Kelp Captures 20% of $11B Liquid Restaking Market
Kelp Captures 20% of $11B Liquid Restaking Market
🧜♀️ From Zero to $2B
Kelp has emerged as a major player in the liquid restaking market, now controlling ~$2B (20%) of the total $11B market cap. Key achievements in their 18-month journey include:
- First liquid restaked token (rsETH) on Ethereum Mainnet
- Integration with major protocols like Aave and Compound
- Expansion to 10+ L2 networks
- 550,000+ users across ecosystem
- $200M TVL in Gain by Kelp product
The protocol is transitioning to $KERNEL token, which will govern three protocols worth $2B+ combined: Kelp, Gain Vaults, and Kernel DAO.
Season 3 staking rewards are now available for token holders.
$11B locked in liquid restaking. 5x growth since early 2024. But 80% users are still in the dark about what liquid restaking really means and offers. Here’s your guide to where liquid restaking stands in 2025. 🌱 blogs.kerneldao.com/blog/where-eth…
The liquid restaking market sits at ~$11B today. Kelp contributes nearly 20% of the entire market i.e. ~$2B+. We couldn't have built this without you Kelpies, so thought we'd write you a lil appreciation post. 🧜♀️ Here's how we, together, climbed our way up to the second
Balancer V3 Pools Launch New Reward Streams
Two new liquidity pools on Balancer V3 have launched with multiple reward incentives: - hgETH/rsETH pool offering approximately 9% reward rate for liquidity providers and additional hgETH rewards - wrsETH/WETH pool on Optimism featuring: - 4,500 OP tokens in weekly incentives - Double Kernel Points - Programmatic EIGEN rewards Both pools are now accepting deposits at: - Ethereum: [hgETH/rsETH pool](https://balancer.fi/pools/ethereum/v3/0x6649a010cbcf5742e7a13a657df358556b3e55cf) - Optimism: [wrsETH/WETH pool](https://balancer.fi/pools/optimism/v3/0xe0d0b607539fdb647c4e87eff89588c6bb669c03)
Fluid Launches Smart Collateral Looping for rsETH
**Fluid (@0xfluid) has introduced two new looping strategies** for rsETH holders on Ethereum: - rsETH <> wstETH direct looping ($15.5M supply) - rsETH <> ETH/wstETH looping ($600k supply) Both strategies offer: - 2x Kernel Points - Programmatic EIGEN rewards - Enhanced position optimization while maintaining liquidity Users can access these opportunities through [Fluid's platform](https://fluid.instadapp.io/vaults/1/79). *This update represents a significant expansion of rsETH holder capabilities through smart collateral integration.*
Morpho Labs Launches rsETH Market on Unichain
Morpho Labs has launched a new rsETH <> WETH market on Unichain, curated by Nine Summits. The market offers multiple reward opportunities: - 2x Kernel Points - 1x Programmatic EIGEN rewards - Additional rewards in OP, MORPHO, and USDC tokens The 12-week campaign aims to enhance liquid restaking strategies on Unichain. This follows recent successful integrations, including a Uniswap pool with $16M TVL and 10.5% reward rate. [Deposit on Morpho](https://app.morpho.org/unichain/market/0x5a2b9a157b1b212921845d53fa52ae828ad9bc240ebfc7d57addf7c8f4b4729a/rseth-weth)
Euler Finance Leads hgETH Portfolio with 21% Reward Rate
hgETH's growth vault reports improved total reward rate of 11.6%. Portfolio highlights: - Euler Finance maintains top position at 21% reward rate - Multiple protocols (Upshift, TacBuild, Growcompound) delivering 15% returns - Aave v3 holds largest allocation (45%) with 12% rewards - Portfolio actively managed across 8 protocols Total portfolio breakdown ranges from 3-45% allocations across various strategies including leveraged restaking, ETH vaults, and LP positions. [Mint hgETH](https://kelpdao.xyz/gain/growth-vault/?utm_source=highguide)