Gate DeFi Daily ( October 31 ): MegaETH public sale raised nearly $1.4 billion; Ethereum Fusaka upgrade launches on December 3.

On October 31, the DeFi market continued its pullback amid a weak macro environment, with the total TVL across the network dropping to $150.443 billion, a 24H decline of 1.51%. BTC oscillated around $110,000, while ETH remained above $3,800. The TVL of leading protocols generally declined, but the overall structure remains robust; the trading volume of DEX on the Solana chain continues to lead the entire network. Meanwhile, multiple project updates show that DeFi is shifting from expansion to governance and mechanism optimization stages. Analysts believe the current market is in a structural consolidation period, with funds being re-concentrated towards efficient ecosystems and governance assets.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 31), the cryptocurrency market continues to perform sluggishly, with BTC currently hovering around $110,000 and ETH above $3,800; the total DeFi TVL across the network is currently $150.443 billion, down 1.51% in the last 24 hours.

DEX 24-hour volume: approximately 19.127 billion USD, with the top three being: Uniswap (4.847 billion USD), PancakeSwap (2.781 billion USD), HumidiFi (1.669 billion USD).

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 as follows:

Aave: TVL approximately $38.009 billion, 24-hour fall 2.15%;

Lido: TVL approximately 32.914 billion USD, 24-hour fall 2.73%;

EigenLayer: TVL approximately 16.041 billion USD, 24-hour fall 2.02%;

Spark: TVL approximately 9.881 billion USD, 24-hour fall 1.61%

ether.fi: TVL approximately $9.773 billion, 24-hour fall 2.66%

Ethena: TVL approximately $9.571 billion, 24-hour fall of 1.82%.

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

(Source: DeFiLlama)

Among them, Ethena's protocol fees in the past 24 hours reached 7.81 million USD, ranking third, only behind Tether (23.35 million USD) and Circle (7.94 million USD); Uniswap's protocol fees in the past 24 hours reached 7.06 million USD, ranking fourth; Jupiter ranked fifth with 6.02 million USD.

Project News Overview

1. The total supply of ELIZAOS tokens will increase from 6.6 billion to 11 billion (+40%), with the specific allocation as follows:

75%: Community Allocation

60%: Exchange from original AI16Z holders

5.5%: Liquidity & Listings

4.5%: Foundation

2.5%: Ecosystem

2.5%: Protocol Owned Liquidity

15%: SAFT (Simple Agreement for Future Tokens)

10%: Team and Contributors

The circulating supply will immediately increase from 6.6 billion to 7.4 billion, with the allocation of the new portion as follows:

607 million: Liquidity & Listings

275 million: Protocol Owned Liquidity

2. MEV infrastructure Semantic Layer announces the completion of a $2 million Series A funding round, led by Greenfield Capital, bringing the total funding to $5 million. The new funds will be used to promote onchain artificial intelligence autonomy, as well as to achieve sequencing sovereignty for agents, decentralized applications (dApps), and assets.

On October 9, 2024, Semantic Layer announced the completion of a $3 million seed round financing, led by Figment Capital, with participation from Hack VC, Robot Ventures, and Bankless Ventures.

3. CoinBase CEO Brian Armstrong stated during the Q&A session of the third quarter earnings call, “We are still in the early stages of exploring the Base network token. But the overall goal is to help 1 billion people get on-chain and truly develop a developer ecosystem around Base. Therefore, we will not disclose specific details about the governance or distribution model today, nor will we provide a clear timeline. However, we will build openly and continuously communicate with customers, investors, and regulators to ensure we do things right.”

4. Jupiter official stated on social media that after reducing the scale of the decentralized autonomous organization (DAO) and resetting the community, the “Litterbox burn voting” marks the next major step in a fresh start - refocusing on making JUP the core of the ecosystem and rebuilding long-term confidence and consensus.

Currently, 50% of the on-chain revenue from Jupiter goes into the Litterbox Trust, which repurchases JUP from the open market. So far, approximately 130 million JUP have been acquired, accounting for about 4% of the circulating supply. This portion of tokens was initially intended for use by the DAO in 3 years. However, recently, holders have clearly stated that these JUP are causing uncertainty for the community and token holders. The team has heard everyone’s voice. Today, the DAO will start voting on whether to burn these existing tokens (4 days remaining until the deadline). In the coming weeks, another separate vote will be held to decide how to handle the ongoing inflow of revenue into the Litterbox.

5. Researchers from the Ethereum Foundation have officially set a date for their mainnet hard fork (codenamed “Fusaka”). During Thursday's “all core developers” conference call, researchers from the Ethereum Foundation stated that Fusaka will go live on December 3.

