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SPK, the native asset of Spark Protocol, surged more than 80% on Wednesday after more than $1 billion moved into the DeFi platform in the aftermath of the KelpDAO exploit.
Over the last 24 hours, the token rose from $0.03 to $0.055, lifting its market capitalization to $144 million, according to CoinMarketCap. The rally coincided with a sharp jump in activity, with trading volume increasing 1,027% to nearly $500 million. At the time of reporting, SPK traded around $0.053, still down more than 70% from its record high of $0.18 set last July.
DeFi capital has been repositioning since the $292 million attack. Aave’s total value locked (TVL) fell from approximately $26.4 billion to $15 billion, while Spark’s TVL increased from $3.8 billion to over $5 billion during the same period, according to DeFiLlama.
TVL measures the value of assets held in a protocol’s smart contracts, including collateral posted by borrowers and deposits from lenders in Spark.
TVL can grow through incentive programs that attract new capital or through inflows from other protocols. Spark’s latest increase was driven by the second factor, as capital rotated away from Aave following the incident.
Aave has trended lower since the event. The token was down roughly 21% and trading at $92.
Aave said its exposure to the rsETH exploit involving KelpDAO could lead to between $124 million and $230 million in bad debt, while emphasizing that the incident originated outside its core smart contracts.
The attacker reportedly used a cross-chain exploit to mint rsETH and deploy it into Aave markets as collateral. In response, Aave froze affected assets, tightened borrowing parameters, and outlined two recovery paths depending on whether losses are socialized or isolated to layer 2 networks.
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