KelpDAO is an LRT (Liquid Restake Tokens) project, a collective DAO designed to unlock liquidity, DeFi and rewards for staked assets. The team behind the project is Stader.
On Twitter KelpDAO is signed by Stader, which confirms the legitimacy of the project, as well as many influencers . Both Stader and Kelp retweet each other. Twitter speed is normal.
The project's TVL reached more than $123 million or 55 thousand ETH, which puts Kelp in third place after Lido with 199.9 thousand ETH and Swell with 79 thousand ETH.
Restake and additional rewards
You can now re-stake your ETH in the form of ETHx. At the time of writing, there are 20 thousand free space in the pool. The stETH pool is already full.
Starting tomorrow, additional EigenLayer and Kelp Miles points will be farmed:
Users will receive additional points from EigenLayer in proportion the amount of LST deposited. For these points there will be an airdrop from EigenLayer itself (if there is one at all, of course). Additional EigenLayer points will come from EigenLayer points awarded for ETHx contributions from the Stader treasury. The point boost is available to all users who have staked their ETH either in EigenLayer, KelpDAO, or directly through Stader.
There will also be a reward for Kelp Miles from KelpDAO itself, they write about this directly “...define the proportion of rewards which will be distributed to the users...”. Early restakers will receive a 1.25x boost on Kelp Miles for three months by staking ETH between December 12, 2023 and January 1, 2024.
You can go the other way and hook up three activities at once. To do this, stake ETH in Stader, and then restake ETHx in KelpDAO. This way we will receive an additional reward of 30% in SD tokens for 30 days, in addition to the boost of EigenLayer points and Kelp Miles.
Bottom line
As usual, if you have free ETH, it is worth parking it in the EigenLayer restake. Should I restake it through KelpDAO? We think that this is a good option, since for a restake you will receive not only additional points from EigenLayer, but also Kelp Miles. Thus, you will hook two possible airdrops at once.
It is worth noting the risk of hacking the protocols where we stake (Stader) and restake (KelpDAO) ETH. Still, staking ETH directly through EigenLayer is more reliable.
Useful links:
- KelpDAO restake – https://www.kelpdao.xyz/retake/
- Dashboard with points - https://www.kelpdao.xyz/dashboard/
- Steak on Stader – https://www.staderlabs.com/eth/stake/
