Upgrades

Kelp Core Smart Contracts Upgrade - December 2025

Goal: Kelp protocol is implementing a set of changes primarily aimed at increasing the security of the protocol, along with some new features:

• Withdrawal intents and max whitelisted allowance for stETH unstaking requests.

• Maximum cap in terms of rsETH minted by users per day.

• Maximum cap in terms of rsETH minted as fee per day.

• Safer rsETH price updates: If a price update is within bounds, it's permissionless, otherwise the protocol gets paused and the team can promptly react to help fix any possible issues before unpausing the protocol.

• New feature: Instant withdrawals can be enabled and users will be able to withdraw their assets instantly with a fee. There is also a queued withdrawals buffer in place in order to not disrupt the standard withdrawal process.

• Minor code quality and documentation improvements.

• Importantly, no supporting changes from partners or UI are required.

Code changes:

• LRTConfig: https://www.diffchecker.com/KbgBWg2R/

• LRTConverter: https://www.diffchecker.com/z0uwgrk6/

• LRTDepositPool: https://www.diffchecker.com/AqwEOhm5/

• LRTOracle: https://www.diffchecker.com/FACh5QJf/

• LRTUnstakingVault: https://www.diffchecker.com/MvgC1VAC/

• LRTWithdrawalManager: https://www.diffchecker.com/HJh7xe3N/

• NodeDelegator: https://www.diffchecker.com/a0L3c4B5/

• UnstakeStETH: https://www.diffchecker.com/4b1ytTNf/

• FeeReceiver: https://www.diffchecker.com/yePLkHDA/

• rsETH: https://www.diffchecker.com/WLDBs2qF/

Network: ETH Mainnet

Audit Report: https://kerneldao.com/kelp/audits/smartcontracts/Bailsec_rsETH_november.pdf

Timelock: Applicable, 10-day delay

Date to upgrade: 20th Dec'25