Gate Decentralized Finance Daily (10 October 30 ): HumidiFi launches Jupiter DTF; MegaETH public sale exceeds $1 billion

On October 30, the DeFi market performed steadily amid macro policies and market fluctuations. The total TVL across the network slightly decreased to $153.164 billion, with DEX trading volume reaching $17.51 billion. The Solana ecosystem continues to perform outstandingly, with Meteora and HumidiFi maintaining high activity levels. Several project developments indicate that DeFi protocols are accelerating their institutional and product layout. Analysts believe that the market pullback is a short-term adjustment, and the long-term structural recovery trend remains unchanged.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 30), after the Federal Reserve announced a 25 basis point rate cut and Powell made hawkish remarks, BTC briefly fell below $108,000 and is currently above $110,000, while ETH is around $3,900; the total DeFi TVL across the network is currently $153.164 billion, down 0.17% in the last 24 hours.

DEX 24-hour volume: approximately 17.51 billion USD, with the top three being: Uniswap (4.848 billion USD), PancakeSwap (2.802 billion USD), Meteora (1.64 billion USD).

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

The data performance of the top-ranked protocols is as follows:

Aave: TVL approximately $38.843 billion, 24-hour fluctuation -1.22%;

Lido: TVL approximately $33.838 billion, 24-hour fluctuation -1.97%;

EigenLayer: TVL approximately 16.372 billion USD, 24-hour decline of 2.64%;

Spark: TVL approximately $10.043 billion, 24-hour decline of 0.36%

ether.fi: TVL approximately 9.773 billion USD, 24-hour drop of 2.66%

Ethena: TVL approximately $9.77 billion, 24-hour decline of 1.28%.

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 6.81 million USD, ranking third after Tether (23.36 million USD) and Circle (7.93 million USD); Hyperliquid's protocol fees in the past 24 hours reached 4.26 million USD, ranking fourth; Jupiter ranked fifth with 3.99 million USD.

Project News Overview

1. The Solana-based perpetual contract trading platform Pacifica announced today that it has completed the first phase of its engine sharding upgrade, which further optimizes certain trading experiences. The current total trading volume on the platform has exceeded $38 billion, with weekly trading volume breaking $5 billion, and the number of active users reaching 27,000. Meanwhile, the platform has multiplied the points balance of all users by 20 times in one go, and will start a regular weekly distribution of 10 million points from October 30.

2. According to DeFiLlama data, the current TVL of SUSDE (Ethena USDe) is $5.098 billion, with an annualized yield (APY) of 4.41% and an unstaking period of 7 days. The TVL of SUSDS (Sky Lending) is $3.199 billion, with an annualized yield of 4.5%. The TVL of Maple Finance's Syrup USDC is $2.861 billion, with an annualized yield of 7.19%. ZEROBASE currently has a TVL of $370 million, with a stablecoin annualized yield (APY) of 12% and an unstaking period of 7 days.

3. According to official data, MegaETH's public sale has currently raised 1.001 billion USD (bidding demand, with a maximum limit of 50 million USD), oversubscribed by 20 times, and the public sale is about to end.

In addition, the Megaeth network will integrate institutional-level DeFi infrastructure Benchmark. Birch Hill acquired Unit Zero Labs and established Birch Hill Labs to advance risk management and protocol development in the DeFi space. The new product Benchmark will soon launch on the Megaeth network, led by a team of former Goldman Sachs and 10T holdings executives.

4. Monad stated on social media, “This airdrop has no lock-up restrictions.”

5. The River Pts public auction launched by River on the evening of October 29 sold out in just 2.5 hours within the originally planned 48-hour auction period. A total of 50 million River Pts attracted subscriptions of 2908 BNB (approximately 3.2 million USD), with the final transaction price being 0.0000447 BNB per piece (approximately 0.048 USD). All participants will be settled at the minimum auction price, and the excess amount will be automatically refunded. Starting from October 31 at 14:00 (UTC+0), River Pts and BNB refunds can be claimed on the website.

At the end of the auction, the price of River Pts on the DEX increased by 40% (from $0.034 to $0.048), with short-term volume exceeding $2.2 million; meanwhile, the price of the RIVER token also rose to $8.3, as market enthusiasm continued to heat up.

6. Jupiter announced that its first ICO project on the DTF platform will be HumidiFi. Unlike DEX, HumidiFi does not use an open public liquidity pool. Instead, it relies on private liquidity provided by market makers or internal entities. Orders are routed through aggregators, reducing delays and improving efficiency. This setup ensures faster and more efficient execution.

