Gate Decentralized Finance Daily ( September 11 ): Meteora will have its TGE in October; LINEA introduces a dual Burn Mechanism and adds 12 million LINEA rewards.

On September 11, the DeFi market continued its warming trend, with TVL surpassing 15.67 billion USD. The leading protocols showed steady growth, and Solana's trading activity once again took the lead. The announcement of the Linea token mechanism strengthened long-term value expectations, while the ongoing expansion of Pendle and Ethena highlighted the demand for stable returns and innovative mechanisms. The Meteora TGE ignited community enthusiasm, but the Nemo attack incident reminded the market that security remains a core issue that cannot be overlooked in DeFi. In the short term, the market may remain active driven by concentrated liquidity and incentive mechanisms, but risk management will still be a key focus for investors.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $15.6741 billion, with a 24H rise of 1.83%.

DEX 24-hour trading volume: approximately 15.98 billion USD, down 5.5% from the past week, with the top three being: Uniswap (3.188 billion USD), PancakeSwap (2.113 billion USD), Meteora (0.99584 billion USD).

Popular Protocols and On-Chain Performance

According to TVL, the data of the top ten DeFi protocols is as follows:

(Source: DeFiLlama)

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

Aave: TVL approximately 40.591 billion USD, daily rise 2.37%, 24-hour fees approximately 3.2 million USD;

Lido: TVL approximately 38.284 billion USD, daily rise of 2.44%, 24-hour fees approximately 2.9 million USD;

EigenLayer: TVL approximately $19.022 billion, daily rise of 1%, 24-hour fees approximately $382,000;

Ethena: TVL approximately $13.415 billion, daily rise of 0.77%, 24-hour fees approximately $74,000;

Pendle: TVL approximately 12.087 billion USD, daily rise of 1.31%, 24-hour fees approximately 54,000 USD.

Project News Summary

1. The DeFi studio Solido has completed a $800,000 funding round, led by Supra and Cashaa, with participation from HELLO Labs, Spartan Ventures, and K10 Capital. The funds raised will be used to drive the expansion of Solido's products, security audits, deep integration with the Supra tech stack, and community-driven developer adoption.

2. According to the Polymarket page, the winning probability of Hyperliquid stablecoin USDH in the auction has risen to 90%, while Paxos' winning probability has dropped to 8%, ranking second.

3. Consensys founder and Ethereum co-founder Joseph Lubin stated on social media, "Holding Linea will provide further rewards opportunities, mainly in the form of other Token rewards; some from Consensys and some from the protocols we collaborate with. MetaMask and Linea are working together to create the relevant mechanisms to achieve this goal. Holding LINEA Token indicates that you are a community member and may participate in activities such as building, staking, and using."

In the future, users who hold a certain amount of Tokens for a sustained number of days may receive additional Token airdrops; the more they hold and the longer they hold, the higher the rewards.

4. According to Olimpico (@OlimpioCrypto), Scroll DAO officially announced the suspension of its governance mechanism, and DAO leader Eugene has officially resigned this week. Scroll co-founder Haichen stated that the team is "redesigning governance," but has not provided a clear follow-up plan or timeline. Team member Raza emphasized in the meeting that they prefer to use the term "suspend" rather than "stop" or "dismantle" to describe this governance change. Currently, multiple governance proposals (including financial management proposals) are still ongoing, and their execution status has yet to be determined.

5. The Sui ecosystem DeFi protocol Nemo was attacked, resulting in a loss of approximately 2.4 million USD. The attacker has transferred USDC from Arbitrum to Ethereum through Circle.

Afterwards, Nemo released an incident report stating that due to a security vulnerability in the contract function, it was exploited by attackers, resulting in a loss of approximately 2.59 million USD in assets. The attack originated from the developers launching new features without sufficient auditing and failing to promptly fix known risks. The main funds were transferred to Ethereum through a cross-chain bridge, and the core functions of the protocol have currently been frozen. A vulnerability patch has been submitted for emergency auditing, and the team is formulating user compensation and asset tracking plans.

