@CurveFinance founder Michael Egorov has long been publicly criticizing the risks of "non-isolated lending." Now that Kelp DAO got hacked and rsETH turned into bad debt, it directly triggered a domino effect that caused the collapse of the entire DeFi ecosystem. @aave was the first to be hit, followed by Curve's suspension of LayerZero bridges - this is pure domino effect. Hackers used cross-chain message forgery to steal nearly 300 million in just 46 minutes. This kind of attack on cross-chain infrastructure is far more difficult to defend against than simply hacking smart contracts. The current market is like a startled bird - panic is spreading. The safety of repledged assets like rsETH has been completely proven false, and more projects will definitely delist it. In the short term, risk aversion in the market will skyrocket, and funds will flock into Bitcoin and native ETH for safety. Altcoins and all kinds of packaged assets will be sold off indiscriminately. Don't think about buying at rock bottoms - just hold on tight, cash is king. This liquidity crisis isn't over yet, and any rebound before Aave and Curve work out their bad debt solutions is just a false signal.