Kernel
KernelDAO is a decentralized liquid restaking protocol whose flagship Kelp product enables users to restake ETH and LSTs to receive rsETH, earning rewards while maintaining DeFi liquidity across 10+ chains and ~$969M TVL.
- Company typePrivate
- Founded2024
- HeadquartersPanama City, Panama
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Kernel does
KernelDAO is a decentralized DeFi protocol operating as a liquid restaking ecosystem anchored by Kelp, its flagship liquid restaking protocol. The company was founded in 2023 (one source cites 2024) and is headquartered in Panama City, Panama, structured as a DAO governed by $KERNEL token holders. Kelp enables users to deposit ETH and Liquid Staking Tokens (LSTs) such as Lido's stETH and ETHx to receive rsETH, a liquid restaking token that accrues restaking rewards while remaining usable across DeFi protocols. The broader product suite includes Gain (yield vaults), Kred (sub-brand), and a $KERNEL governance staking mechanism; the original Kernel dApp was sunset, with operations consolidated on Kelp.
The protocol operates across 10+ chains including Ethereum, Arbitrum, Base, and Ink, reporting approximately $969M in TVL, 300,000+ users, and $300M+ in liquidity across integrated DeFi venues. rsETH is listed or integrated with Aave (where the rsETH Core pool holds $939.9M TVL), Lido, Compound, Morpho Labs, Pendle, Gearbox, Euler, Fluid, Tydro, Velodrome, Equilibria, and Cian. The company also positions itself as a leader in restaking on BNB Chain. Smart contracts have undergone multiple audits, and a bug bounty program offers up to $250K. Kernel has raised approximately $22M+ across funding rounds, including a round led by Accel with Y Combinator participation and a $10M round in November 2024 with a broad syndicate.
Kernel's revenue model is not publicly disclosed; as a decentralized protocol, it likely earns fees on restaking operations rather than through subscription or licensing. The company employs 11-50 staff and distributes its product through a self-serve web3 model where users connect wallets directly. Kelp is region-locked in the United States, which constrains the addressable market.
Kernel firmographics
Firmographics- Name
- Kernel
- Legal name
- Kernel
- Website
- https://kerneldao.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- KernelDAO is a decentralized liquid restaking protocol whose flagship Kelp product enables users to restake ETH and LSTs to receive rsETH, earning rewards while maintaining DeFi liquidity across 10+ chains and ~$969M TVL.
- Ownership category
- akta.pro rank
Kernel industry classification
Industry- Product category
- Decentralized Finance (DeFi) Liquid Restaking Protocol
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)
- akta.pro primary industry
- Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers (FSADAHAI)
- akta.pro secondary industries
- Staking Infrastructure & Validator Enablement (Middleware, Slashing Protection, MEV Relays) (FSADAHAJ), Liquid Staking & Restaking Protocols (FSADAMAE)
Keywords
Where Kernel is headquartered
LocationHeadquarters
- HQ city
- Panama City
- HQ country
- Panama
- HQ region
- Latin America
Markets served
Kernel business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Distribution channels1 record
Marketing channels4 records
Kernel product offering
Product offeringCore offering
KernelDAO operates Kelp, a multi-chain liquid restaking protocol that allows users to deposit ETH and Liquid Staking Tokens (LSTs) such as stETH and ETHx to receive rsETH, a liquid restaking token that accrues restaking rewards and can be used across DeFi protocols, DEXs, CEXs, and wallets. The ecosystem extends to Gain yield vaults (Airdrop Gain Vault, High Gain Growth Vault) for additional yield strategies and Kred as a sub-brand product. Governance is facilitated via KERNEL token staking, a forum, and Snapshot voting.
Product overview
KernelDAO is a multi-chain liquid restaking ecosystem built around Kelp, the leading liquid restaking protocol. Kelp allows users to restake ETH and Liquid Staking Tokens (stETH, ETHx, ETH) to earn restaking rewards while receiving rsETH, a liquid token that can be used across DeFi protocols. The ecosystem includes Gain (yield vaults for additional yield strategies), Kred (a sub-brand), and governance infrastructure ($KERNEL staking, Forum, Vote via Snapshot). Kelp operates across 10+ chains including Ethereum, Arbitrum, Base, and Ink, with $969M+ TVL and deep liquidity ($300M+) across lending protocols, DEXs, and CEXs. Users can access DeFi opportunities through the Kelp DeFi dashboard which integrates with Aave, Euler, Morpho Labs, Compound, Pendle, Equilibria, Gearbox, Fluid, Tydro, and Velodrome.
Differentiator
Problem solved
Functional benefit
Brands
- Kelp: The leading liquid restaking protocol on Ethereum, allowing users to restake ETH and LSTs while staying liquid.
- Gain
- Kred
Products and services
- Kelp
Quantifiable outcome
- TVL of $969.32M
- +3 more outcomes
Companies that use Kernel
Customer profileSegments1 record
Ideal customer profiles2 records
Kernel technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration12 records
Feature1 record
Kernel partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and major.
- AavecoreAave is an integrated DeFi protocol where rsETH can be used for lending. The rsETH Core pool on Aave has $939.9M TVL, making it a major liquidity venue for Kernel's liquid restaking token.
