DeFiPunk'd

KernelDAO

3 deployments · $1.4B aggregate TVL · Liquid Restaking

Deployments

Each deployment is rated independently. Pick one to see its rating, risk analysis, and stage.

TVL $1.3B
Type Liquid Restaking
Chains Ethereum, Arbitrum, Optimism, Manta, Mode +11
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty immunefi.com Governance forum Docs kelp.gitbook.io
About

Kelp (rsETH) is a liquid restaking protocol on Ethereum where users deposit liquid staking tokens (stETH, ETHx, ETH) and receive rsETH — a liquid restaking receipt token — that accrues EigenLayer restaking rewards and ETH staking rewards while remaining transferable. Assets are delegated through NodeDelegator contracts to EigenLayer strategies operated by node operator partners. rsETH is bridged to multiple L2s via OFT adapters and can be used across DeFi; withdrawals are handled through a dedicated withdrawal flow audited separately.

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 36 addresses on file · 1 run Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 8 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
4 dimensions not yet assessed (Control, Ability to exit, Autonomy, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Autonomy unknown Unverified
    No Phase-0 autonomy signal

    Neither the category heuristic nor the forkedFrom signal fires for this protocol. A real autonomy graph (oracles, bridges, fallbacks, governance-mutable dependencies) arrives with Phase-2 onchain discovery.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  4. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

Kelp has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 38addresses
  • 2verified source
  • 1proxies
  • 0of 1 owners are Safes

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-05-07.

Arbitrumbridge (KERNEL OFT)0x6e40…eacfdiscoverybridge
Arbitrumpool (RSETHPool)0x376a…1b61discovery
Arbitrumtoken (rsETH wrapped)0x4186…b41fdiscoverytoken
Basetoken (rsETH OFT)0x1bc7…5993discoverytoken
berachainRSETH_OFT0x4186…b41fTVL0x7ac1…c18c
ethereumTransparentUpgradeableProxy0x0366…375dTVL + discproxyrouter
Ethereumbridge (KERNEL OFT Adapter)0x2a1d…d513discoverybridge
Ethereumbridge (RSETH OFT Adapter)0x85d4…8ef3discoverybridge
Ethereumfactory0x673a…cee2discoveryfactory
Ethereumlrt_config0x947c…5ec7discovery
Ethereummanager_timelock0x1fda…e674discoverytimelock
Ethereummultisig (admin, 3/5 threshold)0xb957…0da2discoverymultisig
Ethereummultisig (dev)0x8d51…ac1ediscoverymultisig
Ethereummultisig (eigen)0xee68…5bc6discoverymultisig
Ethereummultisig (external admin, 6/8 threshold)0xb369…a46ddiscoverymultisig
Ethereummultisig (manager, 2/5 threshold)0xcbcd…29a1discoverymultisig
Ethereummultisig (pauser)0xb6ab…9559discoverymultisig
Ethereummultisig (protocol treasury)0x322f…6f78discoverymultisig
Ethereumnode_delegator_00xfc56…cb85discovery
Ethereumnode_delegator_1 (Luganodes)0x3958…8946discovery
Ethereumnode_delegator_2 (P2P)0x79f1…2c32discovery
Ethereumnode_delegator_30x4c79…2f83discovery
Ethereumnode_delegator_40xee54…53d3discovery
Ethereumnode_delegator_5 (Allnodes/Pier2)0x049e…ba7bdiscovery
Ethereumnode_delegator_6 (Luganodes ex-Kiln)0x545d…3ab9discovery
Ethereumoracle0x349a…020ddiscoveryoracle
Ethereumoracle (Chainlink price oracle)0x78c1…d6e6discoveryoracle
Ethereumpool (KernelDepositPool)0xc64c…690ddiscovery
Ethereumproxy_admin0x7550…53fadiscovery
Ethereumproxy_admin0xb61e…dc78discovery
Ethereumproxy_admin (L1Vault contracts)0x2155…b2c1discovery
Ethereumtimelock0x49bd…35b1discoverytimelock
Ethereumtimelock (L1Vault contracts)0x10e5…b869discoverytimelock
Ethereumtoken0xa129…e5a7discoverytoken
Ethereumtoken (KERNEL)0x3f80…4ccfdiscoverytoken
Lineatoken (rsETH OFT)0x4186…b41fdiscoverytoken
Optimismtoken (rsETH wrapped)0x4186…b41fdiscoverytoken
swellchainrsETH0xc3ea…9f58TVL

Protocol Info

Links

[defillama] Source: DeFiLlama [:] Source: DEFI@home quorum
Twitter
@kernel_dao
GitHub
Kelp-DAO

Security

[defillama] Source: DeFiLlama [:] Source: DEFI@home quorum
Audits
3 audits
Security contact
unknown

Technical

[:] Source: DEFI@home quorum
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-06-01 11:27 UTC