The “Repledge” track, centered around EigenLayer, is currently the most popular concept in Ethereum. Many liquidity repledging solutions (LRTfi) derived from EigenLayer have seen an increase in Total Value Locked (TVL) in recent days. In addition to Renzo, which was introduced earlier, 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 pledging protocol Stader Labs. Its aim is to build a liquidity repledging solution for public blockchain networks. Specifically, users can deposit LST such as ETHx, frxETH, and stETH into the Kelp DAO protocol to mint rsETH, which captures rewards from both Ethereum’s native pledging and repledging. Users also enjoy dual rewards in the form of Kelp Miles and EigenLayer Restaked Points from Kelp DAO and EigenLayer, respectively.
Due to the perception that EigenLayer is driving the next wave of Ethereum’s price surge, market participation in Kelp DAO has been quite active, with TVL surpassing $200 million.
To prepare for the upcoming LST cap reset on January 29th, Kelp DAO recently launched a ten-day “Kelp Miles Bonus Points Event.” From January 18th to February 2nd, users can earn an additional 100,000 Kelp Miles for every rsETH minted. These points are considered the main reference for future Kelp DAO token airdrops, so it is recommended for users with idle ETH to participate accordingly. In addition to potential passive income from repledging, there is also a chance to earn significant returns from potential airdrops.
Users can choose to pledge ETH through Stader Labs and then deposit ETHx into Kelp DAO to maximize potential airdrop rewards.
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