DeFi risk management giant Gauntlet sees $380 million exit as OKX crypto campaign ends

Gauntlet noted that deposits are now back to same levels before the campaign, and has navigated large capital swings before due to incentive campaign endings, airdrops, and shifts in market conditions which regularly produce short-period swings in either direction. What to know : Gauntlet's TVL dropped 22.84% over seven days, erasing roughly $380 million in value, with the primary driver being the end of OKX's pre-deposit campaign on Katana rather than broader market stress — the outflows are predominantly stablecoins rotating out of incentive-driven vaults. Despite the sharp number, Gauntlet says the swing is consistent with normal incentive cycle dynamics, pointing to a similar $775 million single-transaction deposit in October 2025 that fully recovered within ten days as evidence that the firm has navigated large capital movements before.