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Kelp DAO

Kelp DAO is a cross-chain solution for and . It concentrates on developing Liquid Restaking Solutions for public networks. The Kelp team is constructing an LRT solution named for on . and are the co-founders of Kelp DAO. [1]

Overview

Launched in November 2023, Kelp is a cross-chain platform for and . It facilitates the validation and security of modules by directing withdrawal credentials to EigenPods. This mechanism enables tokenholders with less than the 32 threshold for a validator node to stake on and restake it on .  [2][3]

Kelp streamlines the process for users to stake their holdings. Traditionally, has been limited to a single , but Kelp innovates by enabling multichain . It accomplishes this through wrapped tokens, representing on different , allowing users to stake assets across various chains. [2][3]

Kelp pools together staked assets from users to form utilized for applications across . By contributing to these pools, users earn rewards from sources like and protocol incentives. [2][3]

KEP Token

$KEP, or Kelp Earned Points, is an token associated with Points earned through the Kelp platform. Each $KEP equals one Point. Users have full control over their accumulated Points, including storing, trading, and utilizing them according to their preferences. Restakers can claim their $KEP tokens via the Kelp . Weekly, restakers can claim $KEP corresponding to the Points earned the preceding week. [4]

As an token, $KEP enables free transfer and trade, enhancing the of Points and potential restaking rewards. Restaking or isn't the only method to acquire Points; $KEP offers an alternative, making restaking capital efficient and introducing segmentation among different user groups. These groups include Point Producers, who generate Points and $KEP, and Point Accumulators, who trade/buy/sell/long/short $KEP and may not necessarily possess capital for restaking. [4]

Immediate use cases for $KEP encompass trading on and on with $KEP <> rsETH, $KEP <> pairs to earn rewards such as kelp miles and swap fees. [4]

rsETH

is a unified liquid restaked token generated from approved as on . It enables fractional ownership of staked assets, simplifies access to restaking and , and utilizes composability within protocols. Additionally, it resolves issues such as intricate reward systems and excessive fees. [2][5]
wiki

Kelp Miles

Kelp Miles complements restaked points, providing extra incentives for restakers. They aim to enhance the rewards of restaking and offer proportional incentives based on restakers' contributions. participants using can earn Kelp Miles, points, and extra yields from activities. Kelp will further incentivize opportunities by offering boosted Kelp Miles, providing users with added benefits for engaging in . [6]

Pendle Finance

Kelp DAO users can use to engage with , a protocol that enables the tokenization and trading of future yield, through four main positions: [7]

  • PT-rsETH: The PT position represents only the principal amount at maturity. It involves depositing into the protocol for a set duration, earning a fixed yield upon maturity. With this strategy, you receive PT-rsETH at a discounted rate based on the exchange rate. At maturity, you receive 1 worth of for each PT-rsETH, constituting your yield. Notably, this position doesn't earn points or Kelp Miles; it's solely for securing a fixed yield. Additionally, PT-rsETH can be sold at any time before maturity.
  • YT-rsETH: The YT position represents the yield of the underlying asset until maturity. Each YT-rsETH grants you all the yield and points generated by 1 ETH worth of until pool maturity. The price of YT is determined by market rates, reflecting how the market values it. For instance, if 1 rsETH trades for 10 YT-rsETH, users earn Miles and Points equivalent to 10 ETH worth of rsETH for each YT-rsETH. Speculation on the price of YT-rsETH can be based on factors like Long Yield , points, and Kelp Miles, but thorough research is advised.
  • LP-rsETH: The LP position comprises PT-rsETH and SY-rsETH, with the SY portion earning yield. This setup minimizes by providing single-asset exposure. Benefits include Points, boosted Kelp Miles, /restaking yield, fixed yield from PT-rsETH, swap fees, and Incentives.
  • Liquid Lockers: is accessible on Penpie and Equilibria, two of liquid lockers.

Partnerships

Integrations

Along with , Kelp DAO has also been integrated into , , and . Users who can earn 3x Kelp Miles and Points. [7]

Polyhedra (ZK)

On April 16th, 2024, Kelp DAO partnered with Polyhedra (ZK), a next-gen infrastructure developer using . With this partnership, Polyhedra received $300 million in staked to bolster the security of its protocol. [8]

Laser Digital

On April 26th, 2024, Kelp announced a strategic partnership with Laser Digital, Nomura Group’s digital asset subsidiary. This partnership introduced restaking solutions to Laser Digital’s current and future digital funds, making the first LRT to be incorporated into a digital fund. [9]wiki

Planar Finance

On May 12th, 2024, Planar Finance announced its partnership with Kelp DAO. Through this partnership, the goal was to optimize yield by harnessing various reward sources from both protocols. [10]

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Kelp DAO

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May 26, 2024

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