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Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution?

Make CryptoSlate preferred on KelpDAO's $292 million rsETH exploit landed at the wrong moment for DeFi. Roughly $10...

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Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution?

Make CryptoSlate preferred on 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 default gateway to on-chain finance. Stablecoins, tokenized Treasuries, and regulated settlement rails continue to scale, while permissionless protocols continue to absorb the trust discount.A hack scoreboard circulating on X captures the mood.Some incidents are well documented. Some remain live situations. Some blur the line between protocol exploit, bridge failure, and...

Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution?

Make CryptoSlate preferred on 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 default gateway to on-chain finance. Stablecoins, tokenized Treasuries, and regulated settlement rails continue to scale, while permissionless protocols continue to absorb the trust discount.A hack scoreboard circulating on X captures the mood.Some incidents are well documented. Some remain live situations. Some blur the line between protocol exploit, bridge failure, and...

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