-day avg 24hr volume: $892k
Notable exchanges: Balancer, Uniswap
- Type of contract: liquid staking derivative
- Underlying asset: liquid staking derivative
- Time: 386 days
- Value: control of staked ETH
- The Rocket Pool rETH contract can mint & burn rETH tokens
- The Rocket Pool Core Team (and DAO) can change rETH parameters such as Node Operator Fee
- Upgradability: None
rETH has maintained a moderately tight peg to ETH for its history, never moving more than 5% off-peg. Note that rETH’s underlying ETH balance is ~1.04 as the posting of this proposal, which explains rETH’s current peg.