Gate DeFi Daily ( October 28 ): MegaETH public sale exceeds 400 million USD; MetaMask may start an Airdrop.

On October 28, the crypto market saw a slight pullback against the backdrop of BTC retreating to around $115,000 and ETH hovering around $4,100. The total Lock-up Position (TVL) of DeFi across the network dropped to $155.99 billion, down 1.20% in the last 24 hours. The DEX trading volume in the past 24 hours was about $16.545 billion. Although the leading protocols remain active, several on-chain security and governance incidents (such as the 402bridge Private Key leak) have raised market concerns, leading to a somewhat cautious overall flow of funds and sentiment expectations.

Overview of the DeFi Market

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 28), the crypto market experiences a slight pullback, with BTC falling below $115,000 and ETH hovering around $4,100; the current total DeFi TVL across the network is $155.99 billion, down 1.2% in the last 24 hours.

DEX 24-hour volume: approximately $16.545 billion, with the top three being: Uniswap ($3.466 billion), PancakeSwap ($2.578 billion), Meteora ($1.454 billion).

Popular protocols and on-chain performance

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

(Source: DeFiLlama)

Among them, the top-ranked protocol data performances are:

Aave: TVL approximately 39.681 billion USD, 24-hour fall 2.24%;

Lido: TVL approximately 35.04 billion USD, 24-hour fall 3.35%;

EigenLayer: TVL approximately $17.226 billion, 24-hour fall of 2.09%;

Ethena: TVL approximately 10.226 billion USD, 24-hour fall of 1.84%;

ether.fi: TVL approximately 10.177 billion USD, 24-hour fall of 3.07%;

Spark: TVL approximately 10.064 billion USD, 24-hour fall of 1.17%.

In addition, the top ten projects 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 3.73 million dollars, ranking third, only behind Tether (23.31 million dollars) and Circle (7.94 million dollars); Hyperliquid's protocol fees in the past 24 hours reached 3.55 million dollars, ranking fourth; Lido ranked fifth with 2.81 million dollars.

Project News Overview

1. The 402bridge official stated on social media that due to the recent Private Key leak, several of the team's test wallets and the main wallet have also been compromised. They have promptly reported this incident to law enforcement and will keep the community updated on the latest developments as the investigation progresses.

The founder of Slow Fog, Yu Xian, posted on social media stating that the ownership of the 402bridge contract has been changed, seemingly due to the theft of the Private Key, but insider involvement cannot be ruled out (this statement does not imply that the project team collectively acted maliciously, as it is not a typical rugpull). The domain 402bridge.fun was registered just two days ago and has already stopped services, after which the “hacker” stole all the authorized USDC from users linked to this bridge contract in bulk. This is the first publicly reported theft case related to the 402 protocol's services.

2. Four.meme officially responded to the issue of “account x being temporarily frozen,” stating that the team is currently in contact with the X team to restore the account.

3. The Trump family's crypto project World Liberty Financial destroyed 175 million WLFI (worth 26.72 million USD) early this morning.

4. The total amount of loans issued by the Bitcoin lending institution Ledn has exceeded 1 billion USD this year, with Bitcoin collateral loans amounting to 392 million USD in the third quarter alone. At the same time, the company's annual recurring revenue has also reached 100 million USD, reflecting the recovery of the Bitcoin credit market. As of the end of September, its outstanding loans reached 836.2 million USD, with an average loan-to-value (LTV) ratio of 42.7%, significantly lower than the industry's high-risk range. According to Galaxy Research, this institution currently ranks as the third largest centralized lending institution in the world, second only to Tether and Galaxy.

5. The stablecoin USD1, associated with U.S. President Trump, recently reached a partnership with the crypto cross-chain deployment technology provider Enso to further expand its DeFi business landscape across multiple blockchain ecosystems. Connor Howe, the founder of Enso, stated that this collaboration will enhance the attractiveness of DeFi to major participants such as institutions, helping them leverage deep liquidity and optimal pricing. According to the partnership announcement, Enso will promote the “on-chain ubiquity” of USD1 and allocate the liquidity of this stablecoin to different blockchain protocols. Following the implementation of the partnership, USD1 will first go live on margin trading protocols like Dolomite, allowing users to conduct trading, lending, and transferring operations of the stablecoin across chains.

6. MetaMask has registered a domain name for claiming MetaMask tokens, or an airdrop is imminent.

In addition, MetaMask tweeted that it has launched multi-chain accounts. Furthermore, the loading speed of user assets has increased by 30 times. MetaMask was originally a wallet that only supported the Ethereum network. Over time, it has gradually added native support for Ethereum Layer 2 (such as Arbitrum, Base, Linea, etc.) and other EVM networks; through Snaps extension, the wallet can connect to non-EVM networks. Today, thanks to improvements at the architectural level, MetaMask has been able to natively support non-EVM networks, such as the Solana network, and plans to support networks like Bitcoin soon.

7. The dYdX community will vote on a compensation proposal of $462,000, which aims to reimburse traders affected by the 8-hour service interruption during last month's historic liquidation event.

8. According to official data, the MegaETH public sale has currently raised 405 million USD (bidding demand, with a cap of 50 million USD), oversubscribed by 8.1 times, and the public sale will end in 2 days.

