Kelp rsETH is a liquid restaking token on Ethereum representing ETH staked across multiple EigenLayer operators. Yield is generated from Ethereum consensus and execution layer rewards combined with EigenLayer restaking rewards. On April 18, 2026, a bridge exploit drained approximately $292M from the LayerZero OFT escrow; contracts are currently paused and approximately 18% of supply is unbacked.
AUM
$995m
Net APY
2.39%
Active Users
24k
Type
Liquid Staking
Network
Ethereum
D
DefaultCeiling BBB
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from D to BBB reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security58
KMPKey Management Permissions40
MMarket11
LLiquidity14
CCollateral39
PMProtocol Mechanics27
ICEInfra Counterparty Exposures41
PCEProtocol Counterparty Exposures56
GGovernance56
FRFinancial Resilience11
TLCTeam Legal Compliance46
DTDocumentation Transparency33
Performance
Assets Under Management · 30D▼ 28.23%
$995m
Over the last 30 days, the total value of Kelp rsETH has dropped 28.23% with $391.36M in outflows.
Net APY · 30D▼ 17.30%
2.39%
Over the last 30 days, the APY has decreased from 2.89% to 2.39%.
Active Users · 30D▼ 0.03%
24k
Over the last 30 days, active users have decreased by 0.03%, reaching 23.9K wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsSigma Prime (1st - Dec 2023) ↗Code4rena (Dec 2023) ↗MixBytes (Mar 2024) ↗Sigma Prime (2nd - Jun 2024 Withdrawal) ↗Sigma Prime (3rd - Jun 2024 Withdrawal) ↗Sigma Prime (4th - Sep 2024 PEPE Upgrade) ↗Sigma Prime (5th - Nov 2024 rsETH Adaptor) ↗Sigma Prime (6th - Jun 2025 Upgrades) ↗Bailsec (Sep 2025 - Full rsETH) ↗Bailsec (Dec 2025 - Core Differential) ↗
Stated Withdrawal Time7-10 days
Component Ratings
Contract Addresses
Smart Contract0xA129...99e5A7
Oracle0x349A...70020d
Timelock0x49bD...3135B1
ProxyAdmin0xb61e...59Dc78
NodeDelegator0x07b9...429473
LRTDepositPool0x0366...2D375D
LRTUnstakingVault0xc668...8184ba
GovernanceMultisig0xb369...10a46d
Key Strengths
S1Extensive audit coverage from multiple firms including Sigma Prime (Tier-0) with six engagements; most recent differential audit found zero high or medium findings
S2Strong upgrade governance with a 6-of-8 external admin multisig enforced through a 10-day TimelockController, one of the longest timelocks in the LST space
S3Core Ethereum staking infrastructure remains intact with approximately $1.55B TVL in non-custodial contracts, diversified across three geographically distributed operators with no slashing events
S4Active Immunefi bug bounty program covering core contracts since August 2024, supplemented by Chainlink Proof of Reserve Secure Mint integration
Key Risks
R1Catastrophic bridge exploit on April 18, 2026 drained approximately $292M from the LayerZero OFT escrow via a single DVN compromise, leaving roughly 18% of rsETH supply unbacked with no recovery or compensation plan
R2Severe composability contagion created substantial bad debt across major lending protocols, triggered billions in TVL outflows, and caused lending market freezes across more than a dozen protocols
R3All rsETH contracts remain paused across Ethereum and all L2 chains with no disclosed timeline for resumption; deposits, withdrawals, and transfers are completely blocked
R4Bridge used a 1-of-1 DVN configuration on nearly all routes despite LayerZero having previously recommended multi-DVN to KelpDAO, representing a known and warned-against single point of failure
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