How to buy Rocket Pool Token or RPL in 2020

How to buy Rocket Pool Token
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In this article, you are going to learn, how to buy Rocket Pool Token or RPL in 4 easy steps. There are only a few exchanges that support the Rocket Pool token but only, Bilaxy and Uniswap exchange provides enough liquidity therefore, in this guide based on buying the RPL on Bilaxy and Uniswap exchange.

Other than the RPL buying guide, the article explains the top RPL token wallets, how to buy Ethereum (ETH), finally you will learn what is Rocket Pool, and RPL use cases.

how to buy Rocket Pool token in 5 simple steps

Here is the summary of, how to buy Rocket Pool token or RPL in 5 simple steps

  1. Get a Rocket Pool Token supported Wallet
  2. Buy Ethereum from an exchange that supports fiat payments such as Coinbase, Cex.io
  3. Choosing a RPL trading exchange such as Bilaxy, and Uniswap
  4. Instantly buy Rocket Pool Token or RPL token
  5. Withdraw your RPL from the exchange

Let’s dive into the detail article, how to buy Rocket Pool Token or RPL token in 4 easy steps.

Step 1: Get a Rokeck Pool Token Wallet

First, you have to get to the RPL wallet to store the RPL tokens. RPL is Ethereum based token that follows the ERC 20 token standard. In this case, you can use any ERC 20 supported wallet such as Metamask, MyEtherWallet, MyCrypto, etc.

In this guide, you are going to buy Rocket Pool Token on Uniswap, therefore, you can use the Uniswap supported wallets such as Metamask, Formatic, WalletConnect, Portis, Coinbase Wallet, Torus.

If you are buying and holding a large amount of RPL token or other cryptos, it recommends buying the cryptocurrency hardware wallet such as Ledger Nano X, Trezor Model T, KeepKey.

Here is top ERC 20 token wallets,

 WalletTypePriceMulti-currency
support
Website
Trezor oneTrezor Model THardware149 EURYesVisit
Ledger Nano SLedger Nano X
Hardware119 USDYesVisit
MetamaskMetamaskBrowser ExtensionFreeEther,
ERC 20
Visit
MyEtherwalletMyEtheWallet Client-side interfaceFreeEther,
ERC 20
Visit
MycryptoMyCryptoDesktopFreeEther,
ERC 20
Visit

Let’s get into Step 2.

Step 2: Buy some Ethereum

Currency, you can’t buy Rocket Pool Token with a credit card, or any means of fiat payment method. Therefore, you have to buy RPL with Ethereum.

In this guide, you are going to buy RPL on Uniswap exchange therefore, you want to buy Ethereum, or any other Stable coins like DAI, USDC.

Buying Ethereum is not so hard, therefore, here is the list of exchanges to buy Ethereum with fiat currencies such as USD, EUR, and GBP.

Coinbase
Cex.io
Coinmama
Bitpanda
ChangeNOW

After buying Ethereum, you have to send the Ethereums into the above-selected wallet such as Metamask, or any Unsiwap supported wallet.

Step 3: Select the RPL trading exchange

Currently, there are few ways to buy Rocket Pool Token with Ethereum. According to CoinMarketCap, Bilaxy, Uniswap, and Idex provide most of the daily volume.

In this case, it is good to use the Bilaxy, Unsiwap exchange for buying the Rocket Pool Token.

 Let’s head over to Step 4, that consists of major steps to buying the RPL token on Bilaxy and Uniswap.

Step 4: Buy Rocket Pool Token or RPL token

First, take a look at, how to buy Rocket Pool Token on Bilaxy exchange step by step.

How to buy Rocket Pool Token or RPL on Bilaxy

First, go to the Bilaxy exchange then, click on the “Sign Up” button in the top right corner. Then, fill the “Create a free account” form. Then, you have to confirm the email address you have used.

