Who controls it
rsETH is ETH restaked through Kelp, and no issuer can freeze it. On 2026-04-18 an attacker used its LayerZero bridge to mint about 116,500 unbacked tokens. The bridge failed, and the staking did not. Ketju does not approve the protocol.
- Holder’s claim
- rsETH is a claim on ETH staked through Kelp and restaked to secure EigenLayer AVSs (actively validated services). Its exchange rate grows with staking and restaking rewards.
- Redemption or sale
- Holders withdraw ETH through Kelp, which takes time to process in a queue, or sell rsETH in the market.
Dependencies
- Kelp DAO protocol operation and node operator set
- EigenLayer AVS operators and their slashing conditions
- Cross-chain bridge infrastructure carrying rsETH
- The withdrawal queue and its processing time
- Ethereum consensus and validator exit mechanics
Advisor notes
rsETH has no freeze key. On 2026-04-18 an attacker compromised its LayerZero bridge, which minted roughly 116,500 unbacked tokens; the staking contracts did not fail. Ketju does not approve the protocol because of that failure. Record bridge risk on its own line, apart from freeze risk.
No issuer or administrator can freeze an address at this layer. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.