Gate DeFi Daily ( August 25 ): WLFI Token unlock feature page Lockbox is now online; Aave v4 is about to debut.

On August 26, the crypto market continued to experience a pullback, with the total value locked (TVL) in DeFi dropping to approximately $152.55 billion, down 3.72% from yesterday. Despite the market pressure, the 24-hour trading volume for decentralized exchanges (DEX) remained high at $21.377 billion, with Uniswap, PancakeSwap, and Hyperliquid ranking in the top three. The dominant position of the Ethereum ecosystem continues to strengthen, while the on-chain activity of Solana remains robust, and the trading volume in the Base ecosystem has significantly increased. Major protocols Aave, Lido, and EigenLayer all experienced slight pullbacks in TVL, but the weekly trend remains on the rise, indicating that funds are still focused on the leading sectors.

Decentralized Finance market overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately 152.55 billion USD, along with a general decline 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) Among them, the top-ranked protocol data performances are as follows:

Aave: TVL approximately 38.894 billion USD, down 1.46% in a single day, up 7.17% in the past week, with approximately 3.18 million USD in fees over the last 24 hours;

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

EigenLayer: TVL approximately 2.0168 billion USD, daily drop of 4.19%, rise of 4.22% in the past week, 24-hour fees approximately 12,819 USD;

Ethena: TVL approximately 12.3 billion USD, daily rise of 0.66%, growth of 6.06% in the past week, 24-hour fees approximately 35,827 USD;

ether. fi: TVL approximately 11.523 billion USD, daily pullback of 4.35%, rise of 2.76% over the past week, and 24-hour fees of approximately 1.71 million USD.

Project News Overview

1. Sky Protocol (formerly MakerDAO) stated on social media that it spent 1.4 million USDS to repurchase 20.06 million SKY in the past week;

2. Aave's Vice President of Engineering stated 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 indicated 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 Lockbox to start the unlocking process. Start time for claiming: September 1, 8:00 AM Eastern Time (initial allocation of 20%).

Overview of Major Ecosystem Leading DeFi Projects

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

Solana DEX ranks second in 24-hour volume, following Ethereum, with a strong performance of approximately $5.081 billion, and a total volume of about $109.294 billion over the past 30 days. The top three projects are: HumidiFi (24-hour volume $1.139 billion), Orca (24-hour volume $1.083 billion), Raydium ($661.85 million);

Base DEX's 24-hour volume surpasses Hyperliquid L1, ranking third at approximately $2.366 billion, with a total volume of about $52.029 billion over the past 30 days. The top three projects are: Aerodrome (24-hour volume $965.34 million), Uniswap ($781.71 million), PancakeSwap ($561.81 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)

On August 26, although the overall crypto market is still in a downtrend, the DeFi sector seems to have rebounded, among which:

UNI is currently reported 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 is currently priced at 13.03 USD, with a 24-hour rise of 1.79%;

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

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

Market Trend Interpretation

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

2. DEX volume structure adjustment: Uniswap continues to dominate, Ethereum on-chain trading volume returns to the top position, Solana ecosystem maintains high activity, and Base chain achieves a leap in trading volume in a short period, indicating that funds are being diversified across multiple chains.

3. Strong growth in lending and staking: Aave TVL is close to 39 billion USD, with a weekly increase of 7.17%. The staking protocol Lido also performed steadily. There is a clear trend of funds shifting from volatile assets to stable return projects.

4. The differentiation in token prices is evident: leading tokens such as AAVE and INJ recorded positive growth, while projects like CRV experienced a slight pullback, indicating that funds prefer well-performing leading projects, and the DeFi sector has certain hedging attributes.

Analyst's View

The current DeFi market is in a phase of "high volatility + structural opportunities" coexisting. The price fluctuations of BTC and ETH are putting pressure on short-term TVL, but on-chain active funds have not shown significant outflow. Leading protocols have demonstrated strong capital absorption capacity during the bear market, especially in the staking sector with Lido, EigenLayer, etc., becoming a safe haven; at the same time, the multi-chain landscape is gradually becoming clearer, and the rise in trading volume of Solana and Base is worth noting. If the overall market price stabilizes in the coming week, it is expected that DEX trading volume and capital flow will recover first, with leading tokens and quality protocols likely to continue to attract capital preference.