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. #AbuDhabiStablecoin