DeFi TVL Sinks Nearly $10B After KelpDAO Hack Sparks Withdrawal Wave
ChainCatcher reports that 0xngmi, founder of DefiLlama, wrote on X that the KelpDAO hack set off panic-driven withdrawals across DeFi lending protocols, spilling over even to Solana-based platforms and projects not directly affected.
Protocol data cited by 0xngmi shows Aave recorded net outflows of $6.2 billion (23%), Morpho $716 million (9%), Sky $272 million (4%), and JupLend $76 million (8%). He added that total DeFi TVL effectively vanished by nearly $10 billion.
He noted that in episodes like this, there are no winners: the industry's overall "pie" simply gets smaller, leaving participants worse off.