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Lido proposes to use up to $5.8 million worth of stETH to fill Kelp's funding gap.

MeNews
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ME News, April 24 (UTC+8), Lido initiated a proposal to allocate up to 2,500 stETH (approximately $5.8 million) from the DAO to cover the rsETH asset shortfall caused by a recent attack on Kelp DAO. Lido pointed out that the LayerZero-based exploit has resulted in insufficient rsETH reserves, triggering a chain reaction in the DeFi ecosystem, including rising interest rate pressure, strained lending markets, and the risk of passive liquidations for some leveraged strategies. The proposal emphasizes that these funds will only be used as part of a full recovery plan, provided the overall shortfall can be completely covered. Previously, the attack on Kelp DAO involving approximately $292 million had impacted Aave, causing bad debt issues, with its total value locked (TVL) once dropping by nearly $8 billion. (Source: ChainCatcher)
STETH-1.43%
ZRO1.47%
AAVE-6.26%
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