Kelp vs Renzo: Liquid Restaking Challenger Comparison 2026
Kelp DAO and Renzo are both challenging EtherFi's dominance with different strategies. Kelp focuses on multi-LST flexibility while Renzo emphasizes multi-chain expansion. This comparison helps you choose between these emerging leaders.
Strategic Positioning
Kelp DAO differentiates through its multi-LST model, accepting stETH, ETHx, and sfrxETH as collateral. This provides unique flexibility for existing LST holders. Renzo differentiates through aggressive multi-chain expansion with native ezETH deployments across L2s. This provides ecosystem-wide presence.Core Differences
Kelp's Multi-LST Approach
- Accepts multiple liquid staking tokens
- Flexibility for existing positions
- Diversified underlying exposure
- Complex but versatile
Renzo's Multi-Chain Approach
- Native deployments on L2s
- Chain-specific optimizations
- Broader ecosystem reach
- Aggressive expansion
Yield Comparison
Both offer competitive yields in the 6-12% range, with Renzo often showing higher potential due to aggressive AVS strategies.
rsETH (Kelp) Yields
- Underlying LST yield varies
- AVS rewards added
- Kelp Miles incentives
- Total: 6-10%+
ezETH (Renzo) Yields
- Base ETH staking
- Yield-optimized AVS
- ezPoints rewards
- Total: 6-12%+
Use Case Optimization
Choose Kelp When:
- You have existing LSTs
- Diversified underlying appeals
- You don't want to exit positions
- Flexibility is priority
Choose Renzo When:
- You're depositing fresh ETH
- Multi-chain presence matters
- You want yield optimization
- L2 native exposure desired
Market Position
Kelp Metrics
- TVL: $1.5B+
- Growing adoption
- Stader affiliation
- Unique positioning
Renzo Metrics
- TVL: $2B+
- Rapid growth
- Multi-chain presence
- Strong momentum
Conclusion
Kelp wins for LST holders seeking restaking without liquidating positions. The multi-asset model is unique. Renzo wins for fresh ETH and multi-chain strategies with its aggressive expansion.Both are solid alternatives to EtherFi with different value propositions.
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