KernelDAO is a restaking ecosystem on Ethereum and BNB Chain with products across Restaking and Automated reward generation. By enabling shared security and maximizing the utility of staked assets like ETH, BTC, and BNB, it enhances network security, liquidity, and reward generation across its ecosystem.
KERNEL is the native utility and governance token within the KernelDAO ecosystem, which has the following functions:
Staking:
Shared Security: Restaked $KERNEL can be utilized as economic security for applications building on Kernel platform and Eigenlayer.
Slashing Insurance: Staked $KERNEL tokens can be utilized to provide insurance against any slashing events related to rsETH and Kernel platform.
Governance: $KERNEL token holders can vote on protocol’s governance decisions.
Airdrop from Ecosystem Projects: Kernel ecosystem partners may airdrop their governance to $KERNEL holders/ stakers.
The KernelDAO ecosystem consists of the following three products working in conjunction:
Kernel: Shared security product on BNB Chain supporting BNB, BTC, and other rewards-bearing assets as economic security.
Kelp LRT (rsETH): Unique product that accepts multiple ETH based collaterals, offering unified instant liquidity and higher rewards opportunities on restaked assets.
Gain: Multiple non-custodial automated vaults that blend airdrops, rewards and points on multiple networks into simple collectible rewards.
KernelDAO has raised over $10.5M across two rounds of private token sales, 15.88% of the total token supply having been sold.
As of April 3, 2025, the total and max supply of KERNEL is 1,000,000,000 and the circulating supply upon listing will be 162,317,496 (6.23% of the total supply).
Key metrics (as of April 3, 2025)
1. What is KernelDAO?
1.1. Project Mission & Value Proposition:
Project Mission: Simplify restaking and crypto reward generating infrastructure, making it accessible, and rewarding for users worldwide.
Value Proposition: KernelDAO offers a suite of products to simplify restaking and reward generation. Each product line caters to a distinct market segment.
Kernel: Kernel creates a platform for Shared economic security using BNB and BTC based assets.
Kelp: Kelp’s LRT (rsETH) creates liquidity on top of illiquid restaked assets on Ethereum. rsETH is popular across many DeFi opportunities.
Gain: Gain tokenizes complex DeFi strategies (e.g. air drop farming, Yield farming etc.) and simplifies access to these strategies implemented by professional managers for any crypto user.
1.2. Project Key Highlights & Existing Products:
Kernel:
Shared security protocol on BNB Chain. Restake BNB, BTC and other yield-bearing tokens and earn rewards.
USD 630 Million+ Total Value Locked.
Growing ecosystem of 30+ protocols (25+ middleware, 5+ Liquid restaking protocols).
Kelp:
USD 1.2 Billion+ Liquid restaking protocol on Ethereum.
150+ DeFi partnerships, including Aave, Spark, Morpho, Compound, Fluid, Balancer, etc.
Live on 10+ L2s.
Gain:
Automated reward generation vaults on Ethereum with USD 130 Mn+ Total Value Locked.
Airdrop gain vault (agETH) provides access to multiple airdrops simultaneously.
High growth vault (hgETH) provides highest rewards on Ethereum assets.
~15k users leveraging 4 automated vaults.
2. Technical Infrastructure:
Kernel: Kernel is the core infrastructure layer of BNB Chain’s restaking stack, enabling simultaneous security provisioning across multiple services with enhanced reward opportunities. The innovative pooled security architecture drastically reduces the cost and complexity of establishing security guarantees.
Kelp Liquid Restaking (rsETH): rsETH, is one of the largest LRTs on Ethereum, designed for enhancing liquidity, rewards, and convenience for the restaking ecosystem. rsETH offers several benefits for staking ecosystem participants, including restakers, middleware and Operators. rsETH is a prime token used in many DeFi partnerships heavily - Aave, Spark, Morpho, Compound, Pendle etc.
Gain: Gain represents a sophisticated suite of non-custodial reward vaults that automate diverse reward strategies across DeFi, CeDeFi and real-world assets (RWAs). Gain offers convenience and composability to users and is designed to enhance rewards while simplifying complex
strategies.
3. Token sales and economics
3.1. Token Distribution:
3.2. Token Release Schedule:
4. Risk Analysis:
4.1. Initial Circulating Retail:Institution Ratio:
4.2. Airdrop Cluster Analysis:
4.3. Initial TGE Main Bucket On-chain Wallet Addresses:
Disclaimer: This report is written before spot opening to trade, the liquidity token in the liquidity pool may be transferred while opening.
5. Roadmap & Updates:
5.1. Completed Milestones:
5.2. Current Roadmap:
Q2 2025:
Kernel: Operator testnet launch.
Gain: Expansion of Gain to Stablecoin and BTC vaults.
Kelp: Onboarding of rsETH onto Aave L2 markets. Capacity expansion across Aave core markets, Spark and other major lending markets.
Q3 2025:
Kernel: Operator Mainnet launch.
Kernel: Middleware testnet launch.
Gain: Expansion into RWAs, CeDeFi vaults.
Kelp: Continued expansion to multiple L2s and capacity expansion across lending markets.
Q4 2025 and beyond:
Kernel: Middleware Mainnet launch and slashing introduction.
Gain: Expansion into multiple asset classes across RWAs.
Kelp: Continued expansion across L2s and distribution/ wallet partners.
5.3. Commercial and Business Development Progress:
KernelDAO Ecosystem Fund: KernelDAO launched USD 40 Million USD ecosystem fund in collaboration with Laser Digital, SCB, Cypher Capital, ArkStream etc.
AAVE: rsETH (Kelp) is whitelisted on Aave for borrowing on Core, Prime and Base markets.
Compound: rsETH whitelisted for borrowing on Ethereum main market.
Ledger: Native liquid restaking on Ledger. 10 Mn+ Ledger users can directly restake with Kelp via Ledger discover section.
Morpho: rsETH and agETH (Gain) whitelisted.
6. Community: