Kernel Raises $10M Led by Binance Labs to Redefine Restaking

10:05 PM · Nov 25, 2024 – Kernel, a pioneering decentralized restaking protocol, today announced it has secured $10 million in funding, with a significant contribution from Binance Labs, the venture capital and incubation arm of Binance. This investment will fuel Kernel's mission to redefine restaking on the BNB Chain and establish itself as the core restaking infrastructure for the broader Web3 ecosystem. Kernel aims to transform BNB's inherent economic security into programmable and attributable trust, empowering a new wave of decentralized applications (dApps), middleware, and innovative financial services.

Unlocking the Potential of Restaking on BNB Chain

While restaking has already proven transformative for Ethereum, Kernel is breaking new ground by bringing this powerful mechanism to the BNB Chain. This move unlocks decentralized and scalable trust, enabling developers to leverage BNB's security in unprecedented ways. With the backing of Binance Labs, Kernel is poised to lead the charge in restaking innovation on BNB Chain and beyond.

A Thriving Ecosystem of Restaking Solutions

Kernel's comprehensive ecosystem comprises three flagship products:

Kernel: The core restaking infrastructure for BNB Chain, offering decentralized shared security and enabling exciting rewards and DeFi opportunities. Kernel is launching on mainnet soon and will initially leverage BNB Liquid Staking Tokens (LSTs) and restaked BNB as economic security. Future plans include incorporating BTC and its derivatives.

Kelp: A liquid restaking solution for Ethereum, allowing users to maximize rewards across multiple networks while earning Kelp Miles and EigenLayer points. Kelp boasts over $640 million in Total Value Locked (TVL) and integrates with more than 10 Layer-2 solutions and over 120 DeFi protocols.

Gain: A curated suite of vaults for ETH and liquid assets, providing access to top airdrops, high rewards, and other unique opportunities. Gain currently manages over $120 million in TVL.

$KERNEL Token: Unifying the Ecosystem

The $KERNEL token will serve as the unifying force within the Kernel ecosystem, powering governance and incentivizing participation across Kernel, Kelp, and Gain. This token will reward early supporters and drive further growth and development.

Empowering Developers and Users

Kernel is committed to fostering a thriving developer community. By reducing entry barriers and providing access to shared economic security, Kernel enables developers to build projects with 100x greater efficiency. Users benefit from increased rewards on their staked assets and new opportunities to maximize their utility. Over 20 dApps, including decentralized AI coprocessor Mira and ZK proof aggregation protocol Electron, are already slated to leverage Kernel's economic security. Furthermore, several LST and LRT providers, including ListaDAO, Solv, and YieldNest, are collaborating with Kernel to enhance the utility of restaked assets.

Key Milestones and Future Roadmap

Kernel has already achieved significant milestones, including:

Over $1 billion in Total Value Locked (TVL) across Kelp and Gain on Ethereum.
Integration with more than 10 Layer-2 solutions for enhanced scalability.
Over 120 DeFi integrations, fueling rapid ecosystem growth.
Over 300,000 unique addresses, demonstrating strong community trust and adoption.

Kernel plans to expand to additional Layer-1 blockchains in the future, providing robust economic security and fostering innovation across the broader Web3 landscape.

Investor Support and Strategic Partnerships

Kernel's $10 million funding round includes participation from a diverse group of prominent investors, including SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Cypher Capital, Draper Dragon, ArkStream Capital, DACM, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs.

Leadership Quotes

"Kernel exemplifies the type of innovative project that aligns with Binance Labs' mission to bring more users onto Web3," said Alex Odagiu, Investment Director at Binance Labs. "By leveraging restaking solutions, Kernel is driving greater utility and scalability for BNB-based assets while laying the groundwork for a more resilient and developer-friendly restaking and DeFi landscape."

"We are thrilled to have the support of Binance Labs to bring the vision of restaking to life across Web3," said Amitej G., Co-Founder of Kernel. "Their backing has been instrumental in helping Kernel build the foundation for a more secure, scalable, and utility-rich restaking and DeFi ecosystem on BNB Chain. We're not just growing the restaking space, we're unlocking new dimensions of utility and resilience for BNB-based assets. This is just the beginning."

About Kernel

Kernel is a pioneering restaking protocol focused on building the core restaking infrastructure for BNB Chain and beyond. Founded by experienced DeFi and restaking experts, Kernel is committed to maximizing the potential of staked assets, bolstering network security, and fostering a thriving developer ecosystem.