Gate DeFi Daily (, September 9, ): Sky joins the competition for Hyperliquid stablecoin; WLD treasury narrative drives Eightco stock price big pump over 5000%

On September 9, the DeFi market continued its recovery trend, with the total TVL slightly rising to $15.4221 billion, a 0.75% increase in 24 hours; DEX trading volume significantly rebounded to $14.449 billion, up 58% compared to the previous day, but still down 14.15% from a week ago. The on-chain hotspots are concentrated on Suilend, which paused lending due to the IKA Get Liquidated incident, Sky joining the competition for Hyperliquid stablecoin, WLD treasury narrative driving Eightco's stock price to a big pump of over 5000%, and Lion Group announcing the gradual replacement of SOL and SUI assets with HYPE. The overall tokens in the DeFi zone rose, with short-term market risks intertwined with long-term narratives.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately 15.4221 billion USD, 24H rise of 0.75%.

DEX 24-hour volume: approximately $14.449 billion, an increase of about 58% compared to the previous day ($9.164 billion), a decrease of 14.15% compared to the previous week, with the top three being: Uniswap ($3.439 billion), PancakeSwap ($2.219 billion), Meteora ($0.83874 billion).

Popular Protocols and On-Chain Performance

The top ten DeFi protocols ranked by TVL are as follows:

(Source: DeFiLlama)

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

Aave: TVL about 39.912 billion USD, daily decrease of 0.23%, 24-hour fees about 3.06 million USD, far ahead;

Lido: TVL approximately 37.446 billion USD, daily rise 0.28%;

EigenLayer: TVL approximately 18.839 billion USD, daily rise 0.20%;

Ethena: TVL approximately 13.097 billion USD, daily rise 1.03%;

Pendle: TVL approximately $11.742 billion, daily rise of 2.14%.

Project News Overview

1. The Sui ecosystem lending protocol Suilend officially announced the suspension of IKA loans until further notice. This morning, IKA surged from $0.04 to $0.47, and some IKA loans were liquidated at an excessively high valuation, resulting in subsequent losses for positions, creating a funding gap of $379,000. IKA depositors were affected, and each IKA depositor's IKA deposit balance will be reduced by 6%.

IKA surged 700% this morning at 5:11 after a "spike" and then fell back, with IKA's 24-hour Get Liquidated amounting to 2.2189 million USD, of which short positions accounted for 2.1157 million USD.

2. Sky (formerly MakerDAO) joins the competition for issuing USDH stablecoin under Hyperliquid. Sky co-founder Rune posted on platform X stating: "Sky provides Hyperliquid with the main advantage of USDH:"

· USDH will receive instant liquidity of $2.2 billion USDC for off-chain redemption;

· Sky can deploy its over $8 billion balance sheet to Hyperliquid;

· All USDH on Hyperliquid can earn a yield of 4.85%, higher than the treasury yield, and all 4.85% earnings generated from USDH will be used for the HYPE buyback fund;

· Sky can provide $25 million in funding to create an independent Hyperliquid Star project and independently develop Hyperliquid DeFi;

· Sky can transfer its buyback system to Hyperliquid, using over $250 million in annual profits to build USDH liquidity.

3. According to market data, the new WLD treasury company Eightco Holdings (OCTO) saw its stock price rise by 5384.14% during trading, reaching 79.52 USD, with a market cap rising to 242 million USD.

It is worth noting that the stock's intraday trading volume is currently reported at 172 million shares, with a trading value of 7.51 billion dollars, which far exceeds the crypto leading stock MSTR (currently reported at 1.834 billion dollars).

Previously, Eightco Holdings announced a private placement of $250 million and received a $20 million strategic investment from BitMine to launch the world's first Worldcoin (WLD) treasury strategy. The company's closing price on the previous trading day (September 5) was only $1.45, with a market capitalization of only $4.4149 million.

4. According to the LINEA Token economics information, the maximum supply of LINEA is 72,009,990,000 coins, of which:

HODLer airdrop rewards: 720,099,900 LINEA (1.00% of the maximum token supply). After the spot listing, an additional 180,024,975 LINEA will be allocated for market activities, and 360,049,950 LINEA will be reallocated after 6 months. The circulating supply at the initial stage of this CEX listing is 15,482,147,850 LINEA (21.50% of the maximum token supply).

5. According to official news, integrated trading platform operator Lion Group Holding Ltd. (NASDAQ: LGHL) announced plans to swap all of its existing Solana (SOL) and Sui (SUI) assets for Hyperliquid (HYPE). This move follows BitGo Trust Company's launch of an institutional-grade HYPE Ethereum virtual machine hosting solution in the United States, aiming to optimize the company's cryptocurrency portfolio by leveraging Hyperliquid's high-performance Layer 1 blockchain and decentralized perpetual contract exchange capabilities.

