Kelp at a glance: 6.50/10 in July 2026
Kelp is a liquid restaking protocols (LRTs) protocol deployed across 1 chain, primarily on Ethereum. On our 5-criterion composite methodology for liquid restaking protocols (LRTs), it ranks below ether.fi Stake and Renzo while sitting above Puffer Stake and Mantle Restaking in our current composite.
Liquid restaking protocols build on EigenLayer to give users a tradeable receipt token (LRT) representing ETH that is both staked in Ethereum and restaked to secure additional AVSs (Actively Validated Services). Users earn ETH staking yield plus AVS rewards, minus slashing risk on both layers. Every score below comes from DefiLlama's on-chain aggregation. No affiliate arrangement influences the ranking.
Capital depth and market position
TVL of $961.26M — top-tier in the category. Institutional-grade capital depth.
Ranked #2 in the category by TVL — top-3 protocol.
For LRTs, TVL represents the aggregate ETH being restaked through the protocol. Larger LRT TVL means deeper secondary-market liquidity (easier exits without waiting for EigenLayer withdrawal queues) and typically better AVS selection through economies of scale.
Battle-tested history
Launch date not clearly documented in public data.
LRTs are the newest DeFi primitive — most launched 2023-2024. Very few have operated through a full stress event yet. The category carries elevated smart contract and economic risk vs older DeFi primitives; sizing accordingly is prudent.
Chain reach
Single-chain deployment — users must be on that specific network to access the protocol.
LRTs are Ethereum-native by design. Most are single-chain on Ethereum mainnet; some issue wrapped versions on L2s for DeFi integration. Cross-chain LRT liquidity fragmentation is a known UX issue.
Recent momentum
-0.6% TVL over 7 days — mild outflows in line with sector movement.
Short-term momentum reflects both organic growth and incentive-driven flows. Sustained TVL over multiple months is a stronger signal than any single-week move.
Who Kelp is for — and who should look elsewhere
Best fit: Users needing maximum liquidity depth for institutional-scale positions.
Look elsewhere if: Kelp is less suitable for users whose primary priority is battle-tested or chain coverage.
Direct alternatives worth comparing: ether.fi Stake and Renzo score higher on our composite. See the full Best Liquid Restaking Protocols (LRTs) ranking.
