Categories: Press Releases

Kernel Secures Binance Labs Funding to Redefine Restaking on BNB Chain

Bengaluru, India, November 25th, 2024, Chainwire

Kernel is thrilled to announce funding from Binance Labs, solidifying their role as a core restaking infrastructure on BNB Chain. This milestone marks a big leap in turning BNB’s economic security into programmable trust, empowering dApps, middleware, and the entire crypto ecosystem.

Kernel raised 10M total funds across rounds, with the belief and backing of various 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, DWF Labs.

Kernel is excited to continue building this journey and pushing the boundaries of what restaking can achieve.

Building Beyond Ethereum

While restaking has reshaped Ethereum, Kernel is breaking new ground by bringing this innovation to BNB Chain, unlocking decentralized, scalable trust. Backed by Binance Labs, Kernel is leading the restaking journey on BNB Chain and beyond.

Kernel’s Milestones

Since launching, Kernel achieved:

$1 Bn+ Total Value Locked (TVL) with Kelp & Gain on Ethereum
10+ Layer-2 Integrations for better scalability
120+ DeFi Integrations, fueling rapid growth
300K+ Unique Addresses, showing trust and adoption

Kernel’s Visionary Ecosystem

Kernel is part of a broader vision, powering the future of DeFi through three flagship products:

Kernel: Cross-chain restaking powerhouse on BNB Chain, launching mainnet soon
Kelp: Liquid restaking on Ethereum with rsETH adoption skyrocketing
Gain: Tokenized yields across DeFi, CeDeFi and Real-World Assets (RWAs)

Together, these solutions unlock $100B+ opportunities in across Restaking, DeFi, CeDeFi and RWAs.

Introducing $KERNEL Token

$KERNEL aims to unify governance and incentives across Kelp, Kernel, and Gain, rewarding early supporters and driving ecosystem growth.

Kernel will first launch on BNB Chain using BNB Liquid Staking Tokens (LSTs) and restaked BNB as economic security to support DeFi innovation on BNB Chain. Plans for expansion include incorporating BTC and its derivatives as restaked economic security. Over 20 decentralized applications (dApps), including decentralized AI coprocessor, Mira, and ZK proof aggregation protocol, Electron, are going to leverage Kernel’s economic security. Several LSTs and LRTs including ListaDAO, Solv, and YieldNest, are working with Kernel to bring more utility to restaked assets.

Over time, Kernel plans to expand to additional L1s, providing robust economic security and a foundation for the growth of innovative applications on Kernel.

Kernel integrates native and liquid staking tokens across BNB, BTC, other yield bearing assets to improve their utility and capital efficiency. By creating a shared economic security ecosystem, Kernel enables developers to bootstrap projects more efficiently while offering users new opportunities to maximize the utility of their assets. These innovations reduce barriers for protocols and foster a developer-friendly environment, driving the growth of innovative restaking and DeFi applications. Kernel aims to provide a secure and scalable foundation for developers to build and grow their projects efficiently.

“Kernel exemplifies the type of innovative project that aligns with Binance Labs’ mission to bring more users onto Web3 by supporting meaningful technology and advancing the ecosystem,” 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. 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,” said Amitej G., Co-Founder of Kernel. “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, and we’re thrilled to continue pushing the envelope on restaking on BNB Chain and beyond.”

Joining the Journey

Kernel isn’t just building infrastructure—it’s working towards reshaping trust.

Users can follow their journey:

Twitter: @KelpDAO & @KernelDAO

Telegram | Discord

About Kernel

Kernel is pioneering restaking on the BNB Chain, designed to provide decentralized shared security and accelerate innovation and growth across the ecosystem. Founded by experts in DeFi and restaking who scaled products to 1.3 Bn+ TVL, Kernel’s ecosystem of projects is already 25+ and growing rapidly. By lowering entry barriers for protocols and unlocking higher rewards, Kernel empowers developers to build 100x efficiently and users to maximize rewards on assets.

https://kerneldao.com/