{"id":"kelp-dao","title":"Kelp DAO","content":"**Kelp DAO** is a cross-chain [staking](https://iq.wiki/wiki/staking) solution for [Ethereum](https://iq.wiki/wiki/ethereum) and [EigenLayer](https://iq.wiki/wiki/eigenlayer). It concentrates on developing Liquid Restaking Solutions for public [blockchain](https://iq.wiki/wiki/blockchain) networks. The Kelp [DAO](https://iq.wiki/wiki/dao) team is constructing an LRT solution named [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) for [Ethereum](https://iq.wiki/wiki/ethereum) on [EigenLayer](https://iq.wiki/wiki/eigenlayer). [Amitej Gajjala](https://iq.wiki/wiki/amitej-gajjala) and [Dheeraj Borra](https://iq.wiki/wiki/dheeraj-borra) are the co-founders of Kelp DAO. [\\[1\\]](#cite-id-ndsz7bern2e)​\n\n## Overview\n\nLaunched in November 2023, Kelp [DAO](https://iq.wiki/wiki/dao) is a cross-chain [liquidity staking](https://iq.wiki/wiki/liquid-staking) platform for [Ethereum](https://iq.wiki/wiki/ethereum) and [EigenLayer](https://iq.wiki/wiki/eigenlayer). It facilitates the validation and security of [EigenLayer](https://iq.wiki/wiki/eigenlayer) modules by directing [Ethereum](https://iq.wiki/wiki/ethereum) [validators'](https://iq.wiki/wiki/validator) withdrawal credentials to EigenPods. This mechanism enables [ETH](https://iq.wiki/wiki/ethereum) tokenholders with less than the 32 [ETH](https://iq.wiki/wiki/ethereum) threshold for a validator node to stake [ETH](https://iq.wiki/wiki/ethereum) on [Ethereum](https://iq.wiki/wiki/ethereum) and restake it on [EigenLayer](https://iq.wiki/wiki/eigenlayer).  [\\[2\\]](#cite-id-kym3f55nlf)​[\\[3\\]](#cite-id-xajum8ynhz)​\n\nKelp [DAO](https://iq.wiki/wiki/dao) streamlines the process for users to stake their [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) holdings. Traditionally, [staking](https://iq.wiki/wiki/staking) has been limited to a single [blockchain](https://iq.wiki/wiki/blockchain), but Kelp [DAO](https://iq.wiki/wiki/dao) innovates by enabling multichain [staking](https://iq.wiki/wiki/staking). It accomplishes this through wrapped tokens, representing [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) on different [blockchains](https://iq.wiki/wiki/blockchain), allowing users to stake assets across various chains. [\\[2\\]](#cite-id-kym3f55nlf)​[\\[3\\]](#cite-id-xajum8ynhz)​\n\nKelp [DAO](https://iq.wiki/wiki/dao) pools together staked assets from users to form [liquidity pools](https://iq.wiki/wiki/liquidity-pool) utilized for [DeFi](https://iq.wiki/wiki/defi) applications across [blockchains](https://iq.wiki/wiki/blockchain). By contributing to these pools, users earn rewards from sources like [trading fees](https://iq.wiki/wiki/trading-fee) and protocol incentives. [\\[2\\]](#cite-id-kym3f55nlf)​[\\[3\\]](#cite-id-xajum8ynhz)​\n\nOn May 22nd, 2024, Kelp [DAO](https://iq.wiki/wiki/dao) announced it had raised 3.5 million investment. Other investors included [Bankless Ventures](https://iq.wiki/wiki/bankless-dao), Hypersphere Ventures, Draper Dragon, DACM, Cypher Capital, GSR, HTX Ventures, and [DWF Ventures](https://iq.wiki/wiki/dwf-labs). Angel investors such as Scott Moore, [Sam Kazemian](https://iq.wiki/wiki/sam-kazemian), Marc Zeller, Saurabh Sharma, and [Amrit Kumar](https://iq.wiki/wiki/amrit-kumar) participated. Kelp began the fundraising in February and closed the round in March with a fully diluted valuation of $90 million. [\\[11\\]](#cite-id-lv9wiblf8yf)​\n\n[YOUTUBE@VID](m11n2QbJByM)\n\n## KEP Token\n\n$KEP tokens via the Kelp [decentralized application](https://iq.wiki/wiki/decentralized-application). Weekly, restakers can claim $\n\nAs an [ERC-20](https://iq.wiki/wiki/erc-20) token, KEP offers an alternative, making restaking capital efficient and introducing segmentation among different user groups. These groups include Point Producers, who generate [EigenLayer](https://iq.wiki/wiki/eigenlayer) Points and KEP and may not necessarily possess [ETH](https://iq.wiki/wiki/ethereum) capital for restaking. [\\[4\\]](#cite-id-i2szb3fqpmd)​\n\nImmediate use cases for KEP<> rsETH, $KEP <> [USDC](https://iq.wiki/wiki/usdc) pairs to earn rewards such as kelp miles and swap fees. [\\[4\\]](#cite-id-i2szb3fqpmd)\nImmediate use cases for $KEP encompass trading on [Automated Market Makers (AMMs)](https://iq.wiki/wiki/automated-market-maker) and [providing liquidity](https://iq.wiki/wiki/liquidity-providers) on [Decentralized Exchanges (DEXs)](https://iq.wiki/wiki/decentralized-exchange) with $KEP <> rsETH, $KEP <> [USDC](https://iq.wiki/wiki/usdc) pairs to earn rewards such as kelp miles and swap fees. [\\[4\\]](#cite-id-i2szb3fqpmd)&#x20;\n\n## rsETH\n\n​[rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) is a unified liquid restaked token generated from [LSTs](https://iq.wiki/wiki/liquid-staking) approved as [collateral](https://iq.wiki/wiki/collateral) on [EigenLayer](https://iq.wiki/wiki/eigenlayer). It enables fractional ownership of staked assets, simplifies access to restaking and [decentralized finance (DeFi)](https://iq.wiki/wiki/defi), and utilizes composability within [DeFi](https://iq.wiki/wiki/defi) protocols. Additionally, it resolves issues such as intricate reward systems and excessive [gas](https://iq.wiki/wiki/gas) fees. [\\[5\\]](#cite-id-8yk4kbj023)&#x20;\n\n## Kelp Miles\n\nKelp Miles complements [EigenLayer](https://iq.wiki/wiki/eigenlayer) restaked points, providing extra incentives for restakers. They aim to enhance the rewards of restaking and offer proportional incentives based on restakers' contributions. [DeFi](https://iq.wiki/wiki/defi) participants using [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) can earn Kelp Miles, [EigenLayer](https://iq.wiki/wiki/eigenlayer) points, and extra yields from [DeFi](https://iq.wiki/wiki/defi) activities. Kelp will further incentivize [DeFi](https://iq.wiki/wiki/defi) opportunities by offering boosted Kelp Miles, providing users with added benefits for engaging in [DeFi](https://iq.wiki/wiki/defi). [\\[6\\]](#cite-id-ox0fgldxyw)&#x20;\n\n### Pendle Finance\n\nKelp DAO users can use [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) to engage with [Pendle](https://iq.wiki/wiki/pendle-finance), a protocol that enables the tokenization and trading of future yield, through four main positions:  [\\[7\\]](#cite-id-n4c2b1avp6)&#x20;\n\n* **PT-rsETH**: The PT position represents only the principal amount at maturity. It involves depositing [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) into the [Pendle](https://iq.wiki/wiki/pendle-finance) protocol for a set duration, earning a fixed yield upon maturity. With this strategy, you receive PT-rsETH at a discounted rate based on the exchange rate. At maturity, you receive 1 [ETH](https://iq.wiki/wiki/ethereum) worth of [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) for each PT-rsETH, constituting your yield. Notably, this position doesn't earn [EigenLayer](https://iq.wiki/wiki/eigenlayer) points or Kelp Miles; it's solely for securing a fixed yield. Additionally, PT-rsETH can be sold at any time before maturity.\n* **YT-rsETH**: The YT position represents the yield of the underlying asset until maturity. Each YT-rsETH grants you all the yield and points generated by 1 ETH worth of [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) until pool maturity. The price of YT is determined by market rates, reflecting how the market values it. For instance, if 1 rsETH trades for 10 YT-rsETH, users earn Miles and Points equivalent to 10 ETH worth of rsETH for each YT-rsETH. Speculation on the price of YT-rsETH can be based on factors like Long Yield [APY](https://iq.wiki/wiki/annual-percentage-yield-apy), [EigenLayer](https://iq.wiki/wiki/eigenlayer) points, and Kelp Miles, but thorough research is advised.