KernelDAO, an eminent restaking protocol, has initiated a $40 million Ecosystem Fund to enhance the evolution of its platform and fortify its footprint within the BNB Chain ecosystem.
This initiative illustrates KernelDAO’s dedication to advancing decentralized finance (DeFi) and fostering improved security with its restaking offerings.
KernelDAO’s New Fund: Essential Information
The newly introduced Ecosystem Fund is designed to assist developers constructing on KernelDAO’s restaking framework. This strategy follows KernelDAO’s recent success in managing $2 billion in assets across various chains, including Ethereum and BNB Chain.
“The unveiling of the Ecosystem Fund is a crucial advancement in amplifying our initiatives to cultivate the restaking and DeFi ecosystem on the BNB Chain. By enabling developers to create projects on Kernel, we aspire to enhance innovation throughout middleware and applications utilizing restaking,” stated Amitej Gajjala, CEO and Co-Founder of KernelDAO, to BeInCrypto.
The Ecosystem Fund has garnered support from prominent venture capital firms, such as Laser Digital, SCB Limited, Hypersphere Ventures, and Cypher Capital. These investors are partnering with KernelDAO’s ambition to emerge as the foremost restaking infrastructure on the BNB Chain.
Bill Qian, Chairman of Cypher Capital, emphasized the prospective influence of KernelDAO’s avant-garde method to restaking.
“We are confident that KernelDAO’s innovative method to restaking and collective security will be instrumental in the transformation of the BNB Chain ecosystem. At Cypher Capital, we are committed to empowering groundbreaking projects, and KernelDAO aligns perfectly with that vision,” he remarked.
Besides funding, KernelDAO is allocating 5% of its token supply for ecosystem development grants. This endeavor seeks to expedite growth and consolidate KernelDAO’s status in the sector.
KernelDAO TVL Exceeded $100 Million
Since the launch of its mainnet in December 2024, KernelDAO has experienced rapid growth. Its total value locked (TVL) reached $50 million in the first week and has now exceeded $100 million. Kelp, KernelDAO’s liquid restaking protocol, presently oversees over $2 billion in TVL, establishing itself as a significant contender in the liquid staking tokens (LST) market.
The $40 million Ecosystem Fund signifies a fresh chapter for KernelDAO. Supported by top-tier investors and over 20 Dynamic Validation Networks (DVNs), including initiatives in AI and Zero-Knowledge Proofs, it underscores the platform’s expanding role in the blockchain domain.
Developers and collaborators can find further information regarding the fund on the KernelDAO website.
Disclaimer
In compliance with the Trust Project guidelines, BeInCrypto is dedicated to impartial, clear reporting. This news article aims to furnish precise, timely information. However, readers are encouraged to independently verify facts and seek professional advice before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment