Gate DeFi Daily Report ( September 8, ): Venus successfully recovered tens of millions of dollars in stolen funds; Hyperliquid stablecoin USDH attracts competition from longers.

On September 8, the overall sentiment in the crypto market is neutral. The total DeFi TVL across the network slightly rebounded to 15.3152 billion USD, rising 1.12% in 24 hours, but DEX volume continues to be sluggish at only 9.164 billion USD, down 17.86% from last week. On-chain hotspots are focused on Venus successfully recovering 11.4 million USD of stolen funds, Hyperliquid launching the USDH stablecoin issuance bidding, and Aster's upcoming Token Generation Event (TGE). The Trump family's wealth has become a topic of discussion due to the surge in the value of WLFI and ABTC, while the Arbitrum ecosystem project Kinto announced it will close by the end of September.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately 153.152 billion USD, 24H rise of 1.12%.

DEX 24-hour volume: approximately 9.164 billion USD, down 17.86% in the past week, with the top three being: Uniswap (2.049 billion USD), PancakeSwap (1.802 billion USD), Pump (878.74 million USD).

Popular Protocols and On-Chain Performance

The data of the top ten DeFi protocols ranked by TVL is as follows:

(Source: DeFiLlama)

Among them, the performance of the top-ranked protocols is as follows:

Aave: TVL approximately 39.943 billion USD, daily growth 1.74%, 24-hour fees approximately 2.94 million USD;

Lido: TVL approximately 37.343 billion USD, daily increase of 0.20%, 24-hour fees approximately 3.07 million USD;

EigenLayer: TVL approximately 1.8802 billion USD, daily growth of 0.26%, 24-hour fees approximately 3,909 USD;

Ethena: TVL approximately 12.966 billion USD, daily growth 0.45%, 24-hour fees approximately 27,090 USD;

ether.fi: TVL approximately 10.875 billion USD, daily growth 1.02%, 24-hour fees approximately 70,269 USD.

Project News Overview

1. The decentralized trading platform Aster updates its tokenomics information, with a maximum supply of 8 billion tokens. 8.8% (704 million ASTER) of the tokens will be unlocked immediately on the day of TGE and distributed to users who earned Rh or Au points in the points activity.

Aster will have its TGE on September 17, and airdrop queries will be available for collection. The token economics will be announced later. In addition, Aster Genesis Stage 2 is now live, introducing multi-dimensional scoring, with scoring dimensions including volume, Aster asset holding time, profit and loss situation, etc.

In addition, APX holders can convert their held assets (including staked positions) into ASTER during the specified exchange period, but the exchange rate will decrease over time. A portion of the protocol revenue will be used for buybacks for foundation distribution and governance rewards distribution. The future utility of ASTER includes discounts on spot/perpetual contract trading fees, governance, and more.

2. The decentralized lending protocol Venus Protocol tweeted that after conducting due diligence, the team has officially returned a position worth 11.4 million USD to the victim of the phishing incident, Kuan Sun (@KuanSun1990), at today's token price.

Previously, after analyzing a phishing incident, Venus Protocol reported that on September 2, user Kuan Sun suffered a phishing attack resulting in a loss of approximately 13 million USD. The Venus team successfully recovered all funds and restored the normal operation of the protocol within 13 hours by implementing measures such as pausing the protocol and forcibly liquidating the attacker's wallet. Security audits confirmed that the protocol itself was not affected.

3. Stablecoin issuers Paxos, Frax Finance, Agora, etc. are competing for the issuance rights of the USDH stablecoin to be launched by Hyperliquid. Hyperliquid announced this plan last Friday and stated that the goal is to launch a "USD stablecoin that prioritizes Hyperliquid, aligns with Hyperliquid's philosophy, and is compliant," for which the USDH Token code has been reserved. Hyperliquid invites teams to submit proposals, and the winner will be selected through validator voting, gaining the right to purchase the token code and issue the token.

Paxos submitted a USDH bidding proposal yesterday, committing to provide compliance with the MiCA and GENIUS acts, supporting native deployment on HyperEVM and HyperCore, and offering 95% of interest income for HYPE Token buybacks, which will be redistributed to "ecosystem programs, partners, and users."

Frax has proposed a "community-first" initiative and plans to peg USDH to frxUSD at a 1:1 ratio, with frxUSD supported by BlackRock's yield-generating BUIDL on-chain treasury fund. Frax stated, "100% of the underlying treasury yield will be directly distributed to Hyperliquid users through on-chain programmability, and Frax will not charge any fees." Hyperliquid's current stablecoin deposits can generate an annual yield of $220 million.

Agora has also formed a joint bidding team for USDH, committing that USDH will allocate "100% net income" to Hyperliquid for the platform assistance fund or HYPE Token buyback.

Hyperliquid requires all institutions to submit proposals by September 10 (Wednesday), and voting will be held on September 14 (Sunday).

