KernelDAO is a restaking protocol that helps DeFi users earn more yield from staked tokens across multiple blockchain networks. (allowing restaking of Token or LSTs)
By extending the trust of major proof-of-stake networks (e.g. Ethereum, BNB Chain) to smaller & early protocols, KernelDAO seeks to unlock greater capital efficiency (more usage of staked capital) and 10× cheaper crypto-economic security for the ecosystem
$2.12Bn is the current TVL of kernel DAO, as you can see there is a dip in the TVL graph around July, that’s because of residual caution from the April 30 rsETH incident, where Aave governance froze rsETH markets on Apr 30 after Kelp disclosed a bug in the LRTOracle/fee-minting logic.
With the current valuation (FDV) around 200Mn and the annual revenue showing around $4Mn
So, basically at ~31–54× FDV/Revenue (depending on run-rate vs TTM), KernelDAO is priced for growth. Anyone wanting exposure to restaking growth and are comfortable with dilution and EigenLayer/competition risk, it can make sense as a small, high-beta position.
Pooled Security layer, like many small/new chains, partnered or pluged with Kernel DAO in order to get the shared security and not bootstrapped the validator network that take time & capital !!
Currently there are around 25+ protocol live via Kernel using shared security.
Merkel tree creation: Merkel root (hash), that’s 1 on-chain root vs thousands of storage writes offchain. Basically a method to reduce gas with efficient data retrieval.
Ethereum Liquid Restaking, it allows users to restake ETH (or ETH-based LSTs like staked ETH) without losing liquidity by issuing a liquid restaking token called rsETH in return