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

MeNews
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ME News reports that on April 24 (UTC+8), Lido submitted a proposal to allocate up to 2,500 stETH (approximately $5.8 million) from the DAO to cover the rsETH asset shortfall caused by the 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 increased interest rate pressure, tightening lending markets, and the risk of passive liquidation for some leveraged strategies. The proposal emphasizes that these funds will only be used as part of a full recovery plan, provided that the overall shortfall can be fully covered. Previously, the attack on Kelp DAO, involving approximately $292 million, had already affected Aave, causing bad debt issues, and its total value locked (TVL) once dropped by nearly $8 billion. (Source: ChainCatcher)
STETH0.43%
ZRO-0.90%
AAVE0.06%
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