DeFi Vaults Lose $380M as OKX Campaign Wraps Up

Total assets fall from $1.72 billion to $1.33 billion

• Drop: Roughly $380 million in one week
• Trigger: OKX’s pre‑deposit campaign on the Katana chain
• Daily plunge: 7.6 % drop on Thursday, mainly in stablecoins

What Gauntlet Does

• Not a bank – designs safety rules for lending protocols
• Total Value Locked (TVL): Measures how much money its vaults protect
• A shrinking TVL signals market stress or the end of a promotional push

Vaults & Yields

Traders may be shifting to higher‑return projects like Solana’s Jito (≈5.7 % yield).

Historical Context

• October last year: $775 million deposit spiked USDT vault by 40×
• Resolution: Rebalancing and new collateral restored normalcy in ten days

Company’s Stance

• Short‑term swings are normal when incentives end or market conditions shift.
• Institutional managers keep rates steady and preserve capital.