CanHavCanHav Research

Kelp DAO

Staking · Liquid Restaking · rsETH

NetworkStakingLiquid RestakingLST-Backed-Basket0 coinsVerified

Kelp DAO's rsETH is a liquid restaking token backed by a basket of accepted LSTs (e.g. stETH, ETHx), giving diversified restaking exposure with liquidity.

LST-backed liquid restaking basket.

rsETH price

$1950.05

+1.3% 24h

Latest data · 15 min delay

Official DocsWebsiteTwitter / X
Create agent with Kelp DAO
OverviewMetricsResearchRisksCompetitorsAI agent skills

Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

1

rsETH (Liquid Restaked Token)

Kelp's core liquid restaking token. Users deposit native ETH or supported LSTs (Lido stETH, Stader ETHx) and mint rsETH, a non-rebasing, reward-bearing receipt whose exchange rate versus ETH appreciates as staking and EigenLayer restaking rewards accrue. rsETH represents a proportional share of the pooled, restaked assets and can be used across DeFi.

2

wrsETH (wrapped rsETH)

A wrapped, value-accruing version of rsETH obtainable 1:1, used for DeFi integrations and cross-chain deployments where a non-rebasing wrapper is preferred.

3

EigenLayer restaking layer

Kelp routes deposited assets into EigenLayer, delegating to professional node operators who restake across multiple Actively Validated Services (AVS) such as EigenDA, Lagrange, eoracle and others, earning restaking rewards on top of base ETH staking yield.

4

Gain vaults (agETH, hgETH)

Actively managed strategy vaults under the Kelp/Kernel umbrella. Airdrop Gain (agETH) bridges deposits to partner L2s (e.g. Scroll, Linea) to capture airdrop upside alongside staking/restaking yield; High Gain (hgETH) targets risk-adjusted returns via professional management.

5

LRTOracle / pricing contract

Internal oracle contract that sets the rsETH/ETH exchange rate by dividing total minted rsETH by the ETH-denominated value of underlying assets. stETH is priced 1:1 to ETH (hardcoded) and ETHx is derived from Stader's StaderStakePoolsManager; a Chainlink feed provides secondary market pricing.

Differentiator

Accepts multiple LSTs as deposits into a single rsETH basket, diversifying underlying staking exposure.

Organizational structure

Units & roles

  • Amitej Gajjala

    Co-founder of Kelp DAO / KernelDAO; also co-founder of Stader Labs. Leads product and strategy for the restaking ecosystem.

    Co-founder & CEO

  • Dheeraj Borra

    Co-founder of Kelp DAO / KernelDAO and Stader Labs, bringing liquid staking infrastructure experience to Kelp's rsETH restaking design.

    Co-founder

Investment rounds

DateRoundAmountInvestorsLink
2024-05-22Private token sale$9M (reported ~$90M FDV)
SCB LimitedLaser Digital (Nomura)Bankless VenturesHypersphere VenturesDraper DragonDACMCypher CapitalGSRHTX VenturesDWF Ventures
Source

Similarity to traditional finance products

How Kelp DAO maps onto established TradFi structures, and where it diverges.

TradFi productSimilarity to Kelp DAOKey differences
Structured yield / fund-of-funds notersETH is a single, tradable instrument that pools an underlying basket (multiple LSTs plus restaking exposure) and passes through blended yield, similar to how a structured note or fund wrapper packages diversified income streams into one holding.rsETH is non-custodial, on-chain, transferable 24/7 and usable as DeFi collateral; there is no NAV administrator or redemption desk, and withdrawals are subject to protocol/unbonding delays and smart-contract and depeg risks rather than credit intermediaries.

Data sources

Research agent