DeFi United Overcame the Kelp DAO Hack with 303M$

AAVE Kelp DAO Heist and Recovery Campaign

After the $290 million heist suffered by Kelp DAO this month, the aid campaign that resonated greatly in the DeFi sector crossed a critical threshold. The DeFi United initiative collected 132.650 ETH as of Monday, reaching approximately $303 million at Ethereum's price around $2,300. This effort, launched to restore the rsETH tokens stolen by the attackers, has secured resources sufficient to compensate for one of the sector's biggest hacks. You can examine the platform's liquidity dynamics on our AAVE detailed analysis page.

The heist occurred on April 18 when attackers withdrew large amounts of ETH from Aave using rsETH as collateral, straining the platform's liquidity. Consensys announced its 30,000 ETH contribution in an X post on Monday, while Arbitrum's security council froze 30.765 ETH left by the attackers; the proposed governance vote for transferring these funds will take about 49 days. Projects like Avalanche Foundation, Mantle, Ether.Fi, Lido, as well as actors like Tron DAO and HTX also supported the effort, but full amounts are subject to governance approvals.

Liquidity Improvement in AAVE Markets

The utilization rate of USDT and USDC markets on Aave fell to 92% on Monday; this drop from last week's 100% level indicates easing liquidity pressure. The attackers' conversion of rsETH to ETH had led deposit holders to shift to stablecoins. The initiative supported by Aave founder Stani Kulechov attracted interest from broad segments of the crypto ecosystem.

AAVE Current Technical Analysis

AAVE price at $96.49 level, 24h change -1.85%. RSI 47.84 in neutral zone, overall trend downward (Supertrend Bearish). EMA 20: $97.21. Supports: S1 $94.68 (strong, 80% score), S2 $86.34. Resistances: R1 $100.95 (66% score). Check details for AAVE futures. This coordinated move demonstrated that the community could mobilize quickly in a crisis testing DeFi's resilience. The effectiveness of governance mechanisms against future risks stands out.