#Gate事件合约晒单挑战 Tokenized Stocks Are Growing in DeFi And UNI & KMNO Are Now in Focus

The latest September 6 data shows an important shift in the tokenized-stock DeFi market. Uniswap V4 is currently leading the category with $59.1M in TVL, followed by Kamino Lend at $41.7M and Uniswap V3 at $20.9M. Together, these three protocols represent approximately 63% of the category’s $192.6M total TVL. That concentration is significant because it shows where the largest amount of tokenized-stock liquidity is currently sitting.

THE BIGGER SIGNAL: $192.6M TVL

The most important number is not only the $59.1M held by Uniswap V4. It is the fact that the entire tokenized-stock DeFi category has reached $192.6M in TVL. This means capital is increasingly being positioned around infrastructure that allows tokenized equity exposure to interact with DeFi liquidity. The top three protocols controlling 63% of this value also show that liquidity is currently concentrated rather than evenly distributed across the sector.

UNI — PRICE VS. PROTOCOL POSITION

At around $6.97, UNI is sitting at an interesting technical point relative to the protocol’s position in this market. Recent price data shows UNI moved sharply higher during the first days of September, climbing from around $5.23 on August 31 to above $7 by September 5, demonstrating a strong short-term momentum expansion. The latest available daily data also recorded a recent high around $7.48, meaning the $7 area has already become an important psychological zone.

From a technical perspective, the first thing I would watch is whether UNI can establish $7.00–$7.10 as support rather than simply touching the level and pulling back. Above that, the recent $7.48 area becomes the immediate resistance reference. A clean break and hold above that high would strengthen the continuation structure, while rejection could bring the market back toward the $6.40–$6.50 region, which sits close to the recent September trading structure.

KMNO — SMALLER PRICE, IMPORTANT ECOSYSTEM ROLE

Kamino tells a different story. KMNO is trading around $0.02, while Kamino Lend holds approximately $41.7M in tokenized-stock TVL, making it the second-largest protocol in this category. The important distinction is that the token price itself should not be confused with the size of the protocol’s tokenized-stock liquidity. A $0.02 token can represent an ecosystem with considerably more capital deployed through its products.

Recent KMNO price data shows the token has been trading around the $0.024–$0.025 area, after previously reaching above $0.03 in late August. That means the current $0.02 region represents a significantly lower price area than the recent August highs, making support and volume confirmation particularly important for traders watching a potential recovery.

THE TECHNICAL BATTLE FOR UNI

For UNI, my immediate technical map is straightforward.

Support: $6.70–$6.80
Major support: $6.40–$6.50
Psychological support: $6.00
Resistance: $7.10–$7.20
Major resistance: $7.45–$7.50

If UNI holds above $6.70 and successfully reclaims $7.20 with strong volume, another attempt toward $7.48 becomes technically reasonable. A decisive break above the recent high could put the next psychological area around $8 into focus.

But if $6.70 fails and selling volume increases, I would watch $6.40–$6.50 first. Losing that area would weaken the immediate bullish structure and increase the probability of a deeper retracement.

THE TECHNICAL BATTLE FOR KMNO

KMNO needs a slightly different approach because of its much lower nominal price and recent volatility.

Support: $0.023–$0.024
Major support: $0.020–$0.021
Resistance: $0.025–$0.026
Major resistance: $0.029–$0.031

The recent historical data shows KMNO reached approximately $0.0312 on August 28, before moving lower into the $0.025 region.

For me, the important signal would be KMNO reclaiming $0.025–$0.026 with expanding participation. A successful breakout through the $0.029–$0.031 zone would represent a much stronger recovery signal. On the downside, losing $0.023 could bring the $0.020–$0.021 area back into focus.

WHY THE TVL DATA MATTERS FOR BOTH TOKENS

The interesting connection between UNI and KMNO is not simply their token prices. It is the capital being deployed through their respective ecosystems.

Uniswap V4 currently leads the tokenized-stock DeFi category with $59.1M, while Kamino follows with $41.7M. That difference is approximately $17.4M, giving V4 a clear lead. Together, V4 and Kamino account for more than half of the entire $192.6M category TVL.

That makes tokenized-stock liquidity an important metric to monitor alongside price. If TVL continues expanding while UNI and KMNO maintain stronger technical structures, the market could view that as confirmation that the underlying sector is gaining traction.

I see the current setup as fundamentally interesting but technically selective.

UNI at $6.97 is close to a major psychological level, so I would rather see $7.00–$7.20 converted into support before assuming another major upside leg. Above $7.50, the structure would become significantly more constructive.

KMNO around $0.02 is much further below its recent August peak, so the key question is whether buyers can rebuild momentum around the $0.023–$0.025 region and eventually challenge $0.03 again.

The most important factor is not simply the price of either token. It is whether capital continues flowing into the tokenized-stock DeFi sector.

Uniswap V4 leading with $59.1M TVL, Kamino Lend holding $41.7M, and Uniswap V3 at $20.9M gives us a clear picture of where tokenized-stock DeFi liquidity is currently concentrated. The combined 63% share of $192.6M total TVL makes this more than an isolated protocol comparison.

At $6.97, UNI is testing the $7 psychological zone, while KMNO around $0.02 is trading well below its recent August peak and needs to reclaim its near-term resistance levels before a stronger recovery can be confirmed.

For me, the levels are simple:

UNI above $7.50 → stronger bullish confirmation
UNI below $6.40 → short-term structure weakens
KMNO above $0.026 → momentum improves
KMNO above $0.030 → major recovery confirmation
Tokenized-stock TVL continuing higher → strongest fundamental signal to watch

The next move will depend on whether price momentum and real DeFi liquidity continue moving in the same direction.
@Gate_Square