DeFi’s Near-Death Moment | Mike Silagadze on Ether.fi, Security, and What Comes Next

How close did DeFi come to a real systemic collapse?

In this episode, Camila Russo sits down with Mike Silagadze, co-founder and CEO of Ether.fi, to break down the Kelp exploit, the DeFi United rescue effort, and why Mike believes the default path could have been far worse if nobody had stepped in. He explains why the bigger lesson is not just smart contract risk, but operational security, app-layer responsibility, and the need to move past “decentralization theater.”

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