Since the KelpDAO attack, the market cap of Ethereum stablecoins and tokenized funds has shrunk by 19%.

Since the KelpDAO exploit on April 18, the combined market capitalization of stablecoins and tokenized funds on Ethereum has fallen roughly 19%, from $206.7 billion to $168.3 billion over nearly seven months, according to Token Terminal data. The decline marks one of the clearest measures of how a single protocol breach has weighed on Ethereum’s core liquidity and real-world-asset segments. KelpDAO’s attack is being treated as a turning point for confidence in on-chain stablecoin and tokenized-fund holdings, rather than a broad crypto-wide drawdown. Traders will watch whether the $168.3 billion level stabilizes or extends lower, and whether capital rotates back to Ethereum as the protocol’s recovery and any restitution plans take shape.