KelpDAO

**Kelp delivered strong performance across all products in November:** **Gain Vaults Performance:** - **High Gain (hgETH)** maintained #1 position among ETH vaults >$10M TVL with **13%+ rewards** - **Airdrop Gain (agETH)** achieved ~12% weekly rewards with $45M+ TVL - **Stable Gain (sbUSD)** held steady at ~11% rewards with $8M+ TVL **rsETH Expansion Milestones:** - wrsETH launched on Aave v3 Avalanche with 5k supply cap - Native rsETH minting went live on Ink blockchain - Arbitrum TVL hit **$183.9M**, maxing out 60k ETH supply cap - Market cap reached ~$175M (+450% since DRIP launch) **DRIP Epoch 7** deployed with ~2M ARB incentives for ETH strategies. **Community Updates:** Co-founder spoke at NextFin NYBW about Kred's "Internet of Credit" - connecting DeFi with traditional finance through stablecoin liquidity. All three Gain vaults consistently delivered 10%+ rewards despite market volatility, showcasing the platform's risk-adjusted strategy approach.

**DeFi vaults appear straightforward** - deposit, earn rewards, withdraw. But the reality involves complex backend operations. **What actually happens:** - Tokenization processes - Multi-protocol strategy execution - Continuous risk management - Strategic logic implementation **Key components include:** - Fee structures - Oracle integrations - Contract quality assurance - Automated rebalancing Vaults handle diverse strategies: farming, lending, staking, and delta-neutral positions. Some build on others, creating modular systems. **The automation depends entirely on code quality** - making due diligence essential before depositing funds. For detailed technical breakdown: [KernelDAO Blog](https://blogs.kerneldao.com/blog/what-happens-behind-the-scenes-from-user-deposit-to-vault-deployment)

**KelpDAO's hgETH portfolio achieved a 12% total reward rate** last week, up from 9.8% the previous week, driven by a strategic shift back to leveraged restaking positions. **Key portfolio changes:** - Aave v3 increased to 67% allocation (13% reward rate) - Katana WETH supply delivering 18% rewards on 4% allocation - Reduced Morpho and Euler exposure to optimize capital efficiency **Top performing positions:** - Katana WETH supply: 18% rewards - Aave v3 leveraged restaking: 13% rewards - Hyperliquid basis trade: 12% rewards - Euler ETH supply: 12% rewards The strategy capitalizes on normalized borrowing costs and favorable market conditions for leveraged positions. Active rebalancing continues to capture better risk-adjusted rewards across DeFi protocols. [Mint hgETH](https://kelpdao.xyz/gain/growth-vault/?utm_source=highguide) for professional portfolio management.

**KelpDAO is co-sponsoring BLOCKFESTA 2025: The Institutional Era** at Korea Blockchain Week. Co-founder Amitej will deliver a keynote titled *"Building the Internet of Credit: Where crypto meets global payments"* on September 26 from 12:35-12:55 KST. The event is a Korea Blockchain Week side event hosted by BlockMedia. Attendees can also connect with KelpDAO's marketing lead who will have merchandise available. **Event Details:** - Date: September 26 - Time: 10AM - 6PM - Focus: Institutional adoption in Web3

KelpDAO announces an exclusive AMA session featuring eoracle network and TAC Build to discuss the technical infrastructure behind rsETH price feeds across multiple chains. The event follows rsETH's recent expansion to TAC as one of their first Liquid Restaking Tokens (LRTs). - **Date**: July 24, 2025 - **Time**: 1:00 PM UTC - **Focus**: Cross-chain price feed infrastructure - **Partners**: eoracle network, TAC Build Join to learn about the technical mechanisms ensuring accurate rsETH pricing across different blockchain networks.

Movement Labs announces migration of rsETH-wETH liquidity pair from Liquidswap to Meridian Money's metastable pool. Liquidity providers must follow a 4-step process to maintain MOVE rewards: - Withdraw LP tokens from current Liquidswap vault - Break LP position into individual tokens - Deposit into Meridian metastable pool - Stake new LP tokens for MOVE rewards This update follows previous DeFi Spring Wave Two initiative that offered ~22% reward rates with $21M+ TVL for rsETH-WETH pairs. **Important Links:** - [Canopy Hub Withdrawal](https://app.canopyhub.xyz/explore?id=0xefa4b39d3cd87b5f24d53d4d54879c90787f282e05d701dfe66942378deeba61) - [New Staking Portal](https://app.canopyhub.xyz/explore?id=0x24b7a15cce2a31e7f9c09811f5596b6a1d3a84325a3f224f30f7cb16b7006307)

The agETH pool on Pendle Finance has reached approximately $7M in Total Value Locked (TVL). Users can earn multiple reward streams: - 3.5x Kernel Points - Programmatic EIGEN rewards - Leveraged Restaking rewards **Pro Tip**: Enhance your rewards by utilizing YT, LP, and PT tokens within the agETH pool. Access the pool at [Pendle Finance](https://app.pendle.finance/trade/pools/0xbe8549a20257917a0a9ef8911daf18190a8842a4/zap/in?chain=ethereum)

The KERNEL token ($KERNEL) launches April 14th with multiple utilities across the KernelDAO ecosystem: - **Shared Security**: Stake tokens to provide economic security for ecosystem applications - **Slashing Insurance**: Earn protocol rewards while protecting against slashing events - **Governance**: Participate in decision-making across Kernel, Kelp, and Gain protocols - **Liquidity Mining**: Earn rewards through AMM liquidity provision The token unifies three core components: 1. Kelp's LRT 2. Kernel's shared security system 3. Gain's tokenized reward vaults This integration creates a value cycle connecting infrastructure users, validators, and developers.

Two significant integrations have been announced for SparkLend: - **KelpDAO's rsETH** has been added as collateral, enabling users to borrow against their staked ETH positions - **Renzo Protocol's ezETH** is now supported, expanding borrowing options on the platform Both integrations offer competitive borrowing rates and streamlined user experience on SparkFi. These additions represent growing options for liquid staking token holders seeking lending opportunities. [Learn more about SparkFi](https://spark.fi)

KelpDAO announces a major ecosystem update with the conversion of Kelp Miles to Kernel Points. Here are the key changes: - 1 Kernel Point = 1,000 Kelp Miles - Unified system combining Kelp, Gain, and Kernel DAO under $KERNEL - Holders receive governance rights across all three protocols **Coming Updates Include:** - Strategic reallocation of existing points - Enhanced incentives - New earning opportunities - Special point-boosting programs *Kernel Points will determine $KERNEL token allocation at TGE (Token Generation Event)* Users can continue earning points through Kelp & Gain vaults participation.