Gate Decentralized Finance Daily ( September 3, ): Linea launches liquidity incentive program with TVL surpassing $1 billion; Ethena protocol revenue hits a new high.

On September 3, the cryptocurrency market as a whole rebounded, with Bitcoin returning above $110,000, but the DeFi zone showed a mixed performance. The total DeFi TVL across the network rose to $15.1983 billion, up 0.86% in 24 hours; the total trading volume of DEX was about $15.007 billion, down more than 20% compared to last week, with cautious market trading sentiment. In terms of hotspots, Linea launched a liquidity incentive program and opened Airdrop checks, with TVL breaking $1 billion for the first time; Ethena protocol revenue and USDe stablecoin supply hit an all-time high; WLFI market attention continues to rise but is under short-term pressure. Overall, funds are gradually flowing back into hot tracks, and the DeFi market is entering a structural adjustment phase.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately 151.983 billion USD, 24H slight rise of 0.86%.

DEX 24-hour volume: approximately 15.007 billion USD, a decrease of 20.25% over the past week, with the top three being: Uniswap (4.121 billion USD), PancakeSwap (2.333 billion USD), Orca (718.73 million USD). Hyperliquid slipped out of the top ten again, with approximately 374.82 million USD.

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

The top-ranked protocol data performances are as follows:

Aave: TVL approximately 39.278 billion USD, 24-hour fees approximately 3.34 million USD;

Lido: TVL approximately 37.408 billion USD, 24-hour fees approximately 3.14 million USD;

EigenLayer: TVL approximately 1.8804 billion USD, 24-hour fee approximately 242,802 USD;

Ethena: TVL approximately 12.674 billion USD, 24-hour fees approximately 39,481 USD;

ether.fi: TVL approximately 11.008 billion USD, 24-hour fees approximately 872,000 USD.

Project News Review

1. Linea's important updates in the past 24 hours:

• The official announcement introduces the Linea Ignition Liquidity Incentive Program, which is open to the entire community. The goal of this program is to accelerate the active TVL growth on Linea and reward liquidity providers. Power Linea will also soon launch the Native Yield feature. The Linea Ignition Liquidity Incentive Program distributes 1 billion LINEA tokens as rewards, with an end date of October 26, 2025.

• The Linea official confirmed on social media that Airdrop checks have been opened and announced that the TGE will take place on September 10. LINEA imitates Ethereum's initial distribution plan: 85% of tokens are allocated to the ecosystem. Among them, 10% is allocated to early users and builders (fully unlocked), and 75% is included in the largest ecosystem fund in the history of Crypto Assets – of which another 4% will be allocated to the liquidity providers community Airdrop.

The project team and venture capital institutions have not allocated any shares and are solely dedicated to the sustainable long-term development of the ecosystem. The claim window will open on September 10 and will last until December 9 (a total of 90 days). All Airdrop tokens are fully unlocked, with no vesting period. Unclaimed tokens will return to the ecosystem fund after December 9.

• According to DefiLlama data, the DeFi TVL of the Linea network has surpassed 1 billion USD, currently reported at 1.02 billion USD, with a 24-hour increase of over 18%, setting a new historical high.

The top three TVL DeFi protocols on the network are Aave (USD 612 million), Etherex (USD 232 million), and Renzo (USD 202 million) (some protocols may have duplicate calculations).

2. Eric Trump, son of Trump, tweeted that "The first round of WLFI token issuance was completed only 10 and a half months ago, with a price of 0.015 USD at that time. In the past 24 hours, the trading price range of WLFI has been about 0.20–0.28 USD, almost 20 times the initial issuance price (and the trading volume on the first day alone reached about 3.1 billion USD), making us the 10th largest Crypto Assets by trading volume globally, with a market capitalization ranking of 27th. The public launch is just the beginning; the company's fundamentals in the industry are unparalleled, and the future of WLFI is boundless."

3. According to on-chain analyst Yu Jin's monitoring, WLFI has burned 47 million WLFI from the already unlocked treasury wallet, amounting to 11.34 million USD, as stated by the official to commemorate the buyback and destruction governance proposal. Additionally, after going live for trading the night before last, it repurchased 6.498 million WLFI on-chain at a price of 0.308 USD using 2 million USD1.

4. Venus Protocol announced on social media that "Venus Protocol has fully resumed (withdrawal and liquidation functions have been reopened) as of 5:58 Beijing time. The lost funds have been retrieved under the protection of Venus. This suspension was not only to ensure the safety of funds affected by phishing attacks but also to conduct a comprehensive security check to ensure that the Venus frontend has not been compromised. More information and a post-event analysis report will be released later."

5. Over the past month, the supply of USDe has increased significantly by 42%, reaching a historical high of 12.43 billion USD. The revenue from the Ethena protocol has also reached its highest level since the beginning of this year, exceeding 61 million USD in August. USDe currently ranks as the third largest USD stablecoin, following USDT and USDC, while Ethena has become the fifth largest DeFi protocol based on deposit size. The current market is focusing on Ethena's fee conversion plan, and holders of Ethena's ENA governance tokens will soon have the opportunity to receive a share of the protocol's profits for the first time.

