Gauntlet TVL drops 22.84% in seven days as $380 million outflows follow the end of an exchange event

Gauntlet's total value locked (TVL) dropped by 22.84% over seven days, with approximately $380 million flowing out. The main reason was the conclusion of a pre-deposit event by an exchange on Katana, rather than market pressure. The outflow was primarily stablecoins withdrawn from incentive-driven vaults. Gauntlet stated that this fluctuation is consistent with normal incentive cycle dynamics, and mentioned a similar situation in October 2025, when a single deposit of $775 million was fully restored within ten days. Current deposit levels have returned to their pre-event state.