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Defillama founder 0xngmi posted on the X platform that the KelpDAO hacking incident triggered a chain reaction of panic withdrawals from DeFi lending protocols, even those on Solana that were not directly affected were not spared. The specific data is as follows: Aave net outflow of $6.2 billion (-23%), Morpho net outflow of $716 million (-9%), Sky net outflow of $272 million (-4%), JupLend net outflow of $76 million (-8%).0xngmi added that the entire DeFi TVL directly evaporated by nearly $10 billion as a result. In such events, no one is a winner; it only shrinks the "cake" of the entire industry, and everyone suffers.

The strategic director of Spark, monetsupply.eth, posted on platform X that as the stablecoin market begins to lack liquidity, the situation is entering a more dangerous phase. I believe that the ETH market is about 16.5% supported by rsETH, and if the loans supported by rsETH experience losses shared between the mainnet and external chains, there may be a 10% to 15% reduction in emode, leaving a remaining 2% to 3% reduction for ETH suppliers to smooth out the umbrella structure.ETH suppliers naturally tend to exit as soon as possible to avoid this risk, so the utilization rate is locked at 100%, and the borrowing rates are insufficient to incentivize the repayment of unrelated LST cycles (wstETH, weETH) to release liquidity. Since users cannot withdraw ETH, those who borrow stablecoins like USDT and use ETH as collateral cannot close their positions even when stablecoin borrowing rates rise, cutting off the typical incentive mechanism to maintain market health.Currently, two unhealthy incentives are causing the market utilization rate to be locked at 100%: 1) ETH holders cannot close their positions to maintain a healthy LTV, and liquidators cannot atomically withdraw or sell collateral, which may lead to bad debts if the ETHUSD price falls. 2) Users supplying USDT, in order to exit their holdings, tend to maximize borrowing of other stablecoins, which is currently generating positive returns (temporarily), thus the exit cost is low; if conditions worsen, they can at least recover 75% of the position value.The bottom line is that these pooled/re-staked lending markets must maintain liquidity at all costs to operate normally. The recent weakening of slope2 against Aave's maximum borrowing rate is having a negative impact and significantly increasing the risk of failure in the yield market.

Keone Hon from Monad Lianchuang stated: "I feel that the lending protocol for the liquidity pool should set rate limits on the supply of assets deposited as collateral. For example, if the current supply is 100 million and the supply cap is 300 million, then in the next 10 minutes, the maximum allowed increase should be to 110 million, rather than allowing a one-time deposit of the full 200 million. In reality, no one needs to complete such a large deposit all at once.This is important because when certain exotic assets are attacked, the impact depends on the scale of the exit channels for that asset. Especially in many cases where attacks belong to infinite issuance vulnerabilities, the scale of the exit that can be made essentially determines the upper limit of the attack losses. Lending protocols are often the largest exit channels. If a smart cap is introduced, where the initial cap is slightly above the current supply and is gradually adjusted to the real cap over several hours, it would have a huge effect. With such a mechanism, rsETH depositors could have avoided about 200 million dollars in losses.This also raises a point: the asset issuers themselves should support such mechanisms. If you are issuing redeemable tokens with redemption delays, you are not worried about hackers redeeming directly from you, but you need to compress the scale of external exit paths as much as possible without affecting normal users. Therefore, a high supply cap should be seen as a risk rather than a symbol of strength. For example, the Hyperbridge DOT attack did not result in a 100 million dollar loss because there were very few exit paths; the Resolv attack loss was 24 million dollars instead of 200 million dollars because the scale of the exit path limited the loss cap. This is an obvious principle, but there are still immediately actionable measures: audit the supply caps of all assets and lower the caps when unnecessary."

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is -0.0052%. Among the current mainstream exchanges, the rate on Binance is -0.0113%, OKX is -0.0036%, Bybit is -0.0096%, and Gate is 0%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is -0.0025%. Among the current mainstream exchanges, the rate on Binance is -0.0072%, OKX is -0.001%, Bybit is -0.0019%, and Gate is -0.0018%.

According to on-chain analyst Yu Jin's monitoring, the amount of funds withdrawn from Aave today has reached 6.6 billion dollars, half of which is stablecoins. After a large amount of funds were withdrawn, both deposit and borrowing rates surged, with the deposit rate for USDT and USDC stablecoins reaching 13.4% and the borrowing rate hitting 15%.