After creating a new Bilaxy account, log in to the Bilaxy exchange and hover over “Funds” and click on the “Deposit” link from the drop-down menu. Then, select the ETH from the large number of tokens displayed. Then, copy and the ETH deposit address and deposit some Ethereum from other wallets or exchanges.

After that, go to the “Market” menu item on the top left side of the main menu. Then, you will direct to the main exchange dashboard. Then, watch over the right sidebar and type “RPL” in the search field. Then, the “RPL/ETH” market pair will display and click on it. After that, you can buy RPL with Ethereum using a limit order.

How to buy Rocket Pool Token or RPL on Uniswap

First, you have to go to the Unsiwap exchange, then head over to the “Connect to a Wallet” button on the right side of the main dashboard, and click on it. 

How to buy Rocket Pool Token

After that, a new screen will appear and click on the relevant wallet where your Ethereum being holding. If you are using Metamask, click on the Metamask tab then, the Metamask authorization window will appear then, signed the wallet with Uniswap exchange by clicking the “Connect” button in the Metamask window.

Next, click the “Swap” tab from the three tabs. Then, select the token or coin as Ethereum(ETH) & and enter the Ethereum amount willing to spend in the “Input” field.

Next, in the “Output” field, click on the” Select a token” button, then Type the “RPL” or “Rocket Pool” in the search form on a new screen. Then, you will the RPL token, then, select the token by clicking on it.

As you can see the exchange rate below the “Output” field. If you satisfy the exchange rate, then, click the “Swap” button below the form.

Then, confirmed the transaction on the Metamask wallet window then, wait until the transaction is validated on the Ethereum blockchain.

That’s the process of, how to buy Rocket Pool Token where you can see RPL balance viewing the wallet details on Etherscan.

What is Rocket Pool?

Rocket Pool is the decentralized Ethereum staking service for the upcoming Ethereum 2.0 protocol upgrade. Individuals and businesses (such as staking pools, exchanges, and wallets) can easily provide customers with proof of stake services by using the Rocket Pool’s API and its unique decentralized network of node operators.

The Rocket Pool decentralized staking infrastructure is both scalable and secure. Mainly, it consists of two parties namely, Stakers and Node operators.

Rocket Pool comes up with the three main elements that are Smart Contracts, Smart Nodes, and Mininpools. These three elements integrate into making the innovative global network that automatically scales using token incentives, reduces staking risk by spreading deposits across multiple nodes, and is highly distributed and decentralized.  

As you can see the importance of the Rocket Pool ecosystem which highly involved with the Ethereum 2.0 protocol upgrade. Ethereum 2.0 protocol will require minimum of 32 ETH to operate the full Ethereum validator node but that amount can be pretty high comparatively.  

In this case, users who holding the less than 32 ETH, they have to stake their ETH in the third party Ethereum staking pool, to get decent ROI of the ETH holdings. In this case, Rocket Pool will provide decentralized staking pools for those who hold less than 32 ETH.

RPL tokens statistics

Token NameRocket Pool Token
Token TickerRPL
BlockchainEthereum, ERC 20 standard
Total Supply17,922,515 RPL
Max SupplyNaN
Websitehttps://www.rocketpool.net/
Block ExplorerEtherscan

RPL use cases

RPL token is required to users who are willing to act as the node operator of the Rocket Pool network. Users are willing to stake the Ether; they don’t need to hold the RPL token.

According to recently published Consensys research paper, there are over 30% of ETH holders, will stake their ETH in third party staking services such as Rocket Pool, therefore, eventually, demand for RPL token will increase with the adoption of the Ethereum 2.0 upgrade.

Conclusion – How to buy Rocket Pool Token

This article mainly consists of, how to buy Rocket Pool Token or RPL token via the 4 steps that describe in detail above. Currently, Bilaxy and Uniswap provide most of the daily volume there, you can buy RPL on these exchanges with good exchange rate.

Also, you will learn, RPL token wallets, exchanges, and basic idea of Rocket Pool ecosystem, and RPL token use cases.

Further readings,


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