Gate DeFi Daily Report (, September 30, ): Aster protocol fees exceed 18 million USD; Meteora confirms TGE; Societe Generale stablecoin enters DeFi.

On September 30, the crypto market as a whole rebounded, with BTC climbing above 114,000 USD and ETH returning to 4,100 USD, driving the DeFi market TVL back up to 157.069 billion USD, an increase of 0.74% in one day. DEX volume surged to 17.158 billion USD, a significant increase of 21.4% compared to the previous day. The Aster protocol's daily transaction fees reached 18.1 million USD, second only to Tether, becoming the focus of the industry; in the Solana ecosystem, Meteora announced its TGE on October 23 and maintained its lead in DEX trading volume; meanwhile, SG-FORGE, a subsidiary of Société Générale, introduced EURCV and USDCV stablecoins to Morpho and Uniswap, further promoting the integration of TradFi and DeFi.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (September 30), the crypto market overall rebounded, with BTC breaking through the resistance level of $114,000 and ETH returning above $4,100; the total DeFi TVL across the network has risen to above $15.7 billion, currently at $15.7069 billion, with a 24H growth of 0.74%.

DEX 24-hour volume: approximately 17.158 billion USD, an increase of 21.4% compared to the previous day (14.13 billion USD); the top three are: Uniswap (4.708 billion USD), PancakeSwap (3.2 billion USD), Fluid (1.06 billion USD).

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

The top-performing protocol data are as follows:

Aave: TVL approximately 43.277 billion USD, 24-hour increase 0.96%;

Lido: TVL approximately 35.878 billion USD, 24-hour increase of 1.85%;

EigenLayer: TVL approximately 17.539 billion USD, 24-hour increase 1.74%;

Ethena: TVL approximately 14.725 billion USD, 24-hour increase 1.5%;

ether.fi: TVL approximately 10.393 billion USD, 24-hour increase of 2.23%.

In addition, the top ten projects in terms of protocol fees in the past 24 hours are as follows:

(Source: DeFiLlama)

Among them, Aster's protocol fees in the past 24 hours reached 18.1 million USD, second only to Tether (22.2 million USD); Uniswap ranked third with protocol fees of 8.37 million USD in the past 24 hours; Aave ranked fifth with 2.99 million USD.

Project News Summary

1. The Meteora official announced on social media that the project will have its TGE on October 23, and the token name will be MET.

2. Societe Generale's digital asset subsidiary SG-FORGE has introduced its euro and USD stablecoins into Decentralized Finance, allowing users to engage in lending and spot trading. This move deploys the bank's EURCV and USD CoinVertible (USDCV) on the Ethereum-based Morpho and Uniswap protocols, expanding SG-FORGE's efforts to distribute its stablecoins through centralized exchanges and brokers.

By entering DeFi, SG-FORGE allows customers to trade assets pegged to major currencies around the clock while relying on smart contracts to handle the trading mechanism. On the Morpho platform, users can now borrow EURCV and USDCV using cryptocurrency (such as BTC, ETH) as well as money market token funds regulated by the French Financial Markets Authority (such as USTBL, EUTBL, which invest in US Treasury bonds and Eurozone government bonds) as collateral.

The asset management company MEV Capital will be responsible for managing these vaults, setting qualified collateral rules, and handling defaults when necessary. SG-FORGE stated that more types of collateral will be introduced in the future. In addition, the listing on Uniswap will create a spot market for bank-issued stablecoins. The market maker Flowdesk will provide liquidity to help traders exchange between EURCV and USDCV without relying on traditional intermediaries.

3. Starknet announced the launch of three key initiatives for "BTCFi on Starknet" aimed at enhancing the usability of Bitcoin, which specifically include:

BTC Staking: Users can now stake BTC on Starknet Layer 2 to earn rewards while maintaining custody of their assets.

100 million STRK incentives: The Starknet Foundation will distribute 100 million STRK tokens to incentivize activities in the BTCFi ecosystem on Starknet, including BTC-based collateralized lending activities.

RE7 Capital Yield Product: RE7 Capital will launch an institution-focused BTC-denominated yield product, enabling broader participation through tokenization, making Starknet the execution layer for the Bitcoin network.

4. Opensea announced that all NFT Strategy tokens are now live, and 20 ETH have been added to the reward pool. NFT Strategy tokens combine NFTs and Decentralized Finance, managing assets related to specific NFT collections through automated trading strategies to create value or returns for holders.

5. Morpho announced the launch of a new asset management standard, Morpho Vaults V2. Vaults V2 will work in conjunction with Markets V2 to form Morpho V2. Vaults V2 offers richer advanced risk management options, an upgraded role-based governance mechanism, and customizable access controls to meet institutional compliance requirements. Markets V2 will be launched in the coming months, and once it goes live, Vaults V2 will immediately begin allocating funds to provide deep liquidity support for its fixed-rate, fixed-term lending market.

6. The crypto project Flying Tulip, founded by Andre Cronje, announced the completion of a $200 million private seed round financing at a valuation of $1 billion. This round of financing was participated in by Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.

The $200 million financing was completed through the Simple Agreement for Future Tokens (SAFT) structure. Flying Tulip aims to build an on-chain trading platform covering the entire DeFi field— including spot, derivatives, lending, stablecoins, and insurance, unified into one system.

A major feature of this financing is the so-called "onchain redemption right," also known as the perpetual sell right. Whether in private or public rounds, investors can destroy FT tokens at any time to redeem their initially invested assets (such as ETH). Cronje stated that this model is designed to provide downside protection for investors while maintaining "unlimited upside potential."

Redemptions will be managed by an audited smart contract, which will implement protections such as queuing and rate limits to ensure solvency. If reserves are temporarily insufficient, requests will enter a transparent queue and be processed in order once funds are replenished. FT tokens will remain non-transferable until the public offering is completed. Team members will not receive an initial token allocation; their compensation will come from open market buybacks supported by protocol revenue.

7. An anonymous contributor, 0xPickles, recently submitted a comprehensive reform proposal aimed at reshaping the development trajectory of the DeFi protocol Yearn Finance. The proposal's three plans attempt to revitalize the project through reforms in revenue distribution, enhanced accountability for contributors, and shared token value. The core change of the proposal is that 90% of the protocol's revenue will be directly distributed to holders of locked YFI tokens. According to the new mechanism, users can participate in revenue distribution by staking YFI to obtain stYFI certificates. Specifically, it includes:

· Staking model replaces voting custody: eliminate complex mechanisms and adopt direct staking to allocate income.

· DAO governance reconstruction: Establish a decision-making mechanism centered on profit, requiring contributors to attach on-chain financial reports with budget applications.

· Institutionalizing contributor incentives: Allocating 1,700 YFI (approximately 500,000 USD) for strategic incentives, establishing capped performance bonuses and a retention pool for long-term contributors.

8. MetaMask will launch Perp Dex and rewards program in the APP.

9. Falcon Finance announced that 0.3% of the total supply of FF tokens will be allocated to the Kaito platform, distributed in a 50/50 ratio to the top 200 players on the Yap 2 Fly leaderboard and Kaito stakers (holders of 5000 sKAITO or YT-sKAITO). Additionally, 40% of this portion of tokens will be unlocked at TGE, while the remaining portion will be unlocked in the fourth quarter based on the achievement of Falcon badge levels. Rewards that are not claimed within 3 months will be redistributed evenly among all eligible Yap2Fly leaderboard users and Kaito stakers.

Overview of Major DeFi Projects in Leading Ecosystems

Ethereum DEX 24-hour volume returns to the top, approximately $4.837 billion, with a week-on-week growth of 51.45%; the top three projects are:

Uniswap (2.975 billion USD), Fluid (922.82 million USD), Curve Finance (409.45 million USD);

BSC DEX 24-hour volume surpassed Solana, ranking second, at approximately 3.551 billion USD, with the top three projects being:

PancakeSwap (2.761 billion USD), Uniswap (695.6 million USD), Native (43.06 million USD);

Solana DEX ranks third in 24-hour volume, with approximately $3.298 billion, with the top three projects being:

Meteora (779.3 million USD), HumidiFi (753.17 million USD), Raydium (546.4 million USD).

Gate DeFi Sector 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 Data)

As of September 30, the cryptocurrency market has rebounded overall; however, mainstream coins have drained the altcoin market, with tokens in the DeFi sector experiencing a widespread decline. Specifically:

WLFI is currently priced at 0.1973 USD, with a 24-hour decline of 6.31%.

UNI is currently priced at 7.56 USD, with a 24-hour decline of 1.65%.

AAVE is currently reported at 271 USD, with a 24-hour drop of 0.19%.

MYX is currently reported at 15.92 USD, with a 24-hour increase of 0.07%.

INJ is currently reported at 11.71 USD, with a 24-hour decline of 1.45%.

CRV is currently priced at 0.6655 USD, with a 24-hour decline of 2.5%.

MORPHO is currently reported at 1.73 USD, with a 24-hour increase of 2.49%.

Market Trend Analysis

Aster protocol fees are high: Aster recorded $18.1 million in protocol fees in the past 24 hours, second only to Tether's $22.2 million, firmly in second place. Although lower than yesterday's peak, it still demonstrates its trading activity and revenue-generating ability ranks among the top in the Decentralized Finance ecosystem.

Established protocols are steadily expanding: Aave, Lido, and EigenLayer continue to record growth, with Aave's TVL reaching 43.277 billion USD, indicating that the demand in the lending market remains resilient.

Emerging Project Activity: Meteora has confirmed that it will hold its TGE on October 23, and market attention is increasing, while it maintains its leading position in the Solana DEX.

Traditional finance entry: Société Générale (SG-FORGE) has introduced its EURCV and USDCV stablecoins into DeFi and deployed them to Morpho and Uniswap. This move is seen as an important signal of the integration between TradFi and DeFi, which is expected to drive more institutional capital into the market.

Ecological Innovation Acceleration: Starknet launches the "BTCFi on Starknet" program, promoting BTC integration into the Ethereum Layer 2 ecosystem, further enriching the cross-chain narrative.

Analyst Insights

Aster or enter the "Income Cashing" stage: Analysts point out that Aster has ranked among the top in protocol fees for several consecutive days, indicating strong real trading demand. If fees remain high, the market may reprice its token value.

Meteora's TGE may become a short-term hotspot: Meteora has confirmed its TGE on October 23, which is seen as an important event in the Solana ecosystem. Analysts remind that as expectations heat up, the release of its tokens and liquidity performance will directly impact the secondary market.

The "Bridge Effect" Between TradFi and DeFi Emerges: Société Générale introduces compliant stablecoins into DeFi, interpreted as a key point for institutions exploring on-chain finance. Analysts believe that such initiatives may enhance the compliance and capital inflow of DeFi, but actual trading volume may be limited in the short term.

BTC Fusion Narrative Rising: The BTCFi suite launched by Starknet, combined with STRK incentives, is seen as a positive response to the underutilization of BTC assets. If BTC can achieve more efficient applications on Layer2, it may inject new growth points into the market.

Market style switch pending: Although BTC and ETH have rebounded, the overall tokens in the DeFi sector are under pressure (e.g., UNI, CRV have fallen). Analysts remind us to pay attention to whether the "vampire effect" of mainstream coins will continue, which will determine the flow of funds between altcoins and the DeFi sector.