rETH is the liquid staking token issued by the Rocket Pool protocol, representing staked ETH on the Ethereum network. When users deposit ETH into Rocket Pool, they receive rETH at a 1:1 ratio, which continuously appreciates in value relative to ETH as staking rewards are distributed to the protocol. The token is widely integrated across DeFi ecosystems and is actively used as an underlying asset in yield tokenization markets, including Pendle, where its future staking yield is structured into principal and yield tokens.
On Base, rETH operates as a bridged representation of the mainnet asset, maintaining its core utility as a yield-bearing collateral and trading pair. While it does not currently appear in Aerodrome pools or vote markets on this chain, its underlying asset is actively structured in Pendle markets on Arbitrum, where future staking yield is tokenized into principal and yield components. LPs and yield farmers typically use rETH to capture Ethereum staking rewards while retaining liquidity for other DeFi strategies.
As a staking derivative, rETH’s value is intrinsically tied to Ethereum’s staking performance and Rocket Pool’s node operator network. It functions as a standard LST, enabling users to earn staking yields without locking ETH directly, while also serving as a foundational asset for yield-bearing DeFi strategies across multiple chains.