Gate Decentralized Finance Daily ( September 2nd ): WLFI debut draws follow; Hyperliquid August revenue exceeds $100 million record high.

On September 2, the cryptocurrency market saw a slight overall rebound, but the DeFi zone performed weakly, with major Tokens generally experiencing a pullback as funds remained cautious. The total DeFi TVL across the network slightly fell to $152.263 billion, with the total volume on DEXs around $15.57 billion, a decrease of 17.4% from last week, indicating tightening market Liquidity. In terms of hotspots, WLFI was officially launched and received endorsement from the Trump family, while the TVL of the Linea network saw a weekly increase of over 60%, becoming a new highlight in the Layer 2 track; Hyperliquid's revenue reached a monthly high, reflecting the continued growth in derivatives trading demand. Overall, the DeFi market is still in an adjustment cycle, with structural opportunities driven by short-term hotspot projects receiving more attention.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $15.2263 billion, with a 24H slight decrease of 0.36%.

DEX 24-hour volume: approximately $15.57 billion, down 17.4% in the past week, with the top three being: Uniswap ($4.576 billion), PancakeSwap ($2.185 billion), and Meteora ($1.014 billion). Hyperliquid ranks fourth, at approximately $830 million.

Popular Protocols and On-chain Performance

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

(Source: DeFiLlama)

Among them, the top-ranked protocol data performances are as follows:

Aave: TVL approximately $39.448 billion, up 0.81% in a single day, rise of 1.84% in the past week, fees of approximately $3.01 million in the last 24 hours;

Lido: TVL approximately 38.393 billion USD, down 0.17% in a single day, reduced by 0.66% in the past week, with fees of about 3.01 million USD in the last 24 hours;

EigenLayer: TVL approximately 19.302 billion USD, down 0.62% in a single day, decreased 3.75% in the past week, with 24-hour fees around 105,319 USD;

Ethena: TVL approximately 12.582 billion USD, down 0.05% in a single day, up 2.21% over the past week, with 24-hour fees around 17.45 million USD, continuing to maintain its leading position;

ether.fi: TVL approximately 11.299 billion USD, daily rise of 0.34%, decrease of 1.39% in the past week, 24-hour fees approximately 1.04 million USD.

Project News Overview

1. According to official news from Buidlpad, the public sale of Bitcoin DeFi protocol Lombard Token has attracted over $70 million in investment, with an oversubscription rate of 1038%. Previously, the Bitcoin DeFi protocol Lombard launched its community round token public sale on Buidlpad, with a valuation of $450 million.

2. Falcon Finance updated the complete asset details of USDf reserves on its official website. The data shows that 96.3% of the reserve assets in USDf are major assets such as BTC and stablecoins, which have strong market depth and high trading platform coverage. As of the time of writing, the total value of USDf reserve assets is 1.29 billion USD, with an asset support rate of 105.09%.

3. According to data from DefiLlama, Hyperliquid's revenue in August reached $106 million, setting a monthly historical high, a rise of 23% compared to July's $86.6 million. This is attributed to the platform's nearly $400 billion in perpetual contract trading volume in August.

4. According to DefiLlama data, Linea network's DeFi TVL has reached a historical high, currently reported at 892.94 million USD, with a rise of 60.30% in the past week.

5. Donald Trump Jr., the son of Trump and co-founder of World Liberty Financial, announced on social media that WLFI has launched, stating that today is an important day as World Liberty Financial has just introduced the WLFI Token. This is not a Meme coin, but a true governance pillar of an ecosystem that changes the flow of funds. Freedom + Finance + America First.

Afterwards, Trump’s second son Eric Trump posted on social media that the WLFI Token has officially launched, and the WLFI team has always believed in the strength and leadership of America. With the official launch of the token today, World Liberty Financial is setting a new standard for financial freedom. Subsequently, Eric Trump retweeted the trading performance on the first day of WLFI's listing, adding the comment, "This is just the beginning."

6. Rune Christensen, the founder of Sky (formerly MakerDAO), stated on social media, "After the significant reduction in core expenses with Sky Core simplification, the profit page has been updated, showing the annualized calculations based on expenses from the past three months, and it displays the stable fee income and savings rate expenditures in real-time. The current annualized profit has reached 338 million dollars."

7. According to official news, the WLFI team announced that a new governance proposal has been launched, proposing to use all fees generated from the self-owned liquidity (POL) of the WLFI protocol to repurchase WLFI on the open market and permanently destroy it. The fees of the community or third-party LPs are not affected. According to The Wall Street Journal, the Trump family has accumulated $5 billion in paper wealth since the issuance of WLFI.

