DeFi Protocols Migrate $3 Billion to Chainlink Following KelpDAO Exploit

May 11, 2026

Following a $292 million KelpDAO exploit that targeted a flaw in LayerZero's messaging layer, crypto projects with over $3 billion in total value locked migrated their cross-chain infrastructure from LayerZero to Chainlink's CCIP. Solv Protocol announced on May 7, 2026 that it will migrate $700 million in tokenized Bitcoin infrastructure to Chainlink's CCIP after a security review prompted by the breach.

KelpDAO exploit aftermath

▪The article was published on May 10, 2026.
▪The KelpDAO exploit triggered a flight to quality across DeFi.
▪The KelpDAO hack targeted a flaw in LayerZero's messaging layer.
▪The KelpDAO exploit resulted in a $292 million security breach.

Solv Protocol Chainlink migration

▪Solv Protocol announced on May 7, 2026 that Solv Protocol will migrate $700 million in tokenized Bitcoin infrastructure to Chainlink's CCIP.
▪The combined Solv Protocol and Kelp migrations shift nearly $1 billion to Chainlink.
▪Solv Protocol's migration to Chainlink's CCIP was prompted by a security review following the KelpDAO exploit.

Pepeto presale positioning

▪Pepeto carries a SolidProof audit.
▪Pepeto moved to a temporary domain at PepetoSwap.com while the primary domain is being secured following a sustained cyber offensive.
▪Pepeto offers 174% APY staking that compounds daily for holders.
▪Pepeto raised $9.2 million at a price of $0.0000001865.

Dogecoin market performance

▪Dogecoin trades at $0.10 as of May 10, 2026.
▪Dogecoin gained 2.5% over the week ending May 10, 2026.
▪Dogecoin whale holdings reached a record high in early May 2026.

Chainlink institutional adoption

▪Wallets holding 100,000 to 10 million LINK added 32.93 million tokens in April 2026, a 7.7% increase.
▪Chainlink has a market cap of $7.2 billion as of May 10, 2026.
▪Chainlink trades at $10.43 as of May 10, 2026.
▪Chainlink is trading 81% below its all-time high of $52.99.

Perspective of DeFi protocols migrating to Chainlink

▪The KelpDAO hack targeted a flaw in LayerZero's messaging layer.
▪Solv Protocol's migration to Chainlink's CCIP was prompted by a security review following the KelpDAO exploit.