Gate Decentralized Finance Daily ( October 27 ): TVL returns to $159 billion; River public sale starts on October 29.

On October 27, the crypto market experienced a significant rebound after BTC and ETH both broke through key price levels, with the total DeFi TVL rising to $159.085 billion, a single-day rise of 4.35%. Although DEX volume decreased week-on-week, leading protocols such as Aave, Lido, and EigenLayer all achieved strong rebounds. Analysts point out that this round of recovery may be an early signal of liquidity returning in the fourth quarter.

Overview of the DeFi Market

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 27), the crypto market overall rebounded, BTC broke through $115,000, and ETH returned above $4,100; the current total DeFi TVL across the network is $159.085 billion, with a 24H rise of 4.35%.

DEX 24-hour volume: approximately 13.847 billion USD, a week-on-week decrease of 22.75%; the top three are: Uniswap (4.695 billion USD), PancakeSwap (2.011 billion USD), Meteora (1.039 billion USD).

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 40.59 billion USD, 24-hour rise 5.28%;

Lido: TVL approximately 36.254 billion USD, 24-hour rise 6.56%;

EigenLayer: TVL approximately 17.595 billion USD, 24-hour rise 6.02%;

ether.fi: TVL approximately 10.5 billion USD, 24-hour rise 5.7%;

Ethena: TVL approximately 10.394 billion USD, 24-hour drop of 2.02%;

Spark: TVL approximately 10.148 billion USD, 24-hour rise 3.43%.

In addition, the top ten projects by protocol fees in the past 24 hours are as follows:

(Source: DeFiLlama)

Among them, Uniswap's protocol fees reached 10.42 million USD in the past 24 hours, second only to Tether (23.31 million USD); Hyperliquid's protocol fees reached 2.68 million USD, ranking fourth; Lido ranked fifth with 2.65 million USD.

Project News Overview

1. River announced today that it will launch the River Pts Public Sale at 10 PM on October 29th, using a Dutch auction method, with prices decreasing over 48 hours. Users can participate in the subscription using BNB, and the final settlement will be at the unified price of the auction. All completed subscriptions for River Pts and any excess refunds will be available for collection on the official website immediately after the 48-hour auction ends.

River Pts is the ecological points of River, which can be traded and staked as an ERC20 token; under the dynamic airdrop conversion mechanism, River Pts can be converted into RIVER tokens at any time within 180 days, allowing time and market behaviors to jointly form the value curve.

River Pts has risen 40 times at the TGE on September 22, and RIVER has increased 5 times after being listed on Binance Perp. Combined with the ongoing S3 Airdrop, market enthusiasm and participation continue to rise.

The official statement indicates that the funds from this Public Sale will be used for ecosystem integration, repurchasing RIVER tokens, and developing the River DAO governance, expanding River as a chain-abstract stablecoin system.

2. Solana co-founder Toly participated in discussions on social platforms, stating, “The promises of L2 ≠ the reality of L2. To achieve a complete L2, the code complexity and potential attack surface are both extremely large, making it impossible to have no vulnerabilities, high performance, and comprehensive functionality at the same time.”

Because of this, all current L2s rely on an “upgrade multisig” mechanism, which renders their originally claimed security guarantees meaningless. In the worst-case scenario, they all face the same risks as Wormhole.

The multi-signature of L2 can spend all the funds in the cross-chain bridge. The multi-signature of Wormhole can also spend all the funds in the cross-chain bridge. It's that simple.

The validators of Sui cannot act unilaterally. Even if they secretly push a patch to their nodes overnight—even if they control 100% of the staking—CEX, Tether, and all uncoordinated RPC nodes would reject that state, and the entire network would come to a halt. However, in the case of L2 and Wormhole, no one would stop. Therefore, users through cross-chain bridges bear additional risks compared to native users.

3. Michael Repetny, CEO of Marinade Labs, stated that the Solana ecosystem is preparing for an upgrade by the end of this year or early 2026, with plans to lower the validator entry threshold after the Alpenglow upgrade, while increasing bandwidth and reducing latency.