Overview of Leading DeFi Projects in Various Ecosystems

Ethereum DEX 24-hour trading volume remains in the first place at approximately $3.823 billion, a decrease of 26.59% over the past week, with the top three projects being:

Uniswap ($2.525 billion), Fluid ($543.09 million), Curve ($226.48 million);

Solana DEX ranks second in 24-hour trading volume, approximately $3.649 billion, down 8.4% over the past week, with the top three projects being:

Meteora ($1.016 billion), Raydium ($697.9 million), Orca ($524.87 million);

Base DEX ranks third in 24-hour trading volume, approximately 1.565 billion USD, down 18.69% over the past week, with the top three projects being:

Aerodrome ($654.6 million), Uniswap ($552.52 million), PancakeSwap ($294.21 million);

Hyperliquid L1 DEX ranks fifth in 24-hour trading volume, approximately 1.074 billion dollars, down 25.48% over the past week, with the top three projects being:

Hyperliquid ($830.26 million), Project X ($102.4 million), HyperSwap ($30.22 million), mainly from Hyperliquid.

Gate DeFi zone Token market data

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

(Source: Gate DeFi Sector Quotes)

As of September 2, the cryptocurrency market has seen a slight rebound, with DeFi zone tokens falling more than they rose, including:

UNI currently reported at 9.52 dollars, with a 24-hour fall of 2.92%;

AAVE is currently reported at 313.05 USD, with a 24-hour fall of 1.87%;

INJ is currently priced at 12.87 USD, with a 24-hour fall of 2.16%;

CRV is currently priced at 0.7703 USD, with a 24-hour fall of 1.42%;

MORPHO is temporarily reported at 1.9 USD, with a 24-hour rise of 0.03%.

Market Trend Analysis

TVL and trading volume both pull back, market enters a weak consolidation period

The total DeFi TVL across the network reports at $15.2263 billion, with a slight decline of 0.36% over the past 24 hours; the total DEX trading volume has dropped to $15.57 billion, a decrease of 17.4% compared to last week, while the activity of mainstream ecological chains has generally declined, and the market's risk-averse capital is relatively high.

WLFI goes live and becomes the center of attention, governance and buyback burn proposals boost expectations

WLFI was officially launched with high-profile support from the Trump family, and its market capitalization and narrative effect are strong, making it a hot topic of discussion on its first day. The project proposes to use the protocol's own liquidity (POL) fees for the repurchase and destruction of WLFI, strengthening the value capture logic, and the market continues to follow its long-term ecological layout.

Linea ecosystem funds are growing rapidly, and the L2 competitive landscape is evolving faster.

The TVL of the Linea network has hit a record high of $893 million, with a growth rate of 60.3% over the past week, indicating strong capital interest in the emerging Layer 2 infrastructure. In contrast, the growth of established L2s like Arbitrum and Optimism has slowed down, and the competitive landscape within the sector is being reshaped.

Hyperliquid revenue hits a new high, derivatives market maintains high prosperity

Hyperliquid's August revenue reached $106 million, a year-on-year increase of 23%, with perpetual contract trading volume nearing $400 billion, reflecting the continued appeal of the derivatives trading market amid volatile conditions.

Leading tokens under pressure, structural market clearly visible

Head tokens such as UNI, AAVE, INJ, and CRV all experienced a pullback, with a decline ranging from 1% to 3%, showing a short-term lack of capital support; only MORPHO saw a slight rise, indicating a certain preference for innovative protocols in the market.

Analyst Insights

Short-term funds are cautious, driven by structural opportunities in hotspots

The overall market shows weak performance of mainstream tokens against the backdrop of market volatility and tightening liquidity. However, hot events such as the launch of WLFI and the explosion of the Linea ecosystem can still attract some concentrated capital inflow, resulting in a differentiated market pattern.

L2 track competition enters a new phase, capital focuses on emerging infrastructure

Linea has achieved a significant rise in TVL in the short term, reflecting capital's interest in the new L2 technology route. As the Layer 2 ecosystem expands rapidly, a multi-polar competitive landscape may form in the future, potentially challenging the market share of established L2s.

Derivation protocol becomes a liquidity haven

Hyperliquid's record high revenue indicates that the demand for derivatives remains strong amid market volatility, with capital preferring platforms with high liquidity and deep trading depth. Derivatives protocols may continue to benefit from a fluctuating market.

Token price pullback does not change long-term logic, innovative projects have a premium

Current mainstream token prices are suppressed by macro and liquidity factors, but DeFi infrastructure and innovative protocols (such as the WLFI buyback and burn mechanism, Linea expansion, etc.) still possess medium to long-term potential, and funds may gradually tend to layout projects with solid fundamentals.