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 Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is calculated as the number of unique addresses that perform revenue-generating transactions with Kelp DAO over a 30-day rolling window. This metric is used to track the volume of distinct participants engaging with the protocol's liquid restaking services. User engagement is primarily captured through the submission of assets to the protocol and the initiation of withdrawal requests.

## 2. Data sources

- **Blockchain events**: `AssetDeposit` and `ETHDeposit` events from `LRTDepositPool` contracts, and `AssetWithdrawalQueued` events from `LRTWithdrawalManager` contracts on Ethereum

## 3. Step-by-step calculation

### Component A: Asset deposit and withdrawal tracking

- **Purpose**: Identify on-chain interactions that signify active protocol usage.
- **Logic**: Relevant smart contract events are monitored to capture user activity. Specifically, `AssetDeposit` and `ETHDeposit` events are parsed to identify users providing assets to the protocol, while `AssetWithdrawalQueued` events are parsed to identify users initiating the withdrawal process.
- **Key fields**: `block_timestamp` (timing), `transaction_hash` (unique transaction identification), and event-specific address parameters.

### Component B: User address extraction and filtering

- **Purpose**: Extract and clean the list of addresses performing the identified actions.
- **Logic**: The address fields for depositors and withdrawers are extracted from the event logs. To ensure the accuracy of the metric, specific addresses associated with Layer 2 redeposit activities are filtered out and excluded from the final count.
- **Key fields**: `in_depositor` (extracted from deposit events) and `in_withdrawer` (extracted from withdrawal events).

### Component C: Monthly aggregation

- **Purpose**: Deduplicate user addresses and aggregate to a monthly granularity.
- **Logic**: All extracted user addresses are aggregated by month using UTC timestamps. A distinct count of these addresses is performed for each 30-day rolling window to determine the final value for active users (monthly). All results are normalized to monthly intervals with UTC day boundaries.

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

Unique revenue-generating users over a rolling 30-day window.

Kelp DAO

Active users (monthly)

Active users (monthly)

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Chain breakdown