Gate DeFi Daily ( October 9, ): Monad Airdrop is approaching; MetaMask launches Perptual Futures; Sui TVL hits a new high.

On October 9, the DeFi market remained robust amid the pullback of Bitcoin and Ethereum, with a TVL of $169.668 billion and a clear differentiation in funding structure. MetaMask announced the launch of Perptual Futures and a points program, the TVL of the Sui ecosystem reached a new high, and the upcoming Monad Airdrop has warmed up the funds, while Grayscale increased its holdings in AERO, boosting institutional confidence. Analysts pointed out that mainstream protocols are performing strongly, new narrative projects are emerging, and the DeFi market is entering a structural rotation phase.

Decentralized Finance Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (October 9), the cryptocurrency market experienced an overall pullback. BTC retreated to around $122,000 after breaking the historical high of $126,000 earlier this week, while ETH remains above $4,400. The total DeFi TVL across the network is close to $170 billion, currently at $169.668 billion, with a 24H increase of 0.32%.

DEX 24-hour trading volume: approximately 24.756 billion USD, with the top three being: Uniswap (7.712 billion USD), PancakeSwap (5.194 billion USD), HumidiFi (1.822 billion USD).

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

The performance data of the top-ranked protocols are as follows:

Aave: TVL approximately $44.933 billion, with an increase of 0.98% over the past week;

Lido: TVL approximately 38.013 billion USD, with a growth of 1.57% over the past week;

EigenLayer: TVL approximately 18.837 billion USD, with a growth of 2.43% over the past week;

Ethena: TVL approximately $14.806 billion, with a decline of 0.73% in the past week;

ether. fi: TVL approximately 11.04 billion USD, with an increase of 1.01% 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, Uniswap's protocol fees in the past 24 hours reached 14.12 million USD, second only to Tether (22.2 million USD); PancakeSwap ranked fourth with protocol fees of 4.91 million USD in the past 24 hours; Hyperliquid ranked fifth with 3.41 million USD.

Project News Review

1. Monad announced an Airdrop preview tweet on its official X account: "Airdrop claiming is loading (98% completed)." In mid-August, Monad hinted that it might launch its mainnet this year. However, the probability of Monad issuing an Airdrop before the end of October on Polymarket has been continuously declining, dropping to 47%, while the probability of issuing an Airdrop before the end of November has increased to 96%.

2. According to official news, Sui TVL has surpassed $2.5 billion, setting a new historical high, currently reported at $2.642 billion, with a growth of 12.82% over the past 7 days.

3. According to official news, Grayscale has updated its fund portfolio for the third quarter of 2025: adding Aerodrome Finance (AERO) to its DeFi fund and adding Story (IP) to its AI fund.

4. The crypto wallet MetaMask today announced the launch of its Perptual Futures trading feature, which is now live. At the same time, the MetaMask rewards program will kick off at the end of October. MetaMask is introducing a points system and tiered rewards aimed at rewarding on-chain trading activities. Users can earn points for every token swap and Perptual Futures trade, and they can also earn points by referring others. In the future, users will be able to earn points by spending with the MetaMask card or holding mUSD, expanding the rewards to the entire ecosystem. The rewards program will be conducted quarterly, with rewards including over 30 million LINEA tokens, discounts on Perptual Futures trading fees, and points bonuses.

The first season provides bonuses for exchanges on the Linea network, as well as for exchanges and bridging operations through MetaMask Mobile. Points can be accumulated for future seasons, during which more exclusive benefits will be offered, including the upcoming MetaMask token.

Later this year, in permitted regions, MetaMask will allow users to directly participate in on-chain prediction markets on the MetaMask platform through integration with Polymarket. Users can trade markets covering various fields including sports, cryptocurrency, and politics.

5. THENA releases the roadmap for the upcoming year, including:

Native On-Chain Options: Directly built on centralized liquidity pools. This design allows participants to directly buy or sell simple call and put options around a selected strike price, while liquidity providers can earn premiums in a fully decentralized environment.

DeFAI agent: will be launched in phases, analyzing user portfolios, historical behaviors, and market conditions to recommend optimal liquidity pools, real-time rebalancing of positions, and mitigating impermanent loss.

THE Launchpad: Mentioned in the previous roadmap, it is now closer to being realized than ever before.

6. Plume announced the acquisition of Dinero, the fastest-growing institutional-grade staking protocol on Ethereum. This acquisition will integrate the staking functionalities of ETH, SOL, and BTC into the Plume ecosystem, enabling institutions and DeFi users to earn yields and manage tokenized assets on the same platform. It is reported that Dinero's staking product is the yield-bearing token ipxETH, which currently has a total value locked (TVL) of 125 million USD.

7. According to The Block, Ethena has partnered with Jupiter to launch the native Solana stablecoin JupUSD. The token is planned to go live in the fourth quarter. Jupiter plans to "gradually convert" approximately $750 million of USDC in its liquidity provider pool to JupUSD.

8. The official Lista DAO stated on social media that its security team detected abnormal price fluctuations in a collateral asset ($YUSD) within the Lista lending protocol. As a precaution, the official has suspended the Lista platform to ensure that all user funds are fully protected. A detailed investigation is currently underway, and services will be resumed immediately once the system is confirmed to be completely safe and stable. All funds within the Lista lending protocol are secure.

