lrt collateral asset
rsETH
Kelp rsETH is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
under reviewcritical
Exposure
$900.0M
Mapped usage across reviewed markets.
Deployments
3
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
4
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameKelp rsETH
IssuerKelpDAO
Typelrt
Canonical chainEthereum
BackingLiquid restaking token backed by restaked ETH positions and cross-chain deployments.
RedemptionExit depends on KelpDAO redemption mechanics, restaking withdrawals, and any bridge or messaging path in use.
Review statusunder review
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Arbitrum One | deployment | Ethereum L1 | Stage 1 |
| Base | deployment | Ethereum L1 | Stage 1 |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| KelpDAO | rsETH issuance and deployments | Ethereum | 0% | 0% | $880.0M | $0 | 73.0% |
| Pendle | LST and LRT yield markets | Ethereum | 0% | 0% | $2.30B | $0 | 81.0% |
| EigenLayer | Restaked ETH dependencies | Ethereum | 0% | 0% | $7.40B | $0 | 84.0% |
| LayerZero | OFT-linked collateral paths | Ethereum | 0% | 0% | $1.30B | $0 | 86.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| critical | bridge wrapper | Bridge verification path requires close review | A bridge or watcher can release unbacked assets. | The brief highlights rsETH-style cross-chain invariant monitoring as a launch priority. | |
| high | exposure concentration | Collateral use can transmit bridge failure | Bad debt can accrue. | If impaired rsETH remains usable as collateral, lending protocols can inherit the asset failure. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| critical | outbound | backs | rsETH -> WETH | rsETH is backed by restaked ETH positions |
| critical | outbound | bridged by | rsETH -> LayerZero | rsETH cross-chain paths can depend on LayerZero-style verification |
| high | inbound | accepts collateral | KelpDAO -> rsETH | KelpDAO rsETH issuance and deployments accepts rsETH as collateral or core liquidity |
| medium | outbound | settles on | rsETH -> Arbitrum One | rsETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | rsETH -> Base | rsETH deployment inherits Base chain assumptions |
| low | outbound | settles on | rsETH -> Ethereum | rsETH deployment inherits Ethereum chain assumptions |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| critical | outbound | backs | rsETH -> WETH | rsETH is backed by restaked ETH positions |
| critical | outbound | bridged by | rsETH -> LayerZero | rsETH cross-chain paths can depend on LayerZero-style verification |
| high | inbound | accepts collateral | KelpDAO -> rsETH | KelpDAO rsETH issuance and deployments accepts rsETH as collateral or core liquidity |
| medium | outbound | settles on | rsETH -> Arbitrum One | rsETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | rsETH -> Base | rsETH deployment inherits Base chain assumptions |
| low | outbound | settles on | rsETH -> Ethereum | rsETH deployment inherits Ethereum chain assumptions |