Cena Radiant Capital

$GRVT DeFi liquidity saw outflows in October, while protocols shifted their holdings. On-chain liquidity moved to Bitcoin-based protocols, as well as to Hyperliquid and Robinhood.  DeFi liquidity is shifting between chains and protocols in October, and taking a step back with a 7% contraction.  The market capitalization of DeFi protocol tokens contracted by a net 8.4% in the past 30 days, while total value locked, around 7% in October, based on CryptoRank data. The value in DeFi is a proxy metric, reflecting both user flows and the value of collateral assets.  DeFi tokens reacted more dramatically, with over 20% in net losses over the past month, while the protocols themselves had smaller outflows of value. The recent slowdown in DeFi cuts short a three-month streak of expanded TVL based on Ethereum staking and lending.  DeFi growth hinges on BTC recovery For the past month, Bitcoin-based DeFi protocols were the fastest gainers, as BTC held between $80,000 and $85,000. In total, BTC-based DeFi protocols hold $6.19B in value, expanding by 39.19% in the past 30 days.  DeFi collateral was more diverse in 2026, with a growing share on BTC-based lending. | Source: DeFi Llama For Bitcoin protocols, most older apps remained stagnant, while liquidity flowed to selected venues. For the past 30 days, Surge Credit, Maya Protocol, and Symbiosis were in the green, while other apps showed small outflows below 5%.  For now, most of the BTC-based DeFi still relies on wrapped versions running on Ethereum. However, Aave V4 is seen as a potential alternative, using the Babylon Labs collateral for lending, without wrapping the coins on Ethereum.  Wrapping assets adds another layer of risk, as the collateral is locked in smart contracts that could be attacked. BTC holders are seeking native ways to put BTC to work with lending, without exposing their holdings to that additional risk.  Morpho, Ace draw in more active DeFi deposits DeFi liquidity has also shifted among protocols, with some apps and chains defying the recent outflows. In the past month, Base flipped Solana as the third-largest liquidity venue, standing behind Ethereum and Bitcoin.  The past month’s most significant growth came from Arc, a newly launched mainnet and liquidity app. Arc expanded its holdings by 21% in October, holding a total of $617.8M as of October 28.  While the leaders Lido and Aave lost their notional TVL, Morpho expanded by over 3% in the past 30 days, showing users moved their funds for specific vaults and liquidity.  Morpho retains the usual rate of daily active users for the past year, which has still not recovered to the levels at the end of 2025. Despite this, the protocol saw wider adoption, based on its integration with other wallets and apps. Morpho has around 16.1K daily active users, close to the baseline for 2026.  DeFi is reinventing its allocations and lending rates, with Morpho offering innovation in lending rates. Recently, the protocol also integrated with Ledger for direct access to some of its vaults. Morpho has also started onboarding tokenized assets as collateral, unlocking additional value beyond crypto collateral.   In 2026, DeFi also had to adapt to a series of chain and protocol shutdowns and redirect users and liquidity, as Cryptopolitan reported. In the past year, staple protocols like Balancer, Radiant, ZeroLend and Seamless shut down, on a mix of hacking losses or low liquidity.   The smartest crypto minds already read our newsletter. Want in? Join them.

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Radiant Capital, the DeFi lending protocol that sought to consolidate liquidity across multiple blockchains, has announced it will wind down after failing to secure a viable path forward following a $50 million hack in October 2024 attributed to North Korea’s Lazarus Group. In a Monday blog post, Radiant’s decentralized autonomous organization said it could not recover the stolen funds, raise fresh capital, or sustain a runway to operate responsibly, and therefore would begin winding down the project. Radiant also posted on X that contributors and community supporters had kept the protocol afloat under increasingly difficult conditions, but the efforts were not enough to sustain operations without recovery, capital, or growth. The project had been expanding rapidly from its 2022 inception, reaching a peak total value locked (TVL) of $386.8 million in December 2023, even as TVL across the broader crypto market declined. After the October hack, Radiant’s TVL collapsed—from about $75 million to $5 million within the month—as investors reassessed risk in DeFi’s cross-chain liquidity playbook. Key takeaways Radiant Capital is winding down and will not pursue further development, upgrades, or expansion, according to its DAO. The protocol will enter a maintenance state: the frontend stays online, smart contracts remain accessible, and users can withdraw, repay, and manage positions. The decentralized governance body will cease contributing to ongoing development, effectively ending the project’s active life. Recovery efforts will continue through Radiant’s remediation portal, with any recovered funds returned to affected users. From launch to wind-down: the arc of Radiant Capital Launched in 2022 with the aim of providing a single platform to bring liquidity to several blockchains, Radiant Capital saw rapid growth through 2023. Its TVL peaked at $386.8 million in December 2023, a period when liquidity in DeFi was broadly challenged by macro headwinds. The project’s fortunes took a sharp turn in October 2024 when North Korea’s Lazarus Group is reported to have exploited Radiant for $50 million, triggering a swift decline in user trust and capital availability. Following the hack, Radiant’s TVL deteriorated quickly—dropping to around $75 million and then tumbling to roughly $5 million within the same month after the incident. The governance body has since stated that the loss of funds, combined with the inability to secure new capital or maintain a viable runway, left it with no practical path to continuity. As part of its closing plan, Radiant highlighted that the DAO would no longer actively contribute to development or future upgrades. The project emphasized that users should actively manage risk and reduce exposure during this transitional phase, underscoring the uncertain landscape for cross-chain lending protocols in the wake of high-profile exploits. Maintenance state vs. full shutdown: what changes for users Radiant clarified that the maintenance-state arrangement is a departure from a traditional shutdown. The frontend will remain reachable, and the smart contracts will stay accessible, allowing users to withdraw, repay, and manage their positions. However, ongoing governance, upgrades, and strategic expansions will stop, effectively pausing the protocol’s evolution and adaptability. The decision places a spotlight on the delicate balance between preserving user autonomy and halting development in a sector where security incidents can erase years of growth. In practice, users will retain access to existing positions and their funds, but there will be no new features, risk controls, or liquidity mechanisms introduced by Radiant’s team or community. Radiant also noted that it will keep its remediation portal open and continue to attempt the return of any recovered funds to affected users. The emphasis on remediation signals an ongoing, albeit limited, attempt to address the fallout from the October breach while the project transitions out of active development. For investors and supporters, the wind-down order reinforces the fragility of cross-chain liquidity models that rely on robust capital inflows and active governance. The incident also underscores the persistent regulatory and risk management challenges facing DeFi protocols that operate across multiple blockchains and rely on complex liquidity networks. Market reaction and longer-term implications for DeFi The Radiant news contributed to a broader reassessment of DeFi risk, particularly for protocols with multi-chain footprints and exposure to high-profile hacks. The Radiant token (RDNT) reacted to the wind-down announcement, falling about 4.2% in the immediate trading response. Historically, RDNT traded as high as $0.58 in September 2022, but the token has since traded at a fraction of a cent as the project’s prospects dimmed post-hack. In reflecting on Radiant’s trajectory, industry observers note that the collapse illustrates both the potential and peril of DeFi’s cross-chain liquidity ambitions. While a single protocol cannot guarantee universal cross-chain reliability, the episode amplifies calls for stronger security assurances, clearer user protections, and more rigorous capital and contingency planning before scaling liquidity across multiple networks. The development also raises questions about how other DeFi projects will handle security incidents, recovery paths, and governance continuity when faced with similar crises. Market participants will be watching whether any lessons from Radiant’s wind-down translate into improved risk frameworks, enhanced fail-safes, and better incident response protocols across the space. As Radiant’s remediation work continues, observers will be keen to see if any recovered funds can be returned to users and whether this experience will catalyze a broader industry shift toward more conservative tokenomics and governance models in the aftermath of high-profile exploits. Meanwhile, readers should monitor updates on the remediation portal, any statements from Radiant’s community, and how competing cross-chain lending protocols adjust their security and liquidity strategies in light of Radiant’s winding down. Analysts will also keep an eye on broader regulatory developments and whether policy frameworks further shape DeFi risk management standards, especially for protocols that operate beyond a single chain and rely on multi-party governance and treasury management to sustain operations. Radiant Capital’s wind-down marks a cautionary chapter for DeFi builders and investors alike: ambitious cross-chain liquidity projects require robust security, disciplined capital planning, and clear contingency paths to endure in a landscape where exploits can rapidly erase growth and erode trust.

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