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Kelp DAO was hacked, and Arbitrum directly froze $71 million worth of ETH.
Now, Aave, Kelp, and LayerZero jointly submitted a proposal to the DAO, requesting unfreezing.
How long will it take? 49 days.
One person gets hacked, and one chain helps freeze the funds. Sounds like protecting users, right?
But to get your money back, you first need to write a proposal, gather votes, wait 49 days, and face community opposition.
After years of decentralization advocacy, it still comes down to three companies jointly petitioning and waiting for a voting result.
This isn’t DeFi. This is a bank disguised as blockchain — except the bank’s approval takes 3 days, and the DAO’s approval takes 49 days.
Your assets are on the chain, but control is in someone else’s voting box.
Remember: smart contracts help you execute rules, but who writes the rules?