10 Top Kelp DAO Competitors for Liquid Restaking

Competition is fierce in the liquid restaking space of DeFi, and Top Kelp DAO Competitors for Liquid Restaking is in an excellent position to benefit from this trend. While Kelp DAO will definitely gain market share as a result of the advancing DeFi trend and more users demanding better and innovative yields, competitors are already serving this demand in various ways.

What other restaking competitors are doing and how the market is reacting to this is pivotal in mapping out the restaking space. This includes other models, regulations, and the scope within which restaking can be used.

What Is Kelp DAO?

Kelp DAO is a restaking protocol, similar to Rocketpool or Lido, but with the addition of Eigenlayer integration to offer restaked rewards for both Ethereum staking and Eigenlayer. Kelp DAO simplifies restaking by pooling deposits, delegating them to validators, and automatically distributes rewards to users.

Kelp DAO boasts deep DeFi integration, and rsETH has been implemented as collateral in decentralized finance applications. Kelp DAO offers a basic version of EigenLayer’s restaking and staking options, as well as integrated delegation and reward management.

Key Points

Protocol	Key Point
ether.fi	Safest default choice due to liquidity depth & integrations.
Renzo	Best L2 coverage & strong DeFi integrations (Pendle, Curve).
Puffer	Lowest fee (5%) among major LRTs; security‑focused design.
Swell	Highest APY among major LRTs (4.3% in 2026).
Mellow	Best for customizable, isolated restaking exposure.
Bedrock	Only major LRT supporting both ETH & BTC restaking.
Eigenpie	Best for single‑asset, isolated restaking risk.
Liquid Collective	Institutional alternative to LRTs for regulated staking.
Lido (stETH → restaked via LRTs)	Controls upstream liquidity that LRTs depend on.
Rocket Pool (rETH → restaked)	Decentralized alternative for users avoiding LRT aggregation risk.

1. Ether.fi

Ether.fi introduced its non-custodial liquid restaking protocol in 2023, utilizing EigenLayer to create the eETH/weETH token. Users are able to deposit ETH and LSTs to be staked by dedicated validators, with the staked ETH automatically being re-staked to Curved AVS.

At the time of writing, Ether.fi’s total value locked (TVL) was in the multiple billions of dollars, and the protocol gave users yield through ETH staking rewards, AVS rewards, and points.

To withdraw weETH, users must wait for their validators on Ethereum to exit, wait for their ETH to be unbonded on EigenLayer, and then wait to have their ETH wrapped. Once unwrapped, users are put in a first-in, first-out (FIFO) queue to withdraw their ETH.

weETH has been integrated with multiple DeFi protocols, and as a result, weETH holds value and gives users liquidity to gain additional leverage. Slashing, de-peg, and Smart Contract risks all apply to Ether.Fi.

Key Features

• Less custody risk as users hold withdrawal keys.
• Integration with Etherema and other DeFi platforms.
• Largest Total Value Locked of all Layer 2 solutions.
• Diversified AVS restakes across multiple EigenLayer apps.
• Investment opportunities across DeFi, including Aave, Morpho, Pendle, leveraged loans, and other vaults.

Main Risks

• Slashing of AVS on EigenLayer.
• Removing liquidity leading to ezETH depeging.
• Smart contract bugs despite processor tests.
• Exits of Ethereum validators causing delays in withdrawals.

2. Renzo

Launched in 2023-24 as an EigenLayer LRT aggregator issuing ezETH, Renzo promises better yield and less risk by distributing staked tokens across multiple AVS contracts. Like EtherFi, Renzo has TVL in the billions, and stakes ETH and Layer 2 tokens to earn yield.

Renzo’s ezETH is very popular in Layer 2 DeFi. Users can post ezETH as collateral on money markets and participate in liquidity pools on Layer 2 of the Aave and CurveFi.

Like other DeFi platforms, risks associated with using Renzo are predominantly smart contract and liquidity risk. Renzo has previously suffered a minor depeg (loss of 0.7% in value) from its peg to ETH.

Key Features

• Liquidity and DeFi solutions on Layer 2.
• Risk diversification through AVS restaking.
• Liquidity provided for Pendle and Curve.
• highest AVS restakes.
• Significant increase in TVL.

