This week, the cryptocurrency market has entered a critical window intertwined with on-chain governance repairs and macro regulatory games, with the main logic clearly pointing towards a rebalancing of "governance and risk." On the on-chain side, the rescue operation following the attack on rsETH has entered a substantive stage, with Kelp DAO, Arbitrum, and Aave leading the multi-party alliance DeFi United attempting to patch protocol vulnerabilities and restore market confidence through large-scale capital injections and DAO voting. At the same time, the macro-level game is equally fierce: on one hand, WorldLibertyFi has completed a large-scale token unlock with an extremely high support rate, demonstrating a highly centralized governance power; on the other hand, the U.S. Congress's progress on the cryptocurrency market structure bill and the controversy over the 60-day deadline for military actions against Iran under the War Powers Act are injecting complex compliance and geopolitical uncertainties into the market.

This article focuses on how to assess short- to medium-term risk appetite in the current context of a lack of quantitative indicators such as large capital flows, based on three core clues: the execution efficiency of on-chain governance, the concentration of protocol authority, and the implementation rhythm of regulatory rules. According to AiCoin data, the DeFi United rescue operation has currently raised over $311 million in ETH and stablecoins, with Kelp also having donated 2,000 ETH from its treasury to fulfill its recovery commitment; meanwhile, Arbitrum DAO is voting on a proposal to release about 30,700 frozen ETH. This level of self-rescue efficiency driven by DAOs stands in stark contrast to the bureaucratic disagreements within the Senate Banking Committee regarding the pace of revisions to the cryptocurrency bill and ethical clause allocations. Under the dual high pressure of military games and regulatory legislation, the risk alleviation in the cryptocurrency market not only depends on filling the funding gap but also on whether governance rules can find a new balance between transparency and centralized efficiency.

Kelp donates 2,000 ETH to rescue rsETH

In the race for governance decisions and capital allocation, Kelp DAO has displayed strong execution efficiency. According to AiCoin data, Kelp has officially confirmed its commitment to donate to the rsETH recovery fund, donating 2,000 ETH in a lump sum to the rescue organization DeFi United led by Aave from the protocol treasury. This capital injection marks the entry of the rsETH recovery plan into a substantive asset rebalancing phase. Kelp has made it clear that the core objective of this funding is to restore the nominal exchange ratio (Nominal Exchange Ratio) between rsETH and the underlying base assets, promoting the entire staking system to fully return to normal operations after the attack's shadow.

The recovery path for rsETH is broken down into three key technical steps: first is the recapitalization of the cross-chain lockbox to ensure the safety cushion of cross-chain assets is rebuilt; second is to restore the normal pricing functionality of oracles, eliminating liquidation risks caused by price deviations; and finally, to thoroughly clean up funding gaps and bad debt deficits in the affected markets. This comprehensive repair from the underlying liquidity to the upper-level pricing mechanism is a necessary prerequisite for restoring rsETH's peg stability. For the market, Kelp's "out-of-pocket" effort this time is not only a financial remedy but also a direct fulfillment of its prior commitment that "rsETH holders will not be harmed."

This action highlights both the repair of the protocol's reputation and the narrative tension of multi-party collaboration within the DeFi ecosystem. Kelp specifically thanked several deeply involved partners in the recovery fund, including Mantle, Consensys, Arbitrum, ether.fi, Lido Finance, LayerZero, and Compound. With the implementation of these 2,000 ETH and the subsequent donations from parties like Arbitrum, the reserve support and collateral structure of rsETH are in a phased process of returning to normal. This self-rescue model, led by core contributors and supported by ecological partners, has greatly alleviated holders' concerns about the protocol's long-term solvency, providing the necessary confidence support for subsequent, more complex on-chain asset liquidation and system reboot.

Arbitrum DAO votes to handle 30,000 ETH

Following the liquidity support provided by Kelp DAO, a larger-scale asset disposal authority is now determined by Arbitrum DAO. Previously, after Kelp DAO suffered a security attack, the attackers attempted to transfer approximately 30,700 ETH (worth about $71.1 million at the time) illegally obtained to the Arbitrum One network. Based on the emergency safety response mechanism, the Arbitrum Security Council decisively took action, freezing on-chain the unusual funds involving 30,766 ETH. According to AiCoin data, the scale of these assets far exceeds the amount donated by Kelp's own treasury, becoming the most critical funding variable in the overall recovery plan for rsETH.

Currently, proposals regarding how to handle these frozen assets have officially entered the governance voting phase in Arbitrum DAO. The core content of this proposal is to allocate all approximately 30,700 frozen ETH to the rescue operation "DeFi United" led by Aave, to fully repair the collateral support for rsETH and clear the funding gaps in the affected markets. According to the voting schedule, this governance procedure will continue until May 7. Currently, DeFi United has successfully raised over $311 million in ETH and stablecoins, with participants including major protocols like Mantle, Consensys, Lido Finance, LayerZero, and more. If the proposal passes smoothly, Arbitrum will surpass all ecological partners and become the largest contributor to the DeFi United recovery fund.

This governance action is not merely about fund allocation; it also defines the role of L2 governance in responding to cross-chain security crises. By converting frozen attacker assets into a protocol recovery fund, Arbitrum demonstrates its protection strength and coordination ability regarding ecological assets under extreme security incidents. This handling approach provides an important demonstrative effect for future handling of attacker assets: that is, under the premise of decentralized governance, quick intervention by the Security Council and final confirmation through DAO voting decisions can achieve "on-chain hard landing" support for the damaged protocol. If the voting ultimately reaches a consensus, this substantial ETH injection will significantly accelerate the recapitalization process of the rsETH cross-chain lockbox, fundamentally eliminating market concerns about the insufficient collateral ratio of rsETH.

