Carrot has announced its closure following catastrophic losses linked to the Drift Protocol exploit earlier this month. The incident led to a dramatic 90% drop in total value locked (TVL), from $28 million to $2 million, as users withdrew funds. Carrot has set a deadline of 14 May for users to withdraw their assets from its products before a full deleveraging process begins.
The shutdown comes after weeks of stabilization efforts, including restricted withdrawals and asset consolidation. Although Carrot was not directly exploited, its exposure to the Drift ecosystem resulted in unsustainable losses. The protocol will remain active to manage potential asset recovery from the Drift exploit, with any recovered funds distributed to users based on recorded balances.
Carrot to Shut Down After Drift Exploit Causes 90% TVL Drop
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