KelpDAO Resolves Protocol Fee Minting Issue and Resumes Operations
KelpDAO Resolves Protocol Fee Minting Issue and Resumes Operations
🔧 The Bug That Almost Wasn't
KelpDAO has successfully resolved a technical issue in their fee minter contract that had caused excess rsETH minting to the fee address. The timeline of events:
- Bug discovered in fee minter contract during upgrade
- Deposits and withdrawals temporarily paused as precaution
- Team implemented fix and conducted additional simulations
- All funds remained secure throughout the incident
- Normal operations now resumed with rsETH deposits/withdrawals unpaused
For detailed information about the resolution, users can review the Protocol Fee Mint Update.
Support channels remain available via Telegram and Discord.
Final update 🌱 All operations are back to normal. Deposits and withdrawals of rsETH are now unpaused. For more information, please read: ⚓ kerneldao.com/kelp/Protocol_…
Technical update 🌱 We've identified a bug in our fee minter contract during a recent upgrade causing excess rsETH to be minted to our fee address. All funds remain safe on smart contracts. Our team is working on it to resolve this issue. As a precaution, deposits and
Technical update 🌱 We've resolved the rsETH supply mismatch in our fee contract. Additional simulations are underway, and deposits and withdrawals will be unpaused shortly. No user action is required at this time. We’ll share further updates in the next few hours. Thank you
agETH Portfolio Hits 5.09% ETH Rewards with 73% in Leveraged Restaking
KelpDAO's agETH strategy delivered a **5.09% total reward rate on ETH** last week, with significant deployment across DeFi protocols. **Key Performance Metrics:** - Grow Compound generating **8% reward rate** - **73% of capital** deployed in leveraged restaking positions on Aave - Portfolio maintaining steady returns through diversified strategy The liquid restaking protocol continues to optimize yields through strategic allocation across multiple platforms, with the majority of assets concentrated in Aave's leveraged restaking opportunities.
KelpDAO Sunsets rsETH Bridging on 20 Networks
**rsETH bridging ended June 15 across 20 networks** KelpDAO has discontinued rsETH bridging on multiple chains including Optimism, Blast, zkSync, Berachain, Avalanche, and 15 others. Users who missed the deadline can still recover their assets. **Recovery process:** - Burn rsETH on the source chain - Pay 100 USDC flat fee on Ethereum mainnet - Email both transaction details to claims@kelpdao.xyz - Quarterly settlement returns rsETH to Ethereum **Key details:** - Recovery window open until June 15, 2027 - Movement network users follow separate process - All user backing remains safe Full recovery guide: [blogs.kerneldao.com/blog/recovering-rseth-from-sunset-networks](https://blogs.kerneldao.com/blog/recovering-rseth-from-sunset-networks)
KelpDAO Completes rsETH Recovery Plan with Final Token Transfer
KelpDAO has completed the operational phase of its rsETH recovery plan by transferring the final tranche of 20,373.72 rsETH to the rsETH OFT adapter. **Key Details:** - The final transfer marks the conclusion of the recovery operation - Transaction confirmed on Ethereum mainnet: [View on Etherscan](https://etherscan.io/tx/0x3be61d4336ea40ca2fa3aed20dc4ef672d4dfd029697a8b599661a6aff4767cb) - This follows the initial tranche transfer on May 14, which reopened rsETH bridging between mainnet and Layer 2 networks The completion of this plan restores full functionality to the rsETH token infrastructure across supported networks.
Kelp and Mantle Discuss DeFi Growth in Upcoming Twitter Space
**Kelp and Mantle are hosting a Twitter Space on March 5 at 1 PM UTC** to discuss the recent growth in Mantle's DeFi ecosystem. The conversation will cover: - Factors driving DeFi expansion on Mantle - Kelp's rsETH integration and its role in the ecosystem - Future developments and plans This follows a previous AMA in September 2024 where Mantle discussed its Layer 2 positioning. [Join the Space](https://x.com/i/spaces/1MJgNgbZQNkGL?s=20)
KUSD Rewards Backed by Real Payment Settlement Activity, Not Market Speculation
**KUSD rewards are generated from actual payment and settlement activity**, marking a departure from typical crypto reward mechanisms that rely on token emissions or market speculation. **Key differentiator:** - Rewards stem from real-world transaction settlement - Activity continues regardless of market conditions - Payments process consistently in both bull and bear markets **Why this matters:** The reward structure demonstrates resilience across market cycles since payment settlement occurs daily, independent of crypto market volatility. This creates a more sustainable reward model tied to genuine economic activity rather than speculative trading. The approach suggests a shift toward utility-driven tokenomics in the liquid restaking space.