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DeFi comes together 🤝

DeFi comes together 🤝

Aave is shepherding a "DeFi United" recovery effort to help contain the fallout from the $292M KelpDAO exploit.

Stephen Graves
April 24, 2026

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📝 What you need to know

With the dust settling on last weekend’s $292 million exploit of cross-chain bridge KelpDAO, the DeFi community is coming together to contain the fallout. Unsurprisingly, the “DeFi United” effort is being led by lending protocol Aave, which has been left grappling with an estimated $123.7 million to $230.1 million shortfall in the wake of the hack.

Aave founder Stani Kulechov has personally pledged 5,000 ETH to the recovery effort, with the likes of Mantle, Lido and Ethena are pitching in. Meanwhile, Circle’s chief economist Gordon Liao has proposed raising Aave’s USDC borrowing cap to 50% from 14% to break the liquidity freeze—a suggestion that’s come in for some criticism from governance participants over fears it could trigger liquidations.

Experts were cautiously optimistic over the plan, with one telling Decrypt that "Socialised recovery methods are important in a moment of crisis, but the focus should always be on clear rules and accountability."

Aave Leads ‘DeFi United’ Push to Contain $292M KelpDAO Fallout

Aave's founder has pledged 5,000 ETH of his own money as a growing DeFi coalition races to contain the fallout from the KelpDAO exploit.

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📰 In the News

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📊 Myriad Market of the Day

ETH above $2.3K on April 25 at 4PM UTC?

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🕵🏻‍♀️ Editor’s Picks

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Publicly traded Bitcoin services firm Fold is rolling out a program to let companies grant employees bonuses in crypto.

📚 Watch & Learn

📹️ WATCH: $400K Polymarket Insider Bet on Maduro, BTC at 78K, YugaLabs CEO + DeFiLlama CRO Special Guests

🎓️ LEARN: What Are Prediction Markets? How Polymarket, Kalshi and Myriad Work

On-chain prediction markets such as Myriad have rapidly gained traction in recent years. Here’s how they work.

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