Security has long been one of DeFi’s core promises, yet the sector is increasingly struggling to keep pace with its complexity. Notably, losses surged into May, pushing year-to-date figures to nearly $770 million after a contained $169 million in Q1.

April alone accounted for more than $600 million across almost 30 incidents, signaling a shift from sporadic breaches to sustained pressure. What’s striking is the concentration of risk: massive exploits such as Kelp DAO ($293 million) and Drift Protocol ($285 million) now dominate the landscape. Moreover, such incidents show that fewer but far more damaging events are shaping the narrative.

This shift reflects deeper structural changes. Moreover, composability has…