Tuesday, 06 February 2024 08:00 AM
Product Announcements
As the EigenLayer restaking window approaches, Kelp DAO's Unpause Queue feature ensures participation for all, irrespective of timing constraints, and enhances rewards for users
PANAMA CITY, PANAMA / ACCESSWIRE / February 6, 2024 / Kelp DAO, a leading restaking platform for liquid staking tokens (LSTs), today announces its EigenLayer Unpause Queue, allowing holders to queue their assets ahead of the EigenLayer protocol cap reopening on February 5.
Over the past six months, LST restaking has been rapidly growing in popularity, which resulted in massive demand that far outweighs supply due to restaking caps implemented by EigenLayer. Now, once again, the EigenLayer restaking window has reopened. While there will be no financial cap this time, EigenLayer has introduced a specific four-day window for restaking, meaning many users might still miss out due to timing constraints and high Ethereum gas prices.
To alleviate this issue, Kelp DAO has introduced the EigenLayer Unpause Queue, allowing holders to secure their place in line for automatic restaking. When the pause lifts on February 5, 2024, Kelp will start programmatically depositing assets to EigenLayer, retrying as long as necessary. Since this process is significantly faster than manual deposits, it will greatly increase users' chances of successfully restaking their LSTs, with potential savings on gas prices, which have historically surged to $90-$120 per transaction during EigenLayer deposit windows.
The Unpause Queue now accepts three key LSTs for deposit: ETHx by Stader Labs, sfrxETH by Frax Finance, and stETH by Lido Finance.
By depositing LSTs with Kelp DAO, users mint rsETH, marking a significant milestone as the first Liquid Restaked Token (LRT) launched on the Ethereum mainnet. rsETH addresses a critical need by reintroducing liquidity into restaked LSTs.
Today, the total value of assets locked on Kelp already exceeds $266 million - with over 118,000 ETH restaked and15,000+ rsETH holders. More than 10% of all EigenLayer deposits were through Kelp during the last EigenLayer cap raise, in less than 15 days since Kelp's launch.
Powered by Stader Labs, ETHx deposits on Kelp (and directly on EigenLayer) unlock an extra 1 million EigenLayer Points, making it the only way in the ecosystem to get extra EigenLayer Points on top of regular EigenLayer Points accrued by users.
"The Unpause Queue process is quite simple. We anticipate a considerable surge in demand once the EigenLayer caps are lifted on February 5. In previous cap adjustments, many users were excluded due to timing constraints," said Dheeraj Borra, founding contributor at Kelp. "The Unpause Queue allows users to queue LSTs beforehand so they can be deposited as soon as the window opens. As a bonus, users who restake with the Unpause Queue receive both EigenLayer Restaked Points and 100k bonus Kelp Miles for every rsETH a user mints, allowing them to maximize rewards."
EigenLayer is an Ethereum restaking protocol that allows holders to use their staked ETH as crypto-economic security across multiple protocols other than Ethereum in exchange for fees and other rewards. Restaking on EigenLayer is available for both natively staked ETH and LSTs like stETH, rETH, cbETH, LsETH, ETHx, sfrxETH, and others.
LSTs are synthetic counterparts of staked ETH that are equal in quantity and value to their underlying tokens. Initially, LSTs were created so that locked ETH tokens could retain their liquidity, allowing holders to utilize them in DeFi or redeem them for their underlying assets. However, restaking essentially allows ETH holders to "double dip" by staking LSTs as well, resulting in additional passive revenue streams.
Meanwhile, rsETH can be utilized in DeFi or redeemed for their underlying tokens, allowing holders to restake their LSTs and retain their liquidity. Holders of rsETH can explore a host of DeFi opportunities, with rsETH already integrated into DEXs like Balancer, Uniswap, and Curve. Across all three DEXs, users get 3x Kelp Miles and Eigenlayer Points until the end of February and 2x Kelp Miles plus EigenLayer Points starting the first of March. Kelp Miles will be calculated based on total Pool TVL instead of just rsETH.
Over the upcoming weeks, new DeFi opportunities with rsETH should also start going live, which means holders can get additional rewards for participating in the space. For instance, rsETH pools are already live on Pendle with $80M+ TVL, Penpie with $35M+ TVL, and Equilibria in less than 7 days of launch.
On February 5th, all wallets holding rsETH tokens will also start getting EigenLayer Points and Kelp Miles daily for increased DeFi and L2 access, irrespective of how the rsETH is obtained or utilized. This includes minting rsETH on Kelp, buying from DEXs, bridging to supported L2s, providing liquidity across DeFi protocols, or transferring assets between addresses. Currently, rsETH is the only LRT for LSTs on the Ethereum mainnet, audited by SigmaPrime and Code4rena, and will also be the first to introduce DeFi use cases for LRTs.
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For more information, please contact:
Cryptoland PR
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About Kelp DAO
Kelp DAO was founded by Amitej G and Dheeraj B, who have previously founded Stader Labs, a multichain liquid staking platform with more than $350 million in TVL. Within 24 hours of the mainnet launch, Kelp DAO cemented its position as the leading the liquid restaking protocol on Ethereum. The Kelp community currently stands at 20k+ strong.
Today Kelp has established AVS partnerships with Omni and WitnessChain, DeFi pools on Curve and Uniswap. Kelp's deposit flows were audited by reputed blockchain security experts SigmaPrime and Code4rena.
Issued by Kelp DAO, rsETH empowers restakers to delve deeper into DeFi while maintaining the value proposition for LSTs. Kelp DAO enhances user experience by whitelisting high-quality services and operators.
For more information, please visit: https://www.kelpdao.xyz
SOURCE: Kelp DAO