Gate DeFi Daily Report (November 10): LINEA and AVAX undergo large unlocks; Aster launches the fourth phase of its airdrop campaign

On November 10th, the crypto market rebounded after the U.S. government shutdown ended, with Bitcoin surpassing $106,000 and ETH rising above $3,600. The total value locked (TVL) in DeFi across the network increased to $136.264 billion, a 3.44% growth over 24 hours, indicating a short-term recovery of market confidence.

Decentralized Exchange (DEX) trading volume over the past 24 hours was approximately $14.662 billion, with PancakeSwap, HumidiFi, and Uniswap ranking as the top three. Leading DeFi protocols Aave, Lido, and EigenLayer saw TVL increases of around 4% to 6%, performing notably; Spark and Ethena experienced slight adjustments, reflecting localized structural differentiation.

In terms of protocol fees, Tether, Circle, and Aave ranked as the top three, suggesting stablecoins and lending protocols remain central to on-chain trading activity.

DeFi Market Overview

(Source: DeFiLlama)

Across the network, on November 10th, the end of the U.S. government shutdown sparked a market rebound, with Bitcoin breaking $106,000 and ETH returning above $3,600; the total DeFi TVL increased to $136.264 billion, up 3.44% in 24 hours.

The 24-hour DEX trading volume was about $14.662 billion, with PancakeSwap ($2.904 billion), HumidiFi ($2.875 billion), and Uniswap ($2.156 billion) leading.

Top Protocols and On-Chain Performance

Based on TVL, the top ten DeFi protocols are as follows:

(Source: DeFiLlama)

The leading protocols’ data are:

• Aave: approximately $33.14 billion TVL, up 4.26% in 24 hours;
• Lido: approximately $31.204 billion TVL, up 5.92%;
• EigenLayer: approximately $15.003 billion TVL, up 5.62%;
• Spark: approximately $9.359 billion TVL, down 0.08%;
• ether.fi: approximately $8.795 billion TVL, up 5.29%;
• Ethena: approximately $8.649 billion TVL, down 0.58%.

In addition, the top ten protocols by protocol fees over the past 24 hours are:

(Source: DeFiLlama)

Among them, Aave’s protocol fees over the past 24 hours reached $2.65 million, ranking third after Tether ($23.36 million) and Circle ($7.88 million). Aster earned $2.57 million, ranking fourth; Hyperliquid earned $2.55 million, ranking fifth.

Project Highlights

1. According to official sources, the Aster ecosystem’s phased task completion key transition ended on November 10, 2025, at 07:59 (UTC+8), with the third phase “Aster Dawn” concluding. The project has now officially entered the fourth phase, “Aster Harvest,” where 1.5% of the total supply tokens will be distributed evenly across six weekly epochs (each epoch 0.25%).

• Aster Dawn airdrop query open date: December 1, 2025;
• Airdrop claim start date: December 15, 2025;
• End of the fourth phase: December 22, 2025, at 07:59 (UTC+8).

2. Andrei Grachev, partner at DWF Labs, revealed on social media that his private portfolio includes Bitcoin, USDT, and Falcon Finance (FF) projects under DWF Labs. He emphasized these are his personal holdings and advised investors to conduct their own research (DYOR).

3. According to Lookonchain, Jump Crypto deposited 184,200 WLFI tokens today into a CEX, worth approximately $2.9 million.

4. Andy, founder of the popular crypto podcast The Rollup, expressed optimism about the future development of Starknet, NEAR, and Zcash (ZEC). He noted these teams have been deeply involved in core crypto issues for nearly a decade and emphasized confidence in zero-knowledge proofs (ZK), intent-driven design, and privacy tech, calling for a return to fundamentals.

