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Guavy AI Editorial Team••Sentiment: 2•Clout: 60

LayerZero Supports DeFi Ecosystem with 10,000 ETH Commitment

ZRODAOARBETH

LayerZero's commitment of 10,000 ETH is a significant show of support for the DeFi ecosystem following the recent exploit that targeted Kelp DAO on April 18. The attack resulted in a loss of approximately $290 million, primarily through Ethereum and Arbitrum.

The funds drained from the exploited wallets will be used to cover the rsETH backing, which is essential for maintaining stability in the affected token. A comprehensive recovery plan has been published by DeFi United, outlining steps to restore rsETH backing and prevent future exploits.