With regards to the speculation on rsETH redemption rights, I will share my comments posted on another thread:
I am seeing lots of discussion around whether Kelp should socialize or make L1 holders whole at the expense of L2 holders. The argument is that L2 holders accepted bridge risk in exchange for the convenience of lower gas fees, etc.
This discussion is mute because the Kelp, the issuer, AND LayerZero, the service provider, very clearly state that a few things:
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Omnichain Fungible tokens, which rsETH is, have a shared unified supply
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All rsETH holders have equal redemption rights (pari passu), as per the both the Issuer’s and the Service Provider’s documentation and statements prior to the incident.
Preferential treatment of L1 holders over L2 holders would violate these rights. Kelp, as the issuer, would be violation of their own terms and regulations (MiCA). They would be making a conscious action to seize value from a subset of equal class holders and allocate that value to a different subset of equal class holders. This is clearly untenable.
The discussion would be entirely different if rsETH was minted on mainnet and bridged using a regular bridging mechanism. That is not how Kelp structured rsETH. All documentation clearly enumerates that all of the OFT tokens issued by Kelp have equal and equivalent redemption rights to the shared unified assets supporting the OFT.
The idea that an asset issuer, such as Kelp, could unilaterally decide to violate their own terms based on the “vibes” is insane. I encourage people to focus on how to manage the fallout from the socialized losses scenario, in which all OFT rsETH is marked down ~18%.
Let me say it again for the folks in the back. L2 rsETH do not have a claim on bridge assets – they have equal claim to the shared, unified collateral as enumerated in the OFT specification.
Disclaimers: I am not a lawyer and this is not legal advice. Opinions are my own. I do not hold any rsETH on any network, but I am a user (might even say power user) of Aave across all chains.