Gate Decentralized Finance Daily ( September 24 ): Aster coin price and 24H protocol fees hit record highs; Falcon Finance public sale exceeds 100 million US dollars.

On September 24, the crypto market continued its pullback trend, with the total DeFi TVL dropping to 15.142 billion USD, a daily decrease of 1.73%. Against the backdrop of tightening overall capital, DEX trading volume remained above 20 billion USD, with PancakeSwap and Uniswap firmly in the top two positions. Notably, the Aster protocol achieved a historical high of 8.43 million USD in fees over the past 24 hours, second only to Tether, demonstrating its strong performance in derivatives trading and user activity. Meanwhile, Solana's DEX trading volume continues to lead the industry, with on-chain ecological activity remaining high.

###DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (September 24), the crypto market experienced an overall pullback, with the total DeFi TVL being $151.42 billion, a 1.73% decrease in 24H.

DEX 24-hour volume: approximately $20.918 billion, with the top three being: PancakeSwap ($4.069 billion), Uniswap ($3.289 billion), HumidiFi ($1.49 billion).

###Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

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

Aave: TVL approximately $39.499 billion, decreased by 3.20% in the past week.

Lido: TVL approximately $35.386 billion, decreased by 8.54% in the past week.

EigenLayer: TVL approximately $17.556 billion, decreased by 8.64% over the past week.

Ethena: TVL approximately $14.658 billion, with a growth of 6.64% over the past week.

Pendle: TVL is approximately $12.061 billion, a decrease of 7.62% over the past week.

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

(Source: DeFiLlama)

Among them, Aster's protocol fees reached 8.43 million USD in the past 24 hours, setting a new historical high, second only to Tether and surpassing Circle in second place; Uniswap ranked fourth with protocol fees of 5.77 million USD in the past 24 hours; Aave ranked fifth with 3.37 million USD.

###Project News Overview

1. Aptos Labs announced that the latest consensus upgrade Velociraptr (AIP 131) introduces a new block proposal mechanism that can reduce block time by up to 40%. Currently, Aptos's block time is about 100 milliseconds. The initial deployment of Velociraptr in the Aptos validator network is expected to start in September, with full deployment expected to be completed in October.

2. Aster related:

· Gate market shows that ASTER has broken through 2.2 USD, setting a new historical high.

· The team announced on the official Discord that they are working to resolve the issue with the abnormal display of Rh points. In addition, the team stated that they have established relevant guidelines to ensure fairness and justice in user airdrops, and users can check the relevant documents on the official website. The team mentioned that market makers will not participate in the Rh points activities, and they will not receive the ASTER token airdrop. At the same time, the team emphasized that holding spot/trading spot will not count towards the Rh points in Phase 2.

· According to Dune data, the Aster platform has accumulated 2,034,399 users, with over 710,000 new users in the past week. Additionally, in the last 24 hours, the platform has reached 44,002 trading addresses, contributing to a transaction volume of 21.7 billion USD.

· According to Defillama data, Aster's perpetual contracts trading volume in the past 24 hours reached $21.112 billion, more than double that of Hyperliquid ($9.72 billion).

· According to Onchain Lens monitoring, the whale "0xFB3" withdrew 24 million ASTER from Gate, worth 41.79 million USD. This address is associated with Galaxy Digital. In addition, a newly created wallet "0x5bd" withdrew 3.46 million ASTER from the CEX, worth 6.78 million USD.

3. The public sale subscription window for Falcon Finance (FF) has closed, with a final subscription amount reaching 112 million USD, which is 2821% of the original target, setting a new historical high on the Buidlpad platform. Settlement and refunds will be completed before September 26 at 16:00 (UTC).

4. According to Onchain Lens monitoring, James Wynn claimed a referral reward of 8032 USD and opened a HYPE 10x leverage short position and an ASTER 3x leverage long position.

5. According to CNBC, crypto infrastructure startup Zerohash completed a $104 million Series D funding round at a valuation of $1 billion, led by Interactive Brokers, with participation from Morgan Stanley, SoFi, Apollo, and others. Founded in 2017, Zerohash provides blockchain-based products in three main areas for banks and fintech companies: encryption trading, stablecoins, and tokenization.

6. The total locked value of Ethena's stablecoins USDe and USDtb continues to reach new highs, now surpassing 16 billion USD. Previously, mainstream CEX launched a limited-time USDe reward program. During the event, eligible users who hold no less than 0.01 USDe in their CEX accounts for at least 24 hours can enjoy a reward with an annualized yield of 12%.

###Overview of Major Ecosystem Leading DeFi Projects

Solana DEX 24-hour trading volume remains at the top, approximately $5.349 billion, with the top three projects being:

HumidiFi (1.49 billion USD), Meteora (1.286 billion USD), Raydium (704.77 million USD);

Ethereum DEX 24-hour volume ranks second, at approximately $4.547 billion, with the top three projects being:

Uniswap ($1.894 billion), Fluid ($1.111 billion), Pendle ($0.0957 billion);

BSC DEX ranks third in 24-hour trading volume, with approximately $4.061 billion, among which the top three projects are:

PancakeSwap ($2.962 billion), Uniswap ($898.84 million), THENA ($6.685 million);

###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 section market data)

As of September 24, the cryptocurrency market remains weak, with mixed performance in the DeFi sector tokens.

UNI is currently reported at 8.11 USD, with a 24-hour increase of 0.65%.

AAVE is currently reported at 276.97 USD, with a 24-hour increase of 0.86%.

MYX is currently reported at 9.34 USD, with a 24-hour fall of 0.21%.

INJ is currently priced at 12.42 USD, with a 24-hour increase of 2.26%.

CRV is currently priced at 0.6864 USD, with a 24-hour fall of 2.83%.

MORPHO is currently reported at 1.77 USD, with a 24-hour increase of 3.09%.

###Market Trend Analysis

TVL Under Pressure, Increased Outflow Pressure Due to the overall pullback in the market, the weekly decline in the TVL of mainstream protocols Aave, Lido, and EigenLayer ranges from 3% to 8%. In contrast, Ethena's TVL increased by 6.64% over the week, as the stablecoin sector continues to attract some inflows.

DEX trading volume remains high, Solana ecosystem performs outstandingly The total DEX 24-hour trading volume reached 20.918 billion USD, with PancakeSwap, Uniswap, and HumidiFi leading the way. The overall trading volume on the Solana chain reached 5.349 billion USD, with both HumidiFi and Meteora exceeding 1 billion USD, highlighting their advantages in low fees and high efficiency.

Protocol Fee Ranking Shuffle, Aster Rises to Second in the Industry Aster protocol's 24-hour fees reached 8.43 million USD, setting a new historical high, second only to Tether, surpassing Circle and Uniswap. The high fees reflect the platform's active trading depth and user engagement, with its volume far exceeding Hyperliquid, further strengthening its market position.

On-chain whales are active, Aster becomes a focal point for funds Onchain Lens monitoring shows that Galaxy Digital associated addresses withdrew 24 million ASTER, worth over 41 million USD, while a newly created wallet withdrew 3.46 million ASTER. The large fund movements combined with high protocol fees have made Aster the absolute hotspot in the market that day.

###Analyst's View

Short-term volatility is still driven by hot projects: Analysts point out that Aster's record protocol fees echo the historically high token prices, reflecting the market's strong recognition of its derivatives trading demand. However, the frequent inflow and outflow of large funds have also increased the risk of short-term volatility.

Stablecoins and derivatives have relative advantages: Against the backdrop of an overall decline in TVL, the逆势增长 of Ethena stablecoins and Aster derivatives indicates that funds are more inclined to choose sub-sectors with stronger risk resistance in uncertain environments.

Solana ecosystem is expected to continue attracting liquidity: Solana DEX maintains high trading volume, showing that its advantages in user experience and trading costs are being amplified by the market. Analysts believe this trend may continue and squeeze the shares of Ethereum and BSC, although BSC has recently gained popularity, and its future potential is promising.

The market is still in a wait-and-see phase: Despite the continuous emergence of local hotspots, the overall decline in TVL and the cautious attitude of funds indicate that the market has not yet emerged from the adjustment period. Analysts generally believe that in the short term, hotspot projects like Aster will become the core variables driving market volatility.