DeFi Week 44: TVL slips 1.3%, ether deposits rise a third week, and a millionth of a token empties X100
DeFi TVL fell 1.35% to $89.38B in the week to 25 October while the ether-denominated book rose 0.80% for a third straight week; LayerZero V2's $4.2B "gain" was a Polygon coverage step that the chain's own total never saw, and a flash-loan vote won by one millionth of a token took $4.85M from X100.
DeFi's aggregate total value locked ended the window at $89.3849B, the daily snapshot for 25 October, down $1.2212B or 1.3478% from $90.6060B on 19 October. 1
The window runs from 19 October to 26 October 2026, 10:00 GMT-5. TVL figures use the nearest daily snapshots, 19 and 25 October, and prices are daily closes.
Ether closed at $2,356.57, down 2.13% from $2,407.84. 2 The dollar book fell less than its own unit of account, so the same book measured in ether grew: 37.6296M to 37.9301M ETH, up 0.80%. 1
That is the third weekly gain in ether terms in a row. From 5 October the ether book is 6.23% larger, at 37.9301M against 35.7046M ETH. 1 Deposits have outrun the price decline for three weeks running.
The provider restated the levels it published earlier. Last week's brief printed $88.8945B for 18 October; the series now returns $89.9449B for that date, and $93.3808B for 12 October against the $91.9730B printed then. 1 On today's series, last week's window reads -3.68% instead of -3.35%. Every figure below takes both ends from the current series.
Quick scan
| Metric | Verified reading | Strategic significance |
|---|---|---|
| Aggregate DeFi TVL | $90.6060B to $89.3849B; -$1.2212B / -1.3478% 1 | Ether fell 2.13% over the same days, so the ether-denominated book rose 0.80%, its third weekly gain. |
| Largest dollar gainer | LayerZero V2: +$4,197.7M; $12.533B to $16.730B 3 | The dollars sit on its Polygon leg, $5.283B to $9.531B, while Polygon's chain total moved +$63.3M. 4 |
| Largest dollar loser | Lido: -$586.6M; $23.372B to $22.786B 5 | Down 2.51% in dollars and 0.39% in ether terms: a book that tracked ether and kept its customers. |
| Largest one-day step | Symbiotic, -$122M on 22 October, and Starknet's chain total, -$115.7M on 23 October 6 | Symbiotic has no dated first-party explanation. No Starknet protocol series shows the chain step. |
| Largest security loss | X100, $4,846,108 in two transactions on 24 October 7 | Two of three Senate seats won by locking one millionth of a token more than a rival. |
| Binding governance outcome | ArbitrumDAO passes a 1,700 ETH treasury transfer 8 | 85.1 ETH to the Developer Guild and about 1,600 ETH into the treasury portfolio's covered-call strategy. |
| Highest displayed APY | Uniswap V4 USDG-USDC on Arbitrum: 614,966.11% at $1.1M TVL 9 | Base-only, on a pool whose 30-day mean is 2,127.91%: a fee print, on a stablecoin pair. |
The daily series shows where the decline landed: $90.6060B, $90.2495B, $91.5920B, $92.1420B, $90.0993B, $89.6274B, $89.3849B. 1 The book rose through 22 October and gave back 3.0% in the last three sessions.
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| Metric | 19 October | 25 October | Change |
|---|---|---|---|
| Total DeFi TVL | $90.6060B | $89.3849B | -1.35% 1 |
| Ether price | $2,407.84 | $2,356.57 | -2.13% 2 |
| Bitcoin price | $82,019.58 | $80,810.57 | -1.47% 10 |
| Solana price | $104.00 | $102.27 | -1.66% 11 |
| BNB price | $726.80 | $741.00 | +1.95% 12 |
| Avalanche price | $9.68 | $8.88 | -8.33% 13 |
| DeFi TVL measured in ether | 37.6296M ETH | 37.9301M ETH | +0.80% 1 |
Marks fell, deposits held
The crypto market spent the week preparing for the Federal Reserve's 27–28 October meeting. Bitcoin slid from $84,082 on 22 October to $80,811 on 25 October, and broke below $80,000 on Monday 26 October at $79,332 intraday. 10
CoinGlass counted $154.23M of liquidations in the 24 hours to 26 October across 62,000 traders, with $117.99M of it in longs and $43.17M in ether positions alone. 14 US spot bitcoin ETFs lost $635.6M on 22 October and $137.9M on 23 October, per Farside data cited by the same report. 14
Against that, ether fell 2.13% and the deposit book rose. A levered long liquidated on 25 October shows up as a smaller dollar TVL without a single withdrawal from a lending pool. That is why the ether-denominated series matters more this week than the dollar one.
