Kelp DAO
Kelp DAO operates a liquid restaking protocol on EigenLayer, issuing the rsETH token that enables ETH and LST holders to earn restaking yield while maintaining DeFi composability across 10+ chains and major lending protocols.
- Company typePrivate
- Founded2024
- HeadquartersBengaluru, India
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Kelp DAO does
Kelp DAO operates a liquid restaking protocol built on EigenLayer, issuing the rsETH (Restaked ETH) liquid restaking token. The protocol enables ETH holders and holders of major Liquid Staking Tokens (LSTs) such as stETH to deposit assets and receive rsETH, which accrues restaking yield while remaining composable across DeFi. As of the most recent data, the protocol holds approximately $967–968M in total value locked (TVL), serves a community of 300,000+ users, and has 40,000+ active restakers. rsETH is deployed across 10+ blockchain networks and is listed as collateral on major DeFi lending protocols including Aave V3, Compound v3, Morpho, and Euler, with $300M+ of deep liquidity distributed across lending markets, DEXs, CEXs, and on-chain venues.
Kelp operates as the flagship product of the KernelDAO ecosystem, which also includes Gain (stablecoin/Ethereum yield vaults), Kred, and the $KERNEL governance token. The $KERNEL token is 55% community-owned, with 14,129 holders and 5,484 active stakers participating in governance, Season 3 rewards, and ecosystem airdrops. The protocol's technology stack includes one-click restaking from major LSTs and ETH, multi-chain deployment via cross-chain messaging (originally LayerZero OFT, migrated to Chainlink CCIP in May 2026), multiple third-party security audits, and an active bug bounty program offering up to $250,000 per disclosure.
The business model is transaction-fee based on an implicit spread between gross EigenLayer restaking rewards and the 2.6% APR returned to rsETH holders, augmented by tokenomics-driven incentives around KERNEL staking. Distribution is self-serve via the kerneldao.com/kelp web application (product-led growth), amplified by community-led engagement across X/Twitter, Telegram, Discord, and a governance forum, and by channel-partner distribution through native DeFi integrations. The April 2026 cross-chain bridge exploit (~$292M drained by Lazarus Group) and subsequent June 2026 discontinuation of cross-chain bridging have materially reshaped the product surface, though rsETH backing was fully restored by late May 2026.
Kelp DAO firmographics
Firmographics- Name
- Kelp DAO
- Legal name
- KernelDAO
- Website
- https://kerneldao.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Kelp DAO operates a liquid restaking protocol on EigenLayer, issuing the rsETH token that enables ETH and LST holders to earn restaking yield while maintaining DeFi composability across 10+ chains and major lending protocols.
- Ownership category
- akta.pro rank
Kelp DAO industry classification
Industry- Product category
- Decentralized Finance (Liquid Restaking Protocol)
- NAICS
- Open-End Investment Funds (525910)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquid Staking & Restaking Protocols (FSADAMAE)
- akta.pro secondary industry
- Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers (FSADAHAI)
Keywords
Where Kelp DAO is headquartered
LocationHeadquarters
- HQ city
- Bengaluru
- HQ country
- India
- HQ region
- Asia
Markets served
Kelp DAO business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations, Others
Revenue model
- Restaking Service Fees: Kelp DAO generates revenue by facilitating liquid restaking on EigenLayer — users deposit ETH or LSTs and receive rsETH. The protocol charges fees on the restaking yield/service. APY displayed at 2.6% as advertised return to users (implying a fee spread between gross restaking rewards and net user rewards).
- Governance Token (KERNEL) Emissions / Staking Economy: KERNEL token with 2.91% currently staked across 5,484 stakers; staking unlocks 3x Kernel Points boost and ecosystem airdrop eligibility, indicating a tokenomics-driven incentive structure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Liquid restaking at 2.6% APY for ETH deposits |
Go-to-market motion3 records
Distribution channels3 records
Kelp DAO product offering
Product offeringCore offering
Kelp DAO is a liquid restaking protocol built on EigenLayer that issues the rsETH liquid restaking token. Users deposit ETH or major Liquid Staking Tokens and receive rsETH, which accrues restaking yield while remaining usable as collateral across DeFi protocols, DEXs, CEXs, and wallets. The protocol operates one-click restaking, multi-chain rsETH deployment across 10+ networks, and is secured by multiple audits plus a $250K bug bounty.
Product overview
Kelp DAO is the leading liquid restaking protocol within the KernelDAO ecosystem, built on Ethereum and EigenLayer. The core product (Kelp) issues the rsETH liquid restaking token, which is supported by multiple audited smart contracts, a bug bounty, and one-click restaking accepting deposits from major LSTs and ETH. rsETH is integrated across multiple DeFi protocols, DEXs, CEXs, and wallets (10+ chains) for maximum utility. The KernelDAO ecosystem also includes Gain (yield vaults at gain.kerneldao.com), Kred, and the Kernel staking/governance layer (kerneldao.com/stake), which provides the community-led $KERNEL governance token enabling Season 3 rewards, governance participation, and ecosystem airdrops. Following the April 2026 rsETH bridge exploit, Kelp migrated cross-chain bridging from LayerZero to Chainlink CCIP and fully restored rsETH backing via the DeFi United recovery coalition.
