Kernel DAO and the Shift Toward Sustainable Narratives in Korea

1. Market Overview

The Korean crypto market saw steady but slightly subdued activity last week. Upbit’s activity peaked between October 10–11, driven by retail participation in major assets, while Bithumb showed a more consistent pace. On Upbit, XRP ($1.12B) remained the top-traded token, followed by USDT ($1.07B), BTC ($866M), and ETH ($823M), reflecting stable investor preference for blue-chip assets. Meanwhile, speculative names such as VIRTUAL, TRUMP, and ENSO drew notable trading interest, signaling that retail traders are still active despite lower overall liquidity. On Bithumb, USDT ($1.23B) led volumes, followed by XRP, BTC, and ETH, showing similar large-cap concentration but with smaller overall turnover compared to Upbit.

In terms of price performance, MINA (+25.3%) and CARV (+19.3%) led gains on Upbit, supported by renewed momentum in infrastructure and data-layer narratives. BAT (+17.1%) and SYRUP (+13.2%) also performed strongly, while VIRTUAL and AERO continued to attract attention within ecosystem-driven plays. On Bithumb, ZK (+74.1%) and SCR (+33.3%) surged on heightened ZK and AI narrative trading, with ICP (+33%) and MINA (+24.8%) following closely. The overlap in names like CARV and MINA across both exchanges reflects growing focus on privacy, scalability, and data infrastructure projects, marking a subtle shift from short-term speculation to narrative-based accumulation.

2. Exchanges

2-1. Newly Listed Coins

Last week, major Korean exchanges introduced several new listings:

• Upbit listed Kernel DAO and Enso
• Bithumb listed Enso.

Key Marketing Strategies & Takeaways

🔹 Kernel DAO (KERNEL)

Kernel DAO (KERNEL) took a rather quiet — and somewhat unconventional — approach to its Korean marketing, unlike other projects that usually enter the market with aggressive promotion before their TGE. In Kernel’s case, full-scale marketing activity in Korea actually began after its TGE.

The project gained recognition during the 2024 restaking meta, largely thanks to Kelp, one of its well-known ecosystem members. As a leading multichain restaking protocol, Kernel DAO leveraged its prior visibility to engage with the Korean community and successfully completed its TGE on overseas exchanges in early Q2 2025.

Ahead of the TGE, Kernel DAO mainly used KOL channels to highlight its token staking features and platform usage. One notable campaign involved depositing asBNB (from the then-popular Astherus, now Aster) into Kernel to earn extra reward points in addition to existing benefits. Since many Korean users were already holding asBNB at the time, the campaign proved highly effective, leading to an influx of restaking activity.

After the TGE, Kernel DAO continued to emphasize that “staking is the core”, encouraging users to stake their tokens. About a month later, Kernel achieved KRW listing on Bithumb and a BTC pair listing on Upbit.

Following these milestones, Kernel DAO maintained its KOL-driven marketing strategy, delivering consistent updates on TVL growth, supported chains, LRT integration, and point farming programs. As the RWA narrative began to rise, Kernel quickly responded by partnering with WLFI and launching USD1 restaking, positioning itself as a fast-moving player in the market.

The project also shared regular staking updates, stressing the benefits and available opportunities for stakers.

As a result of these efforts, Kernel DAO eventually secured KRW listing on Upbit, solidifying its presence and continuing to develop as a core infrastructure for the next market cycle.

2-2. Trading Volume

The Korean market showed moderate trading activity this week, with Upbit’s total volume maintaining a stronger lead over Bithumb. Upbit’s daily trading peaked around October 10–11, driven by concentrated retail participation, while Bithumb’s activity remained steady throughout the week. XRP led Upbit’s trading chart with $1.12B in volume, followed closely by USDT ($1.07B), BTC ($866M), and ETH ($823M), indicating sustained dominance by major assets. Meanwhile, speculative tokens such as VIRTUAL, TRUMP, and ENSO recorded significant contributions, reflecting heightened retail engagement. On Bithumb, USDT topped the list at $1.23B, followed by XRP ($549M), BTC ($419M), and ETH ($401M), showing a similar preference for large-cap assets. Notably, VIRTUAL and SOL remained actively traded across both exchanges, suggesting cross-market momentum in altcoins despite the overall cooling in total volumes compared to early October.

