rETH/USD price feed

Most staking tokens pick one of two designs. Some grow in quantity, paying rewards by rebasing balances upward; rETH grows in value instead. The token's claim on staked Ether increases as validators earn, so one rETH is redeemable for steadily more ETH over time. Its price carries the yield.

That is why rETH quotes above one ETH, with a ratio that grinds higher by construction. The dollar number on this page is that ratio read from rETH's own pools, with each quote leg resolved through its own measured market on the way to dollars.

For anyone holding rETH on a balance sheet the mechanics have a practical consequence: the mark should drift upward against ETH in quiet times; a sharp move in the ratio is therefore information about the market, not about the protocol's accounting.

Rocket Pool publishes an exchange rate: what one rETH is worth in staked Ether by the protocol's own books. The market publishes another number: what the pools will actually pay. The two usually sit close together; the gap between them is where rETH's history lives.

There have been stretches where rETH traded at a premium, when demand outran the protocol's constrained minting capacity, plus stretches at a discount, when holders wanted out faster than arbitrage could carry them. Neither state is a malfunction; both are the market clearing at the price that finds a counterparty.

A live market rate is how you watch that gap. The protocol rate tells you what the token has earned; the rate on this page tells you what it fetches today.

rETH's on-chain book has stayed compact, with weight that can concentrate heavily in whichever venue holds the real depth that week. The composition reports that concentration as it finds it: the deepest market sets the tone; the satellites hold it accountable.

The satellites still earn their place, giving the rate a pulse from outside the anchor venue. The book has even carried an rETH/wstETH leg at times: two staking tokens pricing each other directly, a reading with no dollar or plain Ether in it at all. When the deep venue and the satellites tell the same story, the number has been checked from odd angles.

Look rETH up across public quote pages on any given hour; the numbers can disagree by a percent or more. Nobody is doing anything wrong. The market is simply thin enough that different methodologies, different venues plus different refresh moments produce visibly different answers.

That is the situation a computed rate is for. This feed reads the pools that actually hold rETH's liquidity, weights them by what they hold, filters what is too small to trust, then pins the answer to a block. The book is modest, the depth is stated plainly, the method is open.