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Lido proposes to use up to $5.8 million in stETH to fill the funding gap for Kelp
Lido has proposed to allocate up to 2,500 stETH (approximately $5.8 million) from the DAO to cover the asset gap of rsETH caused by the recent attack on Kelp DAO.
Lido pointed out that the exploit based on LayerZero has led to insufficient rsETH reserves and triggered a chain reaction in the DeFi ecosystem, including rising interest rate pressures, a tightening lending market, and some leveraged strategies facing the risk of forced liquidation. The proposal emphasizes that these funds will only be used as part of a complete recovery plan, provided that the overall gap can be fully filled. Previously, the attack on Kelp DAO, amounting to approximately $292 million, had impacted Aave, causing bad debt issues, and its total locked value (TVL) once dropped by nearly $8 billion.
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