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Kelp DAO vs ether.fi

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

Kelp DAOether.fi
TypeMulti-LST LRTEigenLayer LRT
LRT tokenrsETHeETH / weETH
How it worksDeposit supported LSTs (stETH, ETHx, sfrxETH) or ETH to mint rsETH, restaked via EigenLayer. Kelp pioneered points-stacking early in the restaking boom.Stake 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.
Restakes onEigenLayerEigenLayer (+ Symbiotic)
TVL*~$1B (post-exploit)~$6B+
Best forExisting LST holdersThe safe default — liquidity & integrations

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

ether.fi

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

Bottom line

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

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