Liquid restaking protocol Kelp has opened claims for the KEP token, allowing users to access a tokenized version of EigenLayer reward points.

Kelp, so far, has 156 million KEP tokens — of which 10 million of these tokens have been claimed by users, Kelp data shows. This gives these tokens a diluted market cap of $21 million at a price of $0.14 per token.

This development occurs within the context of growing interest in liquid restaking, where the total value locked across leading platforms has surpassed $4 billion. Kelp itself has secured total deposits of more than $600 million.

Understanding restaking and liquid restaking

EigenLayer’s strategy involves leveraging ETH’s economic security by accepting native ETH — which can be directly restaked by Ethereum validators — and liquid …