Gate Decentralized Finance Daily ( August 29 ): Solana DEX volume exceeds 5 billion USD, Pump makes a strong push to enter the top three.

On August 29, the overall DeFi market maintained high volatility, with the total Lock-up Position (TVL) of the entire network around $155.593 billion, a slight fall of 0.01% in 24 hours, indicating a cautious inflow of funds. The DEX 24-hour volume 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 that its ecological demand remains strong. However, the sentiment in the Token market has clearly declined, with mainstream DeFi tokens such as UNI, AAVE, and CRV generally falling, putting short-term risk appetite under pressure.

DeFi Market Overview

(Source: DeFiLlama)

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

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, has seen its ranking continuously decline, currently sitting at tenth place with a 24-hour volume of $420 million.

Popular protocols and on-chain performance

According to TVL, the data of the top ten DeFi protocols is as follows:

(Source: DeFiLlama)

Among them, the top-ranked protocol data performance is as follows:

Aave: TVL approximately 39.729 billion USD, daily fall of 0.60%, weekly growth of 7.29%, 24-hour fee approximately 3 million USD;

Lido: TVL approximately 39.101 billion USD, daily fall of 2.12%, weekly growth of 3.28%, 24-hour fees approximately 3.24 million USD;

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

Ethena: TVL approximately 12.463 billion USD, daily increase of 0.39%, growth of 4.57% in the past week, 24-hour fees approximately 18.24 million USD, far ahead;

ether. fi: TVL approximately 11.58 billion USD, daily fall of 2.09%, growth of 3.68% in the past week, and 24-hour fees of approximately 645,500 USD.

Project News Summary

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

2. According to official news, 21Shares 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 financing amount 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 have been transferred to the Lockbox contract, accounting for 14.59% of the total token supply, with an estimated value of approximately 4.1 billion USD based on the current contract price. The WLFI token will officially begin unlocking at 8:00 AM Eastern Time on September 1, and the related functionality page (Lockbox) is now live.

5. According to official news, the US-listed company DeFi Development Corporation announced an increase of 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 claiming is now live, and the claiming window will close on September 11, 2025, at 21:00. The Mitosis Foundation stated that the MITO for paying the claiming gas fees has been deposited in the claiming address registered by the users.

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 backed by Bitcoin, and secured by a decentralized network of validators, 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 USD, with participation from 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 USD. The company adopts high-frequency trading methods in an attempt to reduce many issues troubling the crypto market, such as excessive spreads and maximum extractable value (MEV) leakage.

Overview of Major Leading DeFi Projects

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

Orca (24-hour volume $1.083 billion), Pump (24-hour volume $932.97 million), HumidiFi ($899.94 million). It is worth noting that Pump has once again gained momentum and entered the top three, with a daily trading volume exceeding $900 million;

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

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

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

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

Gate Decentralized Finance 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 Market Trends)

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

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

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

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

Market Trend Interpretation

TVL remains stable, Ethena stands out

Aave and Lido's Lock-up Position amounts are $39.729 billion and $39.101 billion respectively, with a daily fall controlled within 2%, and a weekly increase exceeding 3%, maintaining a stable industry pattern. Ethena's daily fees significantly lead at $18.24 million, showcasing its strong ability to attract capital.

Solana once again leads in DEX volume, Pump projects gaining momentum

Solana DEX volume reached 5.085 billion USD, exceeding Ethereum's 3.255 billion USD, and has now ranked first for two consecutive days. Among them, Pump's single-day trading volume surpassed 900 million USD, strongly entering the top three, indicating an increase in high-frequency trading activity within the Solana ecosystem.

WLFI continues to gain popularity, cryptocurrency infrastructure projects are favored

WLFI will officially unlock on September 1, with approximately $4.1 billion in tokens locked on-chain, becoming the focus of short-term capital attention. In addition, infrastructure projects like aPriori are advancing their financing, which may improve the underlying trading experience in the crypto market, but capital remains more cautious, and liquidity for mainstream assets is still concentrated in leading protocols.

Token prices generally retrace, with an increase in cautious sentiment among funds

Gate market data shows that mainstream DeFi tokens such as UNI, AAVE, and CRV have all fallen by more than 4%, with MORPHO dropping over 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 Insights

Market funds are steadily declining, and risk appetite is falling

The overall TVL is basically flat, but the prices of tokens are generally under pressure, indicating that funds are choosing to wait and see more, as the market enters a high-level oscillation adjustment phase.

The competition in the multi-chain ecosystem intensifies, Solana's volume advantage expands, and Pump makes its way into the top three

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

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

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

WLFI Unlock Event Brings Short-term Volatility Risk

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