Solana DeFi Recovers to $6.5B After Drift Hack

Solana's decentralized finance (DeFi) total value locked (TVL) has recovered to over $6.5 billion, six months after a high-profile hack wiped out nearly half of Drift Protocol's TVL, around $285 million.

The recovery was fueled by a 63% surge in the price of Solana (SOL), from approximately $73 to $118, which mechanically inflated the dollar-denominated TVL across every Solana-based protocol.

The Drift hack occurred on April 1, when North Korean-linked hackers exploited Drift Protocol through a social engineering scheme that manipulated admin privileges. The attackers used a fake collateral token to drain vaults from within the protocol's own administrative infrastructure.