We’re opening up an Early Queue for EigenLayer deposits with rsETH. Mark your calendars for 12.12.23, 5 PM UTC.
We’ve put together a handy starter kit for everything you need to know about the EigenLayer Early Queue. Here’s what we’ll be be covering:
- What is the EigenLayer Early Queue?
- How can you access the Early Queue?
- What are the specifics of the Early Queue?
- How can someone restake LSTs with Kelp?
- What are the rewards restakers stand to get?
- How are rsETH and its underlying assets secured?
- Who is the team behind Kelp DAO?
Let’s dive right in.
What is the EigenLayer early queue?
The EigenLayer Early Queue with rsETH is an attempt to queue LSTs beforehand so they could be deposited to EigenLayer as soon as caps are lifted on 18th December.
A record number of people were not able to get into EigenLayer during the last cap-raise for a variety of reasons all of which our early queue prevents.
Deposit your LSTs into Kelp and let Kelp get you your allocation in EigenLayer caps. Moreover, you will also be minting rsETH, the first liquid restaking token introduced to mainnet and farm more rewarding opportunities.
How can you access the Early Queue?
The Early Queue will be open for access as follows:
- Date: Dec 12, 2023
- Time: 5 PM UTC / 12 PM ET / 9 AM PT
The link to the rsETH liquid restaking dApp will be made available on Kelp’s Twitter account and subsequently updated on this blog.
What are the specifics of the Early Queue?
The Early Queue will go live in a capped format, with two accepted LSTs for now. Caps will be raised and more LSTs added as we go further down the line.
- Accepted LSTs: Currently, Kelp DAO will accept stETH by Lido Finance and ETHx by Stader Labs.
- Current cap: Each LST will have a cap of 5,000 tokens, which brings the total accepted deposits to 10,000 tokens.
- Once the caps are filled, the team may decide to lift caps and accept more deposits.
How can someone restake LSTs with Kelp?
A detailed blog outlining product features and the staking process can be found here. For any questions restakers may have, our team is available and active across our Twitter, Discord and Telegram communities.
What are the rewards restakers stand to get?
With restaking, one of the major incentives for a restaker is the additional yield on restaked ETH. Kelp Miles is designed to be complementary to EigenLayer restaked points and offer an additional layer of incentives to restakers.
Restakers who participate in the Early Queue with rsETH and restake with stETH and ETHx with Kelp get boosted Kelp Miles. These boosted Miles amount to 1.25x the regular Kelp Miles. Here’s a quick snapshot.
Complete details on Kelp Miles can be found here.
How are rsETH and its underlying assets secured?
The rsETH contracts have undergone extensive audits by two leading blockchain security firms.
Who is the team behind Kelp DAO?
Behind Kelp DAO is a passionate team committed to innovating for the spirit of DeFi. Kelp has been founded by contributors Amit and Dheeraj. Formerly, they have also successfully founded Stader Labs.
After their experience building liquid staking solutions across 7 chains, working with 50+ DeFi partners and constantly expanding use-cases for liquid staking tokens, liquid restaking for Ethereum on EigenLayer made for an interesting prospect.
Kelp and Stader are completely different entities, designed effectively to address specific challenges associated with liquid restaking and staking respectively.
Along with our founding contributors, we also have a diverse team of core contributors, some of whom have designed crypto applications since 2016.
Make sure to tune into our community channels and stay up to date on the first liquid restaked token on the Ethereum mainnet.
If you have any questions, please feel free to reach out to us.