6. WLFI announced the launch of Project Wings in collaboration with ecological partners on Solana. This event is centered around traders and aims to bring a more vibrant and in-depth market experience to the community. Currently, the USD1 trading pair is live on BONKfun and Raydium Launchlab, and users can participate in trading.

7. According to Blockworks, VanEck plans to apply for a Hyperliquid spot staking ETF in the United States and a trading platform-traded product (ETP) in Europe. Matt Maximo, Senior Investment Analyst of Digital Assets at VanEck, stated that Hyperliquid has been a major focus of the company's liquidity fund this year. Kyle Dacruz, Director of Digital Asset Products at VanEck, added that the company is considering allocating a portion of the net profits from investment products to the HYPE buyback. Currently, Hyperliquid has used almost all of its platform revenue for the HYPE buyback.

8. According to the official documentation released by Linea, the total supply of the LINEA Token is approximately 72 billion coins, with 85% (61.2 billion coins) allocated to the ecosystem for community development, infrastructure construction, and support for Ethereum public goods. 75% of the ecological fund will be gradually released over the next 10 years. 10% (7.2 billion coins) is allocated for airdrops to reward early users, builders, and MetaMask ecosystem participants, with the tokens fully unlocked and no lock-up period.

At the time of TGE, the initial circulation volume was about 22%, with approximately 15.8 billion LINEA entering circulation, mainly distributed through airdrops and liquidity incentives (such as the Linea Ignition program). The LINEA Token is not used for paying gas fees (ETH is still used), but serves as an ecosystem incentive and funding coordination tool, with specific uses including: rewarding liquidity providers of DeFi protocols, supporting public goods for the Ethereum ecosystem, and incentivizing community activities and developer contributions.

Linea introduces a dual destruction mechanism:

20% of Layer 2 ETH net income is directly burned, enhancing Ethereum's economic model.

80% will be used for the repurchase and destruction of LINEA Tokens, aimed at reducing the circulating supply and enhancing the token's scarcity.

In addition, Linea announced an additional 12 million LINEA rewards for this week's Linea Ignition liquidity incentives, provided to deposit LPs for the ETH/LINEA trading pair on Etherex.

9. DWF Labs' Falcon Finance announced that it will conduct a community public sale of FF Token on BuidlPad. Falcon Finance is pioneering the creation of the first universal collateral infrastructure, with a USDf supply reaching 1.5 billion dollars and total reserves exceeding 1.6 billion dollars.

10. The Solana ecosystem liquidity protocol Kamino announced the launch of LBTC, the first Bitcoin liquidity staking token on the Solana chain.

11. Eric Trump, the second son of Trump, responded to being removed from the board of WLFI's treasury company ALT 5 Sigma, stating that he has not exited ALT 5 Sigma but has been reassigned to the position of board observer at the request of NASDAQ, which is a necessary step to comply with listing rules. Eric Trump stated: "I will be 1000% committed to WLFI, driving the future of redefining finance and will do everything possible."

12. Pendle co-founder TN Lee stated that Pendle's TVL has surpassed $12 billion, setting a new historical high. Just 5 days ago, Pendle's TVL exceeded $11 billion. With the increasing institutional adoption and the impending liquidity from traditional finance, the potential for fixed income remains significant. Pendle's PT-USDe (November 27, 2025) as collateral was also immediately filled after going live on Aave.

13. The Solana ecosystem liquidity protocol Meteora announced that it will conduct its TGE in October and has now entered the "TGE preparation mode," striving to complete the TGE preparation as soon as possible, with the Token being MET.

Meteora has previously opened the first season points query, with the first season snapshot taken on June 30. The Meteora second season event is currently ongoing. The specific distribution status of the first season points is as follows:

Points for 2024: A total of 327.7 billion (327,723,650,254) points, distributed across 328,976 wallets;

Points for 2025: A total of 565.3 billion (565,366,058,002) points distributed across 287,687 wallets;

Launch pool points: A total of 30.77 billion (307,712,100,712) points, distributed across 24,929 wallets.