4. The Trump family's wealth surged last week due to the listing and trading of the crypto mining company American Bitcoin (ABTC) and the profits brought by World Liberty Financial (WLFI), with a total increase of 1.3 billion USD. Among them, WLFI contributed 670 million USD to the Trump family's net worth, and Eric Trump, as a co-founder of ABTC, saw the value of his ABTC shares exceed 500 million USD after the listing on Wednesday, when ABTC's stock price briefly soared to 14 USD before plummeting over 50% to a low of 6.24 USD.

However, this $1.3 billion does not include the approximately $4 billion of WLFI tokens held by the Trump family, which are currently subject to a lock-up period. Excluding the $4 billion of WLFI tokens, the Trump family's collective net worth has exceeded $7.7 billion.

5. The Arbiturm ecological modular trading platform Kinto suffered a smart contract attack in July, resulting in a loss of 577 ETH, approximately 1.55 million USD, and announced it will close on September 30. Its founder Recuero pledged to provide compensation to some of the hacker victims after Kinto shuts down. According to Recuero, all remaining foundation assets will be returned to the lenders of the "Phoenix" program, who will recover 76% of the loan principal. Recuero also committed to using 55,000 USD of personal funds to compensate the victims of the hack on the Morpho platform, with a maximum of 1,100 USD per address.

6. Jupiter posted on social media, stating, "JLP liquidity pool TVL has exceeded 2 billion USD." According to data from the official website, the current JLP APY is 17.58%.

Overview of Major Leading DeFi Projects

Solana DEX 24-hour volume ranks first, approximately 2.602 billion USD, down 19.8% in the past week, with the top three projects being:

Pump (USD 878.74 million), Meteora (USD 615.54 million), Raydium (USD 401.59 million);

Ethereum DEX ranks third in 24-hour trading volume, approximately USD 1.633 billion, down 17.68% over the past week, with the top three projects being:

Uniswap ($1.029 billion), Fluid ($371.59 million), Pendle ($361.42 million);

Base DEX ranks fourth in 24-hour volume, approximately $855.37 million, down 21.67% in the past week, with the top three projects being:

Uniswap ($383.01 million), Aerodrome ($332.96 million), PancakeSwap ($141.41 million).

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 Market Data)

As of September 8, the overall recovery of the crypto market has been noted, with WLFI leading the decline in the DeFi sector, specifically:

UNI is currently at 9.56 USD, with a 24-hour rise of 1.92%;

WLFI is currently reported at 0.208 USD, with a 24-hour decline of 13.11%;

AAVE is currently reported at 302.62 USD, with a 24-hour rise of 0.23%;

INJ is currently priced at 13.31 USD, with a 24-hour rise of 2.01%;

CRV is currently priced at 0.7816 USD, with a 24-hour rise of 0.84%;

MORPHO currently reports at 1.99 USD, with a 24-hour drop of 0.5%.

Market Trend Interpretation

TVL steadily rebounds, volume continues to be sluggish

The total DeFi TVL across the network is reported at 153.152 billion USD, with a rise of 1.12% in the past 24 hours; DEX volume has dropped to 9.164 billion USD, a decrease of 17.86% compared to last week, with funds primarily remaining cautious, and liquidity mainly concentrated in leading projects such as Uniswap, PancakeSwap, and Pump.

The Venus team demonstrates crisis management capabilities, enhancing confidence in DeFi

Venus Protocol recovered all funds within 13 hours after a phishing incident and returned the loss of 11.4 million USD at the original price, reinforcing the protocol's security and community confidence. The incident also demonstrated the rapid response capability of decentralized protocols in handling emergencies.

Hyperliquid stablecoin competes to become the focus

Paxos, Frax, Agora and other leading institutions are competing for the issuance rights of the USDH stablecoin, bringing different narratives of "compliance vs revenue distribution." Voting is expected to become a market hotspot in mid-September, potentially driving a new round of competition in the DeFi stablecoin sector.

Trump family wealth significantly fluctuates due to encryption assets

The value growth of WLFI and ABTC has increased the Trump family's fortune by 1.3 billion USD, further highlighting the potential impact of crypto assets on the real political and economic landscape.

Analyst Views

Market analysts point out that this week's Decentralized Finance trends are mainly influenced by the following three factors:

Funding Sentiment: TVL is steadily increasing but trading volume is shrinking, reflecting a short-term wait-and-see attitude among funds, and the market still lacks new capital inflow.

Project Narrative: The successful recovery of Venus and the competition with Hyperliquid stablecoin may boost market confidence in the short term, but the high concentration of hotspots brings volatility risks.

Macroeconomic Environment: The Federal Reserve's policies and the trends in crypto regulation remain key variables in the medium term. It is expected that funds will be more inclined to invest in protocols with long-term revenue models (such as Ethena, Lido, etc.).

Overall, the DeFi market shows signs of recovery in TVL after several months of adjustment, but trading activity is insufficient, with narrative-driven short-term volatility coexisting with structural capital inflows. Analysts believe that if Hyperliquid's stablecoin competition takes off in late September, it could become an important catalyst for this round of the DeFi market.