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DAO landscape 2025, MakerDAO, Arbitrum, ICP, and security risks. April saw $651 M lost in hacks, highlighting which DAOs may survive.
A record $651 million was lost in DeFi hacks in April 2026, the worst month ever, while analysts spotlight a handful of DAO projects—MakerDAO, Arbitrum, Internet Computer (ICP) and others—as the most promising to watch in 2025 despite the security fallout【1】.
| At a glance | |
|---|---|
| April hack losses | $651 M |
| Largest single‑incident loss | $579 M (Drift + Kelp DAO) |
| MakerDAO market cap | $? (largest DeFi liquidity) |
| ICP market cap | $3.59 B |
| Arbitrum market cap | $2.26 B |
April’s $651 M loss—29 incidents tracked by DefiLlama—exceeds the previous high of $715 M in March 2022 (excluding the Feb 2025 Bybit hack)【1】. The two biggest attacks, Drift and Kelp DAO, accounted for $579 M, and a TRM Labs report links 76 % of this year’s hack value to North Korean actors【1】. Such breaches have prompted Wall Street firms to question whether permissionless blockchains can support institutional finance, with JPMorgan noting “persistent security vulnerabilities and a stagnant total value locked” as barriers to DeFi adoption【1】.
CoinGape’s 2025 watchlist highlights several DAOs with strong tokenomics and governance. MakerDAO, the Ethereum‑based lending platform behind the DAI stablecoin, remains one of the largest DeFi liquidity providers, underpinning a significant share of total ecosystem value【2】. Arbitrum, an Optimistic Rollup Layer‑2, processes over 1 billion transactions and holds a $2.26 B market cap, positioning it as a key scalability solution for Ethereum dApps【2】. The Internet Computer (ICP) boasts a $3.59 B market cap and a circulating supply of 466.15 M tokens, with its Network Nervous System enabling token‑holder voting on protocol upgrades【2】. Additional projects such as Aave (lending), Aragon (DAO creation tools), and ApeCoin DAO (NFT‑linked governance) round out the list, each offering distinct utility and community‑driven decision‑making structures【2】.
| Token | Market Cap | Circulating Supply |
|---|---|---|
| ICP | $3.59 B | 466.15 M |
| ARB | $2.26 B | 10 B (total) |
These metrics provide a baseline for assessing liquidity and potential resilience against future attacks. MakerDAO’s MKR token, while not quantified here, is widely regarded as a cornerstone of DeFi stability, and its governance model allows DAI holders to influence risk parameters—a feature that may become crucial if security standards tighten.
The juxtaposition of record‑breaking hack losses with a curated list of robust DAO projects underscores a pivotal crossroad: whether decentralized governance can evolve fast enough to mitigate security risks and attract institutional confidence, or whether the sector will fragment further between high‑risk DeFi and more controlled blockchain solutions.
Coverage is mostly measured — 103 of 107 reports stay neutral.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 8, 2026 · How we report
DAI is a stablecoin that aims to stay close to one US dollar by being backed by over‑collateralized crypto assets and governed by MakerDAO.
Governance is conducted by MKR token holders who propose and vote on changes to collateral parameters, ratios, and interest rates via on‑chain mechanisms.
The hack led the Ethereum community to hard‑fork the blockchain to recover most funds, after which the DAO token was delisted and the organization became defunct.
Sky's flagship stablecoin is USDS, with a reported supply of $21 billion in early 2026.
Sky's press release estimated $611 million in gross revenue for its ecosystem in 2025.