Markets News Report Technology
June 25, 2024

KelpDAO Launches L2 Bonanza Program To Incentivize Its Stakers With $1.5M Rewards

In Brief

KelpDAO introduced a $1.5 million L2 Bonanza plan to make restaking accessible and rewarding across Layer 2 networks.

KelpDAO Launches L2 Bonanza Program To Incentivize Its Stakers With $1.5M Rewards

Ethereum staking and EigenLayer native restaking solution KelpDAO introduced a L2 Bonanza plan, providing opportunities valued at approximately $1.5 million, aimed at enhancing utility for its liquid staking token rsETH. The plan aims to make restaking accessible and rewarding across Layer 2 networks.

Currently, KelpDAO offers restaking services across nine Layer 2 networks, encompassing Arbitrum, Optimism, Blast, ZKsync, and Scroll, among others. These networks collectively provide access to more than 40 decentralized finance (DeFi) opportunities. Certain opportunities are enhanced with grants, network rewards, and farming incentives.

KelpDAO recently secured an LTIPP Grant from Arbitrum amounting to 250,000 ARB tokens, which it plans to distribute as rewards to users. Participants can earn $30 worth of ARB for each wrsETH minted or bridged using KelpDAO’s platform. This opportunity is further supported by partnerships with Balancer, Camelot, PancakeSwap, and Equilibria, enhancing incentives for users. In addition, KelpDAO has obtained the Optimism Foundation Grant totaling 50,000 OP tokens. Users can earn $30 worth of OP for each wrsETH minted or bridged on the Optimism network, with additional incentives provided by Balancer and Extra Finance.

KelpDAO To Leverage Blast, ZKsync, And Scroll Rewards To Incentivize Restakers

A pool of 14,000 Blast Gold tokens has been allocated for Kelp restakers. Users can earn additional Blast Gold tokens by restaking, bridging wrsETH, and participating in decentralized finance (DeFi) activities. Blaster, Juice, and Thruster are also offering extra Blast Gold tokens to rsETH depositors. Additionally, ZKsync recently announced an allocation of 5.6 million ZK tokens for KelpDAO restakers, providing up to $60 worth of ZK tokens per wrsETH minted or bridged. Users can also earn extra ZK tokens through Kelp Miles with Koi Finance and SyncSwap.

Finally, wrsETH is the sole liquid restacking token eligible for earning Scroll Marks points. This token receives Tier 1 Marks Rewards on the Scroll platform, supported by co-incentives from Ambient and Layer Bank.

Kelp DAO operates as a solution for Ethereum staking and EigenLayer native restaking. By directing its Ethereum validators’ withdrawal credentials to EigenPods, Kelp DAO facilitates ETH tokenholders who lack the 32 ETH needed to run a validator node. This allows them not only to stake ETH on Ethereum but also to restake it on EigenLayer and validate and secure modules on EigenLayer, including consensus protocols and data availability layers.

To participate, users can stake native ETH using the KelpDAO application and receive ERC-20 rsETH tokens, which are non-rebasing, based on the current exchange rate. Unlike rebasing tokens, the exchange rate between rsETH and ETH rises gradually as ETH staking rewards accumulate.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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