How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase RPL on BYDFi. We'll guide you through it
Choose how to purchase RPL on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (RPL). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store RPL in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your RPL to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy RPL on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive RPL
Trade
Answers
Is Rocket Pool a Good Investment?
The Rocket Pool cryptocurrency can be a worthwhile investment, particularly if you have faith in Ethereum staking and the overall DeFi market. The RPL price has the potential to rise as more users stake their ETH tokens using the Rocket Pool liquid staking protocol.
This increased on-chain activity could drive up demand for RPL, leading to an upward trend in the Rocket Pool price. Additionally, growing interest in DeFi activities may also contribute to positive RPL price statistics.
Positive market sentiment in the cryptocurrency industry could further support upward movements in the RPL price, as a risk-on attitude tends to stimulate buying activity. Conversely, a bearish or risk-averse sentiment could result in sell-offs that could exert downward pressure on the Rocket Pool price.
What factors can affect the price of Rocket Pool crypto?
Although it is impossible to offer an accurate prediction of the RPL price over any duration, there are several fundamental factors that can influence how the Rocket Pool token price fluctuates. These factors include:
Level of Liquid Staking Activity
The RPL price could increase as more users sign up to stake ETH on the Rocket Pool protocol. Higher Rocket Pool staking could increase the demand for the RPL token and make it a more valuable investment.
Future Partnerships and Developments
The staking activity on Rocket Pool could also increase as more partners integrate with the protocol's staking services. When the team of developers announces more upgrades and adds more features that enhance the attractiveness of staking on Rocket Pool, the RPL token price could strengthen further in the market.
Market Outlook
A positive outlook among investors towards cryptocurrencies in general and the DeFi market specifically plays a vital role in supporting the price of Rocket Pool crypto. However, bear market conditions or a risk-off sentiment in global financial markets could exert downward pressure on the price of RPL crypto.
What Is RPL Token Used For?
RPL is the native utility token of Rocket Pool. It serves the following functions:
Collateral
Users wishing to stake ETH on Rocket Pool must deposit a minimum amount of RPL as collateral. The RPL deposit serves to offset any potential penalties they may incur in the future while staking ETH.
Incentive Token
Users who stake ETH on Rocket Pool receive rewards in ETH and RPL. The RPL rewards are generated from the tokens inflation and are proportional to the amount of RPL they deposit as collateral initially.
Crypto Asset to Trade and HODL
Trace Rocket Pool tokens against other crypto assets to profit from market conditions and changes in volatility. You can buy or sell RPL against other cryptocurrencies or hold it long-term if you believe in the future potential of Rocket Pool. Review the live price of Rocket Pool cryptocurrency, RPL market cap, circulating supply, 24-hour trading volume, and the latest crypto news before trading RPL in the market.
How to Stake on Rocket Pool
You can stake ETH on Rocket Pool in two ways - staking less than 32 ETH or staking 32 ETH and higher to run a validator node on the Ethereum blockchain. Let's take a look at how to perform liquid staking on ETH (less than 16 ETH without operating a Rocket node):
1. Open the Rocket Pool dApp and scroll down to the Stake ETH section. Click on Stake.
2. This will open up a new window leading to the staking interface.
3. Connect your wallet here. Ensure your wallet is sufficiently funded with ETH by buying Ethereum on BYDFi or other supported platforms and withdrawing the tokens to your wallet.
4. Enter the number of ETH tokens you wish to stake and check the number of rETH-wrapped tokens you will receive, the APR, and gas fees.
5. After reviewing all details, proceed with the transaction by clicking on Stake. Confirm the transaction from your wallet.
6. Sit back, earn staking rewards, and grow your crypto holdings by liquid staking ETH on Rocket Pool.
Differences between Rocket Pool and Lido
Rocket Pool and Lido are two leading liquid staking protocols for Ethereum 2.0. Here is a comparison between the two:
rETH vs. stETH
Both platforms allow users to stake ETH without locking up liquidity. They offer wrapped tokens that can be used in other DeFi applications. Rocket Pool offers rETH to stakers, while Lido offers stETH tokens.
Market Share
Lido enjoys an extremely high market share and is the dominant liquid staking protocol, accounting for over 80% of ETH staking pools and a TVL of over $8 billion. On the other hand, Rocket Pool accounts for around 5% of the market share and a TVL of just under $1 billion as of February 2023.
Centralized vs. Decentralized
While Rocket Pool is entirely decentralized and aims to reduce the entry barrier and make ETH staking more accessible, Lido operates in a more centralized manner. This has caused the Lido protocol to face criticism over concerns about the concentration of staking power.
