Aave Deposits Still $8 Billion Below Pre-Kelp Hack Levels

Aave deposits stood at $18.1 billion, about 31% below the $26.1 billion level seen before April’s Kelp hack, as the protocol continues to recover from the rsETH exploit. According to BeInCrypto, Aave said its smart contracts were not compromised, but bad collateral from Kelp DAO’s cross-chain bridge drove losses and forced freezes across rsETH and WETH markets. AAVE traded near $124, down 3.8% on the day.