Gate Decentralized Finance Daily ( November 13 ): Infinex is about to launch its TGE; SEC releases Token classification regulatory framework.

On November 13, the DeFi market remained sluggish overall under the expectation of the end of the U.S. government shutdown, but on-chain activity showed a slight recovery. The total DeFi TVL across the network rose to 13.3366 billion USD, a 24H increase of 1.16%; BTC is around 104,000 USD, and ETH has regained the 3,500 USD mark. Mainstream protocols generally recorded slight increases, with Aave, Lido, EigenLayer, and Spark each recording daily rises of about 1%-2%.

The market focus on that day was concentrated in three main directions: first, Infinex announced the token generation event (TGE) of INX and launched multiple rounds of incentive distribution activities, marking the official entry of its cross-chain aggregation ecosystem into the mainnet phase; second, EigenCloud and LayerZero launched the EigenZero decentralized validation network, ensuring cross-chain security through an economic penalty mechanism; third, SEC Chairman Paul Atkins introduced a “token classification” regulatory framework, proposing for the first time that “crypto tokens can detach from securities attributes as the network matures.” Amidst market fatigue, these policy and technical signals together constitute structural highlights for the DeFi sector.

DeFi Market Overview

(Source: DeFiLlama)

Total DeFi TVL across the network: Today (November 13), despite the imminent end of the U.S. government shutdown, the crypto market has yet to show signs of improvement. BTC is around $104,000, and ETH has returned above $3,500; the current total DeFi TVL across the network is $133.366 billion, with a 24H rise of 1.16%.

DEX 24-hour trading volume: approximately 14.877 billion USD, with the top three being: PancakeSwap (3.331 billion USD), Uniswap (2.816 billion USD), HumidiFi (1.042 billion USD).

Popular Protocols and On-Chain Performance

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

(Source: DeFiLlama)

Among them, the top-ranked protocol data performances are as follows:

Aave: TVL approximately 34.22 billion USD, 24-hour rise 1.92%;

Lido: TVL approximately 30.069 billion USD, 24-hour rise 0.96%;

EigenLayer: TVL approximately 14.661 billion USD, 24-hour rise 2.72%;

Spark: TVL approximately 9.547 billion USD, 24-hour rise 2.46%;

ether.fi: TVL approximately 8.582 billion USD, 24-hour rise 2.55%

Ethena: TVL approximately 8.477 billion USD, 24-hour decline of 0.88%.

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 3.3 million USD, ranking third, behind Tether (23.38 million USD) and Circle (7.91 million USD); Hyperliquid's protocol fees in the past 24 hours reached 3.17 million USD, ranking fourth; Meteora ranked fifth with 3.1 million USD.

Project News Overview

1. The cross-chain aggregation DeFi platform Infinex has announced that its INX token generation event (TGE) is coming soon, and it is launching a series of incentive programs to expand its user base and token distribution. The total supply of INX tokens is 10 billion, which will be airdropped to Patron NFT holders at a ratio of 1:100,000, while retaining the NFT as a classic PFP. To expand the distribution range, Infinex also plans to further distribute tokens through Sonar sales and the Craterun event.

The Craterun event will reward users with various prizes, including INX token vouchers, cash prizes, popular NFTs (such as Pudgy Penguins and CryptoPunks), and more. Users can earn rewards through historical on-chain activities, Perp trading volume, and platform usage. Additionally, Infinex will support three new chains: Monad, MegaEth, and Fogo, providing the best cross-chain and gas abstraction platform experience.

2. According to official news, the Ethereum restaking platform EigenCloud has jointly launched EigenZero with the full-chain interoperability protocol LayerZero. EigenZero is a decentralized validation network based on the CryptoEconomic DVN Framework, supported by the infrastructure of EigenCloud and backed by staked assets of approximately $5 million worth of ZRO tokens, introducing economic penalty constraints for cross-chain message validation. It adopts the Optimism validation model, setting an 11-day challenge period on the premise that messages are assumed to be correct by default. If errors or malicious behavior are proven after final confirmation, the corresponding staked assets will be reduced, thereby providing security guarantees for cross-chain applications.

