Carrot Protocol Shuts Down Following Catastrophic Drift Hack
- Protocol Shutdown Reason: Carrot announced its permanent shutdown on April 30, becoming one of the first DeFi protocols to collapse due to the Drift Protocol hack, highlighting the vulnerabilities within the DeFi ecosystem.
- Withdrawal Deadline: Carrot has set May 14 as the deadline for users to withdraw remaining funds from its Boost, Turbo, and CRT products, with users retaining ownership of their deposits while all leverage will be reduced to zero to free up liquidity for CRT redemption.
- Value Locked Collapse: According to DefiLlama, Carrot's total value locked was approximately $11.4 million before the April 1 Drift hack, but it currently stands at just $1.18 million, representing an almost 90% decline, underscoring the risks associated with its deep integration with Drift's infrastructure.
- Impact of Hack: April recorded a total of $629.69 million in crypto losses, the highest ever in a single month, with DeFi protocols accounting for $614.17 million, illustrating the severe impact of hacking incidents on the entire industry.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, DRIFT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0142 | 0.0223 | 0.03 | 0.0381 | 0.0458 | 0.0539 | 0.0616 |
| Fibonacci | 0.0223 | 0.0283 | 0.0321 | 0.0381 | 0.0441 | 0.0479 | 0.0539 |
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