News linked to both this project and an event.
According to on-chain analyst Onchain Lens (@OnchainLens), the whale address “0x8Ad” withdrew 18,300 ETH (approximately $42.18 million) from Binance; of this amount, 12,000 ETH has been sold to repay an Aave loan. The address currently holds 6,315 ETH (approximately $14.62 million), and further selling pressure is expected.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen withdrew 55.01 million USDC from HTX and subsequently deposited them into Spark. Since Aave was suspected of incurring bad debt, he has cumulatively deposited $179 million worth of funds into Spark.
According to on-chain analyst Ember (@EmberCN), following yesterday’s rsETH incident, a whale withdrew 10,800 ETH—worth approximately $24.91 million—from Aave in the early hours. Subsequently, this address sold all of the ETH on-chain today, receiving 24.91 million USDC at an average execution price of roughly $2,300 per ETH. Public data indicates that this batch of ETH was purchased in March at $2,081 per ETH; thus, based on the current sale price, the whale realized cumulative profits of approximately $2.41 million.
According to on-chain analytics platform Lookonchain (@lookonchain), an OTC whale previously purchased 163,405 ETH (approximately $440 million) and 4,000 cbBTC (approximately $296 million). Due to the KelpDAO rsETH cross-chain bridge vulnerability, this whale was unable to withdraw ETH normally from Aave and was forced to discount-swap 7,438 aEthWETH (approximately $16.83 million) for 1,930 stETH and 5,272 ETH, incurring a loss of approximately 237 ETH (about $540,000). The whale has since withdrawn 98,032 wstETH (approximately $272 million) and 3,000 cbBTC (approximately $221.6 million) from Aave, leaving 10,000 ETH (approximately $22.8 million) still deposited in Aave.
Odaily News According to on-chain analyst Yu Jin's monitoring, Aave has experienced continuous fund outflows since the early morning incident yesterday, totaling $10.1 billion. This has reduced total deposits from $45.8 billion to $35.7 billion, with $4.5 billion of that being stablecoins. This outflow has caused the stablecoin deposit interest rate on Aave, which offers a 13.4% APY, to be maintained for an entire day.
According to on-chain analyst Onchain Lens (@OnchainLens), the whale “ThisWillMakeYouLoveAgain” sold 29,400 AAVE for 1,171 ETH—worth approximately $2.73 million—and has incurred losses exceeding $6 million. Previously, the whale acquired these AAVE at a cost of roughly $11.03 million. It currently still holds 14,993 AAVE, valued at approximately $1.39 million.
According to on-chain analyst Yujin (@EmberCN), the 53,660 ETH that Sun Yuchen urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago, valued at approximately $125 million. Currently, Sun Yuchen’s on-chain funds across Sky and Spark total approximately $2.13 billion, while his funds on Aave amount to roughly $380 million.
According to on-chain analyst Ember (@EmberCN), Aave’s capital outflow today has reached $6.6 billion, approximately half of which—$3.3 billion—consists of stablecoins. Due to this large-scale capital withdrawal, both deposit and borrowing rates on the platform have risen: USDT and USDC deposit rates have climbed to 13.4%, while borrowing rates have increased to 15%.
According to on-chain analytics platform Lookonchain (@lookonchain), impacted by the KelpDAO incident, the attacker deposited rsETH into Aave and borrowed ETH, resulting in a bad debt on Aave. As a result, several whales have begun urgently withdrawing ETH from Aave. Currently, ETH utilization on Aave has risen to 100%.
According to on-chain analyst Yujin (@EmberCN), after the hacker borrowed a large amount of ETH from Aave by pledging illegally minted rsETH, multiple whale addresses sold AAVE on-chain, causing AAVE’s price to drop 15% that day. Among them, the Polymarket user “smaugvision” sold 20,015 AAVE at an average price of $102.9, worth approximately $2.06 million; address 0xFC5 sold 20,000 AAVE at an average price of $102.8, worth approximately $2.05 million; and address 0xA2E sold 19,665 AAVE at an average price of $99.2, worth approximately $1.95 million.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen redeemed 53,665 ETH from Aave five hours ago, valued at approximately $126 million. This batch of ETH remains in its associated wallet address and has not been transferred further.
