DeFi ecosystem remains robust despite KelpDAO hack, says Standard Chartered

Standard Chartered believes the DeFi ecosystem remains robust despite the significant market impact from the KelpDAO rsETH hack, The Block reported. In a report, SC analyst Geoffrey Kendrick acknowledged that the $292 million rsETH hack on April 19 exposed structural risks in DeFi, leading to approximately $17 billion in withdrawals from Aave over three days. However, he highlighted that a DeFi industry coalition led by Stani Kulechov subsequently raised over $300 million for a joint response, with public support from Aave DAO, Arbitrum (ARB), Consensys, Joseph Lubin, Mantle (MNT), and Lido. Kendrick concluded that rather than hindering DeFi's growth, the incident could foster its development by demonstrating the industry's unity.