•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Carrot, a Solana-based DeFi yield protocol, announced it will shut down on Thursday, citing direct losses linked to the April 1 exploit on Drift Protocol, which drained approximately $285 million from the Drift platform within minutes.
Carrot said it will shut down on April 30, 2026. Users will have until May 14, 2026, to withdraw from its three core products: Boost, Turbo, and CRT. After that deadline, the protocol will begin forced deleveraging of positions to zero leverage, effectively reducing exposure to 1x and freeing liquidity for CRT redemptions.
The Drift hack occurred at roughly 20:00 UTC on April 1. It is described as the largest DeFi exploit of 2026 and the second-largest in Solana’s history. The attackers, suspected of ties to North Korean state-sponsored groups, reportedly used a novel, durable nonce exploit to compromise Drift’s administrative controls.
More than 50% of Drift’s total value locked (TVL) was drained, prompting an immediate suspension of deposits and withdrawals across the platform.
Carrot had significant exposure via Drift-integrated vaults and liquidity positions. Shortly after the exploit, the team paused minting and redemption functions while assessing damage. Estimates placed roughly 50% of Carrot’s TVL at risk, and some analyses cited losses above $8 million.
Carrot’s CRT net asset value was adjusted to approximately $57.52 to $57.58 per token in mid-April updates, reflecting realized and unrealized impacts.
Carrot said it took a snapshot of CRT holdings at April 1, 2026, 20:00 UTC to preserve user claims for any future Drift recovery distributions. The protocol expects recovery to be paid proportionally via an IOU token, with distributions based on the April 1 CRT snapshot.
The team also stated that deposited funds remain the property of users throughout the wind-down process, and that claims are preserved even after users redeem their CRT tokens. The timing of the IOU distribution was not disclosed.
Carrot’s products are structured as follows:
Carrot said that users who do not withdraw by May 14 will have remaining Boost and Turbo positions force-deleveraged to 1x. The team stated that this process does not affect net value.
No management fees will apply during the wind-down period.
The Drift exploit cascaded across 15 to 20 interconnected Solana protocols that relied on Drift for liquidity, vaults, or yield strategies. Carrot said it was among the hardest hit due to the depth of its integration.
Carrot communicated updates via X and Discord throughout late April, including the April 1 CRT snapshot. The protocol advised users to verify wallet balances and transaction history directly on Solana block explorers and to monitor Carrot’s communication channels for any final updates or recovery timeline announcements.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