The gap between the two has been positive for three weeks. From 5 October the ether book added 2.225M ETH, or 6.23%, while its dollar value fell $7.94B. 1
Chain by chain: one break, one coverage step, one real climb
The table uses each chain's 25 October value and its own daily series for the change. 15
| Chain | TVL, 25 October | Share of total | 7-day change | Same change in ether |
|---|---|---|---|---|
| Ethereum | $48.9574B | 54.77% | -1.24% 16 | +0.91% |
| Base | $6.0759B | 6.80% | -1.52% 17 | +0.62% |
| BSC | $5.7857B | 6.47% | -2.30% 18 | -0.17% |
| Solana | $5.7752B | 6.46% | -1.30% 19 | +0.85% |
| Tron | $5.4872B | 6.14% | -1.52% 20 | +0.62% |
| Bitcoin | $4.3234B | 4.84% | -1.82% 21 | +0.32% |
| Hyperliquid L1 | $2.3846B | 2.67% | -3.33% 22 | -1.22% |
| Arbitrum | $1.4555B | 1.63% | +3.45% 23 | +5.70% |
| Robinhood Chain | $1.1324B | 1.27% | +0.45% 24 | +2.63% |
| Monad | $0.9847B | 1.10% | +0.93% 25 | +3.13% |
| Polygon | $0.7408B | 0.83% | +9.33% 26 | +11.71% |
| Arc | $0.6289B | 0.70% | +19.04% 27 | +21.63% |
| Avalanche | $0.5650B | 0.63% | -4.08% 28 | -1.99% |
| Plasma | $0.5614B | 0.63% | +1.14% 29 | +3.34% |
| OP Mainnet | $0.4200B | 0.47% | -4.90% 30 | -2.83% |
| X Layer | $0.1628B | 0.18% | +3.19% 31 | +5.44% |
| Starknet | $0.0414B | 0.05% | -73.94% 32 | -73.37% |
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Twelve of these seventeen chains grew in ether terms. Avalanche's -4.08% in dollars is -1.99% in ether, and its token fell 8.33%, which leaves the chain up 6.9% in AVAX terms. 13
Arbitrum's +3.45% is the week's cleanest inflow signal. Its canonical bridge on Ethereum fell 5.03% while the chain total rose, so value moved in from the escrow side as well as from fresh deposits. 33 OP Mainnet shows the mirror image: its Ethereum bridge lost 14.09% and the chain fell 4.90%, a withdrawal that shows up in both series. 34
Starknet's -73.94% is an aggregation break. The chain read $157.8M on 22 October and $42.1M on 23 October, a fall of $115.7M in one snapshot. 32 Every Starknet protocol series drifted that week instead: Starknet BTC Staking $50.8M to $50.1M, Ekubo $26.5M to $25.3M, Vesu $11.2M to $10.7M, Endur $12.5M to $10.7M. 35
The chain figure also sits below the books it should contain. The Starknet legs its DeFi protocols report add up to about $123M on 25 October, roughly three times the chain total of $41.4M. 3 The arithmetic points to an offset applied by the aggregator, with the week's change coming from that offset moving.
The chain's one genuinely large book, the Starknet Bridge, fell 19.38% to $254M while STRK fell 20.53% to $0.0453. 3637 Its dollars followed the token, as they did through last week's 41.6% fall.
Arc's +19.04% carries a one-day step of $104.5M on 23 October. 27 The chain's two largest books both shrank that day: Morpho Blue's Arc leg from $304.5M to $302.0M and Aave V4's from $184.3M to $177.9M. 38 The step came from coverage below those two, which is what happened on Arc through the previous two windows as well.
