Gate DeFi Daily Report ( September 10, ): Solana TVL reaches all-time high; Hyperliquid stablecoin competition upgrades.

On September 10, the overall DeFi market maintained a fluctuating rise, with the total TVL across the network slightly increasing to $15.4077 billion. The DEX trading volume rose to $1.5412 billion, an increase of 6% compared to yesterday, but still below the level of a week ago. The on-chain focus is on Solana's TVL reaching an all-time high, Kiln initiating the exit of Ethereum validation nodes due to security considerations, the competition for Hyperliquid's stablecoin issuance rights escalating, and Ethena and Paxos proposing new solutions in succession. The overall tokens in the DeFi zone rose, with MYX performing the best, soaring over 34% in a single day.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $154.077 billion, with a 24H rise of 0.06%, showing low volatility.

DEX 24-hour volume: approximately $15.412 billion, rising about 6% compared to the previous day ($14.449 billion), and down 11.13% compared to the past week. The top three are: Uniswap ($3.33 billion), PancakeSwap ($1.991 billion), Meteora ($1.045 billion).

Popular Protocols and On-Chain Performance

According to TVL, the data of the top ten DeFi protocols is as follows:

(Source: DeFiLlama)

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

Aave: TVL approximately $39.651 billion, daily decrease of 0.65%, 24-hour fees approximately $3.18 million;

Lido: TVL approximately 37.373 billion USD, a daily decrease of 0.20%, and 24-hour fees approximately 2.96 million USD;

EigenLayer: TVL approximately 18.817 billion USD, daily decrease of 0.12%, 24-hour fees approximately 836,000 USD;

Ethena: TVL approximately 13.298 billion USD, daily increase of 1.54%, 24-hour fees approximately 150,000 USD;

Pendle: TVL approximately 11.92 billion USD, daily growth of 1.51%, 24-hour fees around 70,000 USD.

Project News Review

1. According to data from DeFilama, Solana DeFi TVL has reached 12.257 billion USD, setting a new historical high; SOL has broken through 220 USD, reaching a new high since February 1.

2. Crypto KOL Ansem stated that the trading performance of pumpfun seems to have earned about the same as Hyperliquid in the past week, but its market capitalization is 10 times lower.

3. According to Lineascan information, the Linea network has resumed normal block production after a brief downtime.

4. Staking service provider Kiln announced that after SwissBorg suffered a hacker attack resulting in a loss of approximately 41 million USD in SOL, it will start an orderly exit of all Ethereum validator nodes on September 10, 2025, which is expected to take 10 to 42 days to complete, with an additional 9 days for withdrawals, as a preventive measure to ensure asset security.

The Kiln team stated that rewards will still be received during the exit period, and there are no signs of other financial losses. Some services are temporarily suspended, and infrastructure is being fortified, with a detailed report to be released afterward. The team emphasized that exiting the verification node is a responsible measure to protect stakers' safety, and they are closely monitoring the entire process to ensure the security and reliability of the service.

5. The Hyperliquid team announced that all teams bidding for USDH must submit proposals before 10:00 UTC on September 10; validators will publicly announce the voting candidates before 10:00 UTC on September 11.

Users can delegate their stake to validators who align with their intentions before the start of validator voting at 10:00 UTC on September 14th. Voting weight is calculated based on the amount staked, and the foundation will effectively abstain from voting.

6. The stablecoin issuer Paxos has updated the USDH proposal to version v2, which offers three upgrades:

First, the partnership with PayPal, HYPE is launching on PayPal/Venmo (subject to regulatory approval), and providing free USDH deposits and withdrawals, a $20 million ecosystem incentive, as well as global payment integration between Checkout, Braintree, Venmo, Hyperwallet, and Xoom;

Secondly, a clear AF-first incentive structure, Paxos can only earn profits after reaching the TVL milestone, with a cap of 5%, and all fees are charged in HYPE Token;

Thirdly, Paxos can legally issue stablecoins in Europe, ensuring that USDH can expand globally in a fully compliant manner.

