Crypto
Stellar's DeFi TVL Plunges 60% Amid Protocol Exploit
Stellar's decentralized finance (DeFi) total value locked (TVL) dropped sharply from $270 million on August 22 to around $98 million by August 27 due to an exploit on the Comet AMM BLND-USDC liquidity pool backing Blend protocol.
The incident drained approximately $717,000 through a same-asset USDC swap accounting bug, causing Blend's TVL to collapse from over $150 million to near zero as the backstop pool paused.
Despite this setback, Stellar's tokenized RWA market has grown to over $3 billion, underscoring a disconnect between robust network fundamentals and concentrated DeFi vulnerabilities.