Overview of Major Leading DeFi Projects

Solana DEX has topped the list for 24-hour trading volume for four consecutive days, approximately $4.849 billion, rising over 20% compared to the previous day ($4.031 billion), with the top three projects being:

Meteora ($981.6 million), Pump ($875.28 million), HumidiFi ($803.05 million);

Ethereum DEX ranks third in 24-hour trading volume, approximately $2.973 billion, with the top three projects being:

Uniswap ($1.487 billion), Fluid ($628.64 million), Curve Finance ($405.17 million);

Base DEX ranks fourth in 24-hour trading volume, with approximately $1.459 billion, with the top three projects being:

Aerodrome ($689.18 million), Uniswap ($480.56 million), PancakeSwap ($213.97 million).

Gate DeFi protocol Token market data

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

(Source: Gate DeFi sector market trends)

As of September 11, the cryptocurrency market rebounded due to expectations of interest rate cuts by the Federal Reserve, with a broad rise in the DeFi sector. Specifically:

UNI is currently priced at 9.92 USD, with a 24-hour rise of 2.96%;

WLFI is currently priced at 0.2017 USD, with a 24-hour rise of 0.49%;

AAVE is currently reported at 305.28 USD, with a 24-hour rise of 2.15%;

MYX is currently reported at 18.07 USD, with a 24-hour decline of 1.27%;

INJ is currently priced at 14.18 USD, with a 24-hour rise of 1.24%;

CRV is currently priced at 0.7992 USD, with a 24-hour rise of 1.19%;

MORPHO is currently reported at 2.04 USD, with a 24-hour rise of 4.47%.

Market Trend Analysis

TVL continues to rise, Meteora TGE is receiving follow.

The total DeFi TVL across the network reports at $15.6741 billion, rising 1.83% in 24 hours, continuing yesterday's rebound trend. Aave and Lido recorded over 2% daily growth, indicating strong demand for staking and lending. The Meteora TGE ignites community enthusiasm and is bound to attract attention.

DEX trading volume fluctuations increase, Solana's proportion rises.

The total DEX trading volume across the network in the last 24 hours is approximately $15.98 billion, with a slight decrease of 5.5% compared to the previous period. Solana DEX has ranked first for four consecutive days, with a daily trading volume exceeding $4.8 billion. Projects like Meteora and Pump maintain high activity, demonstrating Solana's leading advantage in terms of liquidity.

Linea Token economic model details disclosed, ecological incentives upgraded

Linea announced the Token allocation and dual destruction mechanism, with a TGE circulation of approximately 15.8 billion coins. Airdrops and Liquidity incentives are the main distribution methods. This week, an additional 12 million LINEA incentives were added, rapidly gathering funds for the ETH/LINEA trading pair, becoming the current market focus.

Pendle and Ethena Maintain Growth Momentum

Pendle TVL突破$12 billion, breaking two significant thresholds within five days, with the fixed income narrative attracting institutional inflows. Ethena TVL continues to rise to $13.415 billion, with the expansion of the USDe stablecoin ecosystem driving sustained revenue growth.

Frequent security incidents, Risk Management is once again a focus

The Sui ecosystem protocol Nemo was attacked, resulting in losses of approximately $2.59 million, due to the launch of new features that were not fully audited. This incident serves as a reminder that security remains a long-term challenge in the development of Decentralized Finance.

Analyst Opinion

ETH narrative weakens, funds flow into altcoin sector

KOL @0xSunNFT pointed out that the leading effect of ETH has recently weakened, and the market prefers ETH ecological projects such as EigenLayer, Hype, and ENA, especially in the re-staking track which has rebound potential. The progress of EigenCloud has made Eigen the core narrative target for validation cloud and re-staking.

Linea Token Mechanism or Strengthening Long-Term Value

Institutional analysis believes that Linea's introduction of the "ETH yield destruction + LINEA buyback destruction" dual model will effectively reduce circulating supply and enhance Token scarcity. In the short term, airdrop realization may bring selling pressure, but the long-term narrative is strengthened.

Security issues become constraining variables

The Nemo attack incident reminds the market that rapid expansion often comes with security risks. Analysts emphasize that in the future, investors should not only focus on TVL and token incentives but also evaluate the auditing and security governance mechanisms of the protocol more.