KelpDAO vulnerability causes DeFi TVL to decrease by 13 billion dollars

KelpDAO suffered a $292 million exploit, resulting in DeFi total value locked (TVL) decreasing by $1.3 billion, but most of the losses were due to leveraged position liquidations rather than actual capital destruction. Users shifted from Aave to Spark, with the latter's TVL rising from $1.8 billion to $2.9 billion. DeFi has previously experienced larger-scale attacks, such as Ronin, Wormhole, and Poly Network, but this incident may increase the risk premium for on-chain systems.