In the vast expanse of the DeFi universe, a calamity befell the unsuspecting denizens, reminiscent of a great storm sweeping through a peaceful village. The weekend saw the audacious heist of KelpDAO, a staggering $293 million whisked away as if it were mere chaff in the wind. The repercussions of this event echoed throughout the various chains, where the Total Value Locked (TVL) tumbled with the grace of a clumsy bear descending a tree.
As observed by the diligent scribes at DeFiLlama, a reputable oracle of on-chain analytics, the numbers revealed a grim tableau: no less than 126 networks found themselves awash in the red, with CosmoHub suffering the most grievous of fates, losing over 1,500% of its TVL in an utterly spectacular fashion. One might wonder if the remaining value had decided to take an impromptu vacation.
A Broad-Based Retreat Across Major Chains
The astute analyst known only by the veil of pseudonymity as Vet drew attention to this exodus, proclaiming upon the digital forum X that the TVL was plummeting across all esteemed top 20 DeFi chains. “Money is exiting,” they declared, as if delivering a tragic news bulletin, adding with a flourish that investors were currently “repricing the risk/reward.” Ah, the age-old dance of risk and reward-a tango filled with pitfalls and occasionally, spectacular falls.
Indeed, a cursory glance at the data by CryptoPotato, perhaps the least appetizing of names, confirmed a widespread pullback, akin to a collective gasp from a room full of startled aristocrats at a ball. Ethereum, the grand dame of DeFi chains, home to over 1,700 protocols, experienced a rather modest 11% dip in just 24 hours. Meanwhile, Solana, her closest rival, exhibited slightly better manners, with a mere 4% decline-although over the month it managed to be more dramatic, losing 19.06%. One might say it was having a particularly bad hair day.
Other players like Arbitrum, Base, and Avalanche joined the ranks of despair, shedding 9.97%, 5.76%, and 6.61% of their respective values. In contrast, Bitcoin, Tron, and BSC, while affected, seemed to shrug off the malaise with losses not exceeding 1.6%. However, it was Hyperliquid that truly bore the brunt, succumbing to a loss surpassing 12%, leaving it reeling with a total worth now lingering around $1.44 billion. Such is the fickle nature of fortune!
Yet, outside this beleaguered top ten, the carnage was even more pronounced. Mantle, which the sage 0xngmi highlighted as particularly vulnerable following the calamity, plummeted nearly 42%. Others, like Taiko, found themselves down 22%, Monad took a hit of 13.21%, and Berachain, with its dignity wounded, dipped over 17%. One could almost hear the collective sigh of resignation from these beleaguered chains.
Other Chains Made Gains
The KelpDAO incident stands as the most significant breach of security in the DeFi sphere this year. Reports indicate that the liquid restaking protocol fell prey to a cunning assailant who exploited its bridge contract. The shadowy figures of the Lazarus Group’s TraderTraitor unit have since been identified as the architects of this mischievous act, leaving many to ponder the wisdom of their investments and the integrity of their digital sanctuaries.
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2026-04-20 20:01