Main Risks

• Small depegs of ezETH.
• Reliance on AVS operators.
• Withdrawal delays from EigenLayer.
• Risks associated with DeFi.

3. Puffer

Puffer Finance launched in 2023-2024 with pufETH staked on Eigen Layer. Puffer stakes users’ ETH and restakes it to AVS. As a result, TVL is slower growing, around $20-30 million in 2026. To protect against slashing attacks, Puffer employs Secure-Signer to validate messages. Similar to other LRTs, users’ yields come from staking ETH and younh w AVS rewards.

pufETH has been integrated into several DeFi platforms. Similar to other liquid staked tokens, pufETH suffers from low liquidity and large, non-guaranteed redemptions. The Secure-Signer and conservative selection of AVSs shield users from slashing attacks. However, users of the protocol are still at risk of smart contract, bridge (if any) and price-rick/de-peg attacks, especially if the market is turbulent.

Key Features

• Safe-Signer technology to avoid slashing.
• pufETH and restaking.
• Preferred AVS to lessen risk.
• Having ETH only gives direct exposure.
• Increasing DeFi integrations and solutions.

Main Risks

• Less liquidity and larger slippage.
• Slashing risk of AVS.
• Withdrawal delays.
• Smart contract risk.

4. Swell

Swell launched its liquid staking and restaking (rswETH) services in 2022. Similar to other LRTs, users’ yield comes from staking rewards and ancillary rewards. Swell’s TVL (around $20-30 million in 2026) and yields are comparable to other LSTs.

Swiyll integrates rswETH into various elements of the SwellChain/Swell DeFi ecosystem, specifically offering liquidity and composability through various pools and farms. Processing a withdrawal is dependent on the validators and the restaking strategy, therefore the actual withdrawal time is uncertain.

For security purposes, Swell has used audited codes, worked with reputable validators and used a variety of techniques to reduce AVS risk. Swell, however, was among the protocols that significantly lost TVL because of the Kelp bridge exploitation incident, indicating that cross-bridge and inter-protocol risks exist and are considerable.

Key Features

• rswETH LRT is a staking and restaking mechanism.
• Presence of two restaking layers (EigenLayer and Symbiotic).
• Competitive APY compared to other LRTs.
• Positive impact of the Swellchain ecosystem on liquidity.
• Integration with major DeFi pools.

Main Risks

• price fluctuations of TVL, table turnovers in the ecosystem.
• Risk of a peg in leveraged pools.
• Bugs in smart contracts.
• Withdrawal delays depending on the strategy.

5. Mellow

Mellow was launched in the later part of 2020 and was a modular LRT vault Sybil attack platform. Instead of taking a single LRT, Mellow issued multiple, strategy-specific LRT tokens. ETH and LST are the focus of the restaking strategies.

Each of these strategies is vaulated separately. The project has been able to amass a TVL of over $300 million. Each vault offers users the ability to earn AVS rewards and Protocol Vault incentives.

Mellow focuses on atypical, more advanced DeFi users. Users are offered the opportunity to invest in structured products and pools. Security and risk isolation are the main focus of the project. Users can earn rewards for staking, but are exposed to smart contract, AVS and Depegs risks. Users also face the risk of strategy and complexity risk.

Key Features

• Modular vaults.
• Integration with EigenLayer and Symbiotic.
• Vaults with variable risk.
• Structured and risk-segmented products.
• Integration with DeFi.

Main Risks

• Withdrawal delays.
• Bugs in smart contracts.
• Slashing of AVS.
• Withdrawal delays depending on the strategy.

6. Bedrock

Launched in 2024, Bedrock is a liquid restaking protocol that supports multiple assets and issued the first unwrapped Ethereum and wrapped Bitcoin. Extending the LRT model to Bitcoin allows users to access Bitcoin-backed restaking through wrapped or staked Bitcoin. Restaking on Bedrock occurs on EigenLayer and other layers with shared security.