The dark pool trading platform HumidiFi has become the largest trading platform on the Solana chain, processing a record trading volume of 34 billion dollars in the past month. A dark pool trading platform (also known as a dark pool automated market maker or proprietary market maker) is a type of trading platform on the Solana blockchain that operates in the background, typically without an official website, and does not allow users to provide liquidity to earn exchange fees. These platforms often rely entirely on the liquidity provided by their creators (usually anonymous) and only accept trades routed through trading aggregators like Jupiter.

7. The Trump family's crypto project WLFI announced on platform X that Mack McCain has officially joined World Liberty Financial as General Counsel.

McCain previously served at Robinhood as Chief of Staff and Deputy General Counsel for Regulatory Affairs, leading the legal strategy for international brokerage, artificial intelligence, and consulting projects. He was General Counsel at Arta Finance and held senior legal positions at Charles Schwab and Scottrade, bringing over a decade of experience in guiding financial institutions through complex regulatory environments.

8. Celestia liquidity staking protocol MilkyWay announces that the third phase of the Massdrop airdrop is open for claims. Massdrop covers 100 million MILK (10.00% of the total supply): allocated to early users, including mPoint holders, Moolitia NFT holders, and milkINIT testers, released in four phases.

9. According to a report by Bloomberg, former FTX US president Brett Harrison plans to launch a Perp DEX trading platform aimed at stocks and forex. His software startup Architect Financial Technologies plans to provide access to such contracts for forex, interest rates, individual stocks, stock indices, metals, energy, and other commodities, and has already received approval from the Bermuda Monetary Authority to operate its new trading platform through a regulated entity.

10. Solana ecosystem DEX Bulk announces cooperation with LST protocol Sanctum to launch the liquidity staking token BulkSOL.

11. Bitcoin liquidity and its native stablecoin project Yala officially announced that the person responsible for the platform security vulnerability incident on September 14 has been successfully arrested by law enforcement agencies in Bangkok, Thailand. Most of the stolen funds have been successfully recovered, and all user compensation requests have been resolved. On September 14, Yala was attacked, and Yala's stablecoin YU could not be redeemed through official channels, resulting in severe de-pegging.

12. Metis announced the launch of an integrated strategic upgrade for its ecosystem, incorporating the settlement layer Andromeda, high-performance computing layer Hyperion, AI application layer LazAI, zero-knowledge proof layer ZKM, and Bitcoin L2 exploration layer GOAT into a unified architecture, promoting collaborative development among ecosystems, marking its transition from the layered construction phase to a new cycle of ecological interconnection.

According to the official governance proposal, Metis will optimize the token economic model through three key mechanisms:

• Establish METIS as the native Gas token of the LazAI network, all AI reasoning and on-chain computations will consume METIS;
• Reduced the mining reward rate for the Decentralized Sequencer (DSeq) to 15% to enhance economic sustainability;
• Establish an ecological growth reserve fund (EAGR) accounting for 20% of the total supply, used for validator incentives, liquidity support, and cross-layer collaborative construction.

The proposal does not change the total token cap, and EAGR will be released in phases as needed, with the overall implementation occurring approximately four weeks after community voting is passed. This adjustment aims to strengthen the long-term value foundation of METIS without increasing token issuance, by enhancing utility and optimizing the distribution mechanism. The community vote will open on October 30 at 1:00 AM (Beijing time) on the Snapshot platform and will end on November 3. Metis warmly invites global community members to participate in this ecological evolution, and specific participation methods will be announced soon.

Overview of Major Leading DeFi Projects

Solana DEX 24-hour volume ranks first, at approximately 4.98 billion USD, with the top three projects being:

Meteora ($1.639 billion), Orca ($918.77 million), HumidiFi ($918 million);

Ethereum DEX ranks second in 24-hour trading volume, at approximately $3.787 billion, with the top three projects being:

Uniswap ($2.426 billion), Fluid ($607.38 million), Curve Finance ($295.38 million);

BNB Chain DEX ranks third in 24-hour trading volume, approximately $3 billion, with the top three projects being:

PancakeSwap (2.247 billion USD), Uniswap (686.36 million USD), four.meme (55.82 million USD).

