Gate Decentralized Finance Daily ( October 24 ): Aster launches Rocket Launch; Spark allocates 100 million USD to Superstate fund.

On October 24, BTC broke through $111,000 and ETH returned to $3,900, driving a strong rebound in the DeFi market, with a total TVL of $152.461 billion across the network. Aster launched a brand new Rocket Launch mechanism, sparking heated discussions in the community; Pendle was approved to list its ETP in Switzerland, furthering its institutionalization process; Spark invested $100 million in the Superstate fund, demonstrating the increasingly diversified yield structure of DeFi protocols.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 24), the cryptocurrency market has rebounded overall, with BTC breaking $111,000 and ETH returning above $3,900; the current total DeFi TVL across the network is $152.461 billion, with a 24H increase of 3.59%.

DEX 24-hour trading volume: approximately $17.119 billion, a week-on-week decrease of 31.84%; the top three are: Uniswap ($4.669 billion), PancakeSwap ($3.06 billion), HumidiFi ($1.222 billion).

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

The top-performing protocol data are as follows:

Aave: TVL approximately 38.057 billion USD, down 0.69% in the past week;

Lido: TVL approximately 34.119 billion USD, an increase of 7.5% in the past week;

EigenLayer: TVL approximately 16.686 billion USD, with an increase of 5.71% in the past week;

Ethena: TVL approximately 10.815 billion USD, a decrease of 13.35% over the past week;

Spark: TVL approximately $9.936 billion, with a growth of 9.12% over the past week.

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

(Source: DeFiLlama)

Among them, Uniswap's protocol fees in the past 24 hours reached 8.23 million USD, second only to Tether (23.24 million USD); Ethena's protocol fees in the past 24 hours reached 7.66 million USD, ranking fourth; Meteora ranked fifth with 5.67 million USD.

Project News Overview

1. Solana ecosystem DEX Jupiter has announced the launch of a new ICO platform, with the first project set to start in November. The platform is designed for community-funded projects, offering permissioned capital raising and granting exclusive access to JUP stakers.

2. 21Shares has launched Pendle exchange-traded products (ETPs, code APEN) on the SIX Swiss Exchange, providing European investors with a compliant investment channel $PENDLE . This move is not only an important milestone for Pendle in gaining institutional recognition but also reflects the acceleration of leading decentralized finance (DeFi) assets integrating into traditional finance (TradFi) infrastructure.

3. The stablecoin Layer 1 project Stable announced that the first phase of the pre-deposit activity is now open, with a deposit limit of 825 million USD. Early partners include Pendle, Concrete, Morpho, LayerZero, Frax Finance, and USDT0. Just seconds after the announcement of the first phase of the pre-deposit activity, the 825 million USD quota was sold out, raising community questions about its “mouse warehouse” operations. Upon verification, the official announcement was made at 9:10 Beijing time, and on-chain data shows that the first deposit was made at 8:48, before the official announcement, roughly estimating that over 70% of the deposits were made before the announcement.

4. The 223rd Ethereum Core Developer Meeting (ACDE) mainly discussed: the confirmed Fusaka upgrade timeline, the smooth progress of the Fusaka testnet with a participation rate of 99%, and all client teams have participated. The development team moved the Fusaka BPO1 date from the originally scheduled December 17 to December 9. Meanwhile, updates from the Glamsterdam development network show that BAL is currently running locally, and the BAL development network is expected to launch tomorrow. The meeting also discussed the best methods to improve Gas accuracy, with a special breakout discussion planned for next Wednesday.

5. The DeFi lending protocol Spark announced that it will allocate 100 million USD from its stablecoin reserves to Superstate's USCC fund (Crypto Carry Fund) to achieve income diversification. This fund generates returns through cryptocurrency futures arbitrage trading, while Spark previously mainly generated returns through tokenized US Treasury products such as BlackRock's BUIDL and Franklin's FOBXX.

Superstate claims that USCC has an annualized return of about 8.35% over the past 30 days and operates within a compliance framework, with a current TVL of approximately 411 million USD. It also manages USTB (tokenized US Treasury bond fund).

6. According to monitoring by the blockchain analysis platform Bubblemaps, a single entity is suspected to have received an airdrop of MET worth 10 million USD. Wallet addresses 3vAauD and 2zVx7U both received the MET airdrop, valued at over 7 million USD and over 2 million USD respectively. The two addresses were previously connected through transfers of 530,000 USD in RAY and 1,000 USD in USDC.

In addition, according to Arkham's monitoring, three addresses related to the TRUMP token team received airdrops of MET worth 4.2 million USD. This includes the developer address of the TRUMP token and two addresses providing significant liquidity on the first day of the token's launch; all three addresses have either deposited the entire airdrop into CEX or have sold it.

