KelpDAO Launches Token for EigenLayer Points
DeFi protocol KelpDAO is pioneering native restaking and has begun tokenizing EigenLayer points through its new $KEP token. The move provides a liquid, tradable representation of points ahead of EigenLayer's anticipated airdrop.
- KelpDAO was founded by Amitej G and Dheeraj B, the same team that previously founded Stader Labs, a multi-chain liquid staking platform. - The $KEP token is an ERC-20 token designed to represent a 1:1 claim on EigenLayer points earned through KelpDAO, allowing these otherwise illiquid points to be traded or used in other DeFi protocols. - KelpDAO's liquid restaked token, rsETH, is live on over 10 L2 networks and integrated into more than 40 DeFi platforms. - In a private token sale that concluded in March 2024, Kelp DAO raised $9 million at a fully diluted valuation of $90 million from investors including SCB Limited and Nomura Group's Laser Digital. - As of late 2024, Kelp DAO was the second-largest liquid restaking protocol with a Total Value Locked (TVL) of approximately $2 billion. - KelpDAO accepts both native ETH and various Liquid Staking Tokens (LSTs) like stETH, ETHx, and sfrxETH for users to mint its liquid restaking token, rsETH. - The protocol charges a 10% fee on rewards generated from restaking ETH deposits, but currently does not charge a fee for LST deposits. - Beyond tokenizing points, KelpDAO's rsETH allows users to earn staking rewards and EigenLayer points while maintaining liquidity, addressing the issue of assets being locked and inaccessible during the restaking process.
