Kelp DAO rsETH
Kelp DAO is the multi-collateral liquid restaking protocol - unlike competitors that only accept raw ETH, Kelp lets you deposit stETH, rETH, or wbETH and receive rsETH in return. This flexibility makes it a favorite for DeFi power users already holding liquid staking tokens. With $1.4B TVL and 8 supported AVSs, Kelp has established itself as a key player in the LRT ecosystem.
rsETH Multi-Collateral Flow
rsETH stands out by accepting multiple LST collaterals. Watch how different assets flow into the same restaking vault.
Key Features
? Node Operator Network
Kelp's 18+ operators are selected for decentralization and geographic diversity. No single operator controls more than 10% of Kelp's TVL.
| Operator | Region | Validators | Share |
|---|---|---|---|
| Staking Facilities | EU | 12,400 | 40.0% |
| Rockaway+ | EU | 8,300 | 26.8% |
| Figment | US | 6,100 | 19.7% |
| P2P | EU | 4,200 | 13.5% |
+ 14 more operators with smaller validator shares. Geographic spread: EU 58%, US 28%, APAC 14%.
Tokenomics
| Parameter | Value | Notes |
|---|---|---|
| Native Token | KELP | governance & staking |
| Fee Model | 7.5% | of restaking rewards |
| Mint/Burn | 1:1 | ETH backing ratio |
| Redeem | 7-14 days | Beacon chain queue |
| Risk Reserve | 7.5% | of rewards -> slashing coverage |
| Max Operator Share | ?10% | Decentralization requirement |
? Socialized Risk Model
? rsETH vs Other LRTs
- Multi-collateral: deposit stETH, rETH, wbETH
- 7.5% fee - lower than EtherFi and Renzo
- Socialized risk reserve for slashing protection
- 18+ operators with strong decentralization
- Geographic diversity across regions
- $1.4B TVL - smaller than top 3 LRTs
- LST-to-ETH conversion adds complexity/risk
- 7-14 day withdrawal queue (variable)
- Lower APY than Renzo or Swell
- KELP token utility still developing