- LidocoreLido is the primary LST provider integrated with Kelp. Users can deposit stETH and other Lido products through Kelp to receive rsETH.
- CompoundmajorCompound integration allows rsETH-WETH LP positions to be used for lending. TVL of $6M on Compound's rsETH pools.
- Morpho LabsmajorMorpho is a peer-to-peer lending protocol where rsETH-wETH liquidity pools are available with $2.14M TVL.
- PendlemajorPendle yield optimizer integration allows users to trade and invest rsETH yield. Available on Ethereum ($681K TVL) and Arbitrum ($309K TVL).
- GearboxmajorGearbox provides credit account functionality for rsETH assets. rsETH-WETH positions on Gearbox have $6M TVL with 4% APY.
- EulermajorEuler is integrated for yield optimization with hgETH-WETH pools offering 47% APR. Also supports rsETH lending with $335K TVL.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Kernel competitors and assessment
Company assessmentBroad incumbents
- EigenLayer: EigenLayer is the dominant restaking protocol and the underlying infrastructure that most liquid restaking tokens (including rsETH) leverage for AVS security. It is the 800-pound gorilla in the same category Kernel operates in and the primary competitor for restaked ETH flows.
- Lido: Lido is the dominant liquid staking protocol (stETH) and a key upstream provider that Kernel integrates with. While not a direct restaking competitor, it sits one layer above and its stETH is one of the primary deposits into Kelp — making it both a partner and a potential competitive threat.
- Ankr: Ankr is an established liquid staking provider with broad multi-chain support and institutional APIs. It overlaps with Kernel in the broader liquid staking/restaking space and competes for ETH-staking flow, though with a more infrastructure-as-a-service orientation.
Direct peers
- EtherFi: EtherFi is one of the largest liquid restaking protocols, issuing eETH and weETH with billions in TVL. It directly competes with Kernel's Kelp for ETH restakers and is integrated with a similar set of DeFi lending and DEX venues.
- Renzo Protocol: Renzo is a leading liquid restaking protocol issuing ezETH with comparable TVL and DeFi integrations. It targets the same ETH-restaking user base as Kelp and competes head-to-head on yield, integrations, and airdrop incentives.
- Puffer Finance: Puffer is a liquid restaking protocol focused on native (non-custodial) restaking with anti-slashing technology. It directly competes with Kernel for ETH-restaking deposits and shares the goal of capturing restaking-driven yield for users.
- Swell Network: Swell is a liquid staking and restaking protocol that issues swETH and rswETH. It competes directly with Kelp in offering restaked ETH exposure with DeFi composability, and has pursued a similar multi-protocol integration strategy.
Emerging players
- Karak Network: Karak is an emerging restaking platform supporting multiple assets beyond ETH. It is a partial competitor to Kernel in the broader restaking space, with a different technical architecture and asset scope.
- Symbiotic: Symbiotic is a restaking and shared-security protocol with a modular design. It overlaps with Kernel in the restaking primitive layer and competes for AVS operator and staker relationships.
Regional players
- Mantle (mETH): Mantle's mETH is a liquid staking token with restaking features anchored to the Mantle L2 ecosystem. It competes with Kernel in the ETH-restaking category but is more regionally focused on its own L2's user base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key highlights6 records
Customer concentration
Kernel social profiles
Digital presenceKernel compliance and trust
Trust signalCompliance1 record
Kernel financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kernel leadership team
Management profileNumber of profiles
Profiles1 record
Kernel funding detail
Funding detailFunding overview
Funding rounds1 record
Investors18 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kernel M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kernel
What does Kernel do?
KernelDAO operates Kelp, a multi-chain liquid restaking protocol that allows users to deposit ETH and Liquid Staking Tokens (LSTs) such as stETH and ETHx to receive rsETH, a liquid restaking token that accrues restaking rewards and can be used across DeFi protocols, DEXs, CEXs, and wallets. The ecosystem extends to Gain yield vaults (Airdrop Gain Vault, High Gain Growth Vault) for additional yield strategies and Kred as a sub-brand product. Governance is facilitated via KERNEL token staking, a forum, and Snapshot voting.
Is Kernel a public or private company?
Kernel is a private company. It is classified as venture growth investor backed and is currently operating.
When was Kernel founded?
Kernel was founded in 2024. It employs 11 to 50 people.
Where is Kernel based?
Kernel is headquartered in Panama City, Panama, in the Latin America region.
Who are Kernel's main competitors?
Broad incumbents on record are EigenLayer, Lido and Ankr. Direct peers are EtherFi, Renzo Protocol, Puffer Finance and Swell Network. Emerging players are Karak Network and Symbiotic. Mantle (mETH) is listed as a regional player.
Does Kernel have an API?
No public API is recorded for Kernel.
What industry is Kernel in?
Kernel's product category is Decentralized Finance (DeFi) Liquid Restaking Protocol. Its primary akta.pro industry code is FSADAHAI, Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers, with a secondary code of FSADAHAJ, Staking Infrastructure & Validator Enablement (Middleware, Slashing Protection, MEV Relays). Its SIC code is 6211.