Why did @ether_fi commit 5k ETH to the Kelp hack recovery fund? Because we believe there was a very real risk that this could have killed DeFi. The default path was: Kelp bankruptcy -> $1.5B of rsETH tied up for years -> $30B Aave lending market locked up -> Cascade of DeFi and CeFi implosions. Game over for crypto. FTX would have looked small in comparison. In the face of these systemic risks we saw almost everyone pull back and hide behind lawyers. The worst case scenario was playing out. The one team that stood out and stepped up was Aave. In many ways they were the least to blame (and there was plenty of blame to go around) but they took ownership and immediately began raising funds to fill the hole left by the hack. If the @ether_fi team helped in some small way, it was mainly to open up communication help others see the gravity of the situation. There’s a lot more to be written about what happened, and things are still playing out. But I think the worst case scenario has been averted. Lots of soul searching to be done about systemic risks and decentralization theatre by everyone. We’ll do a longer write up in a few weeks.