Gate DeFi Daily ( October 15 ): Monad Airdrop officially launched; Decentralized Finance zone steadily recovering.

On October 15th, influenced by Fed Chairman Powell's speech, the overall market risk appetite has rebounded. BTC stabilizes around $112,000, and ETH has returned above $4,100, leading to a mild recovery in capital flows within the DeFi zone. The total DeFi TVL across the network is reported at $15.7862 billion, although it has decreased by 1.77% in the past 24 hours, major protocols Lido and ETH.fi have both recorded a rise, indicating a warming demand for liquid staking. The daily trading volume on DEX has risen to $25.995 billion, with Uniswap, PancakeSwap, and HumidiFi ranking in the top three, while the Solana ecosystem has shown significant increases in activity. Multiple airdrops, TGEs, and integration collaborations have injected a new round of momentum into the market, signaling that the DeFi zone is gradually regaining confidence after the previous pullback.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 15), influenced by the latest speech from Fed Chairman Powell, the crypto market has shown a recovery trend after experiencing a pullback. BTC is currently trading around $112,000, and ETH has returned above $4,100; the total DeFi TVL across the network is currently $15.7862 billion, down 1.77% in the last 24 hours.

DEX 24-hour volume: approximately 25.995 billion USD, with the top three being: Uniswap (7.452 billion USD), PancakeSwap (4.489 billion USD), HumidiFi (1.836 billion USD).

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 approximately $41.21 billion, 24-hour drop of 0.32%;

Lido: TVL approximately 34.989 billion USD, 24-hour rise 1.05%;

EigenLayer: TVL approximately 17.357 billion USD, 24-hour drop of 0.57%;

Ethena: TVL approximately $12.656 billion, 24-hour decline of 0.78%;

ETH. fi: TVL is approximately $10.317 billion, with a 24-hour rise of 2.23%.

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

(Source: DeFiLlama)

Among them, Uniswap's protocol fees in the past 24 hours reached $11.04 million, ranking second only to Tether ($22.94 million); Gauntlet's protocol fees in the past 24 hours reached $7.04 million, ranking fourth; Hyperliquid ranked fifth with $5.16 million.

Project News Summary

1. Farcaster announced that over 2000 active Farcaster users are eligible for the Monad Airdrop, and it has sent push notifications to the eligible users.

2. The Solana ecosystem liquidity protocol Meteora announced that it will hold a special community meeting tonight at 21:00. The agenda includes: unveiling of the MET TGE website, updates on the Airdrop checker, details on the (token) starting price range, and other information.

3. Base co-founder Jesse Pollak stated in an interview with Cointelegraph that Base chose to develop on Ethereum to achieve ecological interoperability. In addition, Jesse mentioned that the Base token will be launched soon.

4. Uniswap founder Hayden Adams stated that decentralized exchanges (DEX) and automated market makers (AMM) are now able to provide free listing, trading, and liquidity support for any asset. He pointed out that if a project chooses to pay high listing fees to a centralized exchange (CEX), its true purpose is more about marketing and promotion rather than a necessary demand at the market structure level. Hayden emphasized: "The development of DEX and AMM allows anyone to freely create markets, and we are proud to play a role in achieving this goal."

5. MetaMask has announced a partnership with Polymarket to natively integrate on-chain prediction markets within the MetaMask wallet. Through this integration, users will be able to trade predictions across categories including sports, cryptocurrency, and politics within MetaMask.

6. The Hyperliquid liquid staking protocol Kinetiq has announced that it has completed the final kPoints snapshot, and the kPoints distribution will take place on October 16.

7. Lighter announced that a special reward of 250,000 points is being distributed to compensate traders affected by the market crash on October 10. The second season of rewards will be distributed every Friday starting from October 17, with an initial reward of 600,000 points to cover compensation for the past 2.5 weeks.

Affected users can be mainly divided into three categories, and the platform is responsible for these issues:

Platform performance degradation: Occurred a few hours before the market crash on October 10. During this period, traders incurred a total loss of approximately 25 million USD, so 150,000 points will be issued as compensation. In addition, the liquidation fees will also be refunded in the form of USDC.

Market Crash: At that time, the exchange system was operating normally, but LLP holders suffered a loss of about 5%. Although the system performed normally, we still bear some responsibility, as some LLP participants had insufficient understanding of the liquidity provided by LLP and its mechanism as a last source of liquidity when necessary. The operation of LLP has been clarified through in-depth analysis, and LLP holders received 25,000 points in compensation.

Database failure after market calm: 5 hours after the market crash, the database for the sequencer went down (see the incident report from October 12), resulting in Lighter being down for 4.5 hours. During this period, the market was relatively stable, and total trader losses amounted to 7 million dollars. Compensation for this period was 75,000 points, and clearing fees were also refunded in USDC.

8. According to official news, the Monad Airdrop is now officially open for claims, and the claiming portal will remain open until November 3rd. The MON Airdrop includes highly active users from major mainnet blockchains, identified through on-chain activities, NFT holdings, and other relevant metrics. Such airdrop allocations are given to EVM and Solana addresses that have historically generated significant value on-chain, covering several priority value forms as follows:

Important DEX traders, including those trading on Hyperliquid and Phantom Wallet (spot and perpetual contracts), as well as token traders on Pump.fun, Virtuals, and other meme coins.

Major DeFi protocols' important depositors, including Aave, Euler, Morpho, Pendle, Lighter, Curve, PancakeSwap, and Uniswap.

Users who hold various types of NFTs for the long term, including Azuki, Chimpers, CryptoPunks, Doodles, Fluffle, Hypurr, Mad Lads, Meebits, Milady Maker, Moonbirds, Pudgy Penguins, Redacted Remilio Babies, Sappy Seals, Solana Monkey Business, and Wassies.

