You best believe us when we say we’re always hustlin’ to keep restaking rewarding for you. Announcing the launch of Kelp’s Mega Million Marathon, a campaign designed to reward Kelp restakers for their participation. Here’s a comprehensive guide to what it is all about and how it works.
What is the Mega Million Marathon?
The Mega Million Marathon earmarks additional $1 million+ in rewards for users who restake with Kelp across accepted assets on the Ethereum mainnet and/or L2s. This campaign will run for a two-week period, starting 9:30 PM PST on May 07 to May 21, 2024.
What is the reward structure?
5 distinct incentives come together to form this unique reward opportunity for Kelp restakers.
- Cash rewards from Kelp
- ARB token rewards from Kelp
- OP tokens received as grant from Optimism
- SD tokens by Stader Labs
- Extra EigenLayer Points
A quick look at how this translates into rewards for every ETH restaked with Kelp. Here’s how you can be eligible for each reward pool.
Where do the rewards come from?
Currently, Kelp DAO accepts 3 assets — native ETH, ETHx by Stader Labs and stETH by Lido Finance — with native minting for rsETH (Kelp’s LRT) live on 7 chains.* The campaign is designed to incentivize restakers across the board.
- Rewards in USDC:
Kelp DAO has allocated $250,000 from its own treasury to incentivize restakers in USDC across the board (irrespective of choice of asset and network). - Arbitrum tokens:
Kelp DAO has allocated $50,000 worth of ARB tokens to incentivize restakers across the board (irrespective of choice of asset and network). - Optimism tokens:
Additionally, Kelp DAO was also awarded 50,000 OP as a grant from Optimism. $50,000 worth of OP will be used to incentivize the Optimism community for minting rsETH natively on the chain. The balance will be allocated to boost incentives across DeFi. - SD tokens & EigenLayer Points by Stader:
On May 06, Stader Labs announced the Restaking Rush, a campaign designed to incentivize ETHx (Stader’s ETH LST) restakers. As part of this campaign, ETHx restakers on Kelp will be eligible for an overall pool of $400K worth of SD (Stader’s governance token) and 4 million additional EigenLayer Points. - EigenLayer Points by Kelp:
500k additional EigenLayer Points are available for all restakers on Kelp. With the impending launch of EIGEN (EigenLayer’s governance token) and the Phase 2 of EigenLayer’s Stakedrops rolling in, this is a valuable addition to the rewards basket. This is applicable across mainnet and L2s, for both native ETH and LSTs. - Regular incentives:
As is the norm, whenever you restake with Kelp DAO, you earn two layers of rewards — Kelp Miles (Kelp’s native point system) and EigenLayer Points. This is on top of the $1 million+ prize pool up for grabs.
When will the rewards be distributed?
Since there are multiple rewards in the mix, it will be contingent to disbursement on a case-by-case basis. Once the campaign concludes, these will be distributed either within the specified timeframe or once the allocated rewards are fully disbursed.
Are there any actions that are ineligible for rewards?
We want users to reap all the benefits of this campaign. Hence, it’s essential to be familiar with the campaign guidelines to ensure eligibility.
- Using the same rsETH multiple times for rewards will lead to disqualification
- Swapping rsETH for ETH and subsequently restaking will result in disqualification
- Participants must maintain their rsETH restaked with Kelp for a minimum of 45 days to qualify for rewards
- Additional note: Rewards from this campaign cannot be combined with any custom offers extended to individual and/or large investors.
The Mega Million Marathon is designed to make restaking as rewarding as it gets. There is more where this comes from. You’ve been asking and we’ll be sharing what those Kelp Miles mean soon. Until then, pack it all in and get ready to restake with Kelp.
In the meantime, join our community across Discord, Twitter, or Telegram for any questions you may have. Happy restaking!
*List of eligible chains for the Mega Million Marathon
Users can mint rsETH natively on the following chains:
- Ethereum Mainnet
- Arbitrum
- Optimism
- Mode
- Linea
- Blast
- Scroll
- Base
