7.2
Solid
Best Liquid Restaking Protocols · Review

Kelp DAO

Accepts stETH, ETHx and native ETH into one restaked position — convenient aggregation, one more layer of contracts.

Best For
Restaking multiple LSTs from one position
Headline Cost
~10% of rewards
Founded
2023
Rank in category
5 of 15
Last Checked
August 2026
The short answer

Kelp lets holders restake several liquid staking tokens without unwinding them first, which is genuinely convenient for anyone already holding stETH or ETHx. The convenience means your ETH now sits behind two protocol layers plus a restaking service, each able to fail independently.

Score breakdown

Category rubric →
Added slashing risk · 25%
7.0
Contract security · 20%
7.5
Exit liquidity · 20%
7.0
Operator transparency · 20%
7.0
Fees · 15%
7.5

Works well for a specific use case, weaker outside it. The headline 7.2 is the weighted mean of these marks — see our methodology. Not financial advice.

What we liked

  • Accepts several LSTs as deposits rather than ETH alone
  • Reasonable rsETH liquidity for a second-tier protocol
  • Multiple audits with public reports

Where it falls short

  • Stacking an LRT on top of an LST compounds contract risk
  • Operator and service disclosure is less detailed than ether.fi's

Most restaking protocols want native ETH or their own LST. Kelp accepts stETH, ETHx and ETH directly, issuing rsETH against any of them. For a holder already in a liquid staking position, that removes an unwind-and-redeposit cycle with its gas costs and price risk.

The layering problem

Restaking stETH means your ETH is staked through Lido, wrapped through Kelp, and pledged to restaking services. Three contract systems, three governance processes, three ways to fail — and correlated in the sense that a problem at Lido propagates through everything above it. That is not an argument against using it, but it is the risk you are accepting and it is rarely stated plainly.

Liquidity and mechanics

rsETH has reasonable secondary depth for a second-tier LRT, is accepted in several lending markets, and has a functioning withdrawal path. The protocol takes roughly 10% of rewards.

Disclosure

Operator selection and secured services are documented, though less thoroughly than ether.fi's. Multiple audits are published with no incidents on record since launch.

Who should use it

Holders of stETH or ETHx who want restaking exposure without unwinding, and who understand the layered risk. Users starting from ETH should consider restaking natively through ether.fi or Puffer instead, which removes one layer.

FAQ

Which assets can I restake with Kelp?
stETH, ETHx and native ETH, all producing rsETH — useful if you already hold a liquid staking token and do not want to unwind it.
Does layering an LRT on an LST add risk?
Yes. Your ETH depends on the LST protocol, the LRT protocol and the restaking services simultaneously, and a failure in the base layer propagates upward.
How liquid is rsETH?
Reasonable for a second-tier LRT, with acceptance in several lending markets and a functioning withdrawal path, though well behind weETH.
What does Kelp charge?
Around 10% of rewards, in line with the category.
#ServiceBest forCostScore
1ether.fiThe most liquid LRT with the best-documented stack~10% of rewards7.9
2EigenLayerThe base restaking layer everything else builds onNo protocol fee at the base layer7.6
3Puffer FinanceAnti-slashing technology and lower operator bonds~5% of rewards7.6
4SymbioticRestaking collateral beyond ETHNo protocol fee at the base layer7.3
5Kelp DAORestaking multiple LSTs from one position~10% of rewards7.2
6Swell rswETHRestaking from an established liquid staking operator~10% of rewards7.1
7Jito RestakingRestaking infrastructure from Solana's largest staking operatorSet per vault6.9
8Mellow FinanceChoosing a curated restaking risk profileSet per vault curator6.8
9RenzoMulti-chain restaking exposure~10% of rewards6.6
10SolayerRestaking on Solana~5–10% of rewards6.5
11EigenpieIsolated per-LST restaking positions~10% of rewards6.4
12BedrockMulti-asset restaking including BTC-denominated products~10% of rewards6.3
13FragmetricNormalised restaking positions on Solana~5–10% of rewards6.1
14InceptionIsolated restaking vaults across several assets~10% of rewards6.1
15KarakRestaking a wide range of assets across chainsVaries by deployment6.0