What is PT-rsETH?
PT-rsETH-25JUN2026 is a Principal Token for Kelp DAO's rsETH (restaked ETH), redeemable 1:1 for rsETH at maturity on June 25, 2026.
Understanding Kelp rsETH
rsETH is Kelp DAO's liquid restaking token:
- Multi-LST Collateral: Backed by multiple liquid staking tokens (stETH, cbETH, etc.)
- EigenLayer Restaking: Deposits restaked on EigenLayer
- Liquid: Fully tradeable and usable in DeFi
- Diversified: Reduces single-LST concentration risk
Kelp provides a diversified approach to restaking, spreading risk across multiple liquid staking providers.
Diversified Restaking Benefits
Unlike single-asset restaking tokens, rsETH offers:
- Reduced Concentration Risk: Not dependent on any single LST provider
- Blended Yields: Average of multiple staking yields
- Protocol Resilience: Survives issues with any single underlying
Fixed Yield Strategy
Buying PT-rsETH locks in a fixed return on diversified restaking:
- Current Discount: PT trades below rsETH value
- Hold Period: Until June 25, 2026
- Redemption: 1 PT = 1 rsETH
- Your Profit: The initial discount
Maturity: June 25, 2026
Redemption at maturity:
- Each PT-rsETH redeems for 1 rsETH
- Simple process via Pendle
- Can continue holding rsETH or convert to ETH
Risks
- Kelp DAO Risk: rsETH depends on Kelp's operations
- Underlying LST Risks: Inherits risks from all underlying LSTs
- EigenLayer Risk: Smart contract exposure from restaking
- Slashing Risk: Multiple validator slashing possibilities
- Opportunity Cost: Fixed rate locks out yield increases