Defi Ecosystem Experiences Chain Reaction Following KelpDAO Hack

On April 20, a chain reaction within the Defi ecosystem began to unfold following the KelpDAO rsETH hack. According to BlockBeats, several lending protocols within the Solana ecosystem have seen an increase in stablecoin lending rates and utilization. Jupiter Lend reports a USDC supply of $421 million, with $340 million already lent out. After accounting for protocol reserve liquidity, utilization has surged to approximately 99%, leaving available liquidity nearly exhausted. The current lending rate stands at 4.36%. Kamino Prime Market shows a total USDC supply of about $186.8 million, with $178.8 million borrowed, resulting in a utilization rate close to 96%. The lending rate is currently 8.92%. In Kamino Main Market, the USDC supply is approximately $172 million, with $164 million lent out, leading to a utilization rate of around 95.75%. The lending rate is reported at 10.2%. Save Finance, formerly known as Solend, has seen its lending utilization rise to over 70%, with a current lending rate of 3.9%. Marginfi reports a USDC lending utilization rate of 88.32%, with the lending rate currently at 7.65%.