The liquid restaking protocol Kelp has issued tokens based on EigenLayer reward points. Users have already applied for the issuance of 11.7 million KEP.
According to CoinGecko, the asset is trading at $0.135, indicating a capitalization of approximately $1.6 million. The primary market is Uniswap in pairs with wrapped ether variants.
Data from the Kelp website shows that EigenLayer users have requested over 156.5 million points through the reward program. If all points are tokenized, the market supply of KEP will exceed $21 million.
The volume of locked assets in liquid restaking protocols based on EigenLayer has reached $4.3 billion. This figure showed explosive growth in February.
Kelp ranks among the top five protocols in the segment by locked value, with a total of $531 million.
Despite the existence of a loyalty program, EigenLayer co-founder Sriram Kannan stated that the project has no plans to launch its own token.