Users deposit ETH or liquid staking tokens (stETH, ETHx, etc.) into Kelp and receive rsETH, a liquid restaking token. The deposited assets are delegated to EigenLayer operators to earn restaking rewards on top of base staking yields.

Kelp DAO is a liquid restaking protocol built on Ethereum and EigenLayer. It enables users to restake their ETH and liquid staking tokens while maintaining liquidity through the rsETH derivative token. Kelp was launched in December 2023.

Kelp DAO (part of KernelDAO) develops and governs the protocol. The protocol charges a 3.5% fee on staking rewards (revenue), as set by protocolFeeInBPS in the LRTConfig contract. Kelp DAO's $9M private sale was co-led by SCB Limited and Laser Digital, with participation from Bankless Ventures, Hypersphere Ventures, Cypher Capital, GSR, and others.

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Kelp DAO

# Kelp DAO Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Kelp DAO measures the total value of assets deposited into the protocol, represented by the circulating supply of the rsETH liquid restaking asset. This metric serves as a primary indicator of protocol adoption and the aggregate volume of ETH and Liquid Staking Tokens (LSTs) being restaked. All deposits are utilized to generate rewards through EigenLayer and underlying liquid staking providers.

## 2. Data sources

- **Blockchain events**: `totalSupply` function calls from `rsETH` contracts, covering Ethereum and 7 other chains
- **External data**: End-of-day price feeds for the rsETH asset

## 3. Step-by-step calculation

### Component A: Asset supply extraction

- **Purpose**: Captures the raw circulating supply of the rsETH asset across all supported networks
- **Logic**: Daily circulating supply is extracted via `totalSupply` function calls from `rsETH` contracts. Data is retrieved across all integrated chains to establish a global view of the liquid restaking supply.
- **Key fields**: `timestamp`, `chain_id`, `state_value` (supply)

### Component B: Cross-chain supply adjustment

- **Purpose**: Prevents the double-counting of assets bridged from Ethereum to Layer 2 networks
- **Logic**: The total supply of rsETH on Ethereum is adjusted by subtracting the aggregate sum of rsETH supplies found on all supported Layer 2 chains. This adjustment is necessary because the rsETH supply on Layer 2 networks is typically backed by equivalent units of rsETH locked in Ethereum-based bridge contracts.
- **Key fields**: `chain_id`, `rseth_supply_raw`

### Component C: Valuation and aggregation

- **Purpose**: Normalizes adjusted supply quantities and converts them to USD values
- **Logic**: Adjusted supply amounts are normalized by decimal precision. These normalized quantities are multiplied by the end-of-day USD price of rsETH, which is sourced from the primary Ethereum market and applied to all instances of the asset across chains. Final values are aggregated by chain and timestamp with UTC day boundaries.
- **Key fields**: `price_usd`, `tvl`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Kelp DAO

Total value locked

Total value locked

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