Since at least mid-September, developers have tentatively set this date as the target. Fusaka went live on the Hoodi testnet this Tuesday, marking the final step towards mainnet activation. Earlier this month, it was successfully deployed on the Holesky and Sepolia testnets.

This backward-compatible Fusaka hard fork will implement about a dozen Ethereum Improvement Proposals to enhance the sustainability, security, and scalability of the base chain and its surrounding second-layer ecosystem. Notably, Fusaka will implement “Peer Data Availability Sampling” (PeerDAS), a technology that simplifies validator access to data. PeerDAS was initially planned to be implemented in a major upgrade on Ethereum (i.e., the Pectra in February), but was postponed due to the need for testing. Fusaka will also raise Ethereum's block gas limit from 30 million units to 150 million units, and it is expected to quickly double the data block capacity.

On October 30, on his personal channel, blockchain detective ZachXBT disclosed that Garden Finance was suspected of being attacked on multiple chains, with losses exceeding 5.5 million USD. An address related to the team sent a message on-chain to the suspected attacker, offering a 10% white hat bounty, but the team has yet to publicly comment on this incident.

ZachXBT stated, “Ironically, just a few days ago, I pointed out on X that Garden Finance has been ignoring victims' requests for fee refunds—while over 25% of their total activity on the platform is related to stolen funds (including the Bybit hack incident, Swissborg, etc.).”

7. MegaETH announced that the public sale has officially ended, with a total subscription amount of 1.39 billion USD and an oversubscription ratio of 27.8 times.

If the bid is lower than $0.0999 (FDV 999M), automatic refunds will start today.

If the bid is 0.0999 dollars:

· Your bid is under review for allocation.

The review will continue until November 5, at which point the final allocation results will be announced, and the refund process will be initiated for users who did not receive an allocation.

8. A new proposed proposal has emerged in the dYdX community forum, which includes using 100% of net trading fees for the buyback of DYDX tokens to enhance token value accumulation, with a planned three-month trial. The proposal will be officially submitted on November 3.

Currently, the dYdX Chain allocates net trading fees as follows: 25% for DYDX buyback, 40% for staking rewards for validators and stakers, 25% for Megavault liquidity, and 10% enters the treasury.

9. According to the official statement from Aster, the S3 buyback is completely transparent and executed 100% on-chain, purchasing tokens daily from the open market until the total amount reaches the target range of 70%-80% of the transaction fees during the S3 period. The S3 phase of ASTER will last for 35 days, ending on November 9. Furthermore, the S3 airdrop will commence after all buybacks are completed, with the tokens in the buyback address prioritized for distribution; any shortfall will be unlocked from the airdrop allocation pool to ensure full issuance.

According to on-chain monitoring, Aster-related addresses have accumulated repurchases for 19 days. According to Deflama data, Aster's current TVL is 1.69 billion USD, with an average daily fee of about 1.75 million USD over the past seven days. Based on this calculation, the average daily repurchase amount is between 1.25 million USD and 1.4 million USD.

Overview of Major Leading DeFi Projects

Solana DEX 24-hour volume ranks first, at approximately 6.019 billion USD, with the top three projects being:

HumidiFi ($1.669 billion), Meteora ($1.214 billion), Raydium ($766 million);

Ethereum DEX ranks second in 24-hour volume, approximately $3.994 billion, with the top three projects being:

Uniswap ($2.63 billion), Fluid ($611 million), Curve Finance ($435.33 million);

BNB Chain DEX ranks third in 24-hour volume, approximately $3.177 billion, with the top three projects being:

PancakeSwap ($2.225 billion), Uniswap ($686.66 million), OPINION ($17,061).

Gate DeFi Token Market Data

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

(Source: Gate DeFi Sector Quotes)

As of October 31, at the time of writing, the cryptocurrency market has overall fallen, with DeFi sector tokens declining in unison, specifically:

UNI is currently reported at 5.85 USD, with a 24-hour fall of 2.86%;

AAVE is currently reported at 217.84 USD, with a 24-hour fall of 3.41%;

WLFI is currently priced at 0.1356 USD, with a 24-hour fall of 2.93%;

MORPHO is currently reported at 2.00 USD, with a 24-hour increase of 0.97%;

INJ is currently priced at 7.7 USD, with a 24-hour fall of 6.65%;

MYX is currently reported at 2.15 USD, with a 24-hour fall of 6.31%;

CRV is currently priced at 0.4906 USD, with a 24-hour fall of 6.69%;

SYRUP is currently priced at 0.4167 USD, with a 24-hour fall of 2.35%;

FF is currently reported at 0.1274 USD, with a 24-hour fall of 12.08%.