Gate DeFi Sector 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)

As of October 30, at the time of writing, the cryptocurrency market is overall declining, with DeFi sector tokens mostly falling and few rising. Specifically:

UNI is currently priced at 6.03 USD, with a 24-hour decline of 4.43%;

AAVE is currently priced at 225.59 USD, with a 24-hour decrease of 0.78%;

WLFI is currently priced at 0.1403 USD, with a 24-hour decline of 5.01%;

MORPHO is currently priced at 1.98 USD, with a 24-hour increase of 0.38%;

INJ is currently priced at $8.27, with a 24-hour decline of 2.08%;

MYX is currently reported at 2.3 USD, with a 24-hour pullback of 11.05%;

CRV is currently reported at 0.5263 USD, with a 24-hour drop of 0.86%;

SYRUP is currently reported at 0.427 USD, with a 24-hour increase of 11.39%;

FF is currently reported at 0.1454 USD, with a 24-hour increase of 1.98%.

Market Trend Interpretation

Steady pullback under macro disturbance, TVL remains in a high range After the Federal Reserve cut interest rates by 25 basis points and Powell made hawkish remarks, the crypto market faced short-term pressure, with BTC briefly dropping below $108,000 before returning above $110,000, and ETH around $3,900. As a result, the total DeFi TVL slightly decreased to $153.164 billion (down 0.17% in 24H), but overall, it still maintains a high level. Funds did not significantly flow out, indicating that the market's liquidity foundation remains solid.

DEX volume stabilizes with a slight decline, Solana chain continues to lead The 24-hour trading volume of DEX across the network is approximately 17.51 billion USD, showing a slight decrease compared to the previous period. Structurally, the Solana ecosystem remains a highlight, with Meteora, Orca, and HumidiFi ranking in the top three, with a total trading volume exceeding 3.4 billion USD. In the Ethereum ecosystem, Uniswap leads with a trading volume of 4.848 billion USD, accounting for nearly 30% of the overall DEX market, highlighting a significant liquidity concentration effect.

The protocol revenue structure is robust, and leading projects maintain high activity levels In the past 24 hours, Uniswap's protocol fees reached 6.81 million USD, second only to Tether (23.36 million USD) and Circle (7.93 million USD), firmly ranking in the top three of DeFi revenue. Hyperliquid and Jupiter followed closely, recording 4.26 million USD and 3.99 million USD, respectively. The high-frequency operation of mainstream DeFi protocols indicates that trading demand remains active, and the overall ecosystem maintains the characteristics of “low fluctuation and high utilization.”

Project dynamics are frequent, with institutionalization and innovation running parallel Several important news items indicate that DeFi is moving towards a more mature stage. Pacifica has completed its engine sharding upgrade and significantly increased user incentives; protocols like Spark, Ethena, and Maple have strengthened their yield structures; MegaETH was oversubscribed by 20 times, and the introduction of Benchmark and Birch Hill further reinforces institutional trust; meanwhile, the strategic upgrades of projects like WLFI and Metis highlight the trend of deep integration between DeFi and traditional finance.

Analyst's View

Short-term market fluctuations are a normal pullback, and the funding structure is robust Analysts point out that the recent slight decline in TVL is mainly due to macro policy disturbances and short-term profit-taking, rather than structural capital outflows. The high utilization rate and stable income of mainstream protocols indicate that market activity remains healthy, and it is expected that once BTC stabilizes, funds will flow back into high-quality Decentralized Finance projects.

Solana Ecosystem Becomes a New Growth Engine Solana's on-chain DEX continues to dominate volume, showcasing advantages in efficient matching and user activity. The high trading volumes of Meteora and HumidiFi indicate that Solana has established scaled competitiveness in liquidity innovation, potentially becoming the ignition point for the next round of DeFi hotspots.

Institutional Trends Accelerate, DeFi Evolves Towards Financial Infrastructure From the oversubscription of the MegaETH public sale to Birch Hill's strategic layout, and the integrated upgrade of the Metis ecosystem, analysts believe that DeFi has gradually transitioned from “experimental finance” to the “compliant financial infrastructure” stage, with institutional funds becoming the driving force in the future.

Optimizing the Yield Model as a Core Competitive Dimension Projects like Ethena, SUSDE, Maple, and ZEROBASE have shown stable yield performance, with clear differentiation in unlocking periods and APY design. Analysts believe that the future focus of DeFi competition will shift towards yield quality and sustainability, rather than merely high annualized returns.

Conclusion

Overall, the DeFi market showed robust resilience during the macro adjustment period on October 30. Although TVL and volume experienced a brief pullback, the structural capital flow remains healthy. The active performance of projects like Solana, MegaETH, and Metis indicates that the DeFi market is transitioning from “liquidity competition” to “ecological collaboration.” In the medium to long term, institutionalization and yield optimization will continue to be the dual core growth drivers of the DeFi ecosystem.