Standard Chartered forecasts decentralized finance (DeFi) assets to surge to $2.7 trillion by 2030, driven by tokenized real-world assets and crypto-native assets. Geoff Kendrick, head of digital assets research, anticipates a 37-fold increase, with a significant rise in tokenized asset utilization within DeFi protocols.
Crypto projects with more than $3 billion in total value locked have migrated their cross-chain infrastructure to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) following a $292 million exploit at KelpDAO, which heightened scrutiny of bridge security across decentralized finance. Chainlink confirmed the migration wave, saying four protocols, including KelpDAO, Solv Protocol, Re, and Tydro, had begun […] The post Chainlink emerges as the unlikely $3B winner of KelpDAO exploit as DeFi projects dump LayerZero appeared first on CryptoSlate.
AAVE, the native token of the Aave DeFi platform, launches on Solana less than two days after the Solana Foundation committed treasury funds to support Aave's recovery from the $292 million KelpDAO rsETH exploit. The April 18 exploit exploited a LayerZero bridge vulnerability, allowing attackers to redeem unbacked rsETH as collateral across Aave, Compound, and Euler, causing WETH utilization to hit 100% and triggering $12 billion in outflows from Aave. The Solana Foundation is lending USDT to Aave as part of DeFi United, a recovery vehicle with nearly $240 million in commitments from major DeFi participants.
AAVE, the native token of the Aave DeFi platform, is now available on the Solana blockchain network. The move will give Solana users access to one of the largest lending protocols in decentralized finance without leaving the network. This came less than two days after the Solana Foundation revealed that it would deploy part of […] The post Latest $290M exploit hit DeFi so hard it forced Aave onto Solana as part of rescue efforts appeared first on CryptoSlate.
KelpDAO's $292 million rsETH exploit landed at the wrong moment for DeFi. Roughly $10 billion left the sector over the weekend, after confidence had already been shaken by Drift Protocol's April 1 breach and Venus's March post-mortem. That combination makes DeFi's problem harder to ignore. Open DeFi is still alive, but it is losing the case for being […] The post Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution? appeared first on CryptoSlate.
A $292 million exploit at KelpDAO set off a broad retreat across decentralized finance over the weekend, draining roughly $10 billion across the DeFi industry and forcing multiple protocols to freeze markets tied to rsETH. The breach began late Saturday when an attacker drained about 116,500 rsETH from KelpDAO’s cross-chain bridge. The stolen tokens were […] The post DeFi users pull $10 billion out of the market as $292 million exploit sparks bank-run optics appeared first on CryptoSlate.
