Strategy

Multiply Your rETH On Summer.fi

Javier Martin Diaz

Aug 15, 2023 • 2 min read

On June 20th 2022, MKR holders voted for onboarding rETH, a redemption token representing staked ETH on Rocket Pool, as collateral to the Maker Protocol. From now, the collateral is officially onboarded to the Maker protocol and available to back your Dai on Summer.fi.

What Does this mean for you?

You can now open a standard Borrow or Multiply vault using rETH as collateral.

About rETH

Rocket Pool is an Ethereum Proof of Stake infrastructure service.

As a Rocket Pool staker, your role is to deposit ETH into the deposit pool which will enable a node operator to create a new Beacon Chain validator.

In doing so, you will be given a token called rETH. Since the Beacon Chain rewards, priority fees, and MEV rewards will constantly accumulate, this means that rETH's value effectively always increases relative to ETH.

rETH represents both how much ETH you deposited, and when you deposited it.

At this point there are 300,480 ETH staking across 1,711 node operators around the globe.

How to get rETH?

To get rETH you need to go over Rocket Pool staking, connect your wallet to stake your ETH, and get rETH in return. Alternatively you can swap your ETH for rETH on 1inch or through Summer.fi Swap.

For a detailed guide on how to get rETH please visit: (our step-by-step guide).

Now with your rETH, you can come back to Summer.fi to open your vault.

For more information about how to open and manage a vault visit our Knowledge Base.