$KERNEL Price Potential: Benchmarking Against $ETHFI and $REZ

Let’s estimate $KERNEL’s fully diluted valuation (FDV) and price per token by comparing it to $ETHFI (Ether.fi) and $REZ (Renzo), using their TVL-to-FDV ratios. With a $2B+ TVL and 1B token supply, here’s the breakdown.

Step 1: TVL-to-FDV Ratios
- $ETHFI: TVL $5B, FDV $687.8M, Ratio 7.27
- $REZ: TVL $783.7M, FDV $187.7M, Ratio 4.18
- $KERNEL: TVL $2B, FDV TBD, Supply 1B tokens

Step 2: Estimating $KERNEL’s FDV
Using $2B TVL:
- Low-End (7.27): FDV ≈ $275.1M
- High-End (4.18): FDV ≈ $478.5M
- Midpoint (5.725): FDV ≈ $349.3M

FDV range: $275M–$478M, likely ~$349M.

Step 3: Price Scenarios
- Conservative ($300M FDV): $0.30
- Realistic ($400M–$450M FDV): $0.40–$0.45
- Optimistic ($600M FDV): $0.60

Conclusion:
FDV Range: $300M–$600M  
Price Range: $0.30–$0.60  

Best Guess: $400M–$450M ($0.40–$0.45), balancing TVL, cross-chain potential, and trends. 

A TGE in April 2025 could position $KERNEL as a restaking contender.