8. Ethena Labs joins the competition for the issuance rights of the Hyperliquid USDH stablecoin and releases a proposal to bid for the USDH issuance rights.

Ethena Labs stated that if selected as a USDH issuer, USDH will be 100% backed by USDtb, which is issued by Anchorage Digital Bank and fully collateralized by BlackRock BUIDL. Ethena promises to return at least 95% of the net income generated from the USDH reserves back to the Hyperliquid community through methods such as HYPE buybacks and reward funds. Ethena will bear the costs of migrating USDC and plans to introduce a liquidity support mechanism to enhance the depth of USDH in the perpetual contract market.

Ethena has reserved at least $75 million (composed of cash and Token incentives) to support the HIP-3 frontend development based on Ethena-related products (including USDe, hUSDe, and USDH), provided that the proposal is approved. 50% of the transaction fee income generated by these frontends will be attributed to Hyperliquid.

9. Derek Walkush, a former investment partner at Variant, announced his joining of Uniswap Labs as the head of growth for Unichain. Walkush previously worked in investment at Variant Fund and will focus on driving growth in on-chain activities for Unichain.

Unichain is developed by the Uniswap team, focusing on low fees and high transaction speeds, and is centered around Uniswap as the core DEX. Walkush will also participate in projects related to Uniswap Labs VC.

10. According to a report by Forbes, WLFI Treasury Company Alt5 Sigma disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that, after discussions with Nasdaq, to comply with its listing rules, Eric Trump, the son of former President Trump, will instead serve as a board observer, while Folkman will become a director upon obtaining shareholder approval. The filing did not specify which Nasdaq rule led to this change, and the company did not provide further explanation.

Alt5 Sigma, World Liberty Financial, and Eric Trump did not respond to Forbes' request for comment, and a Nasdaq spokesperson also declined to comment.

11. Smart Money, crypto KOL 0xsun.sol (@0xSunNFT) stated in a post, "As mentioned before, at the end of August, I observed that the leading effect of ETH was weakening. In the medium to long term, I still have confidence in ETH, but recently it seems to lack some momentum. After some consideration, I gradually shifted 30% of my long position in ETH to several altcoins, all of which I believe have very good fundamentals and align with the current mainstream narrative, to enrich my long combination.

I have chosen XPL, Hype, ENA, Eigen, Bonk, and Ondo, which I am still observing. In the past two months, during this rise driven by ETH, it can be observed that among the strong coins, there are many ETH-related altcoins, which is very logical. The ETH-related altcoins can be divided into several major categories, mainly related to L2, DeFi, and Restaking. The quality targets in the first two categories have already risen a lot, while relatively speaking, the Restaking sector has a significant room for catch-up.

The leader in ETH re-staking is undoubtedly Eigen. The launch of EigenCloud makes Eigen not only the top re-staking protocol and the fastest DA protocol, but also the first verifiable cloud system, capable of completing on-chain or off-chain tasks. This is also the key direction for their future development.

Additionally, A16Z led the Series B round last year and further invested $70 million in June this year, while ETHZilla chose to re-stake $100 million worth of ETH, which is beneficial for the entire ecosystem.

12. Bubblemaps announced that an entity received a $170 million MYX airdrop, with approximately 100 new addresses showing identical on-chain activity. These addresses acquired funds through CEX one month prior to the airdrop, and the number of other tokens received by each address was similar, all meeting the airdrop eligibility criteria. These addresses collectively claimed 9.8 million MYX, accounting for about 1% of the total supply, and most addresses initiated their claim requests almost simultaneously around 5:30 AM on May 7.

Previously, these addresses had no on-chain activity, and the funding acquisition and claiming patterns were highly consistent. Bubblemaps pointed out that this coincidence is hard to be regarded as a random event and may represent the largest airdrop witch attack in history.

