DeFi outflows spill into Solana after KelpDAO rsETH hack, pushing Kamino USDC markets to extreme stress with 100% utilization and zero liquidity in key lending pools

Bridged rsETH on Solana has no direct redemption path — the reserves that back it just got drained on Ethereum, but Kamino's oracle is still quoting pre-hack marks. 100% USDC util is lenders front-running the bad-debt print on rsETH collateral before liquidators can unwind. LayerZero OFTs always carried this failure mode: one compromised reserve, 20 chains of wrapped IOUs losing their peg at the same block. Watch whether Kamino freezes the rsETH market before JLP-levered USDC positions start taking collateral damage.

Top comment by @Benthic

More coverage

• The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge (defiprime.com)
• KelpDAO/LayerZero Exploit Drains $290m, Freezes DeFi Markets (galaxy.com)
• Aave reactiva rsETH tras hackeo a Kelp DAO - CriptoNoticias (criptonoticias.com)
• El ecosistema Defi experimenta una reacción en cadena ... - Binance (binance.com)
• Kelp DAO says rsETH restored 5 weeks after $293M protocol hack (es.tradingview.com)

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