7. Trust Wallet announced the launch of Perp DEX services, offering over 100 markets and leverage of up to 100 times.

8. According to CoinDesk, digital asset infrastructure company Fireblocks announced the acquisition of developer platform Dynamic to accelerate enterprise adoption of on-chain applications. After the acquisition is completed, fintech companies, payment providers, and Web3 startups can more quickly embed digital assets into their products, including features like stablecoin accounts and Decentralized Finance transactions.

9. Aave Labs announced the acquisition of San Francisco-based startup Stable Finance, which focuses on simplifying on-chain savings services. The founder of Stable Finance, Mario Baxter Cabrera, and his engineering team will join Aave Labs, with Cabrera serving as the Product Director, assisting in the development of consumer-facing Decentralized Finance products.

Stani Kulechov, the founder of Aave Labs, stated that this acquisition strengthens the company's goal of transforming on-chain finance into everyday finance. The technology of Stable will be integrated into future Aave Labs products, and its existing applications will be gradually phased out.

10. MegaETH announced its token economics, with a total token supply of 10 billion tokens, providing 5% of the total supply for public sale. The tokens will serve as an important empowering tool for the rotating sorter and sorter CoLo, and the issuer will not directly retain any crypto assets. The detailed token economics are as follows:

Team and Advisors: 950 million tokens (9.5%);

Foundation / Ecosystem Reserve Fund: 750 million tokens (7.5%);

KPI Staking Rewards: 5.33 billion tokens (53.3%), distributed over time as staking rewards;

Other investors: 24.7% (including VC 14.7%, Echo investors 5%, Fluffle purchasers 2.5%, Sonar reward pool 2.5%).

11. Starknet announced that Circle's native USDC and CCTP V2 will go live on Starknet. Starknet currently supports cross-chain USDC (USDC.e) and plans to gradually smooth the migration of liquidity from cross-chain USDC to native USDC.

12. The Monad ecological liquidity staking protocol aPriori announces that the APR airdrop claim is now open. Users have 21 days to choose to receive a smaller share early or wait until the Monad mainnet goes live to unlock the majority of the share.

13. ZEROBASE announced that it has completed the buyback of 26.3 million ZBT for the staking rewards airdrop for institutional participants scheduled for November 17. This portion of ZBT accounts for 2.63% of the total supply and will be transferred to the team wallet for long-term holding after being unlocked on November 17. KOL airdrop, Booster referral rewards, community contribution rewards, and part of the institutional staking rewards will be distributed as planned on the same date.

14. Aster announces the launch of Rocket Launch, a mechanism aimed at providing liquidity support for early projects. The operation of Rocket Launch is as follows:

· Each event has a reward pool composed of ASTER + the project's native token.

The participating projects will invest funds and tokens—Aster uses this portion of funds to repurchase ASTER, and then injects both types of tokens into the reward pool, distributing them proportionally to eligible participants.

Participants need to meet the required trading volume on the specified spot (Spot) or perpetual contract (Perp) trading pairs, while maintaining a minimum holding of ASTER during the activity period (including spot + perpetual accounts).

The first Rocket Launch event project is APRO (token: AT), which is a professional oracle project capable of providing verifiable data services for cutting-edge ecosystems (RWA, AI, and Decentralized Finance).

15. The recently announced adoption of the WLFI reserve strategy by the listed company ALT5 Sigma has led to the suspension of CEO Peter Tassiopoulos by the board of directors, and he has been relieved of his paid position. Jonathan Hugh has been appointed as the interim CEO, effective immediately.

The recent management change comes as the company's stock price has dropped nearly 20% over the past week, falling 83% from its 52-week high of $10.95. The company's next financial report will be released on November 18.

Overview of Major Ecological Leading DeFi Projects

Solana DEX has the highest 24-hour trading volume, approximately $4.232 billion, with the top three projects being:

HumidiFi ($1.222 billion), Meteora ($1.081 billion), Orca ($523.41 million);

Ethereum DEX ranks second in 24-hour trading volume, with approximately $4.076 billion, where the top three projects are:

Uniswap ($2.627 billion), Fluid ($761.63 million), Curve Finance ($414.35 million);

BNB Chain DEX ranks third in 24-hour trading volume, approximately 3.549 billion USD, with the top three projects being:

PancakeSwap ($2.472 billion), Uniswap ($860.54 million), four.meme ($137.7 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 trends)

As of October 24, the cryptocurrency market has overall rebounded, with tokens in the DeFi sector rising in sync, specifically speaking:

UNI is currently reported at 6.36 USD, with a 24-hour increase of 2.34%;

AAVE is currently reported at $229.76, with a 24-hour increase of 2.9%;

WLFI is currently priced at 0.1405 USD, with a 24-hour increase of 10.62%;

MORPHO is currently reported at 1.97 USD, with a 24-hour increase of 4.65%;

INJ is currently at 8.47 USD, with a 24-hour increase of 0.22%;

MYX is currently reported at 3.08 USD, with a 24-hour decline of 12.98%;

CRV is currently priced at 0.5243 USD, with a 24-hour increase of 0.28%;

SYRUP is currently reported at 0.3754 USD, with a 24-hour increase of 0.94%;

FF is currently quoted at 0.1624 USD, with a 24-hour increase of 6.15%.

