rsETH/USD price feed

Kelp's receipt spends its life parked. It sits in lending markets as collateral, in vaults as a position, in wallets waiting out a restaking cycle. The slice that actually changes hands is small; the composition below names its venues, each read at one address, one block, one visible weight.

That makes the book thin by construction rather than by neglect. Depth near the mid has measured a fraction of what the passing volume would suggest: plenty of hands moving through a small doorway.

A thin float also concentrates naturally. With most supply parked, the trading that remains gathers where liquidity already sits instead of spreading across venues. However concentrated the book runs in a given week, it is weighted at exactly what it holds, stated rather than smoothed.

A restaking receipt's native yardstick is Ether itself: the exchange value sits above one Ether per token by design, climbing slowly as accumulated rewards land. Wherever the book quotes in Ether terms, the dollar step resolves through Ether's own market before this number forms.

That split does useful work. The thin leg of any such route is the rsETH side, where the asset genuinely trades; the heavy leg is Ether's dollar market, among the deepest in the asset class. The final number inherits the depth of the second leg without pretending the first leg is bigger than it is.

Both steps are inspectable: the rsETH leg is the composition below, the Ether leg is the same ETH/USD reading published on its own page. Two visible steps replace one opaque lookup.

Books that run in Ether terms read the exchange value. Collateral haircuts, loan-to-value checks plus basis positions against staked Ether all care about how much Ether one rsETH commands, a figure that sits a little above one and moves slowly as rewards land.

Books that report in fiat read the dollar print. Treasury marks, margin calculations plus anything downstream of an accounting system want dollars; that number inherits Ether's volatility. On most days the dollar print of rsETH moves because Ether moved, not because the receipt did.

When the pool is quiet the feed serves the last computed value labeled forward filled, so either number tells you when it was made. Which one a desk watches depends on the book it runs; this page publishes the parts behind both.