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Decentralized Finance赛道引领市场复苏 DEX volume创2024新高
Crypto Market Weekly Report: DeFi Zone Valuation Restructuring, Zone Rotation Emerging
Market Overview
The main trend of the market
Market Sentiment Index Analysis
Overall Market Trend Overview
Hot Tracks
DEX
This week, due to the significant price fluctuations in the overall market, many profit opportunities were created for investors. On-chain investors are actively using DEX for trading. As on-chain funds and users continuously enter the DEX zone, it has driven the growth trend of DEX projects this week.
On-chain data of DEX:
TVL: The TVL of DEX zone projects has risen rapidly this week, increasing from last week's 25.22B to the current 26.58B, a growth rate of 5.39%. It can be seen that funds are actively entering DEX projects.
DEX Weekly Trading Volume: This week, the trading volume of DEX reached its highest level since mid-2024, hitting $63 billion, with a nearly 24-hour trading volume of $7.58 billion, indicating a surge in trading volume in the DEX zone.
The DEX zone is showing a clear trend of business model upgrades. Leading protocols such as Hyperliquid and dYdX are undergoing a strategic transformation from a single trading function to a comprehensive financial infrastructure. This evolutionary path is reflected in: protocols based on their own chain architecture, achieving vertical integration through functional aggregation to create a one-stop Decentralized Finance service ecosystem. Such architectural innovations signify that the DEX track is evolving from a single trading level to an all-encompassing financial infrastructure, and the reconstruction of track value is underway.
SUI
The Sui ecosystem has been a hot topic of discussion in the market this week, with the SUI price rising 7.8%, outperforming BTC and ETH. The DeFi projects within the Sui ecosystem have shown excellent growth performance this week.
Data on Decentralized Finance projects on the Sui chain:
TVL: Sui's TVL has increased rapidly this week, rising from last week's 1.598b to the current 1.793b, an increase of 12.88%. It can be seen that on-chain funds are actively entering the Sui chain.
Accounts: The total number of users on the Sui chain has reached 66,543,317, an increase of 2,184,755 from last week's 64,358,562, representing a growth rate of 3.39%. Although the growth rate may not seem significant, the ability to achieve growth amidst the volatile market this week indicates that the Sui chain has a certain capacity to attract traffic.
DEX trading volume: The main DEXs on the Sui chain are: Cetus, Aftermath Finance, and BlueMove DEX. This week, the total trading volume of DEXs on the Sui chain exceeded 35 billion USD, with an average daily trading volume reaching 466 million USD. It can be seen that DEXs on the Sui chain are very active.
DeFi project TVL growth: The top three projects by TVL in the Sui ecosystem are NAVI Protocol, Suilend, and Aftermath Finance, which belong to the lending and DEX zones. This week, their TVL growth rates are 1.14%, 17.22%, and 1.72%, respectively. It can be seen that although there is a fluctuating trend, funds in the Sui ecosystem are continuously flowing into projects in the DeFi zone.
To determine whether a public chain is favored by the market, the most direct criterion is the increase or decrease of its TVL. Based on the above data, we can see that the Sui chain is currently maintaining rapid development. Due to the SUI price being stronger than the overall market, the underlying assets of the Sui ecosystem are continuously appreciating, which in turn drives the growth of the APY of its on-chain DeFi projects. At the same time, the overall market has significant fluctuations, presenting profit opportunities, thus attracting a large number of on-chain users to participate, promoting the development of the entire Sui ecosystem.
Decentralized Finance zone
TVL Growth Ranking
The top 5 projects by TVL growth in the market over the past week (excluding projects with a small TVL, with a threshold of over 30 million USD):
| Project Name | Weekly Growth Rate | TVL (million) | |---------|---------|---------------| | Synthetix | 87.69% | 576.82 | | Babylon | 67.32% | 3782.36 | | Usual Money | 53.61% | 833.76 | | BounceBit | 50.31% | 664.98 | | Equilibria | 40.27% | 281.03 |
Synthetix (SNX): (Recommended Index: ⭐️⭐️⭐️⭐️)
Project Introduction: Synthetix is a decentralized synthetic asset protocol based on Ethereum, aimed at providing on-chain exposure to real-world assets through blockchain technology. The core functionality of Synthetix includes allowing users to mint synthetic assets by collateralizing their SNX tokens.
Latest Developments: This week, Synthetix increased the APY for LP users by implementing SCCP-373, raising the share of trading fees for V3 LP from 40% to 60%. Meanwhile, Synthetix Treasury plans to charge some integrator fees to boost V3 LP revenues. Additionally, Synthetix announced the completion of the acquisition of the leveraged token platform TLX this week, which will integrate TLX's leveraged token features, drive the launch through improved parameters and redeployed contracts, and introduce a leveraged token incentive program.
