On September 11, the DeFi market continued its warming trend, with TVL breaking through 15.67 billion USD. The leading protocols showed steady growth, and Solana's trading activity once again led the way. The announcement of Linea's token mechanism strengthened long-term value expectations, while the ongoing expansions of Pendle and Ethena highlighted the demand for stable returns and innovative mechanisms. The Meteora TGE ignited community enthusiasm, but the Nemo attack incident reminded the market that security remains a core issue that cannot be ignored in DeFi. In the short term, the market may remain active due to concentrated liquidity and incentive mechanisms, but risk management will still be a key focus for investors.
DeFi Market Overview
(Source: DeFiLlama)
Total DeFi TVL across the network: approximately $15.6741 billion, up 1.83% in 24H.
DEX 24-hour trading volume: approximately $15.98 billion, down 5.5% from the past week, with the top three being: Uniswap ($3.188 billion), PancakeSwap ($2.113 billion), Meteora ($0.99584 billion).
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 data performance of the top-ranked protocols is as follows:
Aave: TVL approximately 40.591 billion USD, daily rise 2.37%, 24-hour fees approximately 3.2 million USD;
Lido: TVL is approximately 38.284 billion USD, with a daily rise of 2.44%, and 24-hour fees are about 2.9 million USD;
EigenLayer: TVL approximately 19.022 billion USD, daily rise 1%, 24-hour fees approximately 382,000 USD;
Ethena: TVL approximately 13.415 billion USD, daily growth 0.77%, 24-hour fees approximately 74,000 USD;
Pendle: TVL approximately $12.087 billion, daily rise of 1.31%, 24-hour fees approximately $54,000.
Project News Review
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The DeFi studio Solido has completed a $800,000 financing round, with Supra and Cashaa leading the investment, and participation from HELLO Labs, Spartan Ventures, and K10 Capital. The funds raised will be used to drive the expansion of Solido's products, security audits, deep integration with the Supra tech stack, and community-driven developer adoption.
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According to the Polymarket page, the winning probability of Hyperliquid's stablecoin USDH in the auction has risen to 90%, while Paxos' winning probability has dropped to 8%, ranking second.
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Joseph Lubin, the founder of Consensys and co-founder of Ethereum, posted on social media stating, “Holding Linea will provide further rewards opportunities, mainly in other token rewards; some from Consensys and some from the protocols we cooperate with. MetaMask and Linea are collaborating to create relevant mechanisms to achieve this goal. Holding LINEA tokens indicates that you are a community member and may participate in activities such as building, staking, and usage.”
In the future, users who hold a certain number of tokens for a sustained period may receive additional token airdrops; the more tokens held and the longer the holding time, the higher the rewards.
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According to olimpio (@OlimpioCrypto), Scroll DAO officially announced the suspension of its governance mechanism, and DAO leader Eugene has officially resigned this week. Scroll co-founder Haichen stated that the team is “redesigning governance,” but has not provided a clear follow-up plan or timeline. Team member Raza emphasized in the meeting that they prefer to use the term “suspend” rather than “stop” or “dismantle” to describe this governance change. Currently, several governance proposals (including financial management proposals) are still in progress, and their execution status remains uncertain.
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The Sui ecosystem DeFi protocol Nemo was attacked, resulting in a loss of about 2.4 million USD. The attacker has cross-chained USDC from Arbitrum to Ethereum via Circle.
Afterward, Nemo released an incident report stating that due to a security vulnerability in a function within the contract, attackers exploited it, resulting in an asset loss of approximately 2.59 million USD. The attack stemmed from developers launching new features without sufficient auditing and failing to timely address known risks. Main funds were transferred to Ethereum via a cross-chain bridge, and the core functions of the protocol have now been frozen. A patch for the vulnerability has been submitted for urgent auditing, and the team is formulating a user compensation and asset tracking plan.
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WLFI announces the launch of Project Wings in collaboration with ecosystem partners on Solana. This event is trader-centric and aims to bring a more vibrant and in-depth market experience to the community. Currently, the USD1 trading pair has been launched on BONKfun and Raydium Launchlab, and users can participate in trading.
