I've been looking closely at $KERNEL, and this might be one of those rare opportunities.

Here’s the rundown:

Total Value Locked (TVL) is over $2 billion

More than 600,000 $ETH deposited

30+ projects already building on top

Active across 10+ blockchains

The surprising part? The market cap is still just around $30 million — giving it a TVL-to-market-cap ratio of 64x.

For context:

Babylon is at 15x

EigenLayer at 30x

EtherFi around 34x

And with @kernel_dao preparing to expand into Real World Assets (RWAs) and launch stablecoin vaults, the upside potential looks significant — especially when players like Ondo are being valued at $9B just on RWAs alone.

This seems like a clear market inefficiency — the kind that doesn’t stick around forever. It may take time, but historically, setups like this tend to realign with value.

Want a comparison chart of TVL-to-market-cap ratios?