The rise of restaking has sparked a fierce race in DeFi, with KernelDAO ($KERNEL), EigenLayer, and Lido vying for dominance. Each project brings unique strengths to the table, but how do they stack up? Here’s a head-to-head comparison based on ecosystem scope, TVL, and strategic focus as of April 2025.
1. Total Value Locked (TVL)
$KERNEL (KernelDAO): $2B across Kernel ($660M), Kelp ($1.8B peak), and Gain ($150M). Third-largest restaking infra per DeFiLlama.
EigenLayer: Estimated $15B+ TVL, driven by its pioneering role in Ethereum restaking.
Lido: Over $30B TVL, primarily from liquid staking (stETH), dwarfing restaking-specific platforms.
Verdict: Lido leads in sheer scale due to its staking dominance, while EigenLayer outpaces $KERNEL in restaking TVL. $KERNEL’s $2B is impressive for its short lifespan but trails the giants.
2. Ecosystem and Innovation
$KERNEL: Multi-chain (BNB Chain, Ethereum) with Kernel powering 30+ projects (AI, ZK, oracles), Kelp as a top Ethereum LRT, and Gain’s tokenized vaults. Plans for CeDeFi/BTCFi integration add ambition.
EigenLayer: Ethereum-centric, focused on restaking ETH to secure Actively Validated Services (AVSs). Deep technical innovation but narrower scope.
Lido: Ethereum staking leader with stETH integrated across DeFi. Limited restaking exposure, prioritizing liquid staking simplicity.
Verdict: $KERNEL’s diverse ecosystem and cross-chain approach give it an edge in versatility, while EigenLayer excels in technical depth and Lido in staking reliability.
3. Token and Incentives
$KERNEL: Unified token launching April 2025 with slashing insurance, governance, and restaking security. Binance Megadrop (4% supply) and airdrops (10% S1, 5% S2) drive hype.
EigenLayer: EIGEN token rewards restakers and AVS operators, though tokenomics remain complex and less retail-focused.
Lido: LDO governs the protocol, with rewards tied to staking fees rather than restaking utility.
Verdict: $KERNEL’s upcoming TGE and Binance backing offer immediate momentum, contrasting EigenLayer’s niche focus and Lido’s established but less restaking-specific model.
4. Backing and Momentum
$KERNEL: $10M from Laser Digital, Cypher Capital, Hypersphere, etc., plus a $40M Ecosystem Fund. Rapid growth since late 2024.
EigenLayer: Strong VC support (a16z, Paradigm) and Ethereum community trust as the restaking trailblazer.
Lido: Backed by DeFi’s biggest players, with a proven track record since 2020.
Verdict: Lido’s longevity wins here, but $KERNEL’s fresh institutional support and EigenLayer’s pioneering status make it a tight race.
Conclusion
$KERNEL: The ambitious newcomer with multi-chain potential and a broad ecosystem, ideal for risk-tolerant investors eyeing growth.
EigenLayer: The technical leader for Ethereum purists, best for those prioritizing restaking innovation.
Lido: The safe bet for staking-focused yield seekers, less aligned with restaking’s future.
With its TGE looming, $KERNEL offers a compelling mix of scale and vision, but it must prove it can challenge EigenLayer’s depth and Lido’s dominance. The restaking arena is heating up—choose your contender wisely.
