DeFi TVL Sheds Nearly $10B After KelpDAO Exploit Sparks Wave of Withdrawals
BlockBeats reported that on April 19, DeFiLlama founder 0xngmi said the KelpDAO hack set off panic-driven withdrawals across DeFi lending markets, spreading beyond directly affected platforms and even reaching Solana-based protocols. Aave recorded net outflows of $6.2 billion (23%), Morpho $716 million (9%), Sky $272 million (4%), and JupLend $76 million (8%).
0xngmi estimated the selloff wiped out nearly $10 billion in total value locked (TVL) across DeFi. He added that episodes like this benefit no one, as they simply shrink the industry's overall "pie," leaving participants worse off.