Gate Decentralized Finance Daily ( August 26 ): WLFI Token unlock feature page Lockbox is now live; Aave v4 is about to be unveiled.

On August 26, the crypto market continued its pullback, with the total value locked (TVL) in DeFi dropping to approximately $152.55 billion, a decrease of 3.72% from yesterday. Despite the market pressure, the 24-hour trading volume of decentralized exchanges (DEX) remained high at $21.377 billion, with Uniswap, PancakeSwap, and Hyperliquid taking the top three spots. The dominant position of the Ethereum ecosystem continues to solidify, while Solana's on-chain capital activity remains strong, and trading volume in the Base ecosystem has significantly risen. The leading protocols Aave, Lido, and EigenLayer all experienced slight pullbacks in their TVLs, but the weekly trend remains a rise, indicating that capital is still focused on the leading tracks.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately 152.55 billion USD, accompanied by a pullback in the crypto market, down 3.72% in 24 hours.

DEX 24-hour volume: approximately $21.377 billion, with the top three being: Uniswap ($6.395 billion), PancakeSwap ($2.406 billion), Hyperliquid ($1.535 billion).

Popular protocols and on-chain performance

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

(Source: DeFiLlama) The data performance of the top-ranked protocols is as follows:

Aave: TVL approximately $38.894 billion, down 1.46% in a single day, up 7.17% in the past week, with 24-hour fees around $3.18 million;

Lido: TVL approximately $38.869 billion, down 4.11% in a single day, up 3.99% in the past week, and fees around $3.28 million in the last 24 hours;

EigenLayer: TVL approximately $2.0168 billion, down 4.19% in a single day, up 4.22% in the past week, with 24-hour fees of approximately $12,819;

Ethena: TVL is approximately 12.3 billion USD, with a daily rise of 0.66%, a weekly growth of 6.06%, and 24-hour fees of around 35,827 USD;

ether. fi: TVL approximately 11.523 billion USD, down 4.35% in a single day, rise of 2.76% in the past week, with 24-hour fees approximately 1.71 million USD.

Project News Summary

1. Sky Protocol (formerly MakerDAO) announced on social media that it spent 1.4 million USDS to buy back 20.06 million SKY over the past week;

2. The Vice President of Engineering at Aave announced on social media that the Aave v4 codebase has officially incorporated all DAO service providers, marking an important milestone in the development of the protocol. Aave founder Stani.eth stated that Aave v4 is about to go live;

3. According to the official announcement, the WLFI token unlocking feature page Lockbox is now online. Users holding the token can move WLFI into the Lockbox to start the unlocking process. Claim start time: September 1 at 8:00 AM Eastern Time (20% of the initial allocation).

Overview of Major Leading DeFi Projects

Ethereum DEX 24-hour volume returns to the first place, approximately 5.55 billion USD, with a trading volume of about 138.87 billion USD over the past 30 days, among which the top three projects are: Uniswap (24 hour volume 3.518 billion USD), Fluid (24 hour volume 743.68 million USD), Ekubo (734.43 million USD);

Solana DEX ranks second in 24-hour volume, second only to Ethereum, performing strongly with approximately $5.081 billion, and a trading volume of about $109.294 billion over the past 30 days, with the top three projects being: HumidiFi (24-hour volume $1.139 billion), Orca (24-hour volume $1.083 billion), Raydium ($661.85 million);

Base DEX 24-hour volume surpassed Hyperliquid L1, ranking third with approximately 2.366 billion USD, and the trading volume over the past 30 days was about 52.029 billion USD, with the top three projects being: Aerodrome (24-hour volume $965.34 million), Uniswap ($781.71 million), PancakeSwap ($561.81 million).

Gate DeFi section 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 Sector Quotes)

On August 26, although the crypto market as a whole is still in a downtrend, the DeFi sector currently seems to be experiencing a pullback, among which:

UNI is currently priced at 9.73 USD, with a 24-hour rise of 0.35%;

AAVE is currently reported at 328.89 USD, with a 24-hour rise of 3.2%;

INJ currently at 13.03 USD, 24-hour rise of 1.79%;

CRV is currently priced at 0.7818 USD, with a 24-hour drop of 0.03%;

MORPHO is currently reported at 2.35 USD, with a 24-hour decline of 0.22%.

Market Trend Interpretation

1. The market is generally under pressure: The overall decline in the crypto market exerts short-term pressure on DeFi TVL, but from a weekly trend perspective, funds are still slowly flowing into staking-related protocols such as Lido and EigenLayer, indicating that medium to long-term interest in funds has not diminished.

2. DEX volume structure adjustment: Uniswap continues to dominate, with Ethereum on-chain trading volume returning to the top position, Solana's ecosystem maintaining high activity, and Base chain achieving rapid growth in trading volume in a short time, indicating that funds are diversifying across multiple chains.

3. Strong growth in lending and staking: Aave's TVL is close to $39 billion, with a weekly rise of 7.17%, and the staking protocol Lido is also performing steadily. There is a clear trend of funds shifting from volatile assets to stable yield projects.

4. Token price differentiation is significant: Top tokens such as AAVE and INJ recorded positive growth, while projects like CRV experienced a slight pullback, indicating that funds prefer fundamentally strong top projects, and the DeFi sector has certain hedging attributes.

Analyst's View

The current DeFi market is in a stage of coexistence of "high volatility + structural opportunities." The price fluctuations of BTC and ETH are putting pressure on short-term TVL, but there has been no significant outflow of active funds on-chain. Leading protocols have shown strong capital-bearing capacity during the bear market, especially staking tracks like Lido and EigenLayer have become safe havens; meanwhile, the multi-chain landscape is gradually becoming clearer, with the volume growth of Solana and Base being noteworthy. If the overall market price stabilizes in the coming week, it is expected that DEX volume and capital flows will recover first, and leading tokens and high-quality protocols are likely to continue to attract capital preference.