The total value locked in DeFi protocols remained below $50 billion after another week of exploits. Three DeFi platforms lost nearly $39 million due to hacks and exploits. Alphapo’s hot wallets were exploited for over $32 million, Era Lend was drained for $3.4 million, and Conic Finance was exploited for almost $3.5 million. Despite these incidents, the DeFi ecosystem saw developments in zero-knowledge-proof scaling solutions. The bearish market conditions and exploits led to a significant drop in the total value locked in DeFi protocols. Alphapo had approximately $31 million drained from its hot wallets, Era Lend was exploited for $3.4 million, and investigations are still ongoing. ZK-proofs are gaining traction in the industry and are being used in layer-2 scaling solutions. Optimism surpassed Arbitrum in transaction volume for the first time in six months. The total market value of DeFi experienced a bullish surge after three bearish weeks, with most tokens trading in the green. However, the total value locked in DeFi protocols remained below $50 billion.
