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...
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...
