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\n\t\t\t\t\t\t\t\t\tEthereum’s Total Value Locked dropped nearly 11% in 24 hours while Bitcoin, Tron and BSC were not as badly affected.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The fallout from the $293 million KelpDAO exploit over the weekend has spread across the DeFi ecosystem, with Total Value Locked (TVL) across several chains dropping significantly in the last 24 hours.<\/p>\n
According to data from on-chain analytics platform DeFiLlama, at least 126 of the networks it tracks were in the red, with CosmoHub the hardest hit, having lost more than 1,500% of its TVL in that period.<\/p>\n
Pseudonymous analyst Vet brought attention to the decline, writing<\/a> in a post on X that TVL was going down on all the top 20 DeFi chains. \u201cMoney is exiting,\u201d they noted, adding that people were \u201crepricing the risk\/reward.\u201d<\/p>\n Indeed, when CryptoPotato<\/em> checked the data, we found that the pullback was widespread, although the scale varied. For example, Ethereum, the largest DeFi chain with more than 1,700 protocols, posted a 24-hour TVL dip of nearly 11%. Its nearest rival, Solana, fared relatively better, going down by just over 4% in the last day, although the change was more noticeable across one month, at 19.06%.<\/p>\n Arbitrum, Base, and Avalanche also saw their TVL dip by 9.97%, 5.76%, and 6.61%, respectively, while Bitcoin, Tron, and BSC were the least affected among the top ten chains by TVL, with none of them taking a hit bigger than 1.6%. Meanwhile, in that group, Hyperliquid was the worst hit, shedding more than 12% of the total value of assets it held and taking its dollar worth to $1.44 billion.<\/p>\n Outside the top 10, the losses were sharper, with Mantle, which DeFiLlama co-founder 0xngmi flagged as one of those most exposed to bad debt after the hack, alongside Base and Arbitrum, down almost 42%. Others that were heavily hit included Taiko, which lost 22% of its TVL; Monad, which went down 13.21% in 24 hours; and Berachain, which dipped by over 17%.<\/p>\n The flight from risk did not reach every corner, though, with some smaller chains posting gains. One of them, Q Protocol, jumped 477% in 24 hours, with Oasys and Shibarium also in the green, gaining 90.6% and 85%, respectively.<\/p>\n The KelpDAO hack is the worst<\/a> security breach in the DeFi space so far this year. Reports say that the liquid restaking protocol lost over $293 million after an attacker took advantage of its bridge contract. LayerZero has since said<\/a> that the Lazarus Group\u2019s TraderTraitor unit was behind the attack.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nOther Chains Made Gains<\/h2>\n
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