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According to Blockworks, VanEck plans to apply for a Hyperliquid spot staking ETF in the United States and a trading platform product (ETP) in Europe. Matt Maximo, Senior Investment Analyst at VanEck Digital Assets, stated that Hyperliquid has been a major focus of the company's liquidity fund this year. Kyle Dacruz, Director of Digital Asset Products at VanEck, added that the company is considering allocating a portion of the net profits from investment products to HYPE buybacks. Currently, Hyperliquid has used almost all of its platform revenue for HYPE buybacks.
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According to the official documentation previously released by Linea, the total supply of LINEA Tokens is approximately 72 billion, with 85% (61.2 billion) allocated to the ecosystem for community development, infrastructure construction, and support for Ethereum public goods. 75% of the ecological fund will be gradually released over the next 10 years. 10% (7.2 billion) is reserved for airdrops to reward early users, builders, and MetaMask ecosystem participants, with the tokens being fully unlocked and no lock-up period.
At the time of TGE, the initial circulating supply was about 22%, with approximately 15.8 billion LINEA entering circulation, mainly distributed through airdrops and liquidity incentives (such as the Linea Ignition program). LINEA tokens are not used for paying gas fees (ETH is still used), but serve as ecosystem incentives and funding coordination tools, with specific uses including: rewarding liquidity providers for DeFi protocols, supporting public goods for the Ethereum ecosystem, and incentivizing community activities and developer contributions.
Linea introduces a dual destruction mechanism:
20% of Layer 2 ETH net income is directly burned, enhancing the economic model of Ethereum.
80% is used for the repurchase and destruction of LINEA Token, aimed at reducing the circulating supply and enhancing the token's scarcity.
In addition, Linea announced an additional 12 million LINEA rewards for this week's Linea Ignition liquidity incentives, provided to the deposit LPs of the ETH/LINEA trading pair on Etherex.
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DWF Labs' Falcon Finance announced that it will conduct a community public sale of FF Token on BuidlPad. Falcon Finance is taking the lead in creating the first universal collateral infrastructure, with a USDf supply of 1.5 billion USD and total reserves exceeding 1.6 billion USD.
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The Solana ecosystem liquidity protocol Kamino has announced the launch of LBTC, the first Bitcoin liquid staking token on the Solana chain.
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Eric Trump, the second son of Donald Trump, responded to being removed from the board of WLFI's treasury company ALT 5 Sigma, stating that he is not exiting ALT 5 Sigma, but rather being reassigned as a board observer at the request of Nasdaq, which is a necessary step to comply with listing rules. Eric Trump stated: “I will be 1000% committed to WLFI, driving the future of redefining finance, and I will give it my all.”
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Pendle co-founder TN Lee stated that Pendle's TVL has exceeded $12 billion, setting a new historical high. Just 5 days ago, Pendle's TVL surpassed $11 billion. With the increasing institutional adoption and traditional financial liquidity about to emerge, the potential for fixed income remains enormous. Pendle's PT-USDe (November 27, 2025) was also immediately filled to capacity as collateral after being launched on Aave.
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The Solana ecosystem liquidity protocol Meteora has announced that it will conduct its TGE in October, and it has now entered the “TGE Preparation Mode” to strive to complete the TGE preparations as soon as possible. The token is MET.
Meteora has previously opened the first season points query, with the first season snapshot taken on June 30. The Meteora second season event is currently ongoing. The specific distribution status of the first season points is as follows:
Points for 2024: A total of 327.7 billion (327,723,650,254) points distributed across 328,976 wallets;
Points for 2025: A total of 565.3 billion (565,366,058,002) points distributed across 287,687 wallets;
Launch Pool Points: A total of 30.77 billion (307,712,100,712) points, distributed across 24,929 wallets.