2-3. Top 10 Gainers

Upbit’s top performers were led by MINA (+25.32%) and CARV (+19.33%), followed by BAT (+17.06%) and SYRUP (+13.18%), showing strength in infrastructure and data-related tokens. VIRTUAL (+10.75%) and AERO (+9.82%) also gained traction, reflecting investor interest in project-based ecosystems. On Bithumb, strong surges were observed in ZK (+74.14%) and SCR (+33.33%), both within the ZK and AI narrative sectors, indicating thematic trading dominance. ICP (+32.98%) and MINA (+24.84%) followed closely, suggesting renewed interest in layer and privacy-focused assets. CARV, which performed well on both exchanges, stood out as one of the week’s few dual-market gainers. Overall, momentum concentrated around privacy, infrastructure, and data-layer narratives, signaling a continued shift toward projects underpinning decentralized identity and scalability solutions.

3. Korean Community Buzz

3-1. “There’s No Lack of Money in the Market”

Last week, Korean retail investors proved that liquidity is far from gone. Three major launchpad events — Kaito zkPASS, MegaETH, and Momentum BeadlePad — all saw massive oversubscription. To hit full allocation, investors needed up to $250K for zkPASS and $190K for MegaETH, yet each event still reached record numbers: zkPASS was 33× oversubscribed, MegaETH 28×, and Momentum 18×.

Within the Korean Web3 community, the phrase “the market isn’t short on money” became a meme. Many noted that retail investors are no longer throwing money blindly but instead placing larger, more deliberate bets on structured opportunities with visible results — a shift toward smarter retail participation in a cautious macro environment.

3-2. Monad Airdrop Hits All the Right Notes

The long-awaited Monad airdrop unfolded smoothly, marking a successful moment for one of the most quietly built ecosystems in the space. Once known for its closed and core-heavy community, Monad broadened its reach by introducing the Monad Card, which was distributed to select influencers and active wallets ahead of its TGE. This move effectively brought new participants into the fold while keeping long-term community members well-rewarded.

The campaign’s balance — rewarding early supporters while sparking viral interest — drew praise from many. Still, some community voices argued that Monad’s focus leaned too heavily on virality and meme-driven hype, rather than sustained ecosystem development, sparking an ongoing debate about what defines a “healthy” community in the current cycle.

3-3. Jae-yong Lee, Euisun Chung & Jensen Huang’s “Chicken & Beer” Summit

A lighthearted viral moment hit Korean crypto circles when Samsung’s Lee Jae-yong, Hyundai’s Chung Eui-sun, and NVIDIA’s Jensen Huang were spotted sharing fried chicken and beer in Seoul’s Kkanbu Chicken restaurant.

Online forums erupted with memes and jokes: “Who paid the bill — the man with $20B, $6B, or $250B?”, “Lee brings his Samsung Card, Chung brings his Hyundai Card, and Jensen pulls out a Graphic Card”, and even “Where’s Vitalik?”. The playful take on Korea’s most powerful business trio became a rare moment of humor uniting both crypto and tradfi communities for the week.

4. How many event updates are waiting for us this week?

4.1 Espresso Brews Seoul Nights | Espresso & CoinEasy

✔️Date: Nov 5th
✔️Time: 19:00 PM - 21:00 PM KST
✔️Space: RVSP

4.2 LF Decentralized Trust: Meetup Korea

✔️Date: Nov 6th
✔️Time: 18:00 PM KST
✔️Space: RVSP

4.3 Memekathon Seoul 2025 Warm-up Party

✔️Date: Nov 7th
✔️Time: 19:00 PM - 21:00 PM KST
✔️Space:RSVP

It’s been an exciting week in Korea, with various events taking place and a dynamic market keeping us all on our toes! Stay tuned for more updates, and if you'd like to receive this report every week, make sure to subscribe. For the latest news and insights on the Korean market, follow us on Twitter for all the action!