Journey so far

Kelp DAO
4 min readNov 21, 2024

It feels unreal, that in few months since our mainnet debut, Kelp has achieved remarkable milestones:

  • $850M in TVL, making us one of the leading restaking protocols.
  • 10 Layer-2 integrations, expanding accessibility.
  • 120+ DeFi integrations, powering a robust ecosystem.
  • 300K unique addresses, showcasing widespread adoption.

These accomplishments are a testament to the trust and support of our early users, ecosystem partners, and investors — a heartfelt thank you for being part of this journey.

Today, we’re excited to unveil the next phase of our vision for Kelp and the broader Kernel ecosystem. With this expansion, we’re targeting multi-billion-dollar opportunities and redefining what’s possible in restaking, tokenized yields, and decentralized infrastructure.

Expanding the ecosystem

Kelp currently powers two product lines:

  1. Kelp — LRT driving ETH liquid restaking.
  2. Gain — simplifying sophisticated tokenized strategy vaults.

Now, we’re thrilled to unveil our new offering: Kernel — restaking platform, debuting on the BNB chain. Kernel is designed to be BNB Chain’s flagship restaking solution, deeply integrated within its ecosystem. Launching in the coming weeks, Kernel promises a suite of innovations to reshape restaking and DeFi on BNB Chain and beyond.

All these products will share one governance token: $KERNEL, converging aligned incentives and shared value across the ecosystem.

Product roadmap: Scaling innovation

Kernel: Pioneering restaking infrastructure

Kernel will debut on the BNB Chain, supported by its native assets like BNB, BTC derivatives, and LSTs. Here’s what’s coming:

  • Testnet Live: Kernel is already accessible on BNB Chain’s testnet.
  • Mainnet Launch: Scheduled for the coming weeks, Kernel will roll out additional asset integrations and cap raises.
  • Ecosystem Growth: With 25+ protocols aligned, Kernel is set to become BNB Chain’s flagship restaking solution.

Kelp: LRT expanding ETH dominance

Kelp is laser-focused on maximizing the potential of Ethereum’s already robust restaking ecosystem. With rsETH recently going live on Aave, we’re accelerating efforts to integrate rsETH across key DeFi platforms and further enhance its utility.

The path to $2B TVL

Our goal is ambitious but achievable: to grow rsETH TVL to ~$2B within the next two months. We aim to achieve this by:

  • Seamless Integrations: Expanding partnerships with DeFi protocols on Ethereum mainnet and Layer-2s.
  • Boosting Liquidity: Facilitating deep liquidity pools to improve yield opportunities for rsETH holders.

Kelp LRT is positioned to dominate, ensuring that rsETH becomes the go-to asset for ETH restaking.

Gain: Unlocking tokenized CeDeFi & RWAs

The Airdrop Vault has already accrued $150M in TVL with strong partnerships. The tokenized RWA market is a $1 Trillion opportunity, and Gain aims to lead the charge by:

  • Launching high-yield vaults like the upcoming hgETH Vault on November 25.
  • Simplifying access to “sophisticated investor” rewards with strategies for both crypto-native and non-native users.
  • Expanding into CeDeFi and real-world applications, such as tokenized equity and real estate, in 2025.

Kernel and Kelp: Unifying with single token

While Kernel and Kelp will operate as separate brands initially, they will have a single governance token, $KERNEL, which will accrue value from three key pillars:

  1. Restaking infrastructure (Kernel)
  2. Liquid Restaking Tokens (Kelp LRT)
  3. Tokenized rewards (Gain)

By uniting these products, we’re building a seamless ecosystem that scales across multiple blockchains and user needs. We will ensure the current Kelp mile farmers aren’t diluted due to Kernel launch. The current season will come to an end soon and we will earmark a separate % of tokens for subsequent seasons after Kernel launch on BNB Chain.

Why it matters: The $100Bn+ opportunity

The Kernel and Kelp ecosystem is designed to capture multiple $100Bn+ market opportunities, including:

  • Liquid restaking for Ethereum and other major assets.
  • Restaking infrastructure across L1s like BNB Chain, and beyond.
  • Tokenized CeDeFi, RWAs, bridging the gap between DeFi, CeFi and traditional finance.

By delivering robust products and fostering innovation, we aim to redefine the DeFi landscape and create lasting value for all stakeholders.

Join the movement

We’re just getting started, and we want you to be part of this exciting journey. Whether you’re a developer, degen, or institution, the Kelp and Kernel ecosystem has something for you.

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Written by Kelp DAO

Kelp is a collective DAO designed to unlock liquidity, DeFi and higher rewards for restaked assets.

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