Gate DeFi Daily Report ( August 28, ): Solana DEX volume surpasses Ethereum, Hyperliquid official responds to XPL big pump.

On August 28, the DeFi market showed overall stability, with the total lock-up position (TVL) across the network approximately $156.776 billion, a slight rise of 0.42% over 24 hours, with growth rate significantly slowing compared to the previous day. The 24-hour trading volume on DEX was $17.687 billion, with Solana DEX taking the lead at approximately $4.604 billion, followed closely by Ethereum DEX at $4.435 billion. Market hotspots focused on innovative protocols such as Ethena and Aave Horizon platform, with token prices experiencing overall narrow fluctuations. CRV and INJ showed positive performance, while MORPHO experienced a significant pullback.

Decentralized Finance market overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $156.776 billion, with a 24H pullback of 0.42%, showing a trend of moderation compared to the previous day (August 27).

DEX 24-hour volume: approximately 17.687 billion USD, with the top three being: Uniswap (5.013 billion USD), PancakeSwap (2.291 billion USD), and Orca (1.144 billion USD). It is worth mentioning that Hyperliquid, which previously ranked in the top three, has now dropped to eighth place, with a 24-hour volume of 567.93 million USD.

Popular protocols and on-chain performance

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

(Source: DeFiLlama)

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

Lido: TVL approximately $39.864 billion, down 1.52% in a single day, up 4.65% in the past week, with fees around $3.18 million in the last 24 hours;

Aave: TVL approximately 39.766 billion USD, down 0.46% in a single day, up 7.95% in the past week, with 24-hour fees of approximately 3.01 million USD;

EigenLayer: TVL approximately 20.556 billion USD, down 2.08% in a single day, up 5.27% in the past week, with 24-hour fees approximately 216,000 USD;

Ethena: TVL approximately 12.408 billion USD, daily pump of 0.37%, growth of 5.08% over the past week, 24-hour fees approximately 7.39 million USD, showing impressive performance;

ether. fi: TVL approximately 11.802 billion USD, down 1.55% in a single day, up 5.41% in the past week, with 24-hour fees of approximately 646,000 USD.

Project News Summary

1. Hyperliquid announced on its Discord channel that on August 27th, there was a significant fluctuation in the XPL market, with the marked price rising by approximately 2.5 times within minutes. During this period, the Hyperliquid blockchain operated normally as designed, with no technical issues: first, liquidations were executed based on the order book, followed by the initiation of the automatic deleveraging (ADL) mechanism according to the public protocol. Hyperp adopts a fully isolated margin system, where all users' profits and losses are isolated from other asset positions. This liquidation and ADL only affected XPL positions, and the protocol did not incur any bad debts.

2. According to crypto journalist Eleanor Terrett, over 110 crypto companies, investors, and advocacy groups have signed a letter warning leaders of the U.S. Senate Banking and Agriculture Committees that they will be unable to support the legislation if it does not explicitly protect open-source software developers and non-custodial service providers. With the backing of heavyweight firms like Coinbase, a16z crypto, Ripple, as well as top projects, investment firms, and state blockchain committees, the DeFi education fund warns that classifying developers who release code or enable non-custodial blockchain access as financial intermediaries could hinder blockchain innovation in the U.S.

The alliance pointed out that, according to the recent digital asset report from the White House, the proportion of open-source software developers in the United States has significantly decreased from 25% in 2021 to 18% in 2025. Although the alliance praised the inclusion of some developer protection measures and the right to self-custody of digital assets in the current market structure draft by the House of Representatives and the Senate, they believe it is not enough and have begun to call for clear federal rules to protect DeFi developers, ensure national regulatory consistency, and maintain American open-source innovation.

3. According to a report by PR Newswire, DeFi Technologies, a publicly listed company in the US, announced that its subsidiary Valour will launch cryptocurrency ETP products priced in Swedish Krona on the Swedish Spotlight stock market, including: Shiba Inu (SHIB), Pi (PI), Ondo (ONDO), Cronos (CRO), Mantle (MNT), VeChain (VET), Ethena (ENA), and Celestia (TIA).

4. The Solana ecosystem liquidity protocol Kamino announces the upcoming launch of two new high-yield vaults for USDC and USDG, based on Steakhouse custody.

5. Jupiter announced that the public beta of Jupiter Lend is now live, officially referred to as the most advanced money market on Solana, built on Fluid. Jupiter Lend has covered over 40 vaults and has received rewards worth over $2 million from Jup, Fluid, and partners.