The head of the Spark Protocol strategy, monetsupply.eth, posted on platform X stating that in January of this year, low-usage assets like rsETH were removed and collateral and functionality were continuously tightened. This move sparked strong dissatisfaction among "ETH leveraged" users at the time.Additionally, Spark has long set a high upper limit on interest rates in the ETH lending market, transferring some business and revenue to Aave over the past year (where its ETH borrowing rate once dropped to 10% or below). However, in the current market crisis environment, this strategy has proven to be more prudent. Currently, SparkLend still maintains sufficient ETH withdrawal liquidity, while Aave has experienced liquidity tightness and even "lock-up" situations in the Ethereum mainnet and multi-chain markets like Arbitrum and Base.monetsupply.eth further warned that since ETH is the core collateral asset, when market utilization reaches 100%, collateral liquidation will not be able to execute normally. The depletion of liquidity not only affects the depositor experience but may also pose systemic risks. In the current situation of insufficient liquidity in Aave, a 15%-20% drop in ETH prices could lead to significant bad debt accumulation (in addition to the potential impact of the rsETH incident).

Venus Protocol posted on platform X regarding the Kelp incident, stating that the platform has zero exposure to rsETH, has not incurred any bad debts, and user funds are safe.As a precaution, based on the recommendations of the risk management party Allezlabs, the platform has temporarily adjusted the collateral factors for the following six types of assets to 0: USDe, sUSDe, SolvBTC, xSolvBTC, USD1, XAUM. Users can still directly repay and withdraw the above assets through the Venus UI, and updates will be released once the collateral rates return to normal.

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is -0.0069%. Among the current mainstream exchanges, the rate on Binance is -0.0104%, OKX is -0.0105%, Bybit is -0.0117%, and Gate is -0.0067%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is -0.0031%. Among the current mainstream exchanges, the funding rate for Binance is -0.0084%, OKX is -0.0071%, Bybit is -0.0028%, and Gate is -0.0037%.

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is -0.0054%. Among the current mainstream exchanges, the rate on Binance is -0.0151%, OKX is 0.01%, Bybit is -0.013%, and Gate is 0.0077%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is -0.0028%. Among the current mainstream exchanges, the rate on Binance is -0.0046%, OKX is -0.0012%, Bybit is -0.0092%, and Gate is 0.0032%.

According to The Block, Strategy proposed to update its STRC preferred stock dividend payment plan from once a month to twice a month.According to the statement, Strategy will hold its annual shareholder meeting on June 8, at which time the voting on the Stretch update proposal will conclude. If approved, the first record date for the new semi-monthly payment plan will be June 30, with the first payment expected to be made on July 15.The company stated that this change could "reduce reinvestment lag, improve liquidity, enhance market efficiency, and strengthen price stability."

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is -0.0036%. Among the current mainstream exchanges, the funding rate on Binance is -0.0011%, OKX is 0.0064%, Bybit is -0.0112%, and Gate is 0.0021%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is -0.0064%. Among the current mainstream exchanges, the rate on Binance is -0.0071%, OKX is -0.0007%, Bybit is -0.0078%, and Gate is -0.0106%.

Recently, USDD disclosed its performance data for the first quarter of 2026: the revenue for this quarter reached $6.3 million, a quarter-on-quarter increase of 66.6%; profit reached $6.14 million, a quarter-on-quarter increase of 77.9%; expenses decreased to $160,000, a quarter-on-quarter decrease of 51.6%; the treasury balance increased by 77.9% on a quarter-on-quarter basis; the total treasury balance rose to $13.91 million. The growth in performance is mainly attributed to the continuous expansion of the ecological landscape, collaboration with Binance Wallet, GateDEX, Bitget Wallet, and the optimization of TRX and sTRX treasury parameters, which improved capital efficiency.At the same time, a more diversified capital allocation further enhanced revenue resilience. While maintaining zero systemic risk, USDD is accelerating into a new phase of high-quality growth.

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is -0.0084%. Among the current mainstream exchanges, the funding rate on Binance is -0.0023%, OKX is 0.0021%, Bybit is -0.0163%, and Gate is -0.0147%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is -0.008%. Among the current mainstream exchanges, the rate on Binance is -0.0081%, OKX is 0.0007%, Bybit is -0.0089%, and Gate is -0.0083%.

According to Jinshi reports, European Central Bank Governing Council member Kazaks stated that he would not oppose the market's bets on two interest rate hikes this year.