3. The Ethereum Foundation posted on platform X today that the account abstraction team, together with Vitalik Buterin, released the “Declaration of Trustlessness” and placed it on-chain. The original intention of Ethereum was not to enhance financial efficiency, but to enable people to collaborate without the need to trust intermediaries. This declaration clearly articulates a series of related values, including trust neutrality, self-custody, verifiability, and resistance to the “convenient” centralized model.

The declaration is fully stored in the form of an on-chain contract, providing a unique operation: pledge() (commitment). This contract has no owner, no administrator, and the text content is uneditable. All operations rely on the Ethereum network. When the pledge() operation is called, the system will record the caller's address and the timestamp of the first commitment, and issue a public Pledged( address, timestamp ) event. This operation only consumes Gas fees and does not provide any form of incentives such as airdrops, points, or early access rights. If relevant parties make a commitment, it indicates their concern for the importance of user autonomous authorization operations, their unwillingness for their protocol to rely on private servers and opaque relayers, and their willingness to bear actual costs to maintain the trustless characteristics of Ethereum.

4. Haseeb, managing partner at Dragonfly, stated that to date, over $20 million in losses from the Balancer hack have been recovered by white hat hackers.

The DeFi protocol Balancer announced on platform X that in response to the recent Balancer V2 stablecoin pool incident, the Balancer team has initiated a white hat recovery operation and transferred approximately $4.1 million in funds to a controlled custody account for reconciliation and return. This applies only to the Balancer V2 stable pool, and Balancer V3 is not affected. Balancer reminds community users to be cautious of phishing attacks and to temporarily refrain from performing any operations with the listed funds pools. Further updates will be provided after the reconciliation is completed.

Previously, Balancer suffered a hack with losses of approximately $116.6 million, involving the transfer of assets on multiple chains, including WETH, Staked ETH, wstETH, and various other tokens.

5. According to The Defiant, Beaconchain data shows that since July, the daily active validators of Ethereum have decreased by about 10%, reaching the lowest level since April 2024. This recent decline is the first significant drop since Ethereum transitioned from the PoW consensus mechanism to the PoS consensus mechanism in September 2022. Since April 28, 2024, the daily active validators have recently fallen below the 1 million mark, with the number of daily active validators on Ethereum at 999,203 as of November 11.

In addition, as staking operators compete to unstake funds for profit, the number of validators exiting the queue has reached an unprecedented high. ValidatorQueue data shows that currently, it takes about 37 days to unstake ETH for Ethereum validators, compared to just 1 day in May. However, in recent months, the waiting time for validators to join has also increased significantly, with approximately 1.2 million ETH waiting to be staked, and a waiting time of 22 days.

6. According to Cryptopolitan, Pump.fun has announced the launch of an experimental Mayhem mode that allows AI agents to participate in the trading of newly issued tokens. This automated bidding method represents a new breakthrough for both AI agents and Meme coins, as most agents previously relied on human assistance. Pump.fun stated that the mode aims to increase early trading volume by introducing AI agents, but did not explicitly announce which agents are participating, instead allowing the community to discover them from the relevant documents. Unlike before, this time AI agents will not create new tokens.

Token creators on Pump.fun must select the Mayhem mode before issuance, which will not apply to existing tokens on the Pump.fun bonding curve or tokens that have graduated. The AI agent will mint 1 billion additional tokens for each Meme coin, making the total supply reach 2 billion tokens. After that, the AI agent will randomly use these tokens for trading, which will increase the initial trading risk and volatility. After a 24-hour period, unsold tokens and tokens sent to the AI agent's wallet during this period will be destroyed, and this will not affect its buying and selling decisions. The AI agent may randomly sell more tokens, thereby depleting the bonding curve and preventing human traders from selling. Given the prevalence of front-running trading bots, this AI agent may primarily compete with simple trading bots.

