摩根大通：安全漏洞与增长停滞削弱DeFi机构吸引力

Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily Odaily JPMorgan stated that ongoing security vulnerabilities and stagnant TVL growth are significantly diminishing the appeal of decentralized finance (DeFi) to institutional investors. The KelpDAO incident caused approximately $20 billion in TVL to evaporate within days, exposing systemic risks in cross-chain bridges and collateral mechanisms. Attackers minted unbacked rsETH and used it in lending protocols, ultimately leading to approximately $200 million in bad debt and triggering a cascading shock across the DeFi ecosystem.

Amidst these risk events, funds are accelerating their flow into stablecoins. Analysts suggest that, similar to traditional markets shifting towards cash as a safe haven, crypto users prefer to hold more liquid assets like USDT during periods of uncertainty.

Furthermore, although the total value locked (TVL) in DeFi has recovered in U.S. dollar terms, it remains essentially flat when denominated in ETH, reflecting a lack of real growth momentum. JPMorgan believes that security issues and structural vulnerabilities remain core obstacles hindering DeFi's scaling and institutional adoption. (CoinDesk)