Gate Decentralized Finance Daily ( September 11, ): Meteora Project October TGE; Linea adds 12 million LINEA rewards.

On September 11, the DeFi market continued its warming trend, with TVL surpassing $156.7 billion. Leading protocols showed steady growth, and Solana's trading activity once again took the lead. The announcement of Linea's 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 is still a key focus for investors.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: approximately $15.6741 billion, up 1.83% in the last 24 hours.

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

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

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

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, daily rise of 2.44%, 24-hour fees approximately $2.9 million;

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

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

Pendle: TVL approximately $12.087 billion, single-day rise of 1.31%, 24-hour fees approximately $54,000.

Project News Review

1. The DeFi studio Solido has completed a funding round of 800,000 USD, led by Supra and Cashaa, with participation from HELLO Labs, Spartan Ventures, and K10 Capital. The funds raised will be used to drive Solido's product expansion, 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 the winning probability of Paxos has decreased to 8%, ranking second.

3. Consensys founder and Ethereum co-founder Joseph Lubin posted on social media, stating, "Holding Linea will provide further opportunities for rewards, primarily 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 usage."

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

4. According to olimpio (@OlimpioCrypto)'s disclosure, Scroll DAO officially announced the suspension of its governance mechanism. DAO leader Eugene has formally 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, several governance proposals (including financial management proposals) are still in progress, and their execution status remains uncertain.

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

Afterwards, Nemo released an incident report stating that due to a security vulnerability in the function of the contract, it was exploited by attackers, resulting in an asset loss of approximately 2.59 million dollars. 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 via a cross-chain bridge, and the core functionalities of the protocol have currently been frozen. A vulnerability patch has been submitted for emergency auditing, and the team is formulating a user compensation and asset tracking plan.

6. WLFI announced the launch of Project Wings in collaboration with ecological partners on Solana. This event is trader-centric, aiming to provide the community with a more vibrant and deeper market experience. Currently, the USD1 trading pair has been launched 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 U.S. and a trading platform-traded product (ETP) in Europe. Matt Maximo, Senior Investment Analyst at VanEck Digital Assets, 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 HYPE buybacks. Currently, Hyperliquid has used almost all of its platform revenue for HYPE buybacks.

8. According to the official documents previously released by Linea, the total supply of LINEA tokens is approximately 72 billion, with 85% (61.2 billion) 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) is for airdrops, rewarding early users, builders, and MetaMask ecosystem participants, with the tokens fully unlocked and no lock-up period.

At the TGE, the initial circulating supply is about 22%, with approximately 15.8 billion LINEA entering circulation, primarily 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 as an ecosystem incentive and funding coordination tool, with specific uses including: rewarding liquidity providers for DeFi protocols, supporting public goods in 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 the 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 leading the way in creating the first universal collateral infrastructure, with a supply of USDf reaching 1.5 billion dollars and a total reserve 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 Donald Trump, responded to being removed from the board of WLFI's treasury company ALT 5 Sigma, stating that he did not withdraw from ALT 5 Sigma but was reassigned to the role 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 give my all."

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 imminent arrival of traditional financial liquidity, the potential for fixed income remains immense. Pendle's PT-USDe (November 27, 2025) was immediately filled to capacity as collateral after its launch on Aave.

13. The Solana ecosystem liquidity protocol Meteora has announced that it will conduct its TGE in October and has now entered the "TGE preparation mode," aiming to complete the TGE preparations as soon as possible. The token is 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 (30,771,210,071) points, distributed across 24,929 wallets.

Overview of Major Leading DeFi Projects

Solana DEX has ranked first in 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, approximately $1.459 billion, with the top three projects being:

Aerodrome ($689.18 million), Uniswap ($480.56 million), PancakeSwap ($213.97 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 sector market)

As of September 11, the cryptocurrency market rebounded on expectations of a Federal Reserve interest rate cut, with the DeFi sector experiencing a general rise, specifically:

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

WLFI is temporarily reported 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 Interpretation

TVL continues to rise, Meteora TGE is being followed.

The total DeFi TVL across the network reports $15.6741 billion, with a 24-hour rise of 1.83%, continuing yesterday's rebound trend. Aave and Lido recorded single-day increases of over 2%, indicating strong demand for staking and lending. The Meteora TGE ignites community enthusiasm and is sure to attract attention.

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

The total DEX trading volume across the network is approximately $15.98 billion in the last 24 hours, showing a slight decline of 5.5%. 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 levels, showcasing Solana's leading advantage in terms of liquidity.

Linea Token economic model details disclosed, ecological incentives upgraded

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

Pendle and Ethena Maintain Growth Momentum

Pendle's TVL broke through 12 billion USD, surpassing two major thresholds in just five days, as the fixed income narrative attracts institutional inflows. Ethena's TVL continues to rise to 13.415 billion USD, with the expansion of the USDe stablecoin ecosystem driving a continuous increase in revenue.

Frequent security incidents, Risk Management is back in focus

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

Analyst Opinions

ETH narrative weakens, funds flow into altcoin sector

KOL @0xSunNFT pointed out that the leading effect of ETH has weakened recently, and the market prefers ETH ecosystem altcoins such as EigenLayer, Hype, and ENA, especially in the restaking track which has the potential for a rebound. The progress of EigenCloud has made Eigen the core narrative target for validating cloud and restaking.

Linea Token mechanism or enhance long-term value

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

Security issues are a constraining variable

The Nemo attack incident reminds the market that rapid expansion often comes with security risks. Analysts emphasize that in the future, investors should evaluate the auditing and security governance mechanisms of protocols more, while also focusing on TVL and token incentives.