CryptoWorld reports that the total value locked (TVL) of the Solana-based decentralized finance yield protocol Carrot has plunged 93% within a month, dropping from $28 million to $1.99 million, leaving the protocol financially unable to continue operations. Carrot announced on Thursday that it will permanently shut down, becoming one of the first DeFi protocols to fail due to the early hacking attack on the Drift protocol. The protocol set a deadline of May 14, by which users must withdraw their remaining funds. Carrot said it will continue to assist with recovery efforts related to Drift and distribute assets once they are available. According to Defillama data, Carrot’s TVL was approximately $28 million before the Drift hack, and is now $1.99 million, a decrease of about 93%.

DRIFT22.99%
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