Currently, running a Solana validator costs about $5,000 per month, with $4,000 (80%) going towards voting fees. The Alpenglow upgrade will significantly reduce these voting fees, making it more affordable for more participants to operate validator nodes.

4. BitMine's Chairman Tom Lee stated that “Ethereum (ETH) is still in a super cycle (Supercycle).”

Most of the time, prices “lead” the fundamentals, but there are also some times when the fundamentals lead the prices.

· The demand for stablecoins is surging.

· Ethereum volume hits an all-time high.

Tom Lee, in an interview with CNBC, stated: “Due to the push from stablecoins, Ethereum Layer 1 and Layer 2 networks are experiencing significant activity growth, but this fundamental improvement has not yet been fully reflected in coin prices—market pricing typically has a lag effect. In my observation, the continued warming of on-chain fundamental activities actually provides a solid basis for a major market change before the end of the year.”

5. Singer JJ Lin posted another photo with Vitalik on social media, stating “Always happy to communicate with Vitalik. We discussed in depth how technology can inspire more people to live sustainably and with focus.”

On September 22, 2024, singer Lin Junjie posted a photo with Ethereum founder Vitalik Buterin on platform X. In the post, Lin Junjie stated: “I am very happy to collaborate with Vitalik Buterin and the Ethereum team at Miracle Coffee in Singapore.”

On September 23, 2024, Ethereum co-founder Vitalik Buterin commented on a tweet featuring a photo of him with singer JJ Lin, saying, “Believing in love for a day is worth more than an eternity. This moment freezes time.”

Overview of Major Leading DeFi Projects

Ethereum DEX ranks first in 24-hour trading volume, approximately $4.047 billion, with the top three projects being:

Uniswap ($2.949 billion), Fluid ($495.84 million), Curve Finance ($279.73 million);

Solana DEX ranks second in 24-hour volume, approximately $3.107 billion, with the top three projects being:

Meteora ($1.039 billion), Raydium ($629.58 million), HumidiFi ($549.7 million);

The BNB Chain DEX ranks third in 24-hour trading volume, approximately 2.397 billion USD, with the top three projects being:

PancakeSwap ($1.711 billion), Uniswap ($588.2 million), four.meme ($5.414 million).

Gate DeFi Sector Token Market Data

According to the data from 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 October 27, at the time of writing, the crypto market shows signs of recovery, with most tokens in the DeFi sector rising and few falling. Specifically:

UNI is currently reported at 6.62 USD, with a 24-hour rise of 4.88%;

AAVE is currently reported at 238.69 USD, with a 24-hour increase of 3.8%;

WLFI is currently priced at 0.1452 USD, with a 24-hour rise of 1.75%;

MORPHO is currently reported at 2.06 USD, with a 24-hour rise of 3.79%;

INJ is currently reported at 8.73 USD, with a 24-hour rise of 0.93%;

MYX is currently reported at 2.71 USD, with a 24-hour decline of 7.46%;

CRV is currently reported at 0.5734 USD, with a 24-hour rise of 5.07%;

SYRUP is currently reported at 0.386 USD, with a 24-hour decline of 0.52%;

FF is currently priced at 0.1751 USD, with a 24-hour rise of 8.51%.

Market Trend Analysis

TVL Strong Rebound, Mainstream Protocols Lead Capital Inflows On October 27, the total DeFi TVL across the network rose to 159.085 billion USD, with a 24H increase of 4.35%, marking the largest single-day rise in nearly two weeks, reflecting the capital inflow effect brought about by the rebound of mainstream assets. BTC broke through 115,000 USD, and ETH returned above 4,100 USD, providing solid support for rebuilding market confidence. Among the leading protocols, Lido (+6.56%) and EigenLayer (+6.02%) became the main forces driving the increase, indicating that re-staking and liquidity staking remain the primary allocation directions for capital; Aave (+5.28%) and ether.fi (+5.7%) performed steadily, while Ethena (-2.02%) experienced a profit-taking adjustment, with funds clearly shifting from high volatility yield products to stable protocols.

