Llama Risk publishes comprehensive report on KelpDAO's rsETH. Advises creation of a bug bountry program, communication improvements, and transition to a fully decentralized DAO structure. "Although KelpDAO has taken positive strides in making rsETH a suitable collateral asset, we generally advise caution when assuming exposure to any liquid restaking token. The sector remains highly speculative, driven by points programs that may lead to rapid shifts in demand for the asset, potentially resulting in sustained depeg events. LRTs are generally a less mature asset class with substantial centralization vectors and reliance on off-chain services that often involve processes overseen by the protocol team."