5. Token Terminal data shows that NEAR Protocol’s multi-chain DeFi product Near Intents has accumulated $4.5 billion in trading volume and $8.2 million in fees, becoming a significant driver of NEAR ecosystem recovery. Since early 2025, both metrics have grown rapidly. Notably, in the past 7 days, trading volume reached $1.1 billion, and over the past 30 days, Near Intents’ monthly trading volume hit $2.5 billion.

Supported by its intent-driven transaction execution framework, Near Intents enables cross-chain native trades, fast settlement, and AI-friendly features, attracting substantial user and capital inflows.

Additionally, NEAR token price has surged over 50% in the past week, currently trading around $3.

6. Token Unlocks data indicates large token unlocks for LINEA, APT, and AVAX this week:

• LINEA (() will unlock approximately 2.88 billion tokens (~16.44% of circulating supply) at 7 PM Beijing time on November 10, valued at about $34.4 million;
• APT will unlock approximately 11.31 million tokens (~0.49%) at 2 PM Beijing time on November 11, valued at about $33.4 million;
• AVAX will unlock approximately 1.67 million tokens (~0.33%) at 8 AM Beijing time on November 13, valued at about $28.2 million;
• Starknet ()) will unlock about 127 million tokens (~5.34%) at 8 AM Beijing time on November 15, valued at about $17.7 million;
• WalletConnect Token (WCT) will unlock approximately 124.9 million tokens (~65.21%) at 8 AM Beijing time on November 15, valued at about $15 million;
• Cheelee (CHEEL) will unlock about 20.81 million tokens (~2.95%) at 8 AM Beijing time on November 13, valued at about $13.4 million;
• Sei (SEI) will unlock approximately 55.56 million tokens (~1.11%) at 8 PM Beijing time on November 15, valued at about $9.6 million;
• Solayer (LAYER) will unlock approximately 27.02 million tokens (~9.51%) at 10 PM Beijing time on November 11, valued at about $6.6 million;
• peaq (PEAQ) will unlock approximately 84.84 million tokens (~5.57%) at 8 AM Beijing time on November 12, valued at about $6 million.

7. Euler, a crypto lending protocol, announced on X that Euler DAO Treasury will migrate to a new multi-signature address. The current Treasury multisig holds both DAO funds and executes protocol governance, posing operational risks if combined. The new multisig has been created, and assets from the existing Treasury address will be transferred, excluding protocol income, which will be retained temporarily for easier tracking during the transition. The new Treasury multisig will be dedicated to asset management and governance.

8. Re7 Labs released an impact report on xUSD de-pegging, revealing over $13 million in affected funds related to Stable Labs. The report states:

• Stream-xUSD: Stream’s CEO assured financial stability, with some debt positions on Plasma and $7 million USDC in Re7 Labs’ Worldchain treasury already repaid. To mitigate further risk, Re7 Labs moved all funds from Earn treasury out of the xUSD market, set the xUSD market cap to zero, and removed it from Euler Earn’s supply queue.

• Elixir-deUSD and sdeUSD: Borrowers using deUSD and sdeUSD as collateral, possibly linked to Stream, have begun reducing risk exposure by lowering investment limits and transferring funds out of markets containing xUSD, deUSD, and sdeUSD. All sdeUSD collateralized loans have been repaid on Plume.

• Stable Labs-USDx and SUSDx: After discussions with Stable Labs CEO Flex, who may be facing difficulties, funds totaling approximately $13.1 million are being liquidated to allow users to close positions. No response has been received yet.

Re7 Labs is seeking legal advice and will develop appropriate legal and strategic responses after a comprehensive assessment.

Major Ecosystem DeFi Projects Overview

Solana DEX led with about $5.239 billion in 24-hour trading volume, with the top three projects:

• HumidiFi ($2.875 billion),
• Meteora ($750.59 million),
• Raydium ($417.35 million).

BNB Chain DEX ranked second, surpassing Ethereum, with approximately $3.318 billion, up nearly 19% week-over-week. Top projects include:

• PancakeSwap ($2.612 billion),
• Uniswap ($510.83 million),
• OPINION ($80.84 million).