The Bedrock team aims to build a similar product to Charm, which enables users to stake ETH in exchange for LST and provides other staking services. However, Bedrock focuses on ETH and LSTs staking, and liquidity in the Bedrock staking pools is in the tens of millions as of 2026. Yields are composed of base staking rewards, and Bedrock’s Avalanche Rush (AVS) rewards and incentives.

Integrating Bedrock with other DeFi protocols allows users to stake ETH and BTC and access different pools, structured products and loans. Withdrawals are difficult because they depend on the exit of the Ethereum validators and the mechanics of withdrawing the Bitcoin wrapper. Bedrock’s design increases the risks that are present in Liquid Restaking Tokens (LRTs), including Slashing, Smart Contracts risks and De-peg.

Key Features

• Restaking for Ethereum and Bitcoin.
• Source of yield for Ethereum and Bitcoin Staking.
• Restaking beyond Ethereum.
• Integration and growth of DeFi for multi-asset collateral.

Main Risks

• Bugs in smart contracts.
• Withdrawal delays for Bitcoin.
• Liquidity for Ethereum-only LRTs.
• Bridge and wrapper risks for Bitcoin.

7. Eigenpie

Eigenpie was launched on EigenLayer in the 2020s, and like Bedrock, supports restaking of ETH and LSTs. Unlike Bedrock, which focuses on ETH and LSTs, Eigenpie focuses on individual tokens. The individual tokens represent restaked positions of single LSTs and ETH.

Similar to Bedrock, Eigenpie’s individual tokens have varying yields and risks and are composed of base staking rewards and AVS rewards and incentives. Eigenpie’s TVL is less than $10 million.

Currently, EigenToken focus has been on niche DeFi markets, and thus has not achieved main collateral status. Withdrawals occur based on the EigenLayer and validator exit queues. Each asset is isolated and for the most part, problems with one asset will not spread to other assets. Users still must be mindful of which smart contracts they interact with, as smart contracts are still prone to bugs.

Key Features

• Isolated LRTs
• Each token corresponds to a specific AVS.
• Supports ETH and LST.
• Features of DeFi of interest to more advanced users.
• Vaults divided by risk.

Risks

• Liquidity risks and volatility.
• Risk of AVS slashing.
• Risks due to smart contract code.
• Withdrawal delays.
• Stars: 8. Liquid Collective

8. Liquid Collective

Liquid Collective, launched in 2022, focuses on regulated staking of ETH and other PoS assets, and issues user tokens for staked assets (e.g. LSETH). Like other liquid staking solutions, Liquid Collective competes for ETH staking liquidity.

Their primary customers are regulated funds, financial intermediaries and other institutions, and they offer report and risk control services. With humungous capital backing, Liquid Collective offers users staking rewards and Institutional trading commissions.

Compared to retail liquid staking solutions, Liquid Collective has a more conservative approach to risk. Their focus is more on counterparty risks, whereas other DeFi solutions focus more on liquidity and leverage risks. Thus, Liquid Collective offers a way to gain ETH staking rewards outside the liquid staking solutions.

Key Features

• Staking compliance for institutions.
• LSETH is staked by regulated custody.
• process controls for institutions.
• Large TVL for institutions.
• Staking provides a stable income for institutions.

Main Risks

• Institutional customers are exposed to regulators.
• There is a risky Custodial counterparty.
• There is no LRT for boosted staking.

9. Lido (stETH → restaked via LRTs)

Launched in 2020, Lido is the first and biggest liquid staking service, offering staked ETH (stETH/wstETH) to users. Lido also offers other liquid staking services backed by different assets. Lido does not have its own LRTs.

However, their tokens (stETH/wstETH) serve as collateral for other LRTs (Kelp, etc.) issued by EigenLayer. Lido also manages some of the biggest staked ETH and has aTVL in the billions.

As liquid staking derivatives of ETH, stETH/wstETH have been widely integrated in DeFi, and are major building blocks for restaking strategies. Lido validators manage staking, and users are in queue to be unstaked (like staking ETH on Eth 2.0).

Lido also has other risk management strategies like on-chain governance and frequent audits. However, risk is still concentrated on Lido as they control a large percent of staked ETH. Due to complicated DeFi strategies involving staked ETH, like rehypothication of stETH for LRTs, users are exposed to governance, smart contract risk and depegs.