7. According to The Block, Dromos Labs, the organization behind the Base-based decentralized exchange Aerodrome, has launched a new trading hub called Aero. The new platform will integrate the Aerodrome network and its sister protocol Velodrome operating on Optimism, serving as a base for expansion to other Ethereum chains. The “central liquidity hub” Aero will initially expand to the Ethereum mainnet and Circle's Arc blockchain, facilitating integration across the entire EVM ecosystem. Aero is expected to launch in Q2 2026 and will consolidate the AERO and VELO tokens into a single AERO token, representing the production capacity of the Aero decentralized exchange suite. The initial allocation of the new AERO token will reflect the current revenue distribution ratio of the two, with approximately 5.5% going to VELO holders and 94.5% to AERO holders, with no dilution and no new token issuance.

8. According to The Block, SEC Chairman Paul Atkins announced at the Philadelphia Federal Reserve FinTech Conference that the SEC will launch a new regulatory framework called “Token Taxonomy,” aimed at redefining when crypto assets qualify as securities. Atkins stated that the framework will be based on the 1946 Howey Test to distinguish the legal attributes of tokens at different stages. He noted, “Cryptocurrencies may initially constitute investment contracts, but this will not always be the case—when the network matures, the code is complete, and the issuer exits, the tokens will no longer rely on the efforts of the issuer.”

Atkins pointed out that most cryptocurrencies are not securities and proposed two main principles: first, the asset characteristics do not change due to being on-chain; second, the economic substance is more important than the label—if a token represents profit expectations based on the management efforts of others, it is still a security. The preliminary classification includes: network tokens, NFTs, and digital tool tokens are not securities, while tokenized stocks and bonds are securities. He stated that tokens could detach from securities attributes as the network matures, and non-security tokens could trade on CFTC or state regulatory platforms in the future. Atkins emphasized that the SEC will align with congressional legislation and continue to crack down on fraud, “we will not let the fear of the future trap us in the past.”

9. According to the Sui blog, Sui will collaborate with Bridge (under Stripe) to launch the native stablecoin USDsui, targeting wallets, Decentralized Finance, and application scenarios. It will be compatible with the Bridge ecosystem and allow stablecoin interoperability with platforms such as Phantom, Hyperliquid, and MetaMask. USDsui is deployed based on Open Issuance, positioned for compliance readiness, cross-border payments, and P2P transfers, and aims to comply with the requirements after the GENIUS Act comes into effect; related revenues will be used for ecosystem growth and investment. The official stated that from August to September, the total on-chain transfer volume of Sui stablecoin was approximately $412 billion, reflecting demand and capacity.

10. Circle Internet Group's Q3 2025 financial report shows that Circle is exploring the launch of a native token on its self-developed public chain Arc Network to promote network participation and ecological growth. Currently, more than 100 banks, payment, and technology companies are participating in the Arc public test network. The Circle Payments Network (CPN) has covered 8 countries, with 29 financial institutions already connected, another 55 under review, and 500 in the queue. CEO Jeremy Allaire stated that the adoption rate of USDC and partner growth are significant, and Circle is accelerating the creation of an 'Internet Economy Operating System.'

11. The Solana ecosystem perpetual contract exchange Adrena announced that it has entered maintenance mode as of today. The team and foundation will no longer develop new features, but the platform's funding pool, staking, unlocking, and data functions will continue to operate. Adrena plans to open-source its front-end and back-end code, allowing the community to take over further development. The team stated that over the past year, Adrena achieved a trading volume of $8 billion and fee revenue of $10 million, but due to difficulties in financing and intense market competition, it ultimately decided to cease development. The project party emphasized that it has never sold team tokens and hopes that the community can continue its vision in the future.

12. According to Alpha Updates, data shows a significant discrepancy between the valuations and fee revenues of decentralized exchanges (DEXs): Uniswap generated $104.2 million in fees over the past year, with an FDV of approximately $8.5 billion; PancakeSwap had fees of $51.6 million, with an FDV of about $900 million; Jupiter's fees reached $95.2 million, with an FDV of around $2.4 billion; Raydium generated $79.6 million in fees, with an FDV of about $880 million. Meanwhile, the Meteora in the Solana ecosystem had fees as high as $136 million but only traded at an FDV of $521 million, significantly lower than similar projects, indicating that its valuation may be clearly underestimated.

