RPL Perpetual Contracts Boost Liquidity, Attracting Investors Like 1kx

Perpetual contracts enable traders to speculate on RPL tokens' future price without needing to own the actual asset. This boosts liquidity and trading volume, driving up the price and drawing in more investors.

Crypto investment firm 1kx recently sold 203,319 Rocket Pool (RPL) tokens, valued at $2.38 million, in a move that follows a 28% surge in RPL tokens after the launch of perpetual contracts for RPL on Binance on September 9, 2024.

On-chain analyst @EmberCN noted the sale, highlighting a significant chapter in 1kx’s continuous involvement with Rocket Pool.

Perpetual Contracts Boost Liquidity, Opening Door for Investors like 1kx

Traders can speculate on RPL tokens’ future price without needing to own the actual asset through perpetual contracts. This enhances liquidity and trading volume, ultimately driving up the price and creating an environment ripe for investors.

notably, the introduction of RPL perpetual contracts on Binance further solidified Rocket Pool's presence in the expanding decentralized staking market. In fact, as trading activity surged, it opened a lucrative opportunity for early investors like 1kx to sell part of their holdings while maintaining a significant stake in the project.

1kx Still Staked in Rocket Pool with 315,835 RPL Tokens

1kx has been present in the crypto scene since 2019. The crypto investment firm initially acquired over 570,000 RPL tokens when they first joined the decentralized staking protocol in December 2021.

At the time, Rocket Pool was gaining traction as a leading decentralized solution, allowing users to stake without the need for running their own validator nodes, especially as Ethereum staking became popular.

Moreover, in 2023, 1kx fully staked its RPL token allocation on the Rocket Pool network. By doing so, the firm earned staking rewards while also supporting the security of the network.

Now, despite selling over 200,000 RPL tokens, 1kx remains a significant player in Rocket Pool, with 315,835 RPL tokens still staked in the network.

RPL Open Interest Surges from $851K to $6.52M in Two Days

Data from Coinglass reveals a significant rise in futures Open Interest (OI) for RPL across various exchanges. OI measures the total number of active derivative contracts that have yet to be settled, indicating whether money flow into the contracts is increasing or decreasing.

A rise in OI suggests new money is entering the market, which often supports prices through increased buying activity. On the other hand, a decline in OI signals market liquidation, where more investors exit positions, leading to greater selling pressure.

In the graph below, we can see a steep increase in RPL’s OI, going from $851,160 on Monday to $6.52 million on Tuesday, marking its highest point since mid-June.

Rocket Pool (RPL) Soars 21.92% with $2.94B Locked in Staking

At the moment, Rocket Pool (RPL) is trading at $11.75, showing a 21.92% increase in the last 24 hours. The market capitalization of RPL is $243,329,028, with a daily trading volume surging to $52,739,854, reflecting a remarkable 1668.51% increase. The circulating supply of RPL tokens stands at 20,706,749, matching the total supply.

Additionally, the Total Value Locked (TVL) in Rocket Pool is approximately $2.94 billion, showcasing the protocol’s growing influence in the decentralized staking ecosystem.

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