Key Features

• More stETH and wstETH liquidity.
• First source of liquidity for LRTs.
• Consolidated set of staking validators.
• Stable staking returns.

Main Risks

• stETH and wstETH experience price fluctuations and can become completely unpegged.
• Because Lido controls a large portion of staking, there is centralization risk.
• Smart Contract Bugs.
• Governance is controlled by a few.

10. Rocket Pool

Rocket Pool launched its staking service in 2018-2019 and released rETH. Like Lido, it does not create LRT. However, like other staking derivatives, rETH is used in liquidity pools for LRT and staking. Rocket Pool has focused on ETH staking and has created a permissionless staking service with a focus on decentralization.

While the staking service is new, Rocket Pool has positive reviews and ETH staking yields. Similar to Lido, the staked ETH represents rETH and increases in value over time. The value does not reset like other staking derivatives.

It has quick integration into major DeFi services and has a positive impact on Rocket Pool and the ETH staking service. While the staking service concentrates on decentralization, users are still at risk of ETH value depeg, smart contract risks and slashing, particularly if rETH is used for further staking and DeFi services.

Key Features

• rETH has increase in value and is staked by a decentralized network.
• Decentralized mini staking pools.
• Integrated with DeFi.
• Community governed.

Main Risks

• Rocket Pool can become staking monopoly.
• Smart Contract risks.
• Slashing is a risk because of decentralized network validators.
• Validators can cause withdrawal delays.

Kelp DAO Competitors Comparison

Protocol	Token (LRT / LST)	Launch Year	Restaking Layer	Supported Assets	TVL Scale	Yield Model	DeFi Reach	Security Model
ether.fi	eETH / weETH	2023	EigenLayer	ETH, LSTs	Very High (Billions)	Staking + AVS rewards + incentives	Very High (Aave, Morpho, Pendle)	Non‑custodial keys, diversified operators
Renzo	ezETH	2023–24	EigenLayer	ETH, LSTs	High (Billions)	Staking + AVS + incentives	High (Pendle, Curve, L2s)	Multi‑operator routing, audited contracts
Puffer	pufETH	2023–24	EigenLayer	ETH	Medium	Staking + AVS + incentives	Medium	Secure‑Signer anti‑slashing, conservative AVS
Swell	rswETH	2022–23	EigenLayer + Symbiotic	ETH, LSTs	Medium	Dual‑layer yield + incentives	Medium–High	Audited contracts, diversified AVS
Mellow	Multiple vault tokens	2024–25	Symbiotic + EigenLayer	ETH, LSTs	Medium–High	Vault‑specific yields	Advanced DeFi	Risk‑isolated vaults, curated operators
Bedrock	uniETH / uniBTC	2024	EigenLayer + multi‑chain	ETH, BTC	Medium	ETH staking + BTC wrapper yield + AVS	Medium	Cross‑chain security + audits
Eigenpie	Isolated LRTs (mstETH etc.)	2024–25	EigenLayer	ETH, LSTs	Low	Per‑asset staking + AVS	Niche	Isolated risk per asset
Liquid Collective	LSETH	2022	Institutional staking	ETH	High	Base staking yield	Low	Regulated custodians, enterprise security
Lido	stETH / wstETH	2020	N/A (LST only)	ETH	Very High (Billions)	ETH staking	Very High	Curated operators, governance controls
Rocket Pool	rETH	2018–19	N/A (LST only)	ETH	High	ETH staking	High	Decentralized node operators

Conclusion

Kelp DAO plays a key role in the growing liquid restaking economy. Its rsETH token makes staking and restaking simpler and more convenient, and improves the liquidity of users’ staked ETH across several DeFi protocols. Projects like ether.fi, Renzo, Puffer, Swell, and Mellow demonstrate that the restaking sector is quite competitive, and focuses on product differentiation, like varying the types of risks borne by users.

Different security and yield-bearing strategies allow protocols to differentiate themselves in the restaking sector. Kelp DAO and other protocols should be able to identify how best to incorporate flexibility and broaden the use cases of their products in order to improve their competitiveness and survive in the restaking sector.

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