As part of this asset restructuring, the Lion Group will adopt a progressive position-building strategy to gradually convert SOL and SUI positions into HYPE. This strategy aims to reduce the average acquisition cost by taking advantage of market fluctuations, accumulating HYPE holdings at optimal prices. This move reflects the company's commitment to prudent risk management and long-term value creation in the ever-evolving digital asset space.

Note: The announcement did not disclose the specific holdings of SOL and Sui, nor did it reveal the current holdings of HYPE. Previously, the company announced on June 19 that it had secured $600 million in financing to launch the HYPE treasury strategy.

Overview of Major Leading DeFi Projects

Solana DEX's 24-hour volume ranks first, approximately 3.744 billion USD, an increase of about 44% compared to the previous day (2.602 billion USD), with the top three projects being:

Meteora ($850.41 million), Raydium ($577.02 million), Pump ($570.42 million);

Ethereum DEX ranks third in 24-hour trading volume, approximately $3.295 billion, an increase of about 102% compared to the previous day ($1.633 billion), with the top three projects being:

Uniswap (1.812 billion USD), Fluid (542.22 million USD), Curve Finance (484.15 million USD);

Base DEX ranks fourth in 24-hour trading volume, approximately $1.441 billion, an increase of about 68% compared to the previous day ($855.37 million), with the top three projects being:

Uniswap (591.219 million USD), Aerodrome (580.25 million USD), PancakeSwap (213.97 million USD).

Gate DeFi zone Token market data

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

(Source: Gate DeFi Sector Quotes)

As of September 9, the cryptocurrency market has generally recovered, with the DeFi zone experiencing a simultaneous rise, specifically:

UNI is currently reported at 9.74 USD, with a 24-hour rise of 2.88%;

WLFI is currently reported at 0.2195 USD, with a 24-hour rise of 5.12%;

AAVE is currently reported at 308.21 USD, with a 24-hour rise of 2.32%;

INJ is currently priced at 14.07 USD, with a 24-hour rise of 6.22%;

CRV is currently priced at 0.8127 USD, with a 24-hour rise of 4.63%;

MORPHO is currently reported at 2 USD, with a 24-hour decline of 1.05%.

Market Trend Interpretation

TVL slightly rebounded, volume significantly rebounded

The total DeFi TVL across the network reports at $15.4221 billion, with a 24-hour rise of 0.75%; DEX volume is $14.449 billion, a significant increase of 58% compared to yesterday, but still below the level a week ago, indicating limited recovery in market activity and cautious capital.

Suilend IKA borrowing turmoil raises risk concerns

The price of IKA once experienced a big pump of 700% before quickly falling back, leading to a failure of the liquidation mechanism and a funding gap of $379,000. Suilend announced the suspension of IKA lending. The incident exposed the extreme volatility risk of long-tail assets and reminded the market to pay attention to the risk control boundaries of Decentralized Finance lending protocols.

Hyperliquid stablecoin competition heats up

After Paxos, Frax, and Agora, Sky (formerly MakerDAO) has joined the competition for USDH stablecoin issuance rights, proposing to utilize over $8 billion in balance sheet assets and $2.2 billion in USDC liquidity to support the Hyperliquid ecosystem. The competition in the stablecoin sector is intensifying, and voting in mid-September is expected to become a core market event.

WLD narrative of the treasury and traditional capital linkage

Eightco's stock price surged over 5,000% in a single day, with a transaction volume reaching 7.51 billion USD, far exceeding MSTR. This event has sparked widespread attention in the market regarding the WLD treasury strategy, showcasing the narrative linkage effect between the crypto and traditional capital markets.

Institutions bet on HYPE, the ecosystem gradually expands.

Lion Group announced that it will gradually replace its holdings of SOL and SUI with HYPE, indicating that institutional funds are leaning towards the Hyperliquid ecosystem, which may drive HYPE to become the new focus of capital.

Analyst's View

Market analysts believe that the current DeFi market has the following three characteristics:

Trading Recovers but is Structurally Concentrated: The trading volume has seen a significant rebound, but it is mainly concentrated in major DEXs and hot chains, with the market's activity still lacking breadth.

Narrative-Driven Enhanced Volatility: The big pump in Eightco's stock price highlights the dominant role of the company's crypto asset treasury narrative in short-term capital flows, but risk events may amplify market volatility.

Stablecoins and Institutional Layouts as Mid-term Catalysts: Hyperliquid stablecoin competition and institutional support for HYPE may become an important driving force in the second half of September.

Overall, the DeFi market is moving forward in a landscape of recovery and risk. Analysts suggest that investors pay attention to the progress of the stablecoin sector and institutional fund trends, while also being wary of the systemic risks posed by long-tail assets.