KelpDAO is a liquid restaking protocol built on EigenLayer that issues rsETH — a liquid restaking token (LRT) representing restaked ETH liquid staking tokens. Users deposit stETH or ETHx, KelpDAO stakes these across EigenLayer operators and AVSes, and users receive rsETH that compounds both staking and restaking yield.
| Stat | Value |
|---|---|
| Ticker | RSETH |
| Price | $2,610.97 |
| Market Cap | $1.66B |
| 24h Change | +4.2% |
| Circulating Supply | 634,392 RSETH |
| All-Time High | $5,190.42 |
| Contract (Ethereum) | 0xa129...e5a7 |
| Contract (Base) | 0x1bc7...5993 |
| Contract (Arbitrum One) | 0x4186...b41f |
| Contract (Blast) | 0x4186...b41f |
| Contract (Zircuit) | 0x4186...b41f |
| Contract (Mantle) | 0x4186...b41f |
| Contract (Sonic) | 0xd757...99b1 |
| Contract (Ink) | 0xc3ea...9f58 |
| Contract (Mode) | 0x4186...b41f |
| Contract (Linea) | 0x4186...b41f |
| Contract (Scroll) | 0x6542...1b66 |
| Contract (Tac) | 0x9eca...d9f1 |
| Contract (X Layer) | 0x1b3a...a0f9 |
| Contract (Optimistic Ethereum) | 0x4186...b41f |
| Contract (Berachain) | 0x4186...b41f |
| Contract (Swellchain) | 0xc3ea...9f58 |
| Contract (Avalanche) | 0xc430...1363 |
| Contract (Manta Pacific) | 0x4186...b41f |
| Contract (Plasma) | 0x9eca...d9f1 |
| Contract (Hemi) | 0xc3ea...9f58 |
| Contract (Unichain) | 0xc3ea...9f58 |
| Contract (Movement) | 0x51ff...035d |
The Restaking Stack
To understand KelpDAO, you need to understand the stack:
- ETH → stake on Ethereum Beacon Chain
- LST (stETH, ETHx) → liquid staking token earned by staking
- Restake LST on EigenLayer → earn additional yield from AVSes (additional validation services)
- Receive LRT (rsETH) → liquid token from KelpDAO representing the restaked position
rsETH means you earn:
- Ethereum validator staking yield (~3–4%)
- EigenLayer restaking rewards
- KelpDAO/kelp points (for future token or rewards)
Key Features
| Feature | Detail |
|---|---|
| Accepted assets | stETH, ETHx, sfrxETH |
| Output token | rsETH (liquid restaking token) |
| Protocol | Built on EigenLayer |
| Unstaking | Via Kelp’s withdrawal queue or DEX |
| Governance token | KEP (separate from rsETH) |
Risks
- AVS slashing: If EigenLayer AVSes slash for misbehavior, rsETH holders bear the loss
- Smart contract risk: Multiple contract layers introduce compounded risk
- Depeg risk: rsETH may trade below the underlying ETH value in illiquid markets
- EigenLayer ecosystem risk: Still an early-stage ecosystem
Sources
- KelpDAO documentation: docs.kelpdao.xyz
- EigenLayer documentation
- DeFiLlama: rsETH TVL tracking