Overview of Major Eco-Leading DeFi Projects
Solana DEX's 24-hour trading volume has topped the charts for four consecutive days, approximately $4.849 billion, rising over 20% compared to the previous day ($4.031 billion), with the top three projects being:
Meteora ($981.6 million), Pump ($875.28 million), HumidiFi ($803.05 million);
Ethereum DEX ranks third in 24-hour trading volume, approximately $2.973 billion, with the top three projects being:
Uniswap (1.487 billion USD), Fluid (628.64 million USD), Curve Finance (405.17 million USD);
Base DEX ranks fourth in 24-hour trading volume, with approximately $1.459 billion, while the top three projects are:
Aerodrome ($689.18 million), Uniswap ($480.56 million), PancakeSwap ($213.97 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:
(Source: Gate DeFi Market)
As of September 11, the cryptocurrency market rebounded due to expectations of interest rate cuts by the Federal Reserve, with the DeFi sector experiencing a widespread rise; specifically:
UNI is currently priced at 9.92 USD, with a 24-hour rise of 2.96%;
WLFI is currently reported at 0.2017 USD, with a 24-hour rise of 0.49%;
AAVE is currently reported at 305.28 USD, with a 24-hour rise of 2.15%;
MYX is currently reported at 18.07 USD, with a 24-hour decline of 1.27%;
INJ is currently priced at 14.18 USD, with a 24-hour rise of 1.24%;
CRV is currently priced at 0.7992 USD, with a 24-hour rise of 1.19%;
MORPHO is currently reported at 2.04 USD, with a 24-hour rise of 4.47%.
Market Trend Interpretation
TVL continues to rise, Meteora TGE is receiving follow.
The total DeFi TVL across the network reports 15.6741 billion USD, rising 1.83% in 24 hours, continuing yesterday's rebound trend. Aave and Lido recorded over 2% daily increase, indicating that staking and lending demand remains strong. The Meteora TGE ignites community enthusiasm and is bound to attract attention.
DEX trading volume fluctuations increase, Solana's share rises
The total DEX 24-hour trading volume across the network is approximately 15.98 billion USD, with a slight decline of 5.5% compared to the previous period. Solana DEX has maintained the top spot for four consecutive days, with daily trading volume exceeding 4.8 billion USD. Projects like Meteora and Pump continue to show high activity, demonstrating Solana's leading advantage in terms of liquidity.
Disclosure of Linea Token economic model details, ecological incentives upgrade
Linea announced the Token distribution and dual destruction mechanism, with a TGE circulation of approximately 15.8 billion Tokens. Airdrops and Liquidity incentives are the main distribution methods. This week, an additional 12 million LINEA incentives were added, rapidly gathering funds for the ETH/LINEA trading pair, making it the current market focus.
Pendle and Ethena Maintain Growth Momentum
Pendle TVL breaks through $12 billion, crossing two major thresholds within five days, with fixed income narratives attracting institutional inflows. Ethena TVL continues to rise to $13.415 billion, with the expansion of the USDe stablecoin ecosystem driving continuous revenue growth.
Security incidents frequent, Risk Management is once again in focus
The Sui ecosystem protocol Nemo has suffered an attack, resulting in a loss of approximately 2.59 million USD, due to the launch of new features that were not adequately audited. This incident serves as a reminder that security remains a long-term challenge in the development process of Decentralized Finance.
Analyst's View
ETH narrative weakens, funds flow into altcoin sector
KOL @0xSunNFT pointed out that the leading effect of ETH has recently weakened, and the market prefers ETH ecosystem altcoins like EigenLayer, Hype, ENA, especially in the re-staking sector which has potential for rebound. The progress of EigenCloud has made Eigen the core narrative target for validating cloud and re-staking.
Linea Token Mechanism or Strengthening Long-term Value
Institutional analysis suggests that Linea's introduction of the “ETH yield destruction + LINEA repurchase and destruction” dual model will effectively reduce circulating supply and enhance Token scarcity. In the short term, the airdrop realization may bring selling pressure, but the long-term narrative is strengthened.
Security issues become limiting variables
The Nemo attack incident reminds the market that rapid expansion often comes with security risks. Analysts emphasize that in the future, while investors focus on TVL and Token incentives, they should also evaluate the auditing and security governance mechanisms of the protocol more.
