Kelp

Kelp rsETH

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 across 9 AVSs.

AUM

$1.21b+3.11%

APY

2.56%-1.16%

CCC+Rated Protocol

Updated Mar 19, 2026

Risk Rating

CCC+

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. The range from CCC+ to A reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

TokenContract

0xA129...e5A7

Oracle

0x349A...020d

Timelock

0x49bD...35B1

ProxyAdmin

0xb61e...Dc78

NodeDelegator

0x07b9...9473

LRTDepositPool

0x0366...375D

LRTUnstakingVault

0xc668...84ba

GovernanceMultisig

0xb369...a46d

ChainlinkPriceOracle

0x78C1...d6e6

LRTWithdrawalManager

0x62De...ec16

Key Strengths

Strong upgrade security with a 6-of-8 external admin multisig composed of publicly identified signers from independent organizations, paired with a 10-day TimelockController for all upgrades
Extensive audit coverage from multiple independent firms including a top-tier auditor with comprehensive finding remediation across 10 reports
Active Immunefi bug bounty with $250K max payout covering all core contracts since August 2024
Chainlink Proof of Reserve Secure Mint integration programmatically enforcing 1:1 collateralization for new rsETH minting
Three diversified node operators across different jurisdictions with strong performance scores and zero slashing history

Key Risks

April 2025 infinite mint bug in the oracle fee calculation caused massive token minting; circuit breakers activated and tokens were burned, but rsETH was frozen on Aave for 8 days
TVL declined dramatically from peak to current levels, with protocol fee set to zero post-incident, raising sustainability questions
Off-chain withdrawal service components create centralization risk; key compromise could delay asset processing
No on-chain governance with tokenholder voting still pending, leaving protocol changes controlled entirely by multisig
No disclosed treasury, financial reserves, or operational safety module, resulting in weak financial resilience
July 2024 domain hijacking via social engineering redirected users to a malicious transaction-draining site