Gate Decentralized Finance Daily ( September 29 ): Aster protocol fees exceed 29 million USD, reaching a new high; Plasma TVL surpasses 5.5 billion USD.

On September 29, the crypto market saw an overall rebound, with BTC returning above $110,000 and ETH breaking through $4,100. Driven by this, the total DeFi TVL across the network rose to $155.33 billion, with a 24-hour rise of 2.22%. DEX trading volume was active, with a 24-hour transaction amount reaching $14.13 billion, a week-on-week increase of 20.31%. Among them, Uniswap, PancakeSwap, and Fluid ranked in the top three.

In terms of ecological performance, Plasma stands out remarkably, with its TVL increasing to 4.924 billion USD in just three days, a nearly 40% rise in 24 hours, jumping to the sixth position in the blockchain DeFi rankings, indicating that the emerging public chain possesses strong momentum in liquidity competition.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (September 29), the crypto market as a whole experienced a rebound, with BTC returning above 110,000 USD and ETH breaking through 4,100 USD; the total DeFi TVL across the network has risen to above 155 billion USD, currently at 155.33 billion USD, with a 24H rise of 2.22%.

DEX 24-hour volume: approximately 14.13 billion USD, a rise of 20.31% compared to the previous week; the top three are: Uniswap (2.936 billion USD), PancakeSwap (2.424 billion USD), Fluid (818.23 million USD).

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 data of the top-ranked protocols are as follows:

Aave: TVL approximately 43.02 billion USD, 24-hour rise 3.43%;

Lido: TVL approximately 35.264 billion USD, 24-hour rise 2.73%;

EigenLayer: TVL approximately 17.263 billion USD, 24-hour rise +2.78%;

Ethena: TVL about 14.479 billion USD, 24-hour rise +0.12%;

ether. fi: TVL approximately 10.229 billion USD, 24-hour rise +2.19%.

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

(Source: DeFiLlama)

Among them, Aster's protocol fees in the past 24 hours reached $29.44 million, setting a new historical high, surpassing Tether ($22.21 million) and ranking first; Uniswap ranked fourth with protocol fees of $4.81 million in the past 24 hours; Hyperliquid ranked fifth with $3.17 million.

Project News Overview

1. SushiSwap has announced its integration onto the Plasma chain.

2. According to Opensea data, the HyperLiquid team has deployed and distributed the Hypurr NFT collection this morning, which has currently reached a transaction volume of 1.2 million HYPE, approximately 56.5 million USD. The current floor price is 1,600 HYPE, about 75,200 USD. The collection contains a total of 4,600 NFTs, with 3,983 holders currently, and a holding dispersion of 86.6%. Hypurr #21 was sold 7 hours ago for 9,999 HYPE, setting a record high transaction price (about 470,000 USD).

HyperLiquid announced this morning that 4,313 NFTs are allocated to participants of the genesis event, 144 are allocated to the Hyper Foundation, and 143 are allocated to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. The goal of the Hypurr NFT collection is to share a commemoration with those early believers who contributed to the development of Hyperliquid.

3. Summary of important statements by Aster CEO Leonard during an interview with Mable (@Mable_Jiang), founder of the social protocol Trends:

Token buyback: It will be conducted but without a fixed timetable; the strategy is flexible and will dynamically determine the proportion of funds used for buyback or construction based on revenue and market conditions.

Points and Airdrops: The second phase of Genesis will allocate 4% of the total supply as rewards, aiming to fairly distribute it to real users while filtering out wash trading accounts. The allocation rules are transparent, but the release pace will be controlled to avoid market selling pressure.

Token distribution: In response to the question of "96% of tokens concentrated in a few addresses," it is explained that these addresses mainly represent locked airdrop shares and assets held by users on exchanges, with the actual circulating supply being only about 10%.

The only investor: Confirm that YZi Labs is the only private placement investor, but emphasize that its investment is in equity rather than a large number of tokens, and there is no intention to cash out, supporting the long-term development of the project.

Team background: Leonard himself has experience in traditional finance, multiple entrepreneurial ventures, and the crypto space. The project Aster is a product that has undergone multiple cycles of iteration and upgrade by his team in the perpetual contract DEX field.

4. HyperEVM native non-custodial lending protocol HypurrFi is now live with the Hyperliquid stablecoin USDH, with a lending limit set at 3 million coins and a supply limit set at 5 million coins to create and support liquidity.

5. Perp DEX ApeX has announced the launch of the APEX token buyback plan. The official will invest a one-time amount of 12 million dollars from past revenues to initiate the plan. Starting this week, 50% of the daily revenue of the ApeX protocol will be used to buy back APEX tokens from the open market. Along with the committed 12 million dollars, the buyback ratio will gradually increase over time, reaching up to 90% of total revenue. All repurchased tokens will be transferred and locked to a public on-chain address, fully visible to the community.

6. Aave's official data shows that the daily deposit increase on the Plasma chain exceeds 1.5 billion USD, with the current total amount reaching 6.5 billion USD.