6. The decentralized lending protocol Aave Labs has launched a new platform called Horizon for institutional users, allowing them to use tokenized real-world assets (RWA) as collateral to borrow stablecoins. Acceptable collateral includes short-term U.S. Treasury bonds and cryptocurrency arbitrage funds from Superstate, Circle's yield fund, and Centrifuge's tokenized Janus Henderson products, among others. The platform operates on the decentralized lending protocol Aave V3, and Chainlink's oracle services will provide real-time pricing data for the platform. Well-known institutions such as VanEck and WisdomTree have become the first partners.

7. According to CertiK Alert monitoring, the BetterBank hacker has exchanged the stolen assets for 309 Ether (approximately 1.4 million USD) and returned 550 million pDAI (approximately 2.7 million USD) of the 700 million pDAI requested by the team.

Overview of Major Ecological Leaders in DeFi Projects

Solana DEX's 24-hour trading volume has once again surpassed Ethereum, ranking first with approximately $4.604 billion, and the trading volume in the past 30 days is about $109.652 billion, with the top three projects being:

Orca (24-hour volume 1.144 billion USD), HumidiFi (24-hour volume 941.86 million USD), Raydium (621.02 million USD);

Ethereum DEX ranks second in 24-hour trading volume, approximately $4.435 billion, with a trading volume of about $140.885 billion over the past 30 days. The top three projects are:

Uniswap (24-hour volume $2.729 billion), Fluid (24-hour volume $551.35 million), Ekubo (24-hour volume $546.35 million);

Base DEX ranks fourth in 24-hour volume, at approximately 2.049 billion USD, with a total volume of about 53.183 billion USD over the past 30 days. The top three projects are:

Aerodrome (24-hour volume $808.26 million), Uniswap ($697.54 million), PancakeSwap ($472.45 million).

Gate DeFi platform 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 Sector Market Trends)

On August 28, the cryptocurrency market showed mixed results, with the DeFi sector's tokens slightly rising, among which:

UNI is currently priced at 10.02 USD, with a 24-hour rise of 1.24%;

AAVE is currently priced at 324.9 USD, with a 24-hour decline of 1.32%;

INJ is currently priced at 13.62 USD, with a 24-hour rise of 1.93%;

CRV is currently reported at 0.8212 USD, with a 24-hour rise of 1.2%;

MORPHO is currently reported at 2.17 USD, with a 24-hour decrease of 5.86%.

Market Trend Interpretation

TVL maintains a high level of volatility, top protocols perform steadily

The TVL of Lido and Aave is 39.864 billion USD and 39.766 billion USD respectively, with a daily decline of less than 2% and a weekly increase of over 5%, firmly ranking among the top in the industry. The 24-hour protocol fee of Ethena reached 7.39 million USD, making it one of the most outstanding protocols.

Significant Changes in DEX Rankings, Solana's Liquidity Advantage Expands

Solana DEX 24-hour volume reached 4.604 billion USD, surpassing Ethereum's 4.435 billion USD, demonstrating that the user activity and on-chain liquidity advantages of the Solana ecosystem are expanding. Orca, HumidiFi, and Raydium have performed exceptionally, becoming key drivers of volume growth.

The dual impact of policy and security events on market sentiment

More than 110 cryptocurrency companies and investment institutions in the United States have spoken out, calling for legislation to protect open-source developers and non-custodial service providers, highlighting that the uncertainty of regulatory policies remains a key concern for the market. At the same time, the BetterBank hacking incident continues to unfold; although some assets have been returned, on-chain security has once again become a focus for investors.

Token market differentiation, sector activity rebounding

Gate market data shows that tokens such as UNI, CRV, and INJ are steadily rising, while previously strong tokens like SYRUP are experiencing a decline in popularity; MORPHO has seen a single-day pullback of over 5%, reflecting a cautious attitude from funds towards emerging projects.

Analyst's View

1、Market funds enter a wait-and-see period: TVL fluctuates in the range of $156 billion, with short-term market trends stabilizing. After experiencing a strong rebound on August 27, investor sentiment has cooled.

2、The multi-chain landscape continues to deepen: The Solana ecosystem attracts more liquidity with fast execution and low fees, while Ethereum still maintains its dominant position. However, the trend of multi-chain competition is becoming increasingly evident. In addition, Hyperliquid, which previously frequently topped the rankings, has seen a decline in its position.

3、Innovative Protocol Driven DeFi Narrative Update: Aave Horizon launches an institutional-grade RWA lending platform, Ethena protocol fees are high, indicating that real assets and stable income products will become a new focus for capital.

4. Policy and Security Need to Be Focused On: The uncertainty of U.S. regulatory policies and the frequent occurrence of on-chain security incidents remind market participants to pay attention to risk prevention. In the short term, capital allocation will still lean towards leading projects and high-security protocols.