\n* **LP-rsETH**: The LP position comprises PT-rsETH and SY-rsETH, with the SY portion earning yield. This setup minimizes [Impermanent Loss (IL)](https://iq.wiki/wiki/impermanent-loss) by providing single-asset exposure. Benefits include [EigenLayer](https://iq.wiki/wiki/eigenlayer) Points, boosted Kelp Miles, [staking](https://iq.wiki/wiki/staking)/restaking yield, fixed yield from PT-rsETH, swap fees, and [Pendle](https://iq.wiki/wiki/pendle-finance) Incentives.\n* **Liquid Lockers**: [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) is accessible on Penpie and Equilibria, two of [Pendle’s](https://iq.wiki/wiki/pendle-finance) liquid lockers.\n\n## Partnerships\n\n### Integrations\n\nAlong with [Pendle](https://iq.wiki/wiki/pendle-finance), Kelp DAO has also been integrated into [Uniswap](https://iq.wiki/wiki/uniswap), [Curve](https://iq.wiki/wiki/curve-finance), and [Balancer](https://iq.wiki/wiki/balancer). Users who [provide liquidity](https://iq.wiki/wiki/liquidity-providers) can earn 3x Kelp Miles and [Eigenlayer](https://iq.wiki/wiki/eigenlayer) Points. [\\[7\\]](#cite-id-n4c2b1avp6)&#x20;\n\n### Polyhedra (ZK)\n\nOn April 16th, 2024, Kelp DAO partnered with Polyhedra (ZK), a next-gen [Web3](https://iq.wiki/wiki/web3) infrastructure developer using [zero-knowledge proofs (ZKP)](https://iq.wiki/wiki/zero-knowledge-proofs-zkps). With this partnership, Polyhedra received $300 million in staked [ETH](https://iq.wiki/wiki/ethereum) to bolster the security of its protocol.  [\\[8\\]](#cite-id-1fsjwolc1sh)&#x20;\n\n### Laser Digital\n\nOn April 26th, 2024, Kelp announced a strategic partnership with Laser Digital, Nomura Group’s digital asset subsidiary. This partnership introduced restaking solutions to Laser Digital’s current and future digital funds, making [rsETH](https://iq.wiki/wiki/kelp-dao-restaked-eth-rseth) the first LRT to be incorporated into a digital fund.&#x20;\n\n### Planar Finance\n\nOn May 12th, 2024, Planar Finance announced its partnership with Kelp DAO. Through this partnership, the goal was to optimize yield by harnessing various reward sources from both protocols.\n\n### Anzen Protocol\n\nIn June 2024, Kelp announced a partnership with Anzen protocol to enhance payment optimizations between AVSs and restakers.  [\\[12\\]](#cite-id-33jsffc1ae7)&#x20;\n\nOn why the team partnered with Anzen, they responded:\n\n> \"Anzen stands out as the first platform dedicated to optimizing payments for AVS-to-restaker interactions. Their system dynamically adjusts economic safeguards through a real-time ‘Safety Factor’ (SF), akin to a health metric in DeFi, ensuring stability and security.\"\n\nThe collaboration is expected to boost returns and fortify security for the community’s restaked ETH.\n\n## Gain by Kelp\n\nIntroduced on August 13, 2024, Gain, powered by Kelp is a step forward in optimizing rewards for users. The program enhances earning potential by providing streamlined access to multiple Layer 2 (L2) [airdrops](https://iq.wiki/wiki/airdrop) and [DeFi](https://iq.wiki/wiki/defi) opportunities through a single, diversified strategy.\n\n> *\"Gain acts as your degen concierge, offering access to multiple L2 networks and DeFi protocols all at once. It simplifies participation in airdrop opportunities and DeFi strategies without the need for constantly monitoring individual positions. With just one click, users can unlock a world of high-growth opportunities.\" - the blog mentioned.* [\\[13\\]](#cite-id-f0ob532imrl)&#x20;\n\n## **April 2026 Kelp DAO Exploit**\n\nOn April 19, 2026, Kelp DAO experienced a major security breach resulting in the loss of approximately $292 million. The exploit is currently documented as the largest [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) security incident of 2026. [\\[14\\]](#cite-id-N9lL3EIxbKNpVUJf) &#x20;\n\nThe attacker targeted vulnerabilities within the protocol's cross-chain bridge architecture, which facilitated the movement of restaked assets across multiple networks.