Recently active users participating in Ethereum's major Decentralized Finance protocol DAO governance.

The selection criteria for on-chain users are based on the snapshot taken at 23:59 UTC on September 30, 2025, and certain criteria are derived from data retrospective calculations over several months.

9. SolanaFloor posted on platform X that DApps on Solana generated more than $18 million in revenue over the past 7 days. Among them, Pump.fun's revenue exceeded $8.63 million.

Overview of Major Ecological Leading DeFi Projects

Solana DEX's 24-hour trading volume has once again surpassed Ethereum, returning to the top with approximately $6.078 billion, a week-on-week rise of 44.6%. The top three projects are:

HumidiFi ($1.836 billion), Meteora ($1.23 billion), Orca ($1.037 billion);

Ethereum DEX ranks second in 24-hour trading volume, approximately $5.944 billion, with a week-on-week rise of 64.31%. The top three projects are:

Uniswap (4.173 billion USD), Fluid (755.9 million USD), Curve Finance (661 million USD);

BSC DEX ranks third in 24-hour trading volume, approximately 4.947 billion USD, with a week-on-week rise of 29.67%; among them, the top three projects are:

PancakeSwap ($3.543 billion), Uniswap ($892.46 million), four.meme ($232.65 million).

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 October 15, the cryptocurrency market rebounded after a decline the previous day, with DeFi zone tokens mostly falling rather than rising, specifically:

UNI is currently priced at 6.85 USD, with a 24-hour rise of 1.34%;

AAVE is currently reported at 257 dollars, with a 24-hour increase of 2.27%;

WLFI is currently priced at 0.146 USD, with a 24-hour rise of 1.52%;

MORPHO is currently reported at 1.97 USD, with a 24-hour rise of 4.14%;

INJ is currently at 9.51 USD, with a 24-hour decrease of 0.75%;

MYX is currently reported at 3.3 USD, with a 24-hour rise of 0.03%;

CRV is currently priced at $0.614, with a 24-hour rise of 3.04%;

SYRUP is currently priced at 0.4553 USD, with a 24-hour rise of 8.23%;

FF is currently reported at 0.1409 USD, with a 24-hour decline of 8.33%.

Market Trend Interpretation

Mainstream assets stabilize, DeFi market sentiment is recovering With Powell's remarks easing market concerns about long-term tightening, risk asset sentiment rebounds. ETH rises above $4100, leading to a reallocation of funds in the LSD track, with Lido and ETH. fi TVL increasing by 1.05% and 2.23% respectively, becoming the main force in this round of recovery.

DEX activity is booming, Solana regains the trading volume championship Solana DEX's 24-hour trading volume reached $6.078 billion, a rise of 44.6% compared to the previous day, surpassing Ethereum once again. Both HumidiFi and Meteora performed well, indicating that on-chain trading demand remains strong, suggesting the market is returning to an active trading phase after a short-term risk aversion.

On-chain airdrop wave surges, user activity significantly increases Monad airdrop is officially open for claiming, Farcaster users can claim directly, triggering activity among multi-chain users. Projects like Enso, Kinetiq, Lighter, etc. have simultaneously launched reward distribution, creating a multi-point resonance "airdrop effect," which has increased on-chain interactions and liquidity demand in the short term.

The expansion of the protocol ecosystem is evident, with new innovation momentum in infrastructure Uniswap founder Hayden Adams emphasizes the market structure advantages of DEX's freedom to list tokens, while MetaMask's integration of Polymarket's prediction market function symbolizes the accelerated evolution of DeFi applications from liquidity tools to a comprehensive Web3 ecosystem.

The funding structure stabilizes, and the token market shows significant differentiation Tokens in the DeFi zone generally experienced a slight rebound, with UNI, AAVE, WLFI, CRV, etc., recording increases. SYRUP rose by 8.23%, becoming a highlight. However, FF and INJ are still declining, indicating that the zone's recovery is still in a structural phase, with short-term funds paying more attention to assets with event-driven or yield logic.

Analyst Views

Market pullback showing initial signs of ending, mainstream protocol stability strengthening Several analysts point out that although DeFi TVL still declined on that day, the relative stability of mainstream protocols such as Lido and Aave indicates that bottom funds are accumulating. Ethereum's return to the $4100 level is seen as an important support for sentiment recovery.

Solana ecosystem's strong rebound may trigger cross-chain capital flow Solana's volume surpassing Ethereum means that liquidity is flowing back to high-performance public chains. Protocols like HumidiFi and Meteora have become new focal points, and analysts believe this will drive some Ethereum DeFi users to participate across chains, promoting ecological complementarity.

Airdrop frenzy becomes the short-term main line, user retention is key From Monad, Kinetiq to Lighter, the accelerated pace of Airdrops has become a direct driving force for the rise in DeFi activity. However, analysts warn that without sustained incentives and lock-up designs, this enthusiasm may be difficult to maintain in the long term.

Institutional attention is rising, on-chain infrastructure remains core value The integration of MetaMask and Polymarket indicates that DeFi is no longer limited to trading and lending, but is advancing towards "application layer integration". Analysts believe this will further strengthen the ecological barrier of Ethereum-based projects in long-term competition.

Conclusion The DeFi market has shown structural resilience during the recovery in mid-October. Although funds remain cautious, protocol innovation, cross-chain liquidity, and Airdrop incentives are regaining popularity. If mainstream assets continue to stabilize, the DeFi zone is expected to see a turning point in net capital inflows in the coming week.