13. Astar Network officially announced the Evolution Phase 2 roadmap:

• Astar plans to launch the Burndrop proof-of-concept mechanism in the coming months, allowing users to voluntarily burn tokens in exchange for future Startale ecosystem tokens, with full implementation planned for 2026.
• At the same time, Astar plans to activate Tokenomics 3.0 through a governance proposal in early 2026, introducing a fixed supply model with a total supply cap of 10.5 billion ASTR.
• In addition, the Startale application will be integrated in early 2026, providing users with a unified entrance for ASTR management and ecological participation. The Plaza integration will be launched at the end of 2025, further expanding the use cases of ASTR in the Polkadot ecosystem.
• Astar also plans to complete the governance evolution by mid-2026, gradually transferring the functions of the foundation to the governance committee and community contributors.

Astar founder Sota Watanabe stated that this stage aims to establish a long-term sustainable structure, strengthening the network's future development through scarcity and scalability.

14. In the Empire podcast, Phantom Wallet CEO Brandon Millman discussed the team's future strategic direction with Strategic Vice President Donnie Dinch. Brandon clearly stated that Phantom has no intention of launching its own blockchain, as it contradicts the principles of openness and permissiveness in the crypto industry. He emphasized that Phantom will continue to focus on the existing ecosystem, such as Solana, and deeply optimize the user experience, concentrating on serving ordinary consumers, with no immediate plans to develop products for institutional users. In addition, the team is also working to expand the product line, including the launch of the stablecoin-based financial service Phantom Cash and the upcoming professional trading terminal Phantom Terminal.

Regarding the IPO, Brandon believes that Phantom has the potential to become one of the few on-chain consumer-level companies that can go public, but there are currently no clear plans. He pointed out that while an IPO can bring funding and brand effects, it also comes with a huge operational burden. Phantom prefers to obtain sufficient private funding through existing investors (such as A16Z, Paradigm, and Sequoia) to support the company's development.

Overview of Major Ecosystem Leading DeFi Projects

Solana DEX 24-hour trading volume returns to the top, approximately 3.856 billion USD, with the top three projects being:

HumidiFi ($1.042 billion), Meteora ($820.19 million), Tessera V ($516.95 million);

BNB Chain DEX ranks second in 24-hour trading volume, surpassing Ethereum for three consecutive days, with approximately $3.571 billion, among which the top three projects are:

PancakeSwap ($2.882 billion), Uniswap ($491.31 million), OPINION ($135.36 million);

Ethereum DEX ranks third in 24-hour trading volume, approximately $2.716 billion, with the top three projects being:

Uniswap (1.217 billion USD), Fluid (651.2 million USD), Curve Finance (374.84 million USD).

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 Market Overview)

As of November 13, the cryptocurrency market is performing sluggishly, with the DeFi sector tokens experiencing mixed rises and falls, specifically:

UNI is currently reported at 7.95 USD, with a 24-hour decline of 7.58%;

AAVE is currently reported at 215.02 USD, with a 24-hour rise of 0.85%;

WLFII is temporarily reported at 0.1507 USD, with a 24-hour decline of 3.08%;

MORPHO is currently reported at 2.08 USD, with a 24-hour rise of 3.7%;

INJ is currently reported at 7.48 USD, with a 24-hour decline of 3.09%;

MYX is currently reported at 2.5 USD, with a 24-hour rise of 0.76%;

CRV is currently at 0.4716 USD, with a 24-hour decline of 1.64%;

SYRUP is currently priced at 0.4675 USD, with a 24-hour rise of 4.29%;

2Z is currently priced at 0.1678 USD, with a 24-hour decline of 4.15%;

FF is currently priced at 0.1376 USD, with a 24-hour rise of 3.12%.

