At Kelp DAO, we are committed to maximising utility and accessibility with our Liquid Restaking Token (LRT), rsETH, within the ecosystem. As part of this strategy, we have discontinued accepting sfrxETH deposits on the Kelp dApp since July 03, 2024.
Below is a short summary outlining the rationale behind this decision.
- Contribution of sfrxETH to Kelp DAO TVL has been low (<5%) relative to the other assets
- To accelerate the integration of rsETH on platforms that don’t yet accept sfrxETH
- Continuing to accept sfrxETH deposits would necessitate a comprehensive due diligence process for sfrxETH as well, delaying the listing and integration of rsETH
Most sfrxETH was unstaked by users after implementation of LST withdrawals. Remaining small portion was swapped for ETH and restaked with Kelp. There is no sfrxETH on Kelp platform anymore. We appreciate the initial support and understanding of Sam Kazemian and the Frax community. We will reevaluate the decision after a few months as sfrxETH gets a broader set of DeFi integrations.
Our goal is to continue building while prioritising the interests of the Kelp community at large. We welcome your feedback and comments. Please feel free to reach out to us across our community channels on Twitter, Discord, and Telegram.
