Kelp Miles & EigenLayer Points

Kelp Miles will help us understand their contribution to Kelp and define the proportion of distributing rewards later.

Kelp Miles = (Amount of rsETH)*Number of days*10,000

Kelp Carnival - 2nd Feb'24 to 9th Feb'24

Starting 02 Feb, 12 PM PT, the top 5 restakers for each LST daily will be eligible for a 2x bonus i.e. 200k Kelp Miles per rsETH minted. This will be over and above the regular Miles they stand to get. This campaign will be live for 7 days, between 02 Feb to 09 Feb, 12 pm PT.

5 (stETH) + 5 (sfrxETH) + 5 (ETHx) = 15 daily winners

15 (daily winners) x 7 (days) = 105 carnival winners

In addition to this, there is a special reward.

Kelp Super Troopers: Top 5 restakers with maximum deposit amount across 7 days, across assets get a 3x bonus on Kelp Miles (300k Miles per rsETH minted).

Winners of the Kelp Carnival can be tracked on this dune dashboard: https://dune.com/randomdeveloper365247/kelpcampaignrewards?date_d99249=2024-02-03+00%3A00%3A00&date_d6409b=2024-02-07+00%3A00%3A00

The bonus Kelp Miles will be allocated to the winners before 15th Feb.

Bonus Kelp Miles Offer - 18th Jan'24 to 9th Feb'24

Users minting rsETH will be eligible for this offer. For every rsETH minted by the user, a bonus of 100,000 Kelp Miles will be given to the user. This will be a one-time bonus and the Kelp Miles will be allocated only to the rsETH minting wallet.

This offer ends on 9th Feb, 12 pm PT.

Examples:

Restaking Action	Outcome
1 rsETH minted on 19th Jan	1*100,000 = 100,000 Kelp Miles bonus
5.2 rsETH minted on 5th Feb	5.2*100,000 = 520,000 Kelp Miles bonus
3 rsETH minted on 10th Feb	No Kelp Miles bonus

The bonus Kelp Miles can be seen on the Kelp dashboard under the "Boosted Kelp Miles" category.

Boosted Kelp Miles Offer - 12th Dec'23 to 1st Jan'24

Users participating in the early queue get boosted miles for restaking with Kelp. The boosted Miles amount to 1.25x of the normal Miles.

Restaking Action	Outcome	Details
LSTs restaked between 12th Dec'23 to 1st Jan'24	(Amount of rsETH) * (Number of days) *10,000*1.25	Receive 1.25x boosted miles for the next 3 months
LSTs restaked post 1st Jan'24	(Amount of ETH worth of LST) * (Number of days) *10,000	Receive miles as usual
Users withdrawing assets after some time	Accumulated Kelp miles don’t lapse

Kelp Miles calculation - examples

Cases	Amount Restaked	Number of days	Kelp Points
User depositing on 18th Dec’23 and withdraw on 1st Mar’24	10 ETH worth of ETHx	73 days of boosted miles	10*73*10,000*1.25 Total: 9,125,000 Kelp Miles
User depositing from 12th Dec’23 to 31st Mar’24	5 ETH worth of ETHx	90 days with boosted miles; 21 days of regular miles	Boosted Miles 5*90*10,000*1.25 (extra boost) = 56,25,000 Regular Miles: 5*21*10,000 = 10,50,000 Total: 66,75,000 Kelp Miles
User depositing from 5th Jan’24 to 5th Mar’24	10 ETH worth of stETH	60 days of regular miles	10*60*10,000 Total: 6,000,000 Kelp Miles

EigenLayer Restaked Points

All the users who successfully restake with Kelp before the deposit caps on EigenLayer close are eligible to receive the EL Restaked Points.

The Restaked Points will be distributed at individual levels proportionate to the amount of LST deposited.

Please note: Assets restaked on Kelp are deposited into EigenLayer at a set frequency. There will be a small time gap between assets getting deposited on Kelp and Kelp depositing those assets on EigenLayer.

So, EL points are normalized for all the deposits at the time of daily snapshots. Due to this, there could be a small difference between ideal and actual EL points received by users. The Kelp DAO team is working to increase the frequency of the deposits to ensure the offset due to normalization is minimal.