Kelp's High Gain vault outperforms competitors by 50% in November

**rsETH looping is now available on Aave v3's Core market**, offering improved capital efficiency for users. **Key features:** - E-Mode enables up to **93% LTV** for rsETH <> ETH pairs - Leverage up to **14x** possible on the Core market - Current conditions yield approximately **9% rewards** on ETH exposure - Over **$1B ETH available to borrow** in the Core market The Core market represents Aave's most conservative and liquid lending venue, designed for stability rather than experimentation. rsETH has already crossed $1B+ in supply on the platform, making it the **#8 largest asset** by supply on Aave. **E-Mode benefits:** - Tighter loops with less idle capital - Lower liquidation risk - More efficient use of the same rsETH holdings For users already looping rsETH, the Aave v3 Core market now provides the most streamlined experience. [Start looping on Aave](https://app.aave.com/reserve-overview/?underlyingAsset=0xa1290d69c65a6fe4df752f95823fae25cb99e5a7&marketName=proto_mainnet_v3)

**Airdrop Gain** has emerged as the top-performing ETH vault over the past 30 days, leading all competitors by a significant margin in short-term returns. **High Gain** maintains its position as the best-performing ETH vault on a 180-day basis among all vaults with $10M+ TVL, demonstrating six months of consistent outperformance rather than temporary gains. The Gain vault family is showing strong results across different time horizons: - **Short-term (30 days)**: Airdrop Gain leads the field - **Long-term (180 days)**: High Gain tops the charts - Both vaults maintain substantial performance gaps over competitors This dual leadership across both short and extended timeframes suggests sustained strategy effectiveness rather than market timing luck.

**Capital Deployment Model** KUSD backing capital is deployed as short-term, self-liquidating credit to verified institutions. The system operates through a straightforward cycle: - Credit is used to settle transactions - Repaid as cash flows clear - Recycled for subsequent use **How It Works** The process follows a clear loop: 1. Liquidity is minted into KUSD 2. KUSD is staked into sKUSD 3. Institutions draw liquidity for payment settlement 4. Transactions clear 5. Borrowers repay principal plus interest 6. Capital is reused The model focuses on practical settlement credit without speculation or leverage - just short-term credit facilitating real institutional transactions.

**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.

**KelpDAO's rsETH has reached a significant milestone**, with total value locked (TVL) surpassing 500,000 ETH. The liquid restaking protocol, built on Eigenlayer, now serves over 20,000 rsETH holders. This growth reflects increasing adoption of liquid restaking solutions in the DeFi ecosystem. Users can mint rsETH through [KelpDAO's platform](https://kerneldao.com/kelp/restake/?utm_source=social). **Key metrics:** - 500,000+ ETH restaked - 20,000+ rsETH holders - Built on Eigenlayer infrastructure