DEX trading volume retraces, but activity structure remains healthy The total DEX trading volume in the past 24 hours is approximately $13.847 billion, a week-on-week decrease of 22.75%, reflecting a cooling of short-term trading sentiment in the market. However, leading platforms maintain strong performance: Uniswap ($4.695 billion), PancakeSwap ($2.011 billion), and Meteora ($1.039 billion) firmly occupy the top three spots, collectively accounting for nearly 56% of the total market share. The Ethereum ecosystem's Uniswap dominates; on the Solana chain, Meteora and Raydium's activity continues to rise, indicating that trading demand in the Solana DEX ecosystem remains resilient.

Protocol fee distribution optimization, liquidity ecosystem active The protocol fee data for the past 24 hours shows that Tether (23.31 million USD) continues to hold the top position, while Uniswap ranks second with 10.42 million USD, demonstrating the advantages of high-frequency trading and liquidity depth. Hyperliquid (2.68 million USD) and Lido (2.65 million USD) follow closely, highlighting the dual-driven pattern of decentralized trading and staking markets. The overall market presents characteristics of “high-frequency usage + stable liquidity,” providing foundational support for the fourth-quarter market.

Project news drives ecological heat recovery, on-chain innovation continues to spread River announced that it will launch the River Pts public sale on October 29 at 10 PM, using a Dutch auction mechanism. Its ecological points mechanism can be converted into RIVER tokens within 180 days, combined with the S3 Airdrop and Binance Perp's launch performance, making it one of the market's focal points. Solana co-founder Toly once again warned about L2 security risks, triggering industry discussions on the “upgradable multi-signature” mechanism. Meanwhile, Marinade Labs CEO stated that Solana will undergo the Alpenglow upgrade by the end of the year to reduce validator costs and improve network performance. Regarding Ethereum, BitMine Chairman Tom Lee emphasized that ETH is still in a super cycle phase, with stablecoins and volume growth supporting its long-term trend.

Analyst Views

Capital flows back to mainstream sectors, rebound may continue until November Analysts point out that with the dual breakthrough of BTC and ETH, the inflow of funds into the DeFi market is evident. The synchronous rise in TVL and the increase in protocol fees indicate that liquidity is recovering. If BTC can maintain above $115,000, this round of rebound is expected to continue until early November.

Lido and EigenLayer Become Funding Focus Market data shows that staking and restaking protocols have attracted the most capital inflows. Analysts believe this trend reflects investors' preference for protocols with robust yield models in a high volatility market. As the restaking ecosystem matures, the dominance of Lido and EigenLayer is expected to further solidify.

Solana Upgrade Strengthens Network Competitiveness The Solana ecosystem continues to lead in high-frequency trading scenarios. Analysts believe that the Alpenglow upgrade revealed by Marinade Labs will further optimize the cost structure for validators, providing a more efficient operating environment for DEX, NFT, and gaming projects, potentially driving Solana to continue attracting funding in the fourth quarter.

River Public Offering Event May Boost Chain Abstract Narrative The Dutch auction mechanism and dynamic points exchange model adopted by River are seen as innovative experiments. Analysts believe that its market response will become a key signal for measuring the popularity of the “chain abstract stablecoin” sector. If subscription is active, RIVER is expected to become the next institutional-level Decentralized Finance case.

ETH fundamentals lead price, possible stage recovery by year-end Analyst Tom Lee's view has gained market recognition. Currently, on-chain activity for Ethereum, demand for stablecoins, and usage of L2 networks continue to rise, but prices have not yet fully reflected this growth potential. Analysts generally believe that ETH is expected to show a rebound before the end of the year, driving further expansion of the DeFi market.

Conclusion

On October 27, the DeFi market fully recovered under the drive of mainstream assets, with TVL and trading activity rising simultaneously. The stable growth of mainstream protocols and the continuous advancement of ecological innovation indicate that a structural rebound in DeFi is unfolding. As liquidity gradually warms up and institutional attention increases, the DeFi market is expected to welcome a new growth cycle in the fourth quarter.