Launched in 2022, Radiant Capital is a major decentralized finance (DeFi) protocol built on LayerZero. Its cross-chain lending across multiple networks made it immensely popular among users.
Launched in 2022, Radiant Capital is a major decentralized finance (DeFi) protocol built on LayerZero. Its cross-chain lending across multiple networks made it immensely popular among users.
The protocol grew quickly during 2023 but got exploited for $50 million in October 2024. Following the incident, the total value locked (TVL) on the platform fell to approximately $75 million.
— Radiant Capital (@RDNTCapital) June 1, 2026
It has been more than a year and a half since the exploit and the protocol has been unable to recover from the shocking incident and is shutting down, Radiant Capital announced on June 1.
There is no viable way forward and running the protocol is not sustainable as any attempts to recover stolen funds or raise capital have been unsuccessful, Radiant Capital said.
Though the platform is shutting down, the protocol said it will not disappear altogether and will transition to a maintenance state.
What it means is that smart contracts will remain accessible, users will be able to withdraw funds, repay loans, and handle existing positions. But developers will stop working on system upgrades as there is no need to expand the protocol.
Radiant Capital said it will continue to make attempts to recover funds stolen during the 2024 exploit and if it succeeds in recovering any assets, affected users can access the remediation portal to seek those funds.
Unsurprisingly, Radiant Capital's native token RDNT fell 8% in the last 24 hours and was exchanging hands at $0.00136 at the time of writing.
Related: Elon Musk brings back his McDonald's Happy Meal offer
