KelpDAO's $2.9 billion hack is just the beginning. Since AAVE's bad debt incident, its TVL has dropped from $26.39B on the 18th to just $17.8B today, losing nearly $8.59B—a decline of almost 32%. Meanwhile, the accelerated outflow of DeFi TVL from ETH's only remaining ecosystem... Does this count as a devastating blow to ETH? Maybe it's time for the eternal second place to step aside! As for the TVL leaving the chain, it's highly likely returning to CEXs, especially now that many exchanges are offering financial products. The returns might not necessarily be lower than on-chain. Bullish for centralized exchanges, bullish for BNB!