How Swell and Kelp DAO differ on token, backend, TVL and approach.
| Swell | Kelp DAO | |
|---|---|---|
| Type | Dual-restake LRT | Multi-LST LRT |
| LRT token | rswETH | rsETH |
| How it works | Swell issues swETH (LST) and rswETH (LRT). "Proof of Restake" uses restaked assets to secure both EigenLayer AVSs and Symbiotic networks, and Swell runs its own L2 (Swellchain). | 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 + Symbiotic | EigenLayer |
| TVL* | ~$200M | ~$1B (post-exploit) |
| Best for | Dual EigenLayer + Symbiotic exposure | Existing LST holders |
Pick Swell for dual eigenlayer + symbiotic exposure; pick Kelp DAO for existing lst holders.
* TVL = dated snapshot (DefiLlama + provider reports, 2026).