Hyperliquid L1 needs a note for readers carrying last week's table. This brief printed $1.0136B for that chain on 18 October; the same series now returns $2.4460B for 18 October and $2.672B for 20 September. 22 The level roughly doubled in the provider's history while the week's own move stayed negative, at -3.33%.
The largest gainer in DeFi this week was a pipe
LayerZero V2 added $4,197.7M, 32 times the next largest gainer and 3.4 times the aggregate's entire decline. 4 Its Ethereum leg fell $33.7M. Every one of those dollars sits on the protocol's Polygon leg, which ran from $5.283B to $9.531B.
The leg added $1.383B by 20 October, $1.866B more by 21 October and a further $181M by 22 October. 4
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Polygon's own chain total moved from $677.5M to $740.8M, a gain of $63.3M. 26 The chain that supposedly received $4.25B kept $63.3M of it, or 1.5%.
Polygon's +9.33% is worth having on its own terms. It rose in five of the window's six sessions and added $63.3M, with the largest day on 21 October. The leg and the chain differ by a factor of 67, so treat the protocol's Polygon leg as a coverage figure sitting outside the chain's own accounting. 26
Last week's brief excluded a $1.26B version of the same step, from $4.024B to $5.283B on 19 October. That step is still in the protocol series and has since grown to $9.531B. The chain-level step that accompanied it, which took Polygon's total to $1.233B on 19 October, has been restated away: the chain now reads $677.5M for that date. 26
Protocol ranking
DeFiLlama's
change_7d anchors to the same clock time seven days back; the window here ends at the 25 October daily snapshot. 3 The tables use each protocol's own daily series, and the ether column applies the same ether prices used above.Top dollar gainers, 19 to 25 October
| Protocol | 19 October | 25 October | Change | Dollar move | What the series shows |
|---|---|---|---|---|---|
| LayerZero V2 | $12.533B | $16.730B | +33.49% | +$4,197.7M | Polygon leg only; Ethereum fell $33.7M. 4 |
| Tornado Cash | $0.683B | $0.812B | +18.91% | +$129.1M | Ethereum leg; +$79M on 21 October and +$73M on 22 October. 39 |
| Morpho Blue | $11.075B | $11.190B | +1.03% | +$114.4M | Arbitrum leg $56.1M to $123.5M; Base fell $25.8M. 38 |
| Morpho Midnight | $0.009B | $0.114B | +1,112.17% | +$104.3M | Ethereum; $53.9M of it borrowed; step on 23 and 24 October. 40 |
| Aero Slipstream | $0.003B | $0.094B | +2,678.25% | +$90.4M | Base entry appears on 23 October beside the older listing. 41 |
| USDT0 | $3.108B | $3.199B | +2.91% | +$90.4M | Steady across the week. 42 |
| Nexus BTC | $0.248B | $0.333B | +34.27% | +$85.0M | Bitcoin leg, rising across 21 to 23 October. 43 |
| Aster Bridge | $0.480B | $0.548B | +14.17% | +$68.0M | BSC leg +$44.4M, Ethereum +$18.4M. 44 |
| CCIP | $1.915B | $1.982B | +3.49% | +$66.8M | Broad-based. 45 |
| Concrete | $1.202B | $1.265B | +5.19% | +$62.4M | Growing while its chain fell. 46 |
| Stellar DeFi Hub | $0.055B | $0.113B | +105.41% | +$57.8M | Stellar leg, +$40M on 20 October. 47 |
| Steakhouse Financial | $2.526B | $2.582B | +2.20% | +$55.6M | Second week of curator inflows. 48 |
| Aave V4 | $0.654B | $0.704B | +7.67% | +$50.1M | Ethereum leg $440M to $476M; Arc slipped. 49 |
| Gauntlet | $1.593B | $1.641B | +3.05% | +$48.6M | Steady. 50 |
Top dollar losers, 19 to 25 October
| Protocol | 19 October | 25 October | Change | Dollar move | Ether terms and what the series shows |
|---|---|---|---|---|---|
| Lido | $23.372B | $22.786B | -2.51% | -$586.6M | -0.39%: the book tracked ether. 5 |
| SSV Network | $12.637B | $12.313B | -2.56% | -$323.6M | -0.44%. 51 |
