✅Kelp DAO opens trading of the $340m EigenLayer airdrop market with KEP✅
Kelp DAO introduced KEP, a tokenised representation of EigenLayer points.
Some 4.6 million KEP tokens have been claimed and are trading at $0.17.
DeFi users have flocked to restaking protocol EigenLayer and liquid restaking protocols recently due to a rising trend around of points — a wider trend in DeFi that typically heralds an upcoming airdrop. Users earn points — and free tradable tokens in the future — by using these protocols.
That has also given rise to a speculative market on points.
One of those liquid restaking protocols, Kelp DAO, launched on Wednesday the first tokenised representation of EigenLayer points dubbed Kelp Earned Points token, or KEP.
Liquid restaking protocols like Kelp DAO take user deposits, restake them in EigenLayer and provide the users with a receipt in the form of a new token, rsETH, which users can use elsewhere in DeFi.
Investor deposits in Kelp DAO ($)
One KEP from Kelp DAO is equal to one EigenLayer point. KEP is an ERC-20 token meaning it can be traded without any restrictions on decentralised exchanges, like Balancer.
Some 4.6 million KEP tokens have been claimed, out of over 152 million earned so far by Kelp DAO users.
Kelp charges a 0.5% fee on all KEP claims and plans to use these fees as extra incentives for rsETH restakers on its protocol.
