The “re-staking” track centered around EigenLayer is currently the most widely discussed concept in Ethereum. Many liquidity re-staking solutions (LRTfi) derived from EigenLayer have seen an increase in Total Value Locked (TVL) in recent days. In addition to the previously introduced Renzo, Kelp DAO is another widely adopted protocol in this track.
Kelp DAO is a new project launched by Amitej G and Dheeraj B, the founders of liquidity staking protocol Stader Labs. It aims to build a liquidity re-staking solution for public blockchain networks. Specifically, users can deposit LST tokens such as ETHx, frxETH, and stETH into the Kelp DAO protocol to mint rsETH (which captures rewards from both Ethereum native staking and re-staking). They can also enjoy dual rewards from Kelp DAO and EigenLayer in the form of Kelp Miles and EigenLayer Restaked Points.
Due to the belief that EigenLayer is the main narrative driving the next wave of Ethereum’s price increase, market participation in Kelp DAO has been quite active, with TVL surpassing $200 million.
In anticipation of EigenLayer’s LST cap restart on January 29th, Kelp DAO recently launched a ten-day “Kelp Miles Bonus Points Campaign.” From January 18th to February 2nd, users can earn an additional 100,000 Kelp Miles for every rsETH minted. These points are considered a primary reference for future Kelp DAO token airdrops, so it is recommended that users with idle ETH participate appropriately. In addition to passive income from re-staking, potential airdrops may also bring significant profits.
Users can choose to stake ETH through Stader Labs and then deposit ETHx into Kelp DAO to maximize potential airdrop returns.
