KelpDAO says rsETH recovery completed as backing returns above 100%
KelpDAO said it completed the operational phase of its rsETH recovery on 25 May after transferring a final tranche of 20,373.72 rsETH into the rsETH OFT adapter. The move capped a two‑week refill that added roughly 116,000 rsETH with support from Aave. KelpDAO’s live dashboard shows a 100.01% ETH backing ratio and full bridge lockbox coverage via LayerZero and Chainlink, and minting, redemption and rewards are reported as functioning normally. The update aims to restore confidence in rsETH solvency and cross‑chain redemption reliability, which should reduce short‑term redemption pressure and help stabilize liquidity in the restaking/liquid‑staking sector. Aave’s involvement underscores cross‑protocol coordination during the recovery, likely dampening contagion risk across DeFi if users accept the dashboard’s proof‑of‑backing metrics.