May 11
LayerZero loses $2B in protocol TVL after exploit fallout – What next?
Protocols with $2 billion in combined Total Value Locked, including Kelp, Solvprotocol, and Re, left LayerZero.
➤ LayerZero has experienced a significant loss of $2 billion in Total Value Locked (TVL) due to protocols migrating to Chainlink CCIP following a recent exploit. ➤ Key protocols like KelpDAO, SolvProtocol, and Re moved their assets, citing security concerns and a compromised internal RPC node. ➤ Despite the exodus, some major protocols like Ethena's USDe and WBTC remain on LayerZero, while Chainlink CCIP sees a boost in credibility and volume.