rsETH Smart Vault
Built with Stader’s ETHx & KelpDAO’s rsETH
TL;DR
Introducing the rsETH Smart Vault by VaultCraft! The easiest way to deposit into rsETH while earning full and boosted rewards.
Available now with 3x Kelp Miles: https://kelpdao.xyz/defi/
The basics:
- Earn native ETH staking yield
- Earn EigenLayer points
- Earn Kelp Miles
- Earn AVS rewards
The bonus:
- 3x Kelp Miles (from KelpDAO)
- Deposit with any bluechip asset
- Boost your yield with oVCX rewards
- 100K bonus Kelp Miles per rsETH (from KelpDAO)
- Up to 1M extra EigenLayer points (from Stader)
How it works
Step 0.5 (Zap to ETH):
When depositing on app.vaultcraft.io, you can select from a variety of assets to ‘zap’ into ETH. This essentially swaps your deposit for ETH, eliminating the need for you to unwrap WETH or swap to ETH prior.
E.g., you can start the flow with 1000 USDC and zap to ETH directly on the Smart Vault interface
Step 1 (Mint ETHx)
First, the vault will walk you through depositing ETH to Stader to mint ETHx. ETHx is Stader’s liquid staking token (LST) and represents your contribution to validator staking.
Step 2 (Mint rsETH)
Next, the vault will walk you through depositing the ETHx on KelpDAO to mint rsETH. rsETH is KelpDAO’s liquid restaking token (LRT) and represents your contribution to re-staking on EigenLayer.
Step 3 (Vault Deposit)
At this point, you will have successfully minted rsETH and are ready to deposit into the vault. Depositing into the vault is necessary to receive oVCX boost rewards.
VaultCraft vaults are built on the ERC4626 model - so your holdings are represented by ERC20 tokens known as vaultshares. Similar to LP tokens in a DEX, you can redeem your vault shares to withdraw your rsETH at any time!
What’s the yield?
Native ETH Staking
Ethereum is a Proof-of-Stake (PoS) blockchain that requires validators to stake ETH to be eligible to validate transactions and earn fees. Node operators can crowd-source the necessary ETH and share their earned fees. With LSTs, the process of selecting node operators and balancing slash risks is managed by the token’s protocol — creating a passive yield opportunity with upside exposure to ETH.
EigenLayer restaking
EigenLayer is at the forefront of Ethereum “restaking”. Similar to how staking secures the Ethereum consensus mechanism, restaking extends this service to third parties who can rely on Ethereum’s pooled security layer. Third parties, known as Actively Validated Services (AVS) compensate restakers for using their deposits as security, creating an additional yield source.
Kelp Miles
Kelp Miles help track your contribution to Kelp and define the proportion of rewards which will be distributed to the users. Read more..
EigenLayer restaking points
EigenLayer calculates restaked points through the formula:
Time-integrated amount staked in units of ETH * hours
Users will receive points at individual level proportionate to their amount of LST deposited. Read more…
What’s the boost?
3x Kelp Miles for using rsETH in DeFI
Kelp offers 3x miles for using rsETH in DeFi. Access the vault now directly on KelpDAO’s DeFi page.
Stader extra EigenLayer Points
Stader provides exclusive benefits for KelpDAO users who use ETHx instead of other LSTs to mint rsETH (that’s us)! Earn up to 1M extra EigenLayer points (100k per day between Jan 23rd — Feb 2nd).
KelpDAO bonus Kelp Miles
Similarly, KelpDAO is sweetening the deal ahead of the next EigenLayer cap raise. Earn 100k (pro-rated) bonus Kelp Miles per rsETH.
VaultCraft oVCX emissions
Additionally, this vault exists as a Flagship Smart Vault on app.vaultcraft.io. Similar to Curve or Balancer, veVCX holders vote on weekly emissions of oVCX to boost the reward APY on vaults. In the first month, over 4M oVCX has been exercised and 7 vaults have triple-digit reward APYs. Check out the stats page or read this thread to learn how to optimize your oVCX boost.
FAQ
Why should I use VaultCraft to deposit into EigenLayer?
Restaking can be complicated. You can deposit into EigenLayer using ETH, an LST, or by going through an LRT protocol. Even within LRTs, different LST deposits may be rewarded differently.
VaultCraft makes it simple. By using the ETH->ETHx->rsETH path, users earn optimal boost rewards from Stader and KelpDAO while maintaining their EigenLayer points and yield. The deal gets sweeter with VaultCraft’s oVCX mechanics, which provide weekly emissions to boost a vault’s APY.
Why should I keep my rsETH in the Smart Vault instead of my wallet?
Put simply, oVCX rewards make passive holding even sweeter. You maintain all the benefits and yield of holding rsETH in your wallet + weekly rewards in the form of oVCX.
Can I deposit if I already have rsETH?
Yes! Even if you minted rsETH or acquired it through a DEX, you can deposit it into the VaultCraft Smart Vault to start earning oVCX.
Will I still earn Kelp Miles and EigenLayer points?
Yes! KelpDAO has confirmed they will continue to reward users even if their rsETH is deployed in DeFi activities. Read more…
What are the fees?
There are no fees — your yield is yours. No management fees, no performance fees, and no point skimming.
DYOR
What’s EigenLayer?
“EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer. Users that stake ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards.”
What’s KelpDAO?
“Kelp DAO was founded by Amitej G and Dheeraj B, who have previously founded Stader Labs, a multichain liquid staking platform with $350M+ in TVL. The team is focused on building Liquid Restaking Solutions for public blockchain networks. The Kelp DAO team is currently building an LRT solution, rsETH, on EigenLayer for Ethereum.
rsETH is a Liquid Restaked Token (LRT) issued by Kelp DAO designed to offer liquidity to illiquid assets deposited into restaking platforms, such as EigenLayer. It aims to address the risks and challenges posed by the current offering of restaking.“