Market Trend Interpretation

TVL Strong Rebound, Capital Flowing Back into Leading Protocols The total DeFi TVL across the network has risen to $152.461 billion today, with a 24H growth of 3.59%, reflecting the capital inflow effect brought about by the rebound of mainstream assets. BTC has broken through $111,000, and ETH has stabilized above $3,900, providing support for market confidence restoration. Lido and Spark recorded weekly increases of 7.5% and 9.12% respectively, becoming the main drivers of TVL growth this week; in contrast, Ethena's TVL dropped by 13.35%, indicating that market funds are migrating from high-volatility yield projects to stable yield assets.

DEX activity declines, Solana chain still performs brilliantly The total DEX trading volume across the network in the last 24 hours is approximately $17.119 billion, a week-on-week decrease of 31.84%, indicating a stabilization of short-term trading sentiment. However, from a structural perspective, the activity in the Solana ecosystem remains outstanding. HumidiFi, Meteora, and Orca rank as the top three in Solana DEX trading volume, contributing $1.222 billion, $1.081 billion, and $523 million in transaction volume respectively. In the Ethereum ecosystem, Uniswap continues to dominate with a trading volume of $2.627 billion, accounting for over 60%, highlighting a significant liquidity concentration effect.

Optimization of Protocol Revenue Structure, Leading Projects Maintain High Frequency of Operation Protocol fee data shows that Uniswap's daily protocol fees reached 8.23 million USD, second only to Tether (23.24 million USD), and remains one of the most active DeFi applications. Ethena and Meteora followed closely with 7.66 million USD and 5.67 million USD respectively, reflecting that the Ethereum and Solana ecosystems maintain high-frequency usage in trading and liquidity mining. The overall market presents characteristics of “stable volatility and high usage rate,” with healthy trading depth.

Project progress drives structural differentiation, traditional finance and DeFi deeply integrated Pendle's listing on the Swiss Stock Exchange (SIX) marks the first time a DeFi protocol has entered the traditional market in the form of an ETP, becoming one of the focal events of the day; at the same time, Aave Labs' acquisition of Stable Finance shows that leading protocols are actively laying out user entry points and product development. The Rocket Launch mechanism launched by Aster enhances ecosystem vitality, while Spark's investment of 100 million dollars into the Superstate fund demonstrates the trend of diversification in DeFi protocol revenue structures. Overall, institutionalization and application-layer innovation have become the two main driving forces for the structural recovery of DeFi.

Analyst Views

1. Market rebound continues, but beware of short-term profit-taking pressure Analysts point out that after Bitcoin broke through the psychological barrier of 110,000 USD, it boosted risk appetite. However, short-term funds are mainly concentrated in leading protocols and new narrative tokens, and some high-yield assets may face profit-taking pressure in the short term.

2. Aster's Rocket Launch Mechanism May Become a New Template for DeFi The Rocket Launch model introduced by Aster has garnered widespread attention from analysts. This mechanism creates a closed-loop of funds through a dual incentive of “project + ASTER buyback,” balancing liquidity and token demand, and may become a new standard for future collaborations on DeFi platforms. The first project, APRO, as a representative of the oracle track, is seen as an important signal for Aster's expansion into the RWA and AI ecosystem.

3. Pendle Gains ETP Listing to Drive Institutional Expectations 21Shares has launched the Pendle ETP on the Swiss Stock Exchange, which is seen as another key sign of traditional financial capital entering Decentralized Finance. Analysts believe that this move will further enhance the compliance and investment accessibility of $PENDLE , bringing more institutional attention to the DeFi fixed income sector.

4. Spark Expands Revenue Sources, Demonstrates the Diversification Trend of DeFi Protocol Returns Spark has allocated $100 million in stablecoin reserves to Superstate's USCC fund, which is considered an important step for DeFi protocols in exploring sustainable revenue models. The fund operates under a compliant framework through futures arbitrage strategies, reflecting the trend of DeFi revenue sources shifting from incentive-driven to financialization.

Overview

Overall, on October 24, the DeFi market continued its strength driven by macroeconomic rebound and capital inflow. The rise of BTC and ETH strengthened market confidence, with the locked value and token prices in the DeFi sector rebounding in sync. Aster's launch of Rocket Launch became the most talked-about mechanism innovation of the day, and combined with the listing of Pendle ETP and the adjustment of the Spark yield structure, it shows that DeFi is transitioning from a phase of competitive incentives to a new cycle of structural optimization and financial integration.

In the short term, the market may maintain a pattern of high volatility and high activity coexisting. Investors, while chasing returns, need to pay attention to potential selling pressure and liquidity transition risks.