7. Falcon Finance announced that the FF token claiming will start today (September 29) at 20:00 UTC+8 and will end on December 28, 2025, at 20:00 UTC+8. Any FF tokens not claimed during this period will be confiscated. It also announced the launch of Falcon Miles Season 2, where users can stake FF as sFF to earn point bonuses: staking ≥50% increases by 10%, and staking ≥80% increases by 25%. For the first 7 days, holding sFF will earn 160 times points daily, after which it will be 80 times, with a maximum additional reward of 25%, potentially reaching 200 times in the first week. The official example shows that if you stake 10,000 FF, you can earn a total of 37 million points over 30 days.

8. Hyperliquid announced that its mainnet has launched the permissionless spot quoting asset feature, allowing stable asset deployers to enable quoting asset status. The USDH deployed in Native Markets is the first permissionless quoting asset, with the HYPE/USDH trading already live, and more permissionless trading pairs will be deployed as much as possible in the future.

Any quoted asset can be used as a quoted asset in the HIP-1 first spot trading pair, and new trading pairs between existing base and quoted assets can be deployed through permissionless Dutch auctions, independent of the HIP-1 token auction.

Note: Permissionless Spot Quote Assets refer to the assets in a DeFi protocol or on the blockchain mainnet that any user or asset deployer can set as quote assets in a spot trading pair according to on-chain rules (without centralized approval).

9. According to Defillama data, the DeFi TVL of stablecoin L1 blockchain Plasma increased to 5.554 billion USD within 5 days of its launch, with a 24-hour increase of 13.93%, surpassing Base and Arbitrum to rank sixth in blockchain DeFi deposit value. This is mainly due to the Plasma lending vault and the users who lock assets in the partnered DeFi protocols can earn the network's native token XPL. The total deposits of the official Plasma lending vault currently report 3.158 billion USD, with an APY of 20.48%. Currently, there are a total of 17 protocols integrated on the Plasma chain, with a 24-hour DEX trading volume of 178.986 million USD.

Overview of Major Eco-Leading DeFi Projects

Ethereum DEX 24-hour volume returns to the top, approximately 3.034 billion USD, with a weekly rise of 47.79%; among them, the top three projects are:

Uniswap ($1.723 billion), Fluid ($757.77 million), Curve Finance ($280.43 million);

BSC DEX's 24-hour trading volume surpassed Solana, ranking second at approximately $3.029 billion, with a week-on-week rise of 24.98%; among them, the top three projects are:

PancakeSwap ($2.264 billion), Uniswap ($560.5 million), Native ($40.34 million)

Solana DEX ranks second in 24-hour trading volume at approximately $2.773 billion, with the top three projects being:

Meteora ($701.72 million), Raydium ($557.13 million), HumidiFi ($557.04 million).

Gate DeFi Sector Token Market Data

According to the data on the Gate market page, the price performance of the top ten tokens in the DeFi sector is as follows:

(Source: Gate DeFi Sector Quotes)

As of September 29, the crypto market is struggling to hide its decline, with tokens in the Decentralized Finance sector experiencing widespread drops, specifically:

WLFI is currently reported at 0.2162 USD, with a 24-hour rise of 3.73%.

UNI is currently priced at 7.71 USD, with a 24-hour rise of 2.74%.

AAVE is currently priced at 272.84 USD, with a 24-hour rise of 3.11%.

MYX is currently reported at 15.28 USD, with a 24-hour rise of 21.84%.

INJ is currently reported at 12.03 USD, with a 24-hour rise of 4.21%.

CRV is currently priced at 0.6923 USD, with a 24-hour rise of 5.43%.

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

Market Trend Interpretation

Aster Leads Protocol Revenue to New Heights: In the past 24 hours, Aster protocol fees reached 29.44 million USD, setting a new historical record and surpassing Tether in the top ranking. This performance not only highlights its high activity in the DeFi trading market but also indicates that its user stickiness and liquidity are rapidly increasing.

Leading projects stable growth: Aave, Lido, and EigenLayer continue to support the Ethereum ecosystem, with Aave's TVL reaching 43 billion USD and a daily increase of 3.43%, highlighting that the demand in the lending market remains strong.

NFT Hype Spillover: Hyperliquid has sparked a wave with the Hypurr NFT series, with a volume of 1.2 million HYPE, approximately 56.5 million USD, reflecting that the cross-narrative of DeFi and NFTs is reactivating the market.

Emerging Chain Strong Breakthrough: The growth rate of DeFi on the Plasma chain is astonishing, with its lending vault contributing major capital accumulation. Coupled with high APY incentives, it has rapidly surpassed Base and Arbitrum, becoming the focus of recent capital migration.

Analyst Insights

DeFi Enters "Differentiation Period": Analysts point out that established protocols (such as Aave and Lido) remain stable, while emerging projects (Aster and Plasma) rapidly break through with high fees and high yields, as the market enters a phase of "stability and high rise running parallel."

Aster or Valuation Reassessment: Institutional analysis suggests that Aster protocol's revenue surpassing Tether for the first time is an important signal. If its fee levels remain high, it is expected to drive the token and ecosystem valuations to rise.

Capital migration trend is obvious: The three-day surge in Plasma's TVL indicates that funds are actively seeking high-yield destinations, but analysts warn of sustainability concerns driven by short-term APY, and investors need to pay attention to the stability of locking and potential risks.

Fusion of NFT and DeFi Narratives: The active trading of Hyperliquid's Hypurr NFT shows that NFTs are gradually returning as tools for user incentives and liquidity guidance, potentially becoming auxiliary drivers for the next phase of Decentralized Finance protocol growth.