The Early Queue with rsETH was conceptualized to make the process of restaking on EigenLayer convenient and rewarding for restakers. Starting 12.12.23, 5 PM UTC, restakers have been able to deposit stETH and ETHx with Kelp. In less than a week of being live on mainnet, the Early Queue with rsETH clocked ~$35M in TVL.
Once the EigenLayer deposits open on Dec 18, 10 AM PT, the assets will be deposited into the EigenLayer contracts. With the caps set to be lifted in about 12 hours, here’s an overview of how Kelp will continue to work beyond the Early Queue.
When will Kelp deposit assets into EigenLayer?
As soon as EigenLayer caps are lifted on Dec 18th, the stETH and ETHx deposited with Kelp up until then will be restaked into the EigenLayer contracts. After the initial deposit into EigenLayer, Kelp will run deposits multiple times daily until the EigenLayer caps are met.
Will Kelp continue to accept deposits once the Early Queue closes?
Kelp will continue to accept ETHx and stETH deposits even after the Early Queue concludes, whenever the EigenLayer deposits close. However, users who restake after EigenLayer caps are met will not be eligible for EigenLayer Restaked Points.
What happens after the EigenLayer deposits close?
Even after the EigenLayer deposits close, users can continue restaking with Kelp, mint rsETH, and queue their deposits for the next EigenLayer cap increase. All restakers with Kelp will continue to earn Kelp Miles in proportion to their contribution.
How do rewards work?
When it comes to rewards, there are a few possible scenarios.
- Kelp Miles: stETH and ETHx deposits after Dec 18, 10 AM PT continue to be eligible for Kelp Miles
- EigenLayer Restaked Points: stETH and ETHx deposits after Dec 18, 10 AM PT will be eligible for EigenLayer Points only if the EigenLayer cap for each LST (200K ETH) or the cumulative global cap (500K ETH) is open and Kelp can deposit assets to EigenLayer.
- Dashboard: Restakers should be able to check the EigenLayer Points and Kelp Miles they’ve earned through the dashboard on the Kelp dApp by Dec 27, 10 AM PT
What’s in the pipeline?
- DeFi opportunities with rsETH starting Jan 2024
- Withdrawals by Feb 2024
- Operator selection by Q1 2024
The Early Queue with rsETH was Kelp DAO’s maiden voyage, designed to reimagine the way we restake and to onboard more people to EigenLayer. A warm thanks for all the support you’ve shown us so far. This is only the beginning of all the possibilities that can be unlocked with liquid restaking.
For anything you may need, our team is available to help 24x7 across Twitter, Telegram and Discord.