Market Trend Analysis

TVL under pressure, funds temporarily observing mainstream assets

The total DeFi TVL across the network has dropped to 150.443 billion USD today, a decline of 1.51% compared to the previous day. BTC remains stable around 110,000 USD, while ETH stays above 3,800 USD, but the weak rebound of mainstream assets has not attracted significant incremental capital inflow. Among the leading protocols, Aave, Lido, EigenLayer, Spark, ether.fi, and Ethena have all experienced daily declines of 1.6% to 2.7%, indicating a rise in capital risk aversion. Short-term funds are more concentrated in stablecoins and high liquidity assets to cope with market fluctuations.

DEX volume remains resilient, Solana ecosystem performs outstandingly

The total DEX trading volume across the network reached $19.127 billion in 24 hours, indicating that trading activity remains robust. Uniswap continues to hold the top position with $4.847 billion, followed by PancakeSwap and HumidiFi in second and third places respectively. By chain, Solana DEX trading volume soared to $6.019 billion, accounting for over 30%, with HumidiFi and Meteora recording $1.669 billion and $1.214 billion respectively, reflecting the high-frequency trading activity and liquidity advantages of the Solana ecosystem.

The trend of centralization of protocol fees continues, and leading protocols maintain high income levels

In the past 24 hours, Tether ($23.35 million) and Circle ($7.94 million) continued to occupy the top two positions in the protocol fee rankings, with Ethena in third place at $7.81 million, followed closely by Uniswap ($7.06 million) and Jupiter in fifth place ($6.02 million). Ethereum and Solana's ecosystems still dominate the DeFi revenue structure, with high trading depth and on-chain usage rates. The overall market maintains a “high-frequency but cautious” state, with funds favoring protocols with stable cash flow and mature governance.

Frequent project progress, governance and institutionalization themes are heating up

Multiple project dynamics have become the focus of today:

· ELIZAOS announced that the total token supply will be increased to 11 billion, with a community allocation ratio as high as 75%, showing that the governance focus of the project is shifting towards decentralization.

· Semantic Layer has completed a $2 million Series A financing, strengthening the autonomy of on-chain AI and the issue of ranking rights, further promoting the integration of AI and Decentralized Finance.

· Jupiter DAO has launched a “trash bin destruction” voting mechanism in response to community governance demands;

· MegaETH public sale oversubscription 27.8 times, indicating the ongoing enthusiasm in the market for high-performance public chain narratives;

· Aster S3 buyback progress is steady, with a cumulative buyback of 19 days and an average daily buyback exceeding one million dollars, providing continuous token demand support for the Decentralized Finance ecosystem.

Overall, optimizing governance structures and institutional participation pathways have become the two main lines in the current DeFi market.

Analyst's View

Short-term pullbacks are a healthy adjustment, and TVL is expected to maintain a high range

Analysts point out that the current decline in TVL is mainly influenced by macro weakness and risk aversion, rather than structural outflows. Leading protocols still maintain a strong foundation, with projects like Lido and Aave having TVL exceeding 30 billion dollars, indicating that the underlying liquidity of the DeFi market remains resilient.

Solana ecosystem continues to attract trading funds

Solana DEX volume has surpassed the Ethereum ecosystem for several consecutive days, with HumidiFi and Meteora's total trading volume exceeding 2.8 billion USD. Analysts believe that the Solana ecosystem, with its advantages in transaction speed and low fees, is forming an independent liquidity center, and its impact on the DeFi market landscape is gradually deepening.

Protocol income centralization intensifies, DeFi is evolving towards “the strong getting stronger”

From the perspective of protocol fee distribution, leading projects such as Tether, Uniswap, and Ethena together account for nearly 60% of the top ten revenues, indicating that capital and usage rates are accelerating concentration. Analysts point out that this trend of centralization helps enhance system stability in the short term, but the competitive pressure on small and medium protocols has significantly increased.

Innovation in Governance Mechanisms Becomes a New Focus, DeFi Enters the “Responsible Governance” Stage

The burn vote of Jupiter and the token redistribution mechanism of ELIZAOS reflect that project parties are beginning to value long-term consensus and community trust. Analysts believe that governance transparency and decision-making mechanisms will become the core of competition in the next stage of Decentralized Finance protocols, rather than solely relying on incentives or yields.

Conclusion

Overall, on October 31, the DeFi market demonstrated resilience amidst volatility. Although the TVL and mainstream token prices both experienced a pullback, the liquidity foundation remains solid, and trading activity has not seen a significant decline. The high-frequency activity in the Solana ecosystem, the evolution of governance structures, and the deepening of institutional trends together indicate that the DeFi market is transitioning from short-term volatility to long-term stability. In the coming weeks, capital may continue to focus on mature governance and optimally structured leading protocols.