After the KelpDAO rsETH hack, Solana lending markets saw USDC utilization and borrow rates spike as withdrawals tightened available liquidity across major protocols.
New details show the rsETH hack’s impact on Solana lending markets, where USDC liquidity tightened sharply after withdrawals. Jupiter Lend’s USDC utilization climbed to about 99%, with $340 million borrowed out of $421 million supplied. Kamino Prime and Kamino Main also reached roughly 96% and 95.75% utilization, while Marginfi rose to 88.32% and Save Finance moved above 70% on April 20. These figures add protocol-level evidence to earlier reports that the incident triggered withdrawals across DeFi lending platforms.