Gate DeFi Daily ( August 29 ): Solana DEX volume has surpassed Ethereum for two consecutive days, Pump ranks in the top three.

On August 29, the overall DeFi market maintained a high-level fluctuation, with the total locked value (TVL) of DeFi across the network at approximately $155.593 billion, a slight drop of 0.01% over 24 hours, indicating cautious capital inflow. The 24-hour trading volume on DEX reported $15.842 billion, with Solana DEX's trading volume exceeding Ethereum for the second consecutive day, breaking the $5 billion mark in a single day. On the protocol side, Ethena's 24-hour fees reached $18.24 million, far exceeding other projects, showing strong and sustained ecological demand. However, market sentiment in the token sector has clearly retreated, with mainstream DeFi tokens such as UNI, AAVE, and CRV generally declining, putting short-term risk appetite under pressure.

DeFi market overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $155.593 billion, with a 24H slight decrease of 0.01%.

DEX 24-hour volume: approximately $15.842 billion, with the top three being: Uniswap ($3.604 billion), PancakeSwap ($2.065 billion), and Orca ($1.083 billion). Perhaps influenced by the XPL price manipulation incident, Hyperliquid, which previously ranked in the top three, is currently falling in rank, now at tenth place with a 24-hour volume of $420 million.

Popular protocols and on-chain performance

Based on TVL, the data of the top ten DeFi protocols is as follows:

(Source: DeFiLlama)

The data performance of the top-ranked protocols is as follows:

Aave: TVL approximately 39.729 billion USD, daily fall of 0.60%, growth of 7.29% over the past week, 24-hour fees approximately 3 million USD;

Lido: TVL approximately 39.101 billion USD, down 2.12% in a single day, up 3.28% in the past week, with fees around 3.24 million USD in the last 24 hours.

EigenLayer: TVL is approximately 19.979 billion USD, with a daily fall of 3.75%, a weekly growth of 2.68%, and 24-hour fees of about 92,411 USD;

Ethena: TVL approximately 12.463 billion USD, up 0.39% in a single day, growth of 4.57% in the past week, with 24-hour fees around 18.24 million USD, far ahead;

ether. fi: TVL approximately 11.58 billion USD, daily fall 2.09%, weekly growth 3.68%, 24-hour fees approximately 645,500 USD.

Project News Summary

1. Sam Kazemian, the founder of Frax Finance, announced that he has joined the new blockchain project Stable built around Tether's USDT as the Chief Technology Officer, while continuing to serve as the CEO of Frax.

2. According to official news, 21Shares has submitted an SEI ETF S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) and stated in the prospectus that it hopes to explore the staking of SEI.

3. The Bitcoin DeFi startup Portal to Bitcoin has completed a $50 million financing round, led by Paloma Investments, bringing the total funding for the project to $92 million.

The funds will be used to support the expansion of the company's adapter BitScaler. BitScaler can scale native Bitcoin without the need for wrapped tokens, custodial bridges, or "messaging or other insecure alternatives." Portal plans to use this new funding to expand its grant program and attract institutional and community liquidity providers.

4. On-chain data shows that 14.59 billion WLFI tokens have been transferred to the Lockbox contract, accounting for 14.59% of the total token supply, with an estimated value of about 4.1 billion USD based on the current contract price. The WLFI token will officially start unlocking at 8 AM Eastern Time on September 1st, and the related functionality page (Lockbox) is already live.

5. According to official news, the US-listed company DeFi Development Corporation announced an increase in its holdings by 407,247 SOL, bringing its total holdings to 1,831,011 SOL (approximately 371 million USD).

6. The Mitosis Foundation announces that the MITO Genesis airdrop claim is now live, and the claim window will close on September 11, 2025, at 21:00. The Mitosis Foundation stated that the MITO for paying the claim Gas fee has been deposited in the user's registered claim address.

7. The Bitcoin DeFi protocol Lombard has launched yield-bearing Bitcoin asset LBTC on the Solana network.

LBTC is an SPL Token issued by Lombard, fully supported by Bitcoin and secured by a decentralized validator network, while providing real-time proof of reserves. LBTC has been launched on Ethereum, Base, and Sui networks, with a circulation volume reaching 1.5 billion dollars.

8. The crypto trading infrastructure startup aPriori has completed a new round of financing of $20 million, with participation from HashKey Capital, Pantera Capital, Primitive Ventures, IMC Trading, GEM, Gate Labs, Ambush Capital, and Big Brain Collective. So far, the total amount of financing has reached $30 million. The company adopts high-frequency trading methods to try to reduce many issues plaguing the crypto market, such as excessive spreads and maximum extractable value (MEV) leakage.