Babylon (not issued): (Recommended Index: ⭐️⭐️⭐️⭐️⭐️)
Project Introduction: The Babylon project aims to leverage the security of Bitcoin to enhance the security of other proof-of-stake blockchains. The core idea is to activate idle Bitcoin assets through a trustless staking mechanism, addressing the conflict between Bitcoin holders' pursuit of asset security and participation in high-yield projects.
Latest developments: Although the market prices have fluctuated significantly this week, BTC has performed very strongly, maintaining a high position. Additionally, users are generally optimistic about BTC's future development, which further strengthens their resolve to hold BTC while wanting to unlock the liquidity of their holdings, leading to more choices in interest-generating projects based on BTC. Moreover, this week, a trading platform announced that users can directly stake BTC from their accounts on the platform to earn returns, bringing substantial new funds to Babylon. At the same time, during the promotional period, the platform users participating in the event are offered up to a 12% points boost, incentivizing a large number of users to participate.
Usual Money (USUAL): (Recommended Index: ⭐️⭐️⭐️)
Project Overview: Usual Money is a stablecoin project supported by a large trading platform, aimed at providing a new stablecoin solution through a decentralized approach. The core mechanism of the project includes three main tokens: stablecoin USD0, bond product USD0++, and governance token USUAL.
Latest Developments: Recently, Usual Money underwent a Checker upgrade. After the upgrade, the annualized yield for holders of the bond product USD0++ reached 48%, with an average APY of 54% for USD0/USD0++ in Curve, and an average annualized return of 52% for USD0/USDC. At the same time, the minting volume of USUAL was reduced by 17%, which increased the price of USUAL. This has attracted many users to participate in Usual Money to obtain high annualized arbitrage returns.
BounceBit (BB): (Recommended Index: ⭐️⭐️⭐️⭐️)
Project Introduction: BounceBit is a re-staking base layer in the Bitcoin ecosystem. It is designed in deep collaboration with a large trading platform to create high-yield CeDeFi components; additionally, it builds the BounceBit Chain itself to create specific use cases for Restaking.
Latest Developments: Recently, BounceBit has increased the staking rates for various tokens, with a 30-day annualized yield of 54.25% for USDT, 24.55% for BTC, 37.13% for BNB, and 37.7% for ETH, thereby attracting a large number of users to invest their assets into BounceBit for staking. Additionally, this week, BounceBit has partnered with Ondo to introduce tokenized RWAs into BounceBit, marking its entry into the RWA zone.
Equilibria (EQB): (Recommended Index: ⭐️⭐️⭐️)
Project Introduction: Equilibria is a gun pool project aimed at creating high returns for users. By utilizing the yield enhancement model adopted by Pendle through the tokenized version of vePENDLE, ePENDLE provides higher returns for LPs and offers additional rewards for PENDLE holders.
Latest Developments: This week, Equilibria and Curve strengthened their collaboration by launching the first enhanced pool - scrvUSD pool, aimed at increasing user returns. Subsequently, they introduced enhanced pools for SolvBTC, cmETH, and ePENDLE, raising users' APY to a maximum of 59%, thus attracting a large number of users to participate in arbitrage.
In summary, we can see that the projects with rapid TVL growth this week are mainly concentrated in the stablecoin yield zone (machine gun pool).
overall performance of the zone
The market capitalization of stablecoins is steadily growing: USDT increased from $141 billion last week to $145.1 billion this week, a rise of 2.91%. USDC increased from $40.2 billion last week to $41.5 billion this week, a rise of 3.23%. It can be seen that this week both USDT, which is primarily in non-US markets, and USDC, which is primarily in US markets, have experienced growth, indicating that the entire market is still maintaining a continuous influx of funds.
Liquidity is gradually increasing: The risk-free arbitrage rates in traditional markets are continuously falling with the ongoing interest rate cuts, while the arbitrage rates in on-chain DeFi projects are increasing due to the rise in the value of cryptocurrency assets. Returning to DeFi will be a very good choice.
Funding situation: The TVL of DeFi projects has risen from 53.2 billion dollars last week to 54.1 billion dollars now, with new funds reaching 1.69%. This week continues to maintain positive growth and has sustained an upward trend for nearly two months, proving that funds are continuously entering DeFi projects.
In-depth Analysis
Driving force of increase:
The core driving factors of this round of increase can be summarized as follows: the market entering a bull market cycle drives the demand for liquidity to rise, which in turn pushes up the level of basic borrowing interest rates, amplifying the profit potential of arbitrage cycle strategies in DeFi protocols. Specifically: