Gate Decentralized Finance Daily ( October 13 ): TVL rebounded to 157 billion USD; Hyperliquid co-founder and CZ exchanged barbs.

On October 13, the crypto market welcomed a phase of warming trends. Influenced by the easing of the China-US trade situation, BTC returned to around 115,000 USD, while ETH fluctuated above 4,100 USD. The DeFi zone also warmed up, with the total value locked (TVL) across the network rising to about 15.7086 billion USD, a 24-hour pump of 6.65%. DEX trading activity continued to be high, with a 24-hour trading volume of about 24.181 billion USD, with Uniswap, PancakeSwap, and Orca ranking in the top three.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 13), due to the easing of tensions in Sino-U.S. trade, the crypto market has generally warmed up. BTC is currently trading around 115,000 USD, while ETH remains above 4,100 USD; the total DeFi TVL across the network is currently 157.086 billion USD, with a 24H growth of 6.65%.

DEX 24-hour trading volume: approximately $24.181 billion, with the top three being: Uniswap ($7.028 billion), PancakeSwap ($4.321 billion), Orca ($1.706 billion).

Popular Protocols and On-chain Performance

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

(Source: DeFiLlama)

Among them, the performance of the top-ranked protocols is as follows:

Aave: TVL approximately 41.334 billion USD, 24-hour rise 4.31%;

Lido: TVL approximately 31.549 billion USD, 24-hour rise 8.28%;

EigenLayer: TVL approximately 17.465 billion USD, 24-hour rise 8.16%;

Ethena: TVL approximately 12.755 billion USD, 24-hour fluctuation 0.5%;

ether. fi: TVL approximately 10.237 billion USD, 24-hour rise 7.54%.

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

(Source: DeFiLlama)

Among them, Uniswap's protocol fees in the past 24 hours reached 11.88 million USD, second only to Tether (22.91 million USD); Aster's protocol fees in the past 24 hours reached 4.89 million USD, ranking fourth; Jupiter ranked fourth with 4.34 million USD.

Project News Summary

1. According to the official disclosure from Aster, the project is undergoing on-chain fund transfers in preparation for the upcoming second phase of the ASTER token airdrop claims. The team will transfer 4% of the total supply of ASTER tokens from the airdrop reserve to the Aster treasury contract.

2. Hyperliquid co-founder Jeff stated, "Hyperliquid is a blockchain where all orders, transactions, and settlements occur on-chain. Anyone can verify the execution of the chain without permission, including all settlements and their fair execution for all users. Additionally, anyone can verify the entire system's solvency in real-time. Transparency and neutrality are key reasons why fully on-chain Decentralized Finance has become the ideal infrastructure for global finance."

Some centralized trading platforms have publicly stated that they severely underreport user liquidation situations. For example, in a certain leading CEX, even if there are thousands of liquidation orders within the same second, only one is reported. Since liquidation is a sudden event, in some cases, the underreported amount can easily reach 100 times. It is hoped that the industry can regard transparency and neutrality as important characteristics of the new financial system and encourage other industries to follow suit.

In response, CZ stated on the X platform, "While others try to ignore, hide, shirk responsibility, or attack competitors, key participants in the BSC ecosystem (such as Venus) have spent hundreds of millions of dollars out of their own pockets to protect users. Different value systems."

3. According to Forbes, Barron, the youngest son of Trump, owns 10% of the cryptocurrency company World Liberty Financial, founded by the Trump family, with this portion of shares valued at $150 million. Barron was born in 2006 and is the son of Trump's third wife. When Trump announced his presidential campaign at Trump Tower in 2015, Barron was only nine years old. Among all the children of presidents, Barron has remained the most low-key. He moved to Washington D.C. a few months after his father relocated in 2017 and is reportedly attending a private school in Maryland, with an annual tuition of up to $50,000.

4. Venus Protocol stated that some Venus users were affected by the decoupling of WBETH prices during the market liquidation. Venus Labs will compensate verified users who suffered losses due to the WBETH decoupling issue that occurred from 5:36 to 6:16 Beijing time on October 11, 2025, through the protocol risk fund.

5. Ethena founder Guy Young stated, "Although the DeFi currency market has been criticized for USDe being pegged to USDT, I believe this is the right approach to avoid user liquidation due to temporary price deviations. This decision has proven correct in every extreme event over the past two years. In this incident, the minting and redemption functions of USDe worked well. The price deviations of multiple liquidity pools with over a hundred million on-demand liquidity, such as Curve, Fluid, and Uniswap, were all less than 30 basis points, consistent with the price deviation of USDC to USDT on CEX."

6. The wallet associated with Christopher Heymann, co-founder of 1kx Fund, deposited 2 million USDC into HyperLiquid and reopened a long position in ENA with 10x leverage. Previously, he had deposited 4.22 million USD into HyperLiquid but was liquidated during the recent market crash.

7. CipherOwl, a team established by leading CEX on-chain data and compliance platforms in the United States, announced that it has secured $15 million in seed funding, co-led by General Catalyst, Flourish Ventures, and Enlight Capital, with participation from Road Capitals, Sancus Ventures, and others.

According to reports, CipherOwl provides enterprise-level compliance intelligence layers for trading platforms, custody, payment, and DeFi institutions. Through AI-driven automated reviews, institutions can scale their on-chain business without the need to simultaneously expand their compliance teams, resulting in an overall operational cost reduction of 60%. The core product SR3 is based on the innovative Evidence Graph technology, which integrates multi-chain transaction data with global intelligence in real-time, generating a complete and auditable evidence chain for each transaction. It can review millions of transactions daily, scanning API responses in less than 10ms, and supports mainstream public chains representing 98% of the market cap, accommodating high-frequency scenarios such as stablecoins and tokenized assets.

Overview of Major Ecological Leading DeFi Projects

Solana DEX 24-hour trading volume surpassed Ethereum to rank first, at approximately $5.841 billion, with a week-on-week growth of 54.25%. The top three projects are:

HumidiFi (1.706 billion USD), Meteora (1.153 billion USD), Orca (976.98 million USD);

Ethereum DEX ranks second in 24-hour trading volume, approximately $5.752 billion, with a week-on-week growth of 54.92%. The top three projects are:

Uniswap ($4.191 billion), Fluid ($601.04 million), Curve Finance ($267.95 million);

BSC DEX ranks third in 24-hour trading volume, approximately 4.749 billion USD, with a week-on-week growth of 47.99%; the top three projects are:

PancakeSwap ($3.575 billion), Uniswap ($852.16 million), four.meme ($243.39 million).

Gate DeFi zone token market data

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

(Source: Gate DeFi Sector Quotes)

As of October 13th, the crypto market is showing signs of recovery, with tokens in the Decentralized Finance zone rising simultaneously. Specifically:

UNI is currently priced at 6.72 USD, with a 24-hour rise of 8.96%;

AAVE is currently reported at 252.78 USD, with a 24-hour rise of 7.99%;

WLFI is currently priced at 0.1468 USD, with a 24-hour rise of 22.02%;

MORPHO is currently reported at 1.99 USD, with a 24-hour rise of 15.83%;

INJ is currently priced at 9.58 USD, with a 24-hour rise of 10.85%;

MYX is currently at 3.25 USD, with a 24-hour rise of 2.03%;

CRV is currently reported at 0.5686 USD, with a 24-hour rise of 15.78%;

FF is currently reported at 0.1559 USD, with a 24-hour rise of 35.47%.

Market Trend Interpretation

TVL rises indicating signs of capital inflow

Despite experiencing a pullback earlier, the TVL has shown a significant rebound today, indicating that some funds are returning to DeFi as market sentiment improves. Aave, Lido, and EigenLayer have significantly increased, showing that lending and re-staking protocols remain preferred directions for capital.

The performance of protocol fees is outstanding, Uniswap and Aster are making efforts on two fronts

Uniswap's protocol revenue today is $11.88 million, ranking second among non-stablecoin protocols; Aster's fees during the same period are also considerable, reaching approximately $4.89 million, indicating that it has gained additional attention amid the surge in trading activity.

Aster investment fund transfer shows project rhythm progress

The official disclosure states that 4% of the total ASTER tokens from the airdrop reserve will be transferred to the treasury contract in preparation for the second phase of airdrop claims. This is generally seen as an action taken by the project to ensure fairness in the airdrop and control the impact on circulation.

Ecological transparency and trust narratives are valued

Hyperliquid co-founder Jeff publicly promotes the platform's execution transparency, on-chain settlement, and other concepts, emphasizing the ability to maintain decentralized transparency even during extreme fluctuation periods. The market is highly sensitive to such narratives.

Token differentiation intensifies, a few projects may have a repair window

Today, most DeFi protocols' TVL rise is steady, while Ethena has slightly retreated during the day; under the overall warming trend, projects with airdrops, mechanism adjustments, or strong community engagement may gain excess performance space.

Analyst's View

Short-term rebounds are still dominated by sentiment

Analysts believe that the rebound on October 13 was more due to improved macro expectations and restored trading sentiment, rather than a genuine large-scale inflow of capital. Without sustained capital support, such rebounds may be difficult to maintain.

Aster Rhythm Action Indicates Confidence Layout

Transferring tokens from the airdrop reserve to the treasury is a "warming up" deployment, seen as a signal that the project is willing to take responsibility for the stability of the airdrop. If the subsequent airdrop rules are reasonable, it may promote user confidence and willingness to lock up.

Transparent and verifiable execution can be a competitive factor

The emphasis on fully on-chain execution and verifiable settlement by Hyperliquid has garnered attention from multiple parties. If more projects can enhance in this direction in the future, they have the opportunity to gain a premium in the user trust pool.

The differentiation pattern will intensify

In the overall market recovery, a few projects with strong communities, mechanism design, or asset allocation advantages may stand out; while most protocols will revert to a competition based on fundamental strengths and weaknesses.