Differentiator
Problem solved
Functional benefit
Brands
- Kelp: The leading liquid restaking protocol for Ethereum; flagship product of the KernelDAO ecosystem offering the rsETH liquid restaking token and one-click restaking from major LSTs and ETH.
- Gain
- Kred
- Kernel
Products and services
- Kelp Liquid restaking protocol that accepts ETH and major Liquid Staking Tokens via one-click restaking and issues the rsETH receipt token. Designed for DeFi-native ETH and LST holders who want EigenLayer restaking yield while keeping their position liquid and composable.
- rsETH Token Yield-bearing liquid restaking token issued by Kelp in exchange for ETH or major LST deposits. Accrues restaking rewards from EigenLayer and can be used as collateral across lending markets, DEXs, CEXs, and wallets.
- $KERNEL Governance Token Community-owned governance and staking token for the KernelDAO ecosystem. Staking $KERNEL on Ethereum or BNB Chain unlocks governance voting, Season 3 rewards, a 3x Kernel Points boost, and qualification for ecosystem airdrops.
- Gain Yield vault product within the KernelDAO ecosystem that enables users to put Ethereum and stablecoins to work. Offered via gain.kerneldao.com.
- Kred Product within the KernelDAO ecosystem accessed via kred.kerneldao.com and listed in the website navigation menu.
- KernelDAO Ecosystem Umbrella platform of the KernelDAO ecosystem that brings together Kelp (liquid restaking), Gain (yield vaults), Kred, and the $KERNEL governance token to let users earn rewards on Ethereum, BTC, and BNB.
Quantifiable outcome
- $967.56M total value locked in Kelp protocol
- +3 more outcomes
Companies that use Kelp DAO
Customer profileSegments4 records
Ideal customer profiles4 records
Kelp DAO technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature6 records
Kelp DAO partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered flagship and core.
- EigenLayerflagshipKelp DAO is built on top of EigenLayer as a liquid restaking layer; the protocol's core value proposition (rsETH) is generated by restaking ETH/LSTs via EigenLayer. Kelp is one of the leading liquid restaking protocols in the EigenLayer ecosystem.
- LayerZeroflagshipLayerZero provided the original cross-chain bridging infrastructure (OFT standard) for rsETH distribution across 10+ chains. Following the April 2026 exploit (which exploited a 1-of-1 DVN configuration on LayerZero), Kelp publicly disputed LayerZero's attribution of fault and migrated to Chainlink CCIP.
- Chainlink (CCIP)flagshipChainlink CCIP is Kelp's new cross-chain infrastructure for rsETH, replacing LayerZero OFT after the April 2026 exploit. CCIP uses multi-party validation requiring consensus from 16 independent node operators, addressing the single-point-of-failure vulnerability that enabled the original attack.
- AaveflagshiprsETH was widely used as collateral on Aave V3; Aave led the 'DeFi United' recovery coalition (with founder Stani Kulechov personally committing 5,000 ETH) following the April 2026 Kelp exploit that created up to $230M in bad debt on Aave. Aave proposed a new four-layer risk framework (asset risk, bridging risk, monitoring/oracle, chain risk) following the incident.
- CompoundcoreCompound participated in the 'DeFi United' cross-protocol recovery coalition following the April 2026 Kelp exploit, co-authoring the proposal to release frozen ETH from the Arbitrum DAO and assisting with liquidations of attacker-linked positions across Aave and Compound.
- EtherFicoreEtherFi co-authored the Constitutional AIP proposal to Arbitrum DAO to release 30,765.67 ETH frozen after the Kelp exploit, and pledged additional ETH to the recovery fund.
- Lido FinancecoreLido DAO pledged ETH contributions to the 'DeFi United' recovery fund following the Kelp exploit, joining Aave, Mantle, EtherFi Foundation, Golem, Ethena, LayerZero, and Frax Finance in coordinating ecosystem support.
- Mantle NetworkcoreMantle Network drafted proposal MIP-34 to extend up to 30,000 ETH as a three-year credit line to Aave to address uncollectible positions stemming from the Kelp DAO exploit. Mantle DAO also approved 30,000 ETH in treasury lending to support Aave's recovery.
- Arbitrum DAO / Arbitrum Security CouncilflagshipArbitrum's Security Council froze 30,766 ETH from the Kelp exploit on April 20, 2026 (after which a court modified the restraining notice to allow Arbitrum DAO to transfer the funds to Aave). Kelp DAO, Aave Labs, LayerZero, EtherFi, and Compound jointly filed a Constitutional AIP requesting release of the funds.
- ConsensyscoreConsensys and co-founder Joe Lubin committed up to 30,000 ETH to the 'DeFi United' recovery effort led by Aave, in response to the April 18 Kelp DAO exploit that drained approximately 116,500 rsETH.
- Kernel (parent ecosystem)flagshipKelp is one of three products within the KernelDAO ecosystem alongside Gain (yield vaults) and Kernel (governance/staking). KernelDAO is the parent brand and governance structure, with Kelp, Gain, and Kernel sharing the KERNEL governance token and ecosystem-wide airdrop program.
- Gain (sister product within KernelDAO)coreGain is a sister product within the KernelDAO ecosystem, providing stablecoin yield vaults at gain.kerneldao.com. Both Kelp and Gain are listed on the KernelDAO homepage as complementary products under the shared KERNEL governance token.
- SEAL-911 (Security Alliance)coreSEAL-911, a white-hat security group, collaborated with KelpDAO to detect and respond to the April 2026 LayerZero bridge exploit, helping prevent an additional $95 million loss after the initial $292M theft was identified.
- Auditors (Multiple)coreKelp has undergone 'multiple audits to thoroughly evaluate the protocol's security & functionality,' as advertised on the Kelp product page. A $250,000 bug bounty program supports ongoing security assurance.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Kelp DAO competitors and assessment
Company assessmentEmerging players
- Pendle Finance: Pendle enables yield tokenization and is commonly used alongside liquid restaking tokens like rsETH for advanced yield strategies. It is an ecosystem participant in the same DeFi yield optimization market rather than a direct restaking competitor.
- Morpho: Morpho is a lending protocol that supports rsETH as collateral, absorbing rotating capital flows in the DeFi lending market. It is a DeFi integration partner for Kelp rather than a direct restaking competitor, but competes for lending market share with Aave and Compound.
Direct peers
- Renzo Protocol: Renzo is a leading liquid restaking protocol issuing ezETH on EigenLayer, directly competing with Kelp's rsETH for the same restaking deposits and DeFi integration partnerships. Both target the same DeFi power user segment.
- Swell Network: Swell is a liquid restaking protocol offering rswETH on EigenLayer, targeting the same ETH restaking yield-seeking user base as Kelp with similar DeFi composability ambitions.
- Puffer Finance: Puffer Finance offers pufETH, a liquid restaking token built on EigenLayer with a focus on decentralized validator infrastructure. It competes directly with Kelp for ETH restaking flow and DeFi composability.
- EtherFi: EtherFi is a direct competitor offering eWeETH, another liquid restaking token on EigenLayer. Both target ETH holders seeking restaking yield with composability across DeFi, and EtherFi was a co-author of the Kelp exploit recovery proposal, indicating direct protocol-level overlap.
Broad incumbents
- EigenLayer: EigenLayer is the underlying restaking protocol on which Kelp is built. As the foundational layer enabling ETH restaking, it is the closest broad comparable, though Kelp operates as a liquid restaking application on top rather than competing directly with it.
- Aave: Aave is the largest DeFi lending protocol and a flagship rsETH integration partner. It was the protocol most impacted by the Kelp exploit (up to $230M bad debt) and led the DeFi United recovery effort, representing critical infrastructure dependency for Kelp's liquidity.
- Compound: Compound is a major DeFi lending protocol that supports rsETH as collateral and participated in the DeFi United recovery coalition. It represents a key DeFi integration partner for Kelp's liquidity distribution strategy.
- Lido Finance: Lido is the largest liquid staking protocol (stETH) and participated in Kelp's exploit recovery coalition. While focused on base ETH staking rather than restaking, it represents the prior-generation liquid token model that Kelp's rsETH extends into the restaking category.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Kelp DAO social profiles
Digital presenceKelp DAO compliance and trust
Trust signalCompliance2 records
Kelp DAO financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kelp DAO leadership team
Management profileNumber of profiles
Kelp DAO funding detail
Funding detailFunding overview
Funding rounds1 record
Investors18 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kelp DAO M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kelp DAO
What does Kelp DAO do?
Kelp DAO is a liquid restaking protocol built on EigenLayer that issues the rsETH liquid restaking token. Users deposit ETH or major Liquid Staking Tokens and receive rsETH, which accrues restaking yield while remaining usable as collateral across DeFi protocols, DEXs, CEXs, and wallets. The protocol operates one-click restaking, multi-chain rsETH deployment across 10+ networks, and is secured by multiple audits plus a $250K bug bounty.
Is Kelp DAO a public or private company?
Kelp DAO is a private company. It is classified as venture growth investor backed and is currently operating.
When was Kelp DAO founded?
Kelp DAO was founded in 2024. It employs 11 to 50 people.
Where is Kelp DAO based?
Kelp DAO is headquartered in Bengaluru, India, in the Asia region.
How does Kelp DAO make money?
Two revenue lines are on record. Restaking Service Fees are the primary driver. The others are governance Token (KERNEL) Emissions / Staking Economy.
Who are Kelp DAO's main competitors?
Emerging players on record are Pendle Finance and Morpho. Direct peers are Renzo Protocol, Swell Network, Puffer Finance and EtherFi. Broad incumbents are EigenLayer, Aave, Compound and Lido Finance.
Does Kelp DAO have an API?
No public API is recorded for Kelp DAO.
What industry is Kelp DAO in?
Kelp DAO's product category is Decentralized Finance (Liquid Restaking Protocol). Its primary akta.pro industry code is FSADAMAE, Liquid Staking & Restaking Protocols, with a secondary code of FSADAHAI, Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers. Its NAICS code is 525910 and its SIC code is 6200.