- On June 20, MKR holders voted for the onboarding of rETH as collateral to the Maker Protocol
- To receive rETH, users will need to connect their wallet to Rocket Pool staking
Oasis.app, which helps users derive the highest value from their assets, has added rETH to its DeFi platform, Bankless Times learned from a press release. On June 20, MKR holders voted for the onboarding of rETH as collateral to the Maker Protocol.
As of now, rETH will be made available to users’ Dai via Oasis.app. That means Oasis app users will be eligible to open a vault and multiply their exposure with rETH as collateral.
Connect your wallet to earn rewards
To receive, rETH users will need to connect their wallet to Rocket Pool staking. They stake ETH in exchange for rETH. Alternatively, clients have the option of swapping ETH for rETH on 1inch or via Oasis Swap.
rETH parameters voted for by the Maker Governance include a stability fee of 1.5% and a liquidation ratio of 170%. Oasis app CEO Chris Bradbury said:
It’s great to be supporting another liquid staking derivative, this time in the form of rETH – especially with the recent concerns around dominance of other derivatives in the sector. It’s taken a long time to rETH make its way through Maker Governance, but we’re proud to support it on Oasis app from launch and excited to see it be used alongside the other collateral options available.
About Rocket Pool
Rocket Pool is an Ethereum Proof of Stake infrastructure service. Stakers in Rocket Pool must deposit ether into the pool. Then, a node operator generates a new validator on the Beacon Chain. The client, or staker, gets a token called rETH in the process.
As priority fees, Beacon Chain rewards, and MEV rewards consistently accumulate, the value of the rETH increases in proportion to the value of ether. rETH represents both how much ETH users deposited and when they made their deposits.
About Oasis App
Oasis.app is a platform for decentralized finance. It can be used to Borrow Dai against users’ favorite cryptocurrencies, increase exposure against them using Multiply or Earn a competitive yield — all in one place. The Oasis app mission is to provide the most trusted entry point to deploy capital into DeFi.
