The “re-stake” track centered around EigenLayer is currently the most watched concept sector in Ethereum. Many liquidity re-stake solutions (LRTfi) based on EigenLayer have seen an increase in Total Value Locked (TVL) recently. In addition to Renzo, Kelp DAO is another widely adopted protocol in this track.
Kelp DAO is a new project launched by the founders of the liquidity staking protocol Stader Labs, Amitej G and Dheeraj B, aiming to build liquidity re-stake solutions for public blockchain networks. Specifically, users can deposit LST such as ETHx, frxETH, stETH into the Kelp DAO protocol to mint rsETH (which can capture rewards from both Ethereum native staking and re-staking). Users also receive dual rewards from Kelp DAO and EigenLayer (Kelp Miles + EigenLayer Restaked Points).
Due to the belief by many that EigenLayer is driving the next wave of Ethereum’s growth, market participation in Kelp DAO has been very active, with TVL surpassing 200 million USD to date.
To prepare for the upcoming LST cap reset on January 29th, Kelp DAO recently launched a 10-day “Kelp Miles Points Boost Event”. From January 18th to February 2nd, users can earn an additional 100,000 Kelp Miles points for every rsETH minted. These points are considered a key reference for future Kelp DAO token airdrops, so it is recommended for users with idle ETH to participate accordingly. In addition to passive re-staking rewards, potential airdrops may also bring significant returns.
Users can choose to stake ETH through Stader Labs, then deposit ETHx into Kelp DAO to maximize potential airdrop rewards.