1inch optimizes rETH swaps!
The 1inch Aggregation Protocol has been optimized for Rocket Pool’s rETH swaps on Ethereum mainnet.
The 1inch Aggregation Protocol already offered the best prices on rETH across all of DeFi, but now, 1inch is taking it a step further with the ability to mint or burn rETH directly from Rocket Pool’s smart contracts!
This direct integration of Rocket Pool’s staking contracts into the 1inch Aggregation Protocol provides users with a hassle-free way to get the best price on rETH swaps. Users will feel the benefits of this optimization immediately as there is no longer the need to manually compare the market price of rETH to the cost of minting/redeeming it directly from Rocket Pool — 1inch will offer the best rate by using any combination of both sources.
So, by using 1inch to make their rETH swaps, users will cut out the middlemen and ensure that those would-be arbitrage profits stay with the swapper.
What is rETH?
Rocket Pool is a decentralized Ethereum staking protocol that allows users to stake as little as 0.01 ETH in a trustless fashion. The rETH token is a liquid staking derivative that is backed by staked ETH in the Rocket Pool protocol; by holding rETH, users gain exposure to ETH’s staking APY.
rETH can be burned for the underlying ETH when there is enough Ether available in the contracts from validator rewards (or, from exited validators once withdrawals are enabled). When there is room in these contracts, ETH can be deposited and rETH is minted.
No need to worry if this sounds complicated! Everything described here will happen behind the scenes when you use 1inch for your rETH swaps — you’ll still reap the benefits, just without all the confusing code.
This collaboration is not just beneficial to the 1inch and Rocket Pool protocols, it is a boost for the decentralization of the broader Ethereum Network.