What if I told you there's a protocol with over $2 billion in TVL, 600k ETH staked, dozens of projects building on it, and live across 10+ chains...

yet its market cap is only $30 million?

That’s $KERNEL.

And its TVL-to-Market Cap ratio is a staggering 64x.

By comparison:

• Babylon: 15x

• EigenLayer: 30x

• EtherFi: 34x

Even more interesting @kernel_dao is gearing up to enter the Real World Asset space and launch stablecoin vaults.

(For context, Ondo’s RWA push alone has driven it to a $9B valuation.)

This looks like a major market disconnect.

The kind that doesn’t last forever.

And when it catches up, it usually happens fast and hard.

LFG:~