Gauntlet states that the roughly $380 million decline to $1.325 billion was driven mainly by stablecoin outflows after OKX’s pre-deposit activity on Katana ended, reflecting a short-term incentive unwind.
Gauntlet’s total value locked fell 22.84% to $1.325 billion, down about $380 million from a peak a week earlier. Gauntlet said the decline was mainly caused by the end of OKX’s pre-deposit activity on Katana, with outflows concentrated in stablecoins. The firm said similar short-term swings have occurred before, characterizing the move as part of normal incentive-cycle dynamics rather than a broader market disruption.