9. Monad stated on social media, “The airdrop distribution results will be announced tomorrow.”

10. In response to the abnormal price fluctuations in the HYPE market early this morning, Lighter stated on platform X: “An out-of-control robot flooded the HYPE order book with large orders, but it did not trigger forced liquidations or other negative impacts. This transaction was executed at an extremely high price with very low volume, leaving a long upper shadow that caused issues with chart scaling, so this data has been removed from the front-end interface. It is important to emphasize that the on-chain data has not been modified and cannot be modified; users can view it on the block explorer. Since we operate the main front-end interface, we will present the charts in a way that is most helpful to traders; other front-ends built on Lighter can choose different display methods on their own.”

11. According to official news, Falcon Finance has now integrated Tether's gold token Tether Gold (XAUt) as a collateral asset for minting the USDf stablecoin. This collaboration brings time-tested gold into Falcon's diversified collateral ecosystem, allowing users to gain the value preservation properties of gold while earning sustainable native DeFi returns.

Overview of Major Leading DeFi Projects

Solana DEX 24-hour trading volume ranks first, approximately 4.874 billion USD, with the top three projects being:

Meteora ($1.454 billion), HumidiFi ($1.096 billion), Raydium ($598.56 million);

Ethereum DEX ranks second in 24-hour trading volume, approximately $3.183 billion, with the top three projects being:

Uniswap ($1.458 billion), Curve Finance ($651.83 million), Fluid ($606.89 million);

BNB Chain DEX ranks third in 24-hour trading volume, at approximately 2.933 billion USD, with the top three projects being:

PancakeSwap ($2.118 billion), Uniswap ($673.75 million), four.meme ($7.562 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 Market Trends)

As of October 28, at the time of writing, the crypto market has slightly pulled back, with DeFi sector tokens mostly falling rather than rising. Specifically:

UNI is currently reported at 6.56 USD, with a 24-hour fall of 0.81%;

AAVE is currently reported at 234.44 USD, with a 24-hour fall of 1.66%;

WLFI is currently reported at 0.1454 USD, with a 24-hour increase of 0.34%;

MORPHO is currently reported at $2.01, with a 24-hour fall of 2.19%;

INJ is currently priced at 8.62 USD, with a 24-hour fall of 1.16%;

MYX currently reports 2.76 USD, with a 24-hour increase of 1.24%;

CRV is currently priced at 0.5591 USD, with a 24-hour fall of 2.7%;

SYRUP is currently reported at 0.3919 USD, with a 24-hour increase of 1.35%;

FF is currently priced at $0.1551, with a 24-hour fall of 12.37%.

Market Trend Interpretation

TVL pulls back but remains at a high level, mainstream protocols are under pressure with a slight decline

The total DeFi TVL across the network is $155.99 billion, with a 24-hour decline of 1.20%. Although it remains at a high level, the previous rebound momentum has seen a slight pullback. Leading protocols such as Aave (-2.24%), Lido (-3.35%), and EigenLayer (-2.09%) have experienced minor declines, indicating a cautious management of funds during this price fluctuation period. In contrast, protocols like Spark and ether.fi have also seen slight decreases, but the declines are relatively mild, suggesting that funds are more selective with high-quality protocols.

DEX volume falls, structural changes appear but leading platforms remain stable

The 24-hour DEX volume is approximately $16.545 billion, a week-on-week decrease of nearly 30%. Uniswap ($3.466 billion), PancakeSwap ($2.578 billion), and Meteora ($1.454 billion) are in the top three. Although the overall volume has decreased, the market share of leading platforms remains solid, indicating that during the market observation period, users prefer platforms with deep liquidity and high trust for their trades.

Protocol fees have decreased but the revenue structure is still evolving

In the past 24 hours, the protocol fees for Uniswap were approximately 3.73 million USD, ranking third, only behind Tether and Circle, demonstrating its continued trading depth advantage. Hyperliquid (3.55 million USD) and Lido (2.81 million USD) followed closely behind. Although the fee numbers have decreased compared to the active period, the sustained high levels indicate that the protocol's revenue model is resilient.

On-chain security and governance events are increasing, structural risks need to be vigilant

In the project news, the 402bridge Private Key leak and intrusion into user wallets have exposed security risks in the bridge protocol, drawing community attention. Additionally, the mass destruction of WLFI tokens by World Liberty Financial and Ledn's disclosure of the expansion of Bitcoin lending scale have also added uncertainty to the market. Analysts point out that during market pullbacks and fluctuations, such events may amplify the speed of fund withdrawals.

Analyst's View

Short-term pullback is a period of adjustment, and the funding wait-and-see sentiment is rising

Analysts believe that despite the TVL remaining high, both the volume and protocol fees have declined, indicating that funds are currently entering with a “mainly observing, secondarily choosing” attitude. If BTC/ETH fails to stabilize above the key level, the DeFi sector may continue to face pressure.

Core Configuration Direction with Stability of Leading Protocols

In the current environment, protocols such as Uniswap, Lido, and Aave are more valuable for allocation due to their deep liquidity, sound governance, and robust income mechanisms. Analysts suggest reducing exposure to high-risk or low-liquidity protocols in the short term and focusing on core protocols.

Security and governance become selection criteria, with non-yield being the sole driver

Recently, incidents of Private Key leaks and governance disputes have become frequent. Analysts point out that “whether the protocol has a complete security mechanism and whether it has transparent governance” will gradually become the basis for selection. While yield incentives are important, they must be balanced with security mechanisms during periods of risk accumulation.

Structural recovery is in sight, but patience is needed to wait for confirmation signals

Analysts generally believe that although there are signs of capital inflow in the DeFi market (TVL slightly returning to high levels), a real recovery depends on a rebound in volume, stable on-chain activity, and mainstream assets holding key levels. Investors are advised to be patient and wait for these signals to be established before increasing their positions.