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#BitcoinETFOptionLimitQuadruples
Kelp DAO Incident Triggers 433.158 ETH Unstaking Flow on Ethereum DeFi Protocols
Panic has swept the restaking ecosystem after a hack of the Kelp DAO bridge protocol worth $292 million by a hacking group allegedly linked to Lazarus. As a result, the Ethereum validator withdrawal queue surged sharply, reaching 433.158 ETH on Sunday (3/5). This phenomenon accelerated the outflow of funds from rsETH assets and caused the total value locked (TVL) across various DeFi protocols to plunge by up to 30% in the past 12 weeks.
This spike in withdrawal queues is extremely drastic: it has risen as much as 72,000% in just the last two weeks, and withdrawal wait times have now ballooned to seven days. On-chain analysts say that asset holders are now judging the risk of losing capital due to the hack as far greater than the returns offered by current restaking protocols.
Despite the massive unstaking flow, the Ethereum network still shows resilience. The queue for new staking is still at 3.6 million ETH—about seven times the size of the withdrawal queue. Currently, 31.7% of the total Ether supply remains locked in the network, which is expected to help cushion selling pressure and prevent the price from falling below the critical support level of $2.241.