Protocol/Project Name: KelpDAO
Protocol Overview:
KelpDAO (Kelp Liquid restaking | restake ETH, stETH & ETHx) is one of the largest liquid restaking protocol built on top of the Eigen Layer. Restakers on Kelp get access to multiple benefits like restaking and staking rewards, and DeFi yields.
Latest stats:
- Restaking stats - USD 600 Mn+ (~255k Eth) TVL overall 50K+ restakers onboarded
- Live with native restaking across mainnet and 9 L2s such as Mode, Scroll, Arbitrum and more
KelpDAO has undergone multiple security audits by top tier audit firms including Sigma Prime, Code4rena, and MixBytes.
Kelp’s smart contracts can be reviewed on its Github page - https://github.com/Kelp-DAO/ and its docs page - https://kelp.gitbook.io/kelp/
Our core goal with the Season 3 incentives is to increase Liquid Restaking Tokens traction on Mode. This will ensure that there’s a flourishing and active restaking community on Mode, which enjoys restaking yields + all the incentives from Season 3 and partnered protocols.
MS Receiver Address:
OP - 0x98eA3eB0b8bEbbd03c1606b97313388A901e7A11
Mode - 0x98eA3eB0b8bEbbd03c1606b97313388A901e7A11
Distribution Confirmation:
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We will be using Merkl for distribution with the support of our DeFi partners. Initial emissions will be targeted towards growing wrsETH based liquidity pools on supported DeXes using the help of Merkl. After a few weeks we will integrate with Merkl to allow incentives on supported lending markets.
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We will also be rewarding users for Minting wrsETH on Mode. We would be distributing them directly to users to ensure no gamification of the campaign. All metrics regarding distribution, user traction and DeFi will be covered over a publicly accessible dashboard.
Incentive Impact Statement:
KelpDAO aims to achieve the following with the Season 3 incentives -
- Scaling restaking ecosystem on Mode: Increase of bridged and natively restaked TVL along with a surge of users
- Cementing relationships with DeFi protocols: Growing our integrations on Mode with DeFi partners.
- Increasing DeFi liquidity: Providing co-incentives with DeFi partners to create sticky traction and depth across Liquidity pools, Lending markets and more. This will allow for long term TVL growth on the chain.
- Community Engagement: Growing restaking community on Mode and getting restaking users from other chains incentivized to join the Mode ecosystem through campaigns
Eligibility Criteria:
Please visit Kelp Liquid restaking | restake ETH, stETH & ETHx and switch chains to Mode
wrsETH on Mode - Mode token details | Blockscout
Additional Information:
We’re currently live on Mode with over 850+ wrsETH in circulating supply (contract address). We have partnered with top Mode based DeFi protocols such as Kim Exchange, IronClad, Ionic, Sturdy Finance and Splice.
The incentives from Season 3 will be focused on growing on-chain traction for wrsETH across DeXes, Lending Markets and Yield Optimizers. This will allow each aspect of DeFi surrounding wrsETH to grow together. We’ll be working on creating co-incentivised opportunities with our DeFi partners to ensure efficient and scalable growth across Mode Network.
Contact Information:
- Point of Contact: Aditya Deorukhkar, DeFi & Partnerships at KelpDAO
- Point of Contact’s TG handle: @Hedged_Adi
- Kelp’s official handle X (Twitter): x.com
- Email: aditya@kelpdao.xyz