According to CoinDesk, Kelp DAO’s LayerZero-based cross-chain bridge was attacked, with the attacker withdrawing 116,500 rsETH—worth approximately $292 million at current prices, or roughly 18% of its circulating supply. This incident has become the largest DeFi attack of 2026 to date. In response, Aave, SparkLend, and Fluid have frozen rsETH-related markets, and Lido Finance has suspended new deposits into its earnETH product. Kelp DAO stated it is jointly investigating the incident with LayerZero, auditing firms, and external security experts.
According to on-chain analyst Yu Jian's monitoring, a whale borrowed 28 million USDT from Aave in February to purchase 12,802 ETH at an average price of $2,187. Following the recent rise in ETH, the whale sold 12,402 ETH at an average price of $2,271, exchanging it back for 28.16 million USDT to repay the loan, netting a profit of 400 ETH.
According to on-chain analyst Ember (@EmberCN), after Lido launched its $LDO buyback program, whales/institutions allegedly followed suit by purchasing 4.5 million $LDO (approximately $1.86 million) and 10,000 $AAVE (approximately $1.15 million) via OTC deals; the tokens originated from Wintermute and FalconX.
According to on-chain analytics platform Lookonchain (@lookonchain), the whale address 0xf0e0 withdrew 3,500 ETH (approximately $8.24 million) from Coinbase and deposited it into Aave, subsequently borrowing $8 million in USDC and repurchasing 3,386 ETH at an average price of $2,363—further expanding its total holdings.
According to on-chain analyst Onchain Lens (@OnchainLens), a whale deposited 3,500 ETH—worth approximately $8.26 million—into Aave V3, then borrowed $8 million in USDC and used it to purchase 3,386 ETH at an average price of $2,363, subsequently re-depositing those ETH into Aave V3. The address now holds a total of 6,886 ETH, valued at approximately $16.22 million.
The Aave DAO has approved a governance proposal to provide Aave Labs with a total grant of $25,000,000 in stablecoins and 75,000 AAVE tokens, the latter vesting linearly over four years. The grant includes: 5 million units of aEthLidoGHO flowing from the Collector Contract within six months; 15 million units of aEthLidoGHO flowing from the Collector Contract within twelve months; and 75,000 units of AAVE flowing from the Ecosystem Reserve within forty-eight months. The proposal stipulates that any unspent funds remaining after the twelve-month grant period will be returned to the DAO treasury or otherwise disposed of per subsequent governance decisions.
Castle Labs (@castle_labs) published a post stating that the current crypto market is undergoing a profound paradigm shift—speculative models prioritizing extraction are gradually giving way to investment logic oriented toward revenue generation. The article notes that since 2026, the broader crypto market has performed poorly: most assets have seen sustained price declines, ETF funds have continued flowing out, project shutdowns have intensified, and institutional VC investments have grown increasingly conservative. The key catalysts for this shift were last October’s large-scale liquidation event and the ongoing market reflection triggered by gold consistently outperforming Bitcoin. On the revenue data front, among the roughly 5,700 protocols tracked by DeFiLlama, only 3.5% generated over $100,000 in revenue over the past 30 days—and fewer than 1% actually distributed earnings to token holders. The article focuses on top revenue-generating protocols—including Hyperliquid (HYPE), Pumpdotfun (PUMP), Tron (TRON), Sky (SKY), Jupiter (JUP), Aave (AAVE), and Aerodrome (AERO)—analyzing their price-to-sales ratios (P/S) and token holder return metrics. It argues that protocol revenue—and its capacity to feed value back to token holders—is becoming the core metric investors use to evaluate and select projects. Regarding institutionalization trends, traditional financial giants—including NYSE, Robinhood, BlackRock, and Franklin Templeton—