Ethena Labs had previously set three milestones that need to be reached before the fee switch for the protocol is enabled:

The circulating supply of USD must exceed 6 billion USD.

The cumulative revenue of the protocol needs to reach 250 million USD.

The USDe token must be integrated into four of the top five centralized trading platforms by derivatives volume.

The first two indicators have been met, and now only the integration of centralized trading platforms remains.

6. According to data from DefiLlama, since June, the Bitcoin financial service platform Avalon Labs has accumulated a fee income of 5.48 million USD, with an average monthly fee income of about 1.88 million USD. The current TVL of the platform has reached 752 million USD.

7. According to official news from Buidlpad, the Bitcoin DeFi protocol Lombard token public sale has attracted over 70 million USD in investment, with an oversubscription ratio of 1038%.

Overview of Major Leading DeFi Projects

Ethereum DEX maintains the top position in 24-hour trading volume, approximately 3.854 billion USD, a decrease of 27.54% over the past week, with the top three projects being:

Uniswap ($2.18 billion), Fluid ($590 million), Curve ($252 million);

Solana DEX ranks second in 24-hour trading volume, approximately 3.463 billion USD, down 8.33% in the past week, with the top three projects being:

Orca ($717.63 million), Raydium ($630 million), Pump ($600 million);

Base DEX ranks third in 24-hour trading volume, approximately 1.614 billion USD, down 23.69% in the past week, with the top three projects being:

Aerodrome ($670 million), Uniswap ($550 million), PancakeSwap ($290 million).

Gate DeFi zone token market data

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

(Source: Gate DeFi zone market)

As of September 3, the mainstream coins in the crypto assets market are showing a rising trend, with Bitcoin returning above $110,000. The tokens in the DeFi zone are mixed, with some rising and others falling, including:

UNI is currently at 9.44 USD, with a 24-hour drop of 0.65%;

WLFI is currently reported at 0.2279 USD, with a 24-hour decline of 11.29%;

AAVE is currently reported at 317.17 USD, with a 24-hour rise of 1.5%;

INJ is currently at 13.07 USD, with a 24-hour rise of 2.05%;

CRV is currently at 0.7613 USD, with a 24-hour decline of 0.98%;

MORPHO is currently reported at 1.9 USD, with a 24-hour decline of 0.56%.

Market Trend Analysis

TVL slightly rebounds, trading volume remains sluggish

The total DeFi TVL across the network reports $15.1983 billion, rising 0.86% in the last 24 hours; DEX volume has decreased to $15.007 billion, down 20.25% from last week, with funds primarily remaining in a wait-and-see mode, and liquidity concentrated in a few hot projects.

The Linea incentive program boosts market confidence and accelerates ecological expansion

Linea announced that it will issue 1 billion tokens as rewards for liquidity providers and open Airdrop checks; TVL increased by over 18% daily, surpassing 1 billion USD, setting a new historical high and becoming the funding focus of the current Layer 2 zone.

WLFI market popularity is high, but prices are under short-term pressure

WLFI volume remains high, with a market cap ranking in the top 30, but the 24-hour decline reached 11.29%. The repurchase and destruction plan strengthens the long-term narrative, while in the short term, it may enter a consolidation phase.

Ethena protocol revenue and stablecoin scale hit new highs

The Ethena protocol's revenue in August surpassed 61 million USD, with the supply of USDe stablecoin increasing to 12.43 billion USD. The market is关注 its fee switch mechanism implementation, which is expected to bring long-term value capture for ENA.

Derivatives and Bitcoin Financial Sector Remain Active Income from Bitcoin financial protocols such as Avalon Labs continues to grow, with an average monthly income of 1.88 million USD, indicating that the demand for capital allocation to BTC assetization and the derivatives market remains strong.

Analyst Views

Funds are concentrating from mainstream coins to hot protocols

After Bitcoin rose above 110,000 USD, market risk appetite has slightly rebounded, but the increase in mainstream DeFi tokens is limited, with funds preferring protocols that have narrative-driven momentum, such as Linea, WLFI, and Ethena.

L2 and Decentralized Finance infrastructure become key focuses for mid-term capital allocation

The rapid growth of Linea TVL verifies the effectiveness of liquidity incentives and ecological airdrops, and the L2 track is entering a new round of competition, with infrastructure projects expected to continue receiving capital support.

Token price volatility increases, repurchase and burn logic attracts market attention

New coins like WLFI are experiencing significant short-term volatility driven by high demand, but the buyback and burn mechanism has strengthened long-term value expectations, leading investors to focus more on the medium to long-term ecological growth.

Derivatives and stablecoin ecosystem consolidate market foundation

Protocols like Hyperliquid and Avalon Labs maintain high income levels, while stablecoins and the derivatives market become a "safe haven" during market fluctuations, continuing to provide underlying liquidity support for the DeFi market.