9. YZi Labs announced the establishment of a $1 billion Builder Fund aimed at increasing support for founders of BNB ecosystem projects. In particular, it targets founders of projects on the BNB Chain, attracting more long-term entrepreneurs to focus on BNB-based innovations. This includes areas such as trading, RWA (real-world assets), artificial intelligence (AI), DeSci (decentralized science), Decentralized Finance, payments, and wallets, fully leveraging the high-performance, low-cost infrastructure of BNB Chain, as well as enhanced tools, funding, integration capabilities, and an ecosystem of over 460 million users.

Overview of Major Leading DeFi Projects

Ethereum DEX ranks first in 24-hour trading volume, approximately $6.283 billion, a week-on-week decrease of 16.77%; the top three projects are:

Uniswap ($4.973 billion), Fluid ($465.46 million), Curve Finance ($186.73 million);

BSC DEX 24-hour trading volume surpassed Solana, ranking second at approximately 6.1 billion USD, with a week-on-week growth of 32.39%; the top three projects are:

PancakeSwap ($4.642 billion), Uniswap ($1.118 billion), four.meme ($139.63 million);

Solana DEX ranks third in 24-hour trading volume, approximately 4.943 billion USD, with the top three projects being:

HumidiFi ($1.822 billion), Meteora ($943.11 million), Raydium ($567.13 million).

Gate DeFi Sector 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 October 9th, the cryptocurrency market has generally pulled back, with tokens in the DeFi sector showing mixed performance. Specifically:

UNI is currently priced at 7.84 USD, with a 24-hour increase of 0.84%;

WLFI is currently priced at 0.1784 USD, with a 24-hour increase of 1.07%;

AAVE is currently priced at 279.71 USD, with a 24-hour increase of 0.45%;

2Z is currently priced at 0.4022 USD, with a 24-hour increase of 2.57%;

INJ is currently at $12.27, with a 24-hour decline of 1.17%;

MYX is currently reported at 5.2 USD, with a 24-hour decline of 4.17%;

CRV is currently reported at 0.7158 USD, with a 24-hour drop of 2.07%;

MORPHO is currently reported at 1.73 USD, with a 24-hour decline of 2.26%.

Market Trend Analysis

On October 9, the cryptocurrency market experienced a slight pullback, with BTC falling from a historical high of $126,000 to around $122,000, while ETH stabilized above $4,400. The total DeFi TVL across the network reported $169.668 billion, a slight increase of 0.32% from the previous day, indicating that despite the pullback, liquidity remains robust. In terms of DEX trading volume, the total trading volume in the past 24 hours reached $24.756 billion, significantly up from last week, with Uniswap ($7.712 billion), PancakeSwap ($5.194 billion), and HumidiFi ($1.822 billion) continuing to hold the top three positions. The Ethereum ecosystem maintains its dominant position, while BSC and Solana are showing strong momentum in trading volume. In terms of protocol performance, Aave ($44.933 billion) and Lido ($38.013 billion) remain at the top, with EigenLayer continuing to expand to $18.837 billion, reflecting that the restaking track is still a focal point for funds. In the protocol fee rankings, Uniswap at $14.12 million ranks second, only behind Tether, showing that trading activity and protocol revenue are rising in tandem.

Analyst View

Capital Diversion, Blue Chips Steady, New Narratives Rising Analysts point out that although the overall market is experiencing a technical pullback, mainstream protocols (Aave, Lido, EigenLayer) maintain growth, indicating that long-term capital is still strengthening the core asset allocation in DeFi. Meanwhile, new narrative projects like Monad and Sui are attracting funding attention, reflecting a market sentiment shift from mainstream blue chips to potential growth sectors.

MetaMask Perptual Futures Function Strengthens On-Chain Trading Activity MetaMask has launched Perptual Futures and a points incentive program, which is seen as a strategic upgrade to its ecosystem. KOL @DeFiWatcher pointed out that this move will transform the wallet from an asset custody tool to a trading entry point, potentially becoming a significant driver of DeFi user growth in 2025.

Sui TVL Hits New High, Reflecting Capital Migration to High-Performance Public Chains Institutional analysis suggests that Sui TVL has increased by 12.82% to $2.642 billion within a week, indicating that capital is accelerating its inflow into high-performance Layer 1, especially driven by DeFi incentives and liquidity mining activities, reshaping the ecological competitive landscape.

Institutional Layout Continues, Grayscale Increased Holdings in AERO Boosting DeFi Confidence Grayscale has included Aerodrome Finance in its DeFi fund portfolio, signaling institutional optimism for mid-level infrastructure in DeFi, especially liquidity markets and yield distribution protocols, which may become key areas for capital allocation in the future.

Overview

Overall, on October 9, the DeFi market maintained high activity against the backdrop of mainstream coin pullbacks, with TVL steadily rising and capital showing a differentiated trend. The ecological expansion of MetaMask, the continuous growth of Sui, the upcoming Monad airdrop, and Grayscale's institutional layout collectively inject multiple narratives and expected support into the market. Short-term volatility still exists, but structural capital flows are driving DeFi from a single yield-driven model to a diversified ecological-driven model, demonstrating long-term upward potential.