DeFi: Liquidity Concentrates in Large Protocols

DeFi hack trends concentration large vs small protocols historical data shows total dollars stolen in 2026 running normal while incident counts hit records, with May posting the most hacks ever yet only one-tenth April's losses. Uniswap and peers deploy AI hardening plus formal verification that smaller $10M TVL protocols cannot fund, pushing liquidity toward venues with SOC infrastructure, key management layers and pausing mechanisms. The pattern mirrors retail consolidation where big players survive and unattended stores close.