Over $10 billion has exited Aave after the Kelp DAO exploit, but the capital hasn’t all gone to one place.

After the roughly $292 million exploit broke the cross-chain backing of rsETH, users have spread capital across safer, simpler venues rather than rotating into a direct replacement. Aave’s total value locked has fallen about 40%, according to DeFiLlama data, as impaired collateral triggered market freezes, stalled liquidations, and forced deleveraging, pushing users to withdraw or close positions.

Some of that capital has moved into Maker-linked Spark, which has emerged as the clearest relative winner. Its TVL has risen around 10% as users rotate toward infrastructure backed by Sky’s $6.5 Billion stablecoin reserves, favoring tighter risk controls over open-ended lending markets exposed to complex collateral.

Elsewhere, large liquid staking providers like Lido have held relatively steady. That stability suggests users are not abandoning ETH exposure, but stripping out layers of risk tied to restaking, rehypothecation and cross-chain bridges.

A third pocket of inflows is showing up in real-world asset protocols such as Centrifuge and Spiko, which both offer exposure to tokenized assets like T-bills and bonds.

At the same time, a significant share of funds has moved into stablecoins, particularly USDC, as users step out of risk and wait on the sidelines rather than immediately redeploying capital.

Not all of Aave’s decline reflects capital rotation. Part of the drop comes from loans being repaid and positions unwound, mechanically shrinking TVL without a new destination.

The result is a fragmented market response. Capital is flowing toward simplicity, controlled risk and even cash, suggesting that after Kelp, confidence in shared collateral layers has weakened rather than shifted elsewhere.

• Coinlocally expands into tokenized equities with 10 new stock trading pairs.
• Users can trade major stock tokens against USDT with zero fees for one month.
• Move aligns with rising interest in RWAs and blockchain-based financial products.

Coinlocally today launched 10 new tokenized stock pairs on its trading platform and introduced a zero-fee trading campaign for all newly-listed stock pairs.

The new listings include widely recognized companies such as Tesla, Amazon, Apple, NVIDIA, and Alphabet. 

Starting on April 14, users can trade TSLAX, COINX, AMZNX, AAPLX, NVDAX, GOOGLX, MCDX, HOODX, METAX, and CRCLX against USDT with zero trading fees through May 14, 2026.

This new group of listings gives users exposure to some of the most closely Marco watched names across technology, consumer internet, and digital finance, while keeping that access within Coinlocally’s existing trading environment.

Tokenized real-world assets (RWAs) continue to grow across the digital asset market, with more than $26 billion in distributed on-chain value.

At the same time, interest in tokenized equities has been building as more companies look at blockchain-based versions of traditional financial products.

Coinlocally’s new listings arrive as tokenized stocks begin to attract wider attention from both crypto platforms and traditional market infrastructure players.

“We want users to be able to access newly-listed tokenized stock markets without extra cost during the launch period,” said Sam Baumann, COO at Coinlocally.

Listing these pairs with zero-fee trading is a practical way to make the product easier to try and more accessible to a wider range of traders.

The rollout reflects Coinlocally’s broader strategy of connecting traditional market exposure with digital asset trading.

The platform supports more than 600 digital assets across spot, margin, and futures markets, with tools for both retail and professional users.

The new tokenized stock pairs expand that offering by bringing another set of familiar market names onto the platform.

Coinlocally has also been building out a wider product ecosystem beyond its main trading markets.

In addition to spot and derivatives trading, the platform offers services such as P2P trading, Earn, Launchpad, and educational resources aimed at users with different levels of experience.

Within that broader mix, the new stock pairs give users another way to access tokenized versions of traditional assets without leaving the platform. 

Users can visit Coinlocally’s trading platform to explore the newly listed tokenized stock pairs and start trading with zero fees.

About Coinlocally

Founded in 2020, Coinlocally is a global fintech and digital asset exchange offering secure, fast, and transparent access to cryptocurrency and forex markets.

With high liquidity and advanced trading tools, including spot, futures, bot trading, grid strategies, and copy trading, the platform serves both beginners and professional traders worldwide.

Coinlocally’s mission is to bridge traditional finance with the emerging world of decentralized finance, empowering users with greater control of their assets through a compliance-driven, seamless transition from centralized (CEX) to decentralized (DEX) trading and broader Web3 innovation.

For more information, users can visit coinlocally.com or follow Coinlocally on Telegram or X.

This article is authored by a third party, and CoinJournal does not endorse or take responsibility for its content, accuracy, quality, advertisements, products, or materials. Readers should independently research and exercise due diligence before making decisions related to the mentioned company.

Uzbekistan has created a special crypto mining zone across Karakalpakstan under a presidential resolution signed on April 17, opening a supervised framework that lets approved mining companies sell mined digital assets on foreign platforms while keeping the proceeds inside the country’s banking system.

A presidential decree effective April 20 creates the “Besqala Mining Valley,” a special mining zone across the Republic of Karakalpakstan, where registered legal entities can carry out crypto mining, use a mix of power sources and apply for resident status through a new directorate under the republic’s Council of Ministers.

The framework gives miners in the zone the right to sell crypto assets obtained through mining on national crypto exchanges or foreign platforms, including through direct contracts, and to exchange them for other liquid crypto assets. Still, the opening comes with strict controls over how mining revenues move through the financial system, and proceeds from those sales must be transferred to bank accounts in Uzbekistan.

Tax breaks aim to lure miners

The decree also provides for a tax exemption through Jan. 1, 2035, while requiring them to pay a monthly fee equal to 1% of income from mining activity to the zone’s directorate. The resolution separately instructs officials to submit draft amendments to Uzbekistan’s tax code within two months.

The new decree adds to Uzbekistan’s recent use of special-zone incentives in Karakalpakstan to attract investment into a region that a 2025 United Nations Development Programme report described as having high poverty rates and limited industrial development.

The new framework also adjusts Uzbekistan’s earlier approach to crypto mining. In 2023, Uzbekistan’s National Agency for Perspective Projects (NAPP) issued a decree on licensing crypto mining operations, requiring firms to only use solar power to mine digital assets. 

The new decree allows a wider mix of power sources within the zone, including renewable, hydrogen and grid electricity, with higher tariffs applied for grid usage.

Related: Uzbekistan increases fees for crypto operations

Uzbekistan expands special-zone strategy to draw investment

The move also fits a broader investment strategy in Karakalpakstan. According to a Reuters report in November 2025, the government had established a separate tax-free zone for artificial intelligence and data center projects, offering discounted electricity and tax exemptions to draw foreign investors. 

Under the initiative, foreign firms investing $100 million or more get full tax and duty exemptions until 2040. According to the report, Uzbekistan expects to attract over $1 billion in foreign investment by 2030 from the AI special zone project. 

Related: Uzbekistan greenlights stablecoins for payments under new sandbox regime

Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M