Overview of Major Ecological Leading DeFi Projects

Solana DEX has surpassed Ethereum for two consecutive days in 24-hour trading volume, ranking first at approximately 5.085 billion USD, with a trading volume of about 110.807 billion USD over the past 30 days. The top three projects are:

Orca (24-hour volume of $1.083 billion), Pump (24-hour volume of $932.97 million), HumidiFi ($899.94 million). Notably, Pump has surged again to rank among the top three, with a daily trading volume exceeding $900 million.

Ethereum DEX ranks second in 24-hour trading volume, approximately 3.255 billion USD, with a trading volume of about 140.594 billion USD over the past 30 days. The top three projects are:

Uniswap (24-hour volume 1.744 billion USD), Fluid (24-hour volume 500.37 million USD), Ekubo (24-hour volume 410.22 million USD);

Base DEX ranks fourth in 24-hour trading volume, approximately $1.6 billion, with a trading volume of about $53.025 billion over the past 30 days, where the top three projects are:

Aerodrome (24-hour volume $596.15 million), Uniswap ($577.19 million), PancakeSwap ($317.46 million).

Gate DeFi sector Token market data

According to the data on the Gate market page, the price performance of the top ten tokens in the DeFi sector is as follows:

(Source: Gate DeFi Market Trends)

As of August 29, the cryptocurrency market is overall showing an upward trend, while the DeFi sector tokens are performing poorly, among which:

UNI is currently at 9.56 USD, with a 24-hour fall of 4.98%;

AAVE is currently priced at 306.24 USD, with a 24-hour fall of 5.56%;

INJ is currently priced at 13.12 USD, with a 24-hour fall of 3.98%;

CRV is currently reported at 0.7597 USD, with a 24-hour fall of 7.3%;

MORPHO is currently reported at 2.05 USD, with a 24-hour fall of 7.08%.

Market Trend Analysis

TVL remains stable, Ethena stands out

Aave and Lido's Lock-up Positions are $39.729 billion and $39.101 billion respectively, with a daily fall limited to within 2%, and a weekly increase exceeding 3%, maintaining a stable industry pattern. Ethena's daily fees significantly lead at $18.24 million, continuing to attract attention from funds.

Solana Leads DEX Volume Again, Pump Project Gains Momentum Solana DEX volume reached $5.085 billion, surpassing Ethereum's $3.255 billion. The Pump project achieved a daily trading volume of over $900 million, strongly entering the top three, indicating increased high-frequency trading activity in the Solana ecosystem.

Market events frequently occur, and capital allocation is cautious WLFI will officially unlock on September 1st, with approximately 4.1 billion dollars worth of Tokens locked on-chain, becoming the focus of short-term capital attention. In addition, infrastructure projects such as aPriori are advancing their financing, which may improve the underlying trading experience in the crypto market, but capital is more inclined to observe, and the liquidity of mainstream assets remains concentrated in leading protocols.

Token prices generally pull back, with funding sentiment becoming more cautious Gate market data shows that mainstream DeFi tokens such as UNI, AAVE, and CRV have all fallen over 4%, while MORPHO has dropped more than 7%. There are clear signs of capital withdrawal, indicating that under the influence of macro risks and on-chain unlocking events, investors' short-term sentiment is cautious.

Analyst's View

Market capital flows steadily decline, risk appetite recedes

The overall TVL remains stable, but token prices are generally under pressure, indicating that funds are more inclined to wait and see, and the market has entered a phase of high-level oscillation and adjustment.

Competition in the multi-chain ecosystem intensifies, Solana's volume advantage expands, and Pump powers into the top three

The Solana ecosystem, with the high activity of projects like Pump and Orca, has surpassed Ethereum DEX transaction volume for two consecutive days, indicating that fund distribution is shifting from a single chain concentration to a multi-chain dispersion.

Bitcoin DeFi sector favored by capital, becoming a mid-term growth highlight

Portal to Bitcoin has completed a $50 million financing, and the launch of LBTC on multiple chains signifies that the assetization trend of BTC is accelerating, and it is expected to become a new focus of innovation in the industry.

WLFI unlock event brings short-term volatility risk

WLFI large-scale unlocking is approaching, which may affect the overall market liquidity pattern. The current lock-up position value has surpassed 4.1 billion USD, attracting significant attention.