Introduction
What is Kelp DAO?
Kelp DAO was founded by Amitej G and Dheeraj B, who have previously founded Stader Labs, a multichain liquid staking platform with $350M+ in TVL. The team is focused on building Liquid Restaking Solutions for public blockchain networks.
The Kelp DAO team is currently building an LRT solution, rsETH, on EigenLayer for Ethereum.
What is rsETH?
rsETH is a Liquid Restaked Token (LRT) issued by Kelp DAO designed to offer liquidity to illiquid assets deposited into restaking platforms, such as EigenLayer. It aims to address the risks and challenges posed by the current offering of restaking
How rsETH works?
Restakers stake their LST to mint rsETH tokens indicating fractional ownership of the underlying assets
rsETH contracts distribute the deposited tokens into different Node Operators that operate with the Kelp DAO
Rewards accrue from the various services to the rsETH contracts. The price of rsETH token assumes the underlying price of the various rewards and staked tokens
Restakers can swap their rsETH tokens for other tokens on AMMs for instant liquidity or choose to redeem underlying assets through rsETH contracts
Restakers can further leverage their rsETH tokens in DeFi
What are the benefits of rsETH?
For Restakers:
Provide liquidity to the restaked ETH/LST
Save the effort in identifying the right services and validators
Help manage rewards that come in with Restaking
For AVSs:
Save effort to identify and partner with Operators
Save effort to bootstrap security
Help reduce emissions on rewards
For Operators:
Save the effort in identifying the right services
Reduce the effort to get restakers and restaked assets
Help manage rewards that come in with Restaking
What are the fees charged for rsETH?
At present, Kelp DAO does not impose any fees on LST deposits. This means that users currently have the freedom to deposit ETHx, sfrxETH, and stETH on the Kelp dApp without incurring any charges.
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