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ether.fi vs Kelp DAO

How ether.fi and Kelp DAO differ on token, backend, TVL and approach.

ether.fiKelp DAO
TypeEigenLayer LRTMulti-LST LRT
LRT tokeneETH / weETHrsETH
How it worksStake ETH (or an LST) for eETH, restaked via EigenLayer (and beyond) to earn staking + AVS rewards; weETH is the wrapped, DeFi-friendly version. Uniquely, users keep control of their withdrawal keys. Also runs the ether.fi Cash card.Deposit supported LSTs (stETH, ETHx, sfrxETH) or ETH to mint rsETH, restaked via EigenLayer. Kelp pioneered points-stacking early in the restaking boom.
Restakes onEigenLayer (+ Symbiotic)EigenLayer
TVL*~$6B+~$1B (post-exploit)
Best forThe safe default — liquidity & integrationsExisting LST holders

ether.fi

  • Largest LRT by far (~65% share)
  • Deepest DeFi liquidity & integrations
  • Non-custodial withdrawal keys
  • Yield not always the highest
  • Systemic weight / concentration

Kelp DAO

  • Accepts multiple LSTs (stETH/ETHx/sfrxETH)
  • Simple deposit → rsETH
  • Broad availability & integrations
  • April 2026 LayerZero-adapter exploit (~$290M, ~18% of supply)
  • Triggered sector-wide withdrawals — trust hit

Bottom line

Pick ether.fi for the safe default — liquidity & integrations; pick Kelp DAO for existing lst holders.

* TVL = dated snapshot (DefiLlama + provider reports, 2026).