\n\nThe technical nature of the exploit involved a manipulation of the protocol's [smart contracts](https://iq.wiki/wiki/smart-contract) responsible for verifying asset locks. By bypassing these verification layers, the attacker was able to strand [Wrapped Ether](https://iq.wiki/wiki/wrapped-etherfi-eth-weeth) (WETH) across 20 different [blockchains](https://iq.wiki/wiki/blockchain). This effectively decapitalized the protocol's liquidity pools, as the underlying collateral became inaccessible to the protocol's automated market makers and users. [\\[14\\]](#cite-id-N9lL3EIxbKNpVUJf)&#x20;\n\nIn the 48 hours following the breach, the broader [Decentralized Finance](https://iq.wiki/wiki/defi) (DeFi) ecosystem experienced significant volatility. Total Value Locked (TVL) across the DeFi sector dropped by more than $13 billion, a decline attributed both to the immediate loss of Kelp DAO’s assets and a subsequent wave of liquidations and preventative withdrawals by investors seeking to mitigate systemic risk. [\\[14\\]](#cite-id-N9lL3EIxbKNpVUJf)&#x20;\n\nMarket analysts noted that the scale of the Kelp DAO incident triggered a temporary crisis of confidence in cross-chain restaking models.\n\nFollowing the detection of the exploit, Kelp DAO developers paused all protocol functions and initiated a comprehensive security audit in collaboration with external cybersecurity firms.&#x20;\n\nThe team released a statement confirming they are tracking the movement of the stolen funds on-chain and are exploring potential recovery options, including communication with the exploiter and the coordination of a \"white hat\" bounty. [\\[14\\]](#cite-id-N9lL3EIxbKNpVUJf)&#x20;\n\nThe incident has prompted renewed discussions regarding the security of \"wrapped\" assets and the inherent risks of multi-chain interoperability.&#x20;\n\nWhile Kelp DAO continues its investigation, the incident remains a pivotal case study in the challenges of securing fragmented liquidity in the evolving restaking landscape. [\\[14\\]](#cite-id-N9lL3EIxbKNpVUJf)&#x20;\n\n​","summary":"Kelp DAO is a cross-chain staking platform for Ethereum and EigenLayer, enabling ETH tokenholders to stake their assets across multiple blockchains.","images":[{"id":"QmXLUpo9Lio2rCeUqrvqTF3vdwE4XQ3Ta3Jv7VEA67M8tE","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"Decentralized Finance"}],"tags":[{"id":"Ethereum"}],"media":[{"id":"https://www.youtube.com/watch?v=m11n2QbJByM","size":"0","name":"m11n2QbJByM","type":null,"source":"YOUTUBE"},{"id":"QmV31D16hQvnrJ8BzSuwSgFM7ovkUC73Be6VwLEKek2rFB","size":"0.21","name":"rsETH.png","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmUXU7W3xQCnFRUeErS6LNuRDkyW72nZHGB3k4RWEmtQFQ","size":"0.06","name":"image","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[{\"id\":\"ndsz7bern2e\",\"url\":\"https://kelp.gitbook.io/kelp\",\"description\":\"Introduction | Kelp DAO 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[[14]](#cite-id-N9lL3EIxbKNpVUJf) [[1]](#cite-id-ndsz7bern2e) [[2]](#cite-id-kym3f55nlf) [[3]](#cite-id-xajum8ynhz) [[11]](#cite-id-lv9wiblf8yf) [[4]](#cite-id-i2szb3fqpmd) [[5]](#cite-id-8yk4kbj023) [[6]](#cite-id-ox0fgldxyw) [[7]](#cite-id-n4c2b1avp6) [[8]](#cite-id-1fsjwolc1sh) [[12]](#cite-id-33jsffc1ae7) [[13]](#cite-id-f0ob532imrl)\",\"Updated fundraising paragraph: removed/changed previous wording about a $9 million private token sale and SCB+Laser Digital leading a $3.5M portion; new wording states \\\"announced it had raised 3.5 million investment\\\" (phrase/amount changed). [[11]](#cite-id-lv9wiblf8yf) [[1]](#cite-id-ndsz7bern2e) [[2]](#cite-id-kym3f55nlf) [[3]](#cite-id-xajum8ynhz) [[4]](#cite-id-i2szb3fqpmd)\",\"Modified 'KEP Token' section text and structure: rephrasing of claim mechanics via the Kelp dApp, truncation/rearrangement of weekly claim details, changes in token naming/description (references to $KEP / KEP), and tweaks to immediate use cases