Stellar's TVL Plummets 60% Amid Exploit on Comet AMM BLND-USDC Liquidity Pool
Stellar's total value locked (TVL) in decentralized finance (DeFi) plummeted by 60% in just one day, dropping from a record $270 million on August 22 to around $98 million by August 27.
The drastic decline was caused by an exploit on the Comet AMM BLND-USDC liquidity pool backing Blend protocol, which drained approximately $717K through a same-asset USDC swap accounting bug. This led to Blend's TVL collapsing from over $150 million to near zero as the backstop pool paused.
Despite this setback, Stellar's tokenized Real World Assets (RWA) market has grown to over $3 billion, highlighting a disconnect between robust network fundamentals and concentrated DeFi vulnerabilities.
XLM's price slumped by 2.82% to trade at $0.18, but remains above the major support bubble for eight days in a row, according to SoSoValue's price tracking data.