“DeFi之夏”六年后，去中心化金融革命的太阳已经落山了吗？

KelpDAO's $292 million rsETH exploit landed at the wrong moment for DeFi. Roughly $10 billion left the sector over the weekend , after confidence had already been shaken by Drift Protocol's April 1 breach and Venus's March post-mortem. That combination makes DeFi's problem harder to ignore. Open DeFi is still alive, but it is losing the case for being the default gateway to on-chain finance. Stablecoins, tokenized Treasuries, and regulated settlement rails continue to scale, while permissionless protocols continue to absorb the trust discount. A hack scoreboard circulating on X captures the mood. Hack scoreboard 2026 (source: Our Crypto Talk) Some incidents are well documented. Some remain live situations. Some blur the line between protocol exploit, bridge failure, and user compromise. The safer route is to anchor the piece to verified 2026 failures and to the competitive shift they expose. This moment feels different from 2021. Back then, DeFi sold the market on openness, speed, and composability. In 2026, those same traits still matter, but they no longer come with automatic narrative prestige. Each large exploit raises the cost of trusting the stack, while the safest and fastest-growing corners of on-chain finance increasingly look like payment rails, Treasury wrappers, and regulated tokenized products rather than reflexive token ecosystems. The live test is whether open DeFi can rebuild trust fast enough to keep default-front-end status. Right now, the sector looks squeezed rather than finished. DeFi's security problem now sits above the smart contract The easiest mistake after a big exploit is to treat every failure as another smart-contract bug. Drift's loss of about $285 million is a good example of why that frame is getting stale. Chainalysis described a breach built around privileged access, pre-signed administrative actions, and fake collateral rather than a simple line-by-line contract failure. The market got another lesson in how much DeFi risk now live