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Brothers, the KelpDAO matter is finally wrapping up.
You read that right. A 200 million dollar hole almost collapsed DeFi. Fortunately, big players like Aave DAO, Arbitrum, and Mantle donated 100,400 ETH (86% completion rate), pulling DeFi back from the edge of the cliff.
On the surface: a beautiful on-chain crowdfunding, a textbook example of collaboration among DeFi elites.
Looking deeper: a collective bailout that everyone was trembling over, ultimately sustained by the generosity of the big players.
First, let me explain to brothers who don’t know the facts in plain language:
KelpDAO’s rsETH had a vulnerability. To prevent this flaw from crashing the entire market, the community launched “DeFi United” to save itself — aiming to raise 116,500 ETH (about 200 million). Currently, 86% has been received, with Aave DAO, Arbitrum, and Mantle as the main contributors.
If it weren’t for Aave, Arbitrum, and Mantle, who would pay? Rely on your wallet’s 0.1 ETH?
Think carefully — this isn’t a technical victory; it’s that the big players dare not not to pay.
Why?
Because rsETH was compromised, the next step is the collapse of the entire LRT track, then bad debts on Aave, and finally liquidity on the entire Arbitrum chain would instantly go to zero. This isn’t about saving Kelp; it’s about saving themselves.
So don’t romanticize some on-chain cooperation spirit — this is systemic hostage-taking — if you don’t pay, the fire will burn your backyard. If you pay, everyone pretends