[Gate DeFi Daily] DeFi TVL approaches a new three-year high, with Solana DEX 24H volume exceeding $5 billion, ranking first (August 25)

The DeFi market remains active today: the total TVL is close to a three-year high, rising 80% compared to $87 billion in April this year; the trading activity of major ecosystem DEXs remains high, with Solana's on-chain DEX 24-hour volume surpassing $5 billion, surpassing Ethereum to rank first. Overall, the sentiment in the DeFi market is steadily improving.

Decentralized Finance Market Overview

(Source: DeFiLlama)

• Total DeFi TVL across the network: Approximately 156.76 billion USD, an increase of 80% compared to 87 billion USD in April this year.
• DEX 24-hour volume: Approximately $20.177 billion, with the top three being: Uniswap ($4.543 billion), Hyperliquid ($3.382 billion), PancakeSwap ($2.368 billion).

Popular Protocols and on-chain Performance

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

![]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-d3d58ed957-153d09-1c6801.webp(

(Source: DeFiLlama)

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

• Lido: TVL is approximately $40.533 billion, down 3.6% in a single day, up 7.66% over the past week, with a 24-hour volume of about $3.27 million;
• Aave: TVL is approximately $39.471 billion, down 4.01% in a single day, a rise of 8.25% over the past week, with a 24-hour volume of about $3.27 million;
• EigenLayer: TVL is about $21.049 billion, down 3.44% in a single day, up 7.03% in the past week, with 24-hour fees of approximately $4,768;
• Ethena: TVL approximately $12.219 billion, daily rise of 0.34%, growth of 6.4% in the past week, 24-hour fees approximately $19,840;
• ether. fi: TVL is approximately $12.047 billion, down 3.15% in a single day, with a rise of 6.39% over the past week, and 24-hour fees are approximately $1.04 million.

Overview of Major Ecosystem Leaders in Decentralized Finance Projects

Solana DEX 24-hour volume ranks first, approximately $5.042 billion, with a trading volume of about $106.761 billion over the past 30 days, and the top three projects are:

HumidiFi (24-hour volume $1.393 billion), Orca (24-hour volume $1.09 billion), Raydium ($726.03 million);

Ethereum DEX 24-hour volume ranks second, at approximately $4.03 billion, with a total trading volume of about $135.658 billion over the past 30 days. The top three projects are:

Uniswap (24-hour volume $2.541 billion), Fluid (24-hour volume $612.55 million), Ekubo ($536.35 million). It is worth mentioning that the latter two newcomers outperformed established projects like Curve Finance and Pendle, showcasing the emerging transformational trends in DeFi.

Hyperliquid L1 is ranked third, just behind Solana and Ethereum, surpassing well-known public chains like Base. Its on-chain DEX 24-hour volume ranks first, at approximately $3.686 billion, with a trading volume of about $24.953 billion over the past 30 days. The top three projects are:

Hyperliquid (24-hour volume $3.382 billion), Project X ($187.08 million), HyperSwap ($7.889 million).

Gate DeFi 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:

![]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-24304b1601-153d09-1c6801.webp###

As the cryptocurrency market experiences an overall decline, the DeFi sector has also seen a widespread downturn. Among them:

UNI is currently priced at $10.28, with a 24-hour decline of 6.13%;

AAVE is currently at $327.81, with a 24-hour decline of 5.48%;

INJ is currently reported at 13.4 USD, with a 24-hour decline of 5.2%;

CRV is currently reported at $0.8309, with a 24-hour volume decline of 6.03%;

MORPHO is currently reported at $2.41, with a 24-hour decline of 7%.

() Market Trend Analysis

Today's trend shows characteristics of "multi-chain competition and ecological expansion":

• Main Chain Stability: Solana is gaining momentum rapidly, showing signs of surpassing Ethereum; Lido and Aave continue to solidify their dominant positions in the Ethereum DeFi ecosystem; their cross-chain expansion significantly enhances overall influence.
• Strong on-chain growth momentum: Hyperliquid shows rapid liquidity expansion and protocol capital-raising ability, enhancing ecosystem attractiveness.
• Multi-Chain Active Situation: DEX volume has exploded across multiple chains simultaneously, indicating a high degree of user behavior decentralization and intensified competition between chains.

Project News Summary

1. On August 24, a disagreement arose between Aave and the WLFI team regarding "Aave should receive 7% of the total supply of WLFI tokens," leading to significant fluctuations in the AAVE price. The dispute originated from a proposal published by the WLFI team in December 2024 to "launch an Aave V3 instance on the Ethereum mainnet," which was approved by community voting. The proposal indicated that Aave would serve as a lending ecosystem partner for WLFI, with WLFI adopting reserve factor parameter designs consistent with the Aave mainnet in its Aave v3 instance. As part of the collaboration, AaveDAO would enjoy 20% of the protocol fees generated by this instance and would be allocated about 7% of the total supply of WLFI tokens. This portion of the tokens is intended for participation in WLFI's subsequent governance, providing liquidity incentives, and promoting the decentralization process of its platform.

However, last night, a suspected member of the WLFI Wallet team, Twitter user @0xDylan_, posted on social media denying the news regarding the proposal that "Aave will receive 7% of the total WLFI tokens." In response, Aave founder Stani.eth stated that the proposal was written and submitted by the WLFI team and was legally voted on and approved by the Aave DAO. Additionally, he included the original proposal link as proof, which has sparked heated discussions in the crypto community.

On August 24, Bio Protocol founder Paul Kohlhaas posted on social media, stating, "Bio Protocol has earned over $4 million in liquidity fees over the past few weeks. While most people see BIO as a 'DeSci launch platform', the team is also responsible for managing all BioDAO's liquidity pools and optimizing the protocol's own liquidity (POL) and assets under management (AUM). Currently, Bio Protocol is collaborating with leading DeFi protocols, including the launch of a lending market for BIO."

Analyst's View

"The current DeFi ecosystem is entering a new stage of multi-chain collaborative development: Solana is performing excellently, Ethereum remains the capital focus, and Lido and Aave hold prominent positions; at the same time, Hyperliquid is showing rapid growth potential; DEX transactions are active, and the liquidity dividends under multi-chain competition are being released."