Ethereum DEXs totaled about $2.256 billion, with top projects:

• Uniswap ($927.04 million),
• Curve Finance ($901.44 million),
• Fluid ($430.14 million).

Gate DeFi Token Market Data

According to Gate’s market data, the top ten DeFi tokens by price performance as of November 10th are:

• UNI: $6.87 (+16.92% in 24h),
• AAVE: $222.74 (+12.18%),
• WLFI: $0.1601 (+33.42%),
• MORPHO: $2.01 (+9.46%),
• INJ: $7.92 (+11.53%),
• MYX: $2.54 (+3.54%),
• CRV: $0.4973 (+6.46%),
• SYRUP: $0.4827 (+10.14%),
• 2Z: $0.1997 (+8.28%),
• BAT: $0.2296 (+10.49%).

Market Trend Analysis

1. TVL Rebound and Leading Protocols Surge

On November 10th, Aave’s TVL was approximately $33.14 billion (+4.26%), Lido $31.204 billion (+5.92%), and EigenLayer $15.003 billion (+5.62%), indicating investor preference for high-security, liquid protocols. Spark and Ethena saw minor declines (-0.08% and -0.58%), reflecting some structural pressures but overall upward momentum.

2. DEX Volume Divergence, BNB Chain’s Significant Recovery

Total DEX volume was about $14.662 billion, with PancakeSwap ($2.904 billion), HumidiFi ($2.875 billion), and Uniswap ($2.156 billion) leading. Chain-specific analysis shows Solana DEXs at $5.239 billion, BNB Chain at $3.318 billion (up nearly 19%), and Ethereum at $2.256 billion. The resilience of BNB Chain and Solana indicates active cross-chain trading strategies and high-performance chains attracting capital, while Ethereum’s stable DEX activity suggests gradual acceptance of cross-chain trading.

3. Protocol Fees Concentrated in Lending and Stablecoins

Over the past 24 hours, protocols like Aave, Aster, and Hyperliquid generated $2.65 million, $2.57 million, and $2.55 million in fees, respectively. This distribution highlights that lending and stablecoin settlements remain core activity areas, with short-term volatility decreasing and investors favoring stable, yield-generating protocols.

4. Risk Events in Stablecoins and Lending Being Managed

Re7 Labs’ disclosures regarding xUSD, deUSD, and sdeUSD risks are being addressed through asset migrations, debt repayments, and limit adjustments. Euler DAO’s treasury migration enhances operational security. Overall, these risk events are being gradually absorbed, supporting a market rebound.

Expert Opinions

Short-term sentiment is improving, with TVL rebounding confirming renewed confidence

Analysts interpret the Bitcoin and ETH rebound, along with growth in top protocols’ TVL, as signs of easing risk aversion and renewed capital inflows into stable and secure protocols.

Cross-chain activity accelerates, BNB Chain and Solana show strong trading

The 19% weekly increase in BNB Chain DEX volume and stable activity on Solana suggest that cross-chain trading strategies and high-performance chains are favored by investors.

Risk events in stablecoins and lending protocols are being controlled

Measures by Re7 Labs and Euler DAO are boosting trust in protocol transparency and governance, laying a foundation for stable TVL growth.

Token prices rebound sharply, sector activity intensifies

Gate’s DeFi tokens generally surged, with WLFI (+33.42%), UNI (+16.92%), and AAVE (+12.18%) leading, reflecting strong short-term optimism and investor preference for highly liquid, tradable tokens.

Conclusion

On November 10th, the DeFi market rebounded strongly amid macroeconomic optimism and the gradual absorption of risk events. Leading protocols’ TVL recovered, DEX trading volumes remained robust, and token prices rose across the board, indicating a revival of market confidence. In the short term, risk management in stablecoins and lending protocols remains a key focus, while active cross-chain trading and capital inflows into high-security protocols will drive ongoing recovery.