rsETH is a liquid restaking token (LRT) deployed on Base at 0x4186bfc76e2e237523cbc30fd220fe055156b41f, representing restaked Ethereum. Issued by Kelp DAO, it functions as a yield-bearing derivative that wraps staked ETH and restakes it on EigenLayer to capture additional validator and Actively Validated Service (AVS) rewards. While the token is bridged to Base, its primary liquidity and yield-bearing activity currently reside on Ethereum and Arbitrum, where it is actively structured in Pendle markets with maturities throughout 2024.
The token has not yet established a presence in Base-native liquidity venues like Aerodrome, as indicated by the empty pool list. Its Pendle market data shows consistent TVL in the tens of millions across multiple maturity dates, with implied APYs ranging from roughly 0.09% to 0.58%, reflecting the market's pricing of its underlying restaking yield. As an LRT, rsETH is designed to provide exposure to Ethereum staking and restaking rewards while maintaining liquidity for DeFi composability across chains.