Overview of Major Leading DeFi Projects

Solana DEX has ranked first in 24-hour trading volume for three consecutive days, approximately $4.031 billion, with the top three projects being:

Meteora ($1.074 billion), HumidiFi ($780 million), Raydium ($58.267 billion);

Ethereum DEX ranks third in 24-hour trading volume, approximately 3.612 billion USD, with the top three projects being:

Uniswap ($1.769 billion), Fluid ($786.68 million), Ekubo ($278.77 million);

Base DEX ranks fourth in 24-hour trading volume, with approximately 1.435 billion USD, with the top three projects being:

Aerodrome ($592.19 million), Uniswap ($580.25 million), PancakeSwap ($213.97 million).

Gate DeFi zone Token market data

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

(Source: Gate DeFi zone market data)

As of September 10, the cryptocurrency market has rebounded overall, with the DeFi zone rising in tandem, specifically:

UNI is currently priced at 9.61 USD, with a 24-hour rise of 0.72%;

WLFI is currently reported at 0.207 USD, with a 24-hour rise of 3.19%;

AAVE is currently reported at 298.64 USD, with a 24-hour rise of 0.21%;

MYX is currently reported at 18.37 USD, with a 24-hour rise of 34.14%;

INJ is currently at 14.04 USD, with a 24-hour rise of 0.12%;

CRV is currently at 0.7884 USD, with a 24-hour rise of 1.36%;

MORPHO is currently reported at 1.95 USD, with a 24-hour rise of 0.64%.

Market Trend Interpretation

TVL steadily rising, volume gently recovering

The total DeFi TVL across the network is reported at $15.4077 billion, with a 24-hour rise of 0.06%; DEX volume reached $15.412 billion, increasing by 6% compared to yesterday, but down 11.13% compared to last week. The activity level of funds is limited, with trading volume mainly concentrated in top protocols such as Uniswap, PancakeSwap, and Meteora.

Solana ecosystem is strong, with TVL and Token prices reaching new highs.

Solana DeFi TVL rises to 12.257 billion USD, setting a new all-time high, with SOL price breaking through 220 USD for the first time since February 1. Meteora and HumidiFi contribute the main increments, showing continuous capital inflow into the Solana ecosystem.

Security risks are escalating, Kiln starts validator node exit.

After SwissBorg suffered a hack resulting in a loss of $41 million in SOL, the staking service provider Kiln announced an orderly exit from all Ethereum validation nodes starting September 10, expecting to complete the process within 42 days at most. Although there are no signs of additional financial losses, this incident highlights the potential security risks in the Ethereum staking ecosystem.

Hyperliquid stablecoin issuance competition enters a white-hot phase

Paxos updates its proposals, suggesting upgrades such as collaboration with PayPal, compliant issuance, and revenue caps; Ethena Labs promises to return 95% of the revenue to the community and reserves $75 million to support front-end development. As the validator voting on September 11 approaches, the competition for USDH issuance rights has become the central narrative in the market.

Token market differentiation, MYX leads the pump in the Decentralized Finance zone.

As of the time of writing, mainstream tokens such as UNI, WLFI, and AAVE have all recorded slight rises, with MYX performing outstandingly, achieving a 24-hour rise of up to 34.14%, indicating that funds are clearly chasing hot projects.

Analyst's Viewpoint

Funds Focus on Solana and Hot Protocols: Analysts point out that Solana has reached new highs in both TVL and Token prices, validating its ecosystem's ability to attract capital, and it is expected to continue attracting liquidity in the short term.

Risks and Opportunities Coexist: Kiln's proactive exit from the validation node demonstrates institutions' preemptive measures against security risks, but it also reflects the uncertainty in the staking zone that may still disrupt market confidence.

Stablecoin narrative may become the key driver in September: The competition for Hyperliquid stablecoin issuance rights is not only related to the development of the protocol ecosystem but may also determine the market performance of HYPE and related tokens. Analysts generally advise investors to closely monitor the voting results.

Market structural trends are evident: MYX, ENA and other niche narrative Tokens have shown impressive gains, but overall the Decentralized Finance zone remains cautious with funds, and it is expected to maintain a structural pump pattern in the short term.

Overall, analysts believe that the DeFi market is currently in a "structural opportunity + potential risk" stage, and investors should focus on the mid-term opportunities in the Solana and Hyperliquid stablecoin sectors while maintaining awareness of staking security events.