How Puffer and Kelp DAO differ on token, backend, TVL and approach.
| Puffer | Kelp DAO | |
|---|---|---|
| Type | Anti-slashing LRT | Multi-LST LRT |
| LRT token | pufETH | rsETH |
| How it works | Native liquid restaking: pufETH is yield-bearing (mirrors wstETH) with Puffer’s anti-slashing tech to cut validator penalties; it accrues Puffer + EigenLayer points. Puffer also builds a based rollup. | Deposit supported LSTs (stETH, ETHx, sfrxETH) or ETH to mint rsETH, restaked via EigenLayer. Kelp pioneered points-stacking early in the restaking boom. |
| Restakes on | EigenLayer | EigenLayer |
| TVL* | ~$106M | ~$1B (post-exploit) |
| Best for | Slashing-conscious restakers | Existing LST holders |
Pick Puffer for slashing-conscious restakers; pick Kelp DAO for existing lst holders.
* TVL = dated snapshot (DefiLlama + provider reports, 2026).