KelpDAO $292M Hack Cuts Aave TVL by $11.6B (44%)
A $292 million exploit of KelpDAO on April 18 coincided with a 44% drop in Aave total value locked, a decline of about $11.6 billion over 30 days.
KelpDAO’s $292 million exploit on April 18 coincided with a steep decline in Aave’s total value locked (TVL). Over a 30-day window ending in mid-May, Aave’s TVL fell about 44%, a decline of roughly $11.6 billion.
Protocol TVL records show Aave held about $26.577 billion on March 17 and roughly $14.77 billion by mid-May, a $11.605 billion decrease. Between April 16 and May 16, nine of the top ten DeFi applications recorded TVL declines. In the same 30-day window, 31 of the top 50 DeFi protocols lost TVL.
Lido became the largest DeFi protocol by TVL, holding about $19.289 billion after a 13.36% monthly drop. Binance Staked ETH held about $8.055 billion, down 7.47% over the month. Lending protocol Morpho recorded about $7.464 billion, down 1.33%. Eigencloud, a restaking protocol, held roughly $7.116 billion after a 27.11% decline. Securitize, a real-world asset platform, avoided the broader outflows. Platforms including Sky, Ethena, Spark and Ether.fi reported monthly decreases.
Data indicate that withdrawals affected lending, staking and restaking platforms in the weeks after the KelpDAO exploit. The incident involved approximately $292 million and prompted some users to reallocate holdings or withdraw funds.
The changes in TVL altered rankings among major protocols and reduced the sector’s overall locked value during the measured month.
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