DeFi United jointly with Aave to rescue rsETH

As the Arbitrum governance voting progresses, the recovery fund "DeFi United," initiated by Aave, has become the core vehicle for the rsETH rescue operation. According to AiCoin data, this fund has currently raised over $311 million in ETH and related pegged assets. The list of participants in this recovery fund nearly covers the blue-chip camp of the current DeFi industry, including major protocols and teams such as Mantle, Consensys, Arbitrum, ether.fi, Lido Finance, LayerZero, and Compound. This behavior of top protocols jointly funding not only involves capital injection for a single project but also reflects the linkage governance of LSD and cross-chain tracks in the context of risk transmission, symbolizing significant significance in restoring industry trust.

Kelp has confirmed that as a key step in fulfilling the commitment of "zero loss" for rsETH holders, it has donated 2,000 ETH in a lump sum to DeFi United from its treasury. This fund will be directly used to restore the nominal exchange ratio of rsETH and promote the complete normalization of the system. According to the recovery plan, the collateral structure of rsETH will adopt a phased restoration strategy: the primary task is to recapitalize the cross-chain lockbox, followed by gradually restoring oracle functionality and cleaning up deficits and funding gaps in the markets impacted by the attack. As donations from various parties continue to be implemented, the reserve support for rsETH will be repaired from both technical and liquidity dimensions, involving the comprehensive reconstruction of locked assets, oracles, and affected markets.

From the perspective of on-chain governance logic, the operation of DeFi United signifies that decentralized protocols have the capability to shift from "point defense" to "systemic rescue" in the face of extreme security incidents. Key milestones that the market should focus on tracking include: the final execution of the proposal to release about 30,700 ETH by Arbitrum DAO (voting will continue until May 7), the re-launch of cross-chain bridging functionality, and the verification of related oracle pricing logic. If Arbitrum's large funding is injected smoothly, it will become the largest contributor to this fund, and at that time the nominal balance sheet of rsETH is expected to achieve a substantial reversal, thus blocking the further diffusion of risks within the DeFi lending market.

The cryptocurrency market structure bill may advance in mid-May

While DeFi protocols are actively launching self-rescue efforts, significant progress has also been reported on the legislative front regarding the regulatory framework for crypto assets in the United States. According to AiCoin citing multiple media and sources, the highly anticipated U.S. cryptocurrency market structure bill is expected to make substantial progress in mid-May, officially entering the procedural phase with the Senate Banking Committee. As a key figure involved in negotiations, North Carolina Republican Senator Thom Tillis has explicitly requested Committee Chairman Tim Scott to expedite arrangements for a hearing, aiming to break down legislative barriers for this far-reaching bill through revisions and voting procedures.

However, the bill still faces internal struggles during its advancement. Negotiation representative Angela Alsobrooks pointed out that to achieve bipartisan consensus within the Senate Banking Committee, legislators must prioritize addressing the review of illegal financing and ethical clauses. In contrast, Chairman Tim Scott holds a different position, arguing that ethical norm clauses do not fall within the purview of his committee's deliberation. Currently, the future of these controversial clauses remains unclear, potentially involving cross-committee coordination, but they are likely to need consensus before being submitted for a full Senate vote.

For the market, the progress of this bill will directly determine the compliance paths for trading platforms and project parties, especially the clear asset classification and regulatory boundaries, which will provide clearer legal expectations for institutional fund inflows. Although mid-May is viewed as an important time window, considering the games around illegal financing clauses and the shifts in review order, there remains significant uncertainty regarding the final timeline and details of the bill. According to AiCoin data, the market sentiment is currently highly sensitive to regulatory acceleration, with compliance expectation fluctuations likely to directly reflect in the liquidity premiums of mainstream assets.

WLFI 62 billion unlock and concentrated voting

As regulatory games escalate, the crypto project WorldLibertyFi (WLFI), supported by the Trump family, has also reached a key point in governance. According to AiCoin data, at 18:11 on April 30, Beijing time, the proposal regarding the unlock of 62 billion WLFI tokens received overwhelming support of 99.5% and was approved. This voting result not only marks a stage consensus on the token distribution and circulation path for the project but also, in the current sensitive political and regulatory context, brings the governance transparency and capital movements of this "Trump faction" project to the forefront of market observation.

To mitigate the potential liquidity shocks caused by a large-scale token release, the proposal has set rigorous lock-up terms for tokens held by internal relevant parties: the plan includes a 2-year Cliff (lock-up period) followed by a 5-year linear unlock period. This means that the tokens held by the team and related parties will be completely illiquid for the first two years, and then need to be gradually released over five years. This mechanism design attempts to find a balance between long-term interest binding and alleviating short-term selling pressure expectations, aiming to convey signals of the core team's long-term construction to the market. However, given the deep coupling of WLFI with political entities, this long-cycle unlocking arrangement also reflects the project party’s defensive posture in responding to potential compliance pressure, attempting to smooth out the direct effects of policy fluctuations on asset pricing over time.

From the perspective of governance power distribution, this voting data shows significant characteristics of centralization. On-chain facts indicate that the current top four wallet addresses account for approximately 40% of the voting power, suggesting that key decision-making paths for the project are highly controlled by a few core addresses. This highly centralized governance structure has obvious advantages in execution efficiency, ensuring that core proposals such as large-scale unlocking receive quick endorsement and approval under the voting structure; but from a long-term game perspective, this centralization is also a double-edged sword, as it provides decision certainty while also amplifying the challenge of potential conflicts of interest to governance fairness. For the market, the governance status of WLFI means that subsequent protocol evolution and capital flows will be heavily dependent on the will of this small number of key addresses.

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