language. [[4]](#cite-id-i2szb3fqpmd) [[1]](#cite-id-ndsz7bern2e) [[2]](#cite-id-kym3f55nlf)\",\"Removed an embedded YouTube video (id/name: 6zcj_DOVn6o) from the article body and reorganized video embeds. [[1]](#cite-id-ndsz7bern2e) [[2]](#cite-id-kym3f55nlf) [[3]](#cite-id-xajum8ynhz)\",\"Removed embedded image reference for rsETH (rsETH.png, IPFS QmV31D16hQvnrJ8BzSuwSgFM7ovkUC73Be6VwLEKek2rFB) from the content. [[5]](#cite-id-8yk4kbj023) [[1]](#cite-id-ndsz7bern2e)\"]},{\"title\":\"Events (2023-11)\",\"subtitle\":\"Event entry normalized and metadata updated (id, full date, type cleared, continent/country fields added).\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Event date changed from \\\"2023-11\\\" to \\\"2023-11-01\\\".\",\"Event id changed from \\\"bbc53b02-1dbc-4b50-b83c-3b8a42adeac3\\\" to \\\"6702f21c-40d5-43a0-b75a-00387adcdd2c\\\".\",\"Event type changed from \\\"CREATED\\\" to null; added \\\"continent\\\": null and \\\"country\\\": null.\"]},{\"title\":\"Events (2024-06)\",\"subtitle\":\"Event entry normalized and metadata updated (id, full date, type cleared, continent/country fields added).\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Event date changed from \\\"2024-06\\\" to \\\"2024-06-01\\\".\",\"Event id changed from \\\"c9fb8b5a-69e1-4067-8eec-a959aa7e13ae\\\" to \\\"c0ca6993-2212-420f-b7f3-8f94ba762504\\\".\",\"Event type changed from \\\"DEFAULT\\\" to null; added \\\"continent\\\": null and \\\"country\\\": null.\"]},{\"title\":\"Events (2024-08)\",\"subtitle\":\"Event entry normalized and metadata updated (id, full date, type cleared, multiDate fields and continent/country added).\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Event date changed from \\\"2024-08\\\" to \\\"2024-08-01\\\".\",\"Event id changed from \\\"c1ce2121-f742-4f40-82c8-24fe035bb03e\\\" to \\\"fb065d40-cedc-421a-b552-69d93cfd3ca1\\\".\",\"Event type changed from \\\"DEFAULT\\\" to null; added \\\"continent\\\": null, \\\"country\\\": null, \\\"multiDateStart\\\": null, and \\\"multiDateEnd\\\": null.\"]},{\"title\":\"Top-level ID\",\"subtitle\":\"Top-level wiki id value changed.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Changed id from \\\"bbc53b02-1dbc-4b50-b83c-3b8a42adeac3\\\" to \\\"6702f21c-40d5-43a0-b75a-00387adcdd2c\\\".\"]},{\"title\":\"Blockchains\",\"subtitle\":\"Blockchains list was empty and now includes 'ethereum'.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added blockchain \\\"ethereum\\\" (previously blockchains: []).\"]},{\"title\":\"Media - Images\",\"subtitle\":\"Gallery image entry removed from media list.\",\"variant\":\"removed\",\"changeCount\":1,\"changes\":[\"Removed image id \\\"QmaM92cHvio4r7bDk3ua5RtvvRQ3kgEGKrWBvwE8Z99iSq\\\" (name: \\\"kelpLaser.webp\\\", source: IPFS_IMG, type: GALLERY).\"]},{\"title\":\"Media - Videos\",\"subtitle\":\"YouTube video entry removed from media list.\",\"variant\":\"removed\",\"changeCount\":1,\"changes\":[\"Removed YouTube video id/URL \\\"https://www.youtube.com/watch?v=6zcj_DOVn6o\\\" (name: \\\"6zcj_DOVn6o\\\").\"]},{\"title\":\"References\",\"subtitle\":\"References list updated with an additional citation referencing the 2026 exploit coverage.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added reference entry id \\\"N9lL3EIxbKNpVUJf\\\" with description \\\"2026's biggest crypto exploit: $292 million gets drained from Kelp DAO with wrapped ether stranded across 20 chains\\\" and URL \\\"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains\\\".\"]},{\"title\":\"Metadata\",\"subtitle\":\"Various metadata fields added and removed (medium profile removed; new blocks-changed and wiki-score added).\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Removed metadata field \\\"medium_profile\\\" with value \\\"https://kelpdao.medium.com/\\\".\",\"Added metadata field \\\"blocks-changed\\\" with value \\\"tags, events\\\".\",\"Added metadata field \\\"wiki-score\\\" with value \\\"93\\\".\"]}]}]}"}