Six years after “DeFi Summer” is the sun already setting on the decentralized finance revolution?

KelpDAO’s $292 million rsETH exploit landed at the wrong moment for DeFi. Roughly $10 billion left the sector over the weekend, after confidence had already been shaken by Drift Protocol’s April 1 breach and Venus’s March post-mortem. That combination makes DeFi’s problem harder to ignore. Open DeFi is still alive, but it is losing the case for being the default gateway to on-chain finance. Stablecoins, tokenized Tre…