There was another major news event related to DeFi security. It involved approximately $292 million being stolen from KelpDAO's rsETH, which then flowed into Aave. This caused a typical bank run on Aave, with deposits temporarily decreasing by $17 billion (about 38%) and loans dropping by $5.5 billion (about 31%). That's a significant scale.

Looking at Standard Chartered's latest research report, the details of this incident become clearer. For investors monitoring the growth of the risk-weighted asset (RWA) market, this was likely a concerning event. Although the bank run's impact was temporary, it exposed vulnerabilities in DeFi structures. In particular, issues such as asset-liability mismatches and leverage concentration in the markets secured by wrapped assets, staked assets, and re-staked assets became evident.

However, what’s more interesting is what comes next. Stani Kulechov, the founder of Aave, and others have committed over $300 million to support the recovery of interest rates and net deposits. They are rushing to restore market confidence.

Standard Chartered’s report points out that this series of bank runs could lead to improvements in DeFi infrastructure and stablecoin liquidity. Furthermore, assuming the foundational robustness of DeFi, it maintains the forecast that the market size of tokenized risk-weighted assets (RWA) could reach $2 trillion by 2028. In other words, this shock is seen as a temporary adjustment and is not expected to affect the long-term growth trend of the industry.