Been digging into $KERNEL and honestly, this looks like one of those setups you don’t see often.
TVL is already over $2B. 600k+ $ETH already deposited. 30+ projects building on top. Operating across 10+ chains.
But the crazy part? Market cap is still around $30M. TVL to Market Cap ratio is sitting at 64x.
For comparison, Babylon sits at 15x, EigenLayer at 30x, and EtherFi around 34x.
And @kernel_dao is about to expand into Real World Assets + launch stablecoin vaults soon. (While others like Ondo are already pulling $9B valuations just on RWA.)
Feels like a market inefficiency that usually doesn’t last long.
Might take time, but historically setups like these eventually catch up.