Market Trend Analysis

TVL slightly rebounds, leading protocols drive overall stabilization

The total DeFi TVL across the network today is reported at 133.366 billion USD, with a 24-hour rise of 1.16%, ending a two-day consecutive decline. Aave ranks first with 34.22 billion USD, rising by 1.92% in a day; Lido follows closely with a TVL of 30.069 billion USD, an increase of 0.96%; EigenLayer, Spark, and ether.fi all recorded daily increases of around 2%, indicating a renewed inflow of funds into staking and re-staking directions. Overall, although the market has not yet exited the volatility range, the rebound of high-quality protocol TVL provides certain support for the short-term market.

DEX trading volume is steadily declining, BNB Chain and Solana maintain high activity levels

In the past 24 hours, the total DEX trading volume across the network was approximately $14.877 billion, with market liquidity still concentrated on three major platforms: PancakeSwap ($3.331 billion), Uniswap ($2.816 billion), and HumidiFi ($1.042 billion). In terms of chains, Solana's DEX trading volume returned to the top ($3.856 billion), followed closely by BNB Chain at $3.571 billion, surpassing Ethereum ($2.716 billion) for three consecutive days, indicating that funds are more inclined towards trading scenarios on chains with low Gas and high throughput.

The trend of centralized protocol fees continues, and the Solana ecosystem performs outstandingly

In the protocol fee ranking, Tether (23.38 million USD) and Circle (7.91 million USD) continue to hold the top two positions; Uniswap ranks third with 3.3 million USD, maintaining its dominant position; Hyperliquid (3.17 million USD) and Meteora (3.1 million USD) follow closely behind, reflecting the high-frequency trading demand in derivatives and the Solana ecosystem. Notably, Meteora's transaction fees are higher than several similar projects, and its FDV is relatively low, indicating potential re-pricing opportunities in the market.

Multiple projects make significant progress, innovation and regulation advance simultaneously

Infinex launches a token generation event and opens an airdrop and cross-chain incentive program, aimed at expanding cross-chain trading experience and token coverage; EigenCloud collaborates with LayerZero to launch EigenZero, enhancing cross-chain security through staking economic constraints; the Ethereum Foundation releases the “Declaration of Trustlessness,” reinforcing the core concept of “trustless and verifiable”; the SEC announces a “token classification” regulatory framework, laying the foundation for the compliance of crypto assets. Multiple signals overlap, injecting structural vitality into the market.

Analyst Opinions

1. Market bottoming signals begin to emerge, with institutions and innovation resonating as the main theme

Analysts believe that the slight rise in TVL and the steady growth of mainstream protocols indicate that funds are seeking bottom layout opportunities. The intensive emergence of Infinex, EigenZero, and the new SEC regulations suggests that innovation and regulation will resonate by the end of the year, becoming key variables in restoring confidence in the DeFi market.

2. Cross-chain and Re-staking Tracks Enter a New Stage

The launch of EigenZero signifies the entry of cross-chain security into the era of “economic penalties + decentralized verification,” which may prompt cross-chain applications to reassess their security mechanisms; at the same time, the steady growth of EigenLayer and re-staking protocols like ether.fi indicates a persistent market demand for yield-enhancing protocols.

3. The ecological advantages of Solana and BNB Chain are expanding

The trading volume of Solana's on-chain DEX has continuously surpassed that of Ethereum, while BNB Chain maintains a stable share, demonstrating the significant appeal of high-performance chains to active traders. Analysts point out that this trend of “performance-liquidity migration” may continue in a high Gas environment.

4. Regulatory and Compliance Expectations as the Mid-Term Main Line

The SEC's “token classification” framework is seen as an important turning point in U.S. regulatory policy, expected to improve legal certainty for institutions and stablecoin projects. Combined with the progress of Sui and Circle's stablecoins, the narrative of compliance may become a key supporting logic for the DeFi market by the end of the year.

Conclusion

Despite the market still being in a phase of fluctuation, the DeFi ecosystem on November 13 shows signs of “bottom stabilization and structural repair.” Although funds are cautious, they are seeking new balance amid innovative protocols, cross-chain security, and regulatory expectations. Short-term volatility does not alter the long-term upward logic, and the DeFi market is accumulating momentum with a clearer structure.