| Aave V3 | $16.989B | $16.680B | -1.82% | -$309.0M | +0.32%: deposits arrived as prices fell. 52 |
| Buzz Farming | $0.264B | $0.034B | -87.19% | -$230.4M | -86.91%; one step on 22 October, unexplained. 53 |
| Binance staked ETH | $9.010B | $8.784B | -2.51% | -$226.1M | -0.39%. 54 |
| WBTC | $9.595B | $9.404B | -2.00% | -$192.0M | +0.13%: bitcoin fell 1.47%. 55 |
| Hyperliquid Bridge | $6.803B | $6.627B | -2.59% | -$176.4M | -0.47%. 56 |
| Arbitrum Bridge | $3.479B | $3.304B | -5.03% | -$174.8M | -2.96%, while the Arbitrum chain rose 3.45%: value moved into the rollup. 33 |
| B2 Buzz | $0.214B | $0.066B | -69.22% | -$148.4M | -68.55%; one step on 24 October, unexplained. 57 |
| EigenCloud | $6.233B | $6.089B | -2.31% | -$143.9M | -0.18%. 58 |
| Symbiotic | $0.454B | $0.322B | -29.09% | -$132.0M | -27.55%; a $122M Ethereum step on 22 October with no dated explanation. 6 |
| Optimism Bridge | $0.810B | $0.696B | -14.09% | -$114.2M | -12.22%: real withdrawals, matched by OP Mainnet's -4.90%. 34 |
| Sky Lending | $5.678B | $5.565B | -1.99% | -$113.1M | +0.14%. 59 |
| Binance Bitcoin | $5.617B | $5.504B | -2.00% | -$112.4M | +0.13%. 60 |
| ether.fi Stake | $4.603B | $4.501B | -2.22% | -$102.0M | -0.09%. 61 |
| Aerodrome Slipstream | $0.211B | $0.112B | -46.89% | -$99.0M | -45.73%; the older Base entry shrank as the new one grew. 62 |
Five of the largest losers tracked ether through the week, and their ether-denominated books moved less than half a percent: Lido -0.39%, SSV Network -0.44%, Binance staked ETH -0.39%, ether.fi Stake -0.09% and Hyperliquid Bridge -0.47%. 3 Their customers stayed.
The real contractions are smaller and specific. Symbiotic lost 27.55% of its ether book, Optimism's escrow 12.22%, and Arbitrum's escrow 2.96% while its rollup gained. Kamino Lend fell 1.27% in ether terms, Portal 1.43% and Lombard 2.04%. 636465
Morpho Blue is the week's quiet gain: +3.23% in ether terms, with its Arbitrum leg more than doubling from $56.1M to $123.5M. 38 Morpho Midnight, the fixed-rate, fixed-term version of the same protocol, went from $9M to $114M in two days, $53.9M of that borrowed. 40
Relabels and drops nobody has explained
Aerodrome now has two entries in the feed. Aerodrome Slipstream fell from $211.0M to $112.2M while Aero Slipstream appeared at $58.0M on 23 October and reached $94.2M by 25 October. 4162
Together the two are worth $206.4M on 25 October against $211.0M a week earlier, down 2.2% against Base's own -1.52%. The 47% decline on the older entry is a label moving, and the 2,678% gain on the new one is the other half of it.
Buzz Farming and B2 Buzz are the other pair, and neither explains the other. Buzz Farming's BSquared leg went from $267M on 21 October to $35M on 22 October; B2 Buzz's Bitcoin leg went from $208M on 23 October to $66M on 24 October. 5357
Between them the two books lost $378.8M across the window. Bitcoin fell 1.5% over those two days, so price accounts for a small fraction of it, and neither protocol has published an explanation.
Symbiotic's $122M one-day drop on 22 October has none either. Its Ethereum leg ran from $458.9M on 21 October to $336.7M on 22 October and drifted down from there. 6 Restaking books move on withdrawals, slashing events, and coverage changes, and the series cannot separate them here.
Tornado Cash's +$129.1M is the week's oddest inflow. The mixer's Ethereum pool rose 18.91% while ether fell 2.13%, so the increase is deposits rather than price. 39 The same week's X100 attacker has since moved 420.8 ETH into Tornado Cash, on 26 October, after this window closed. 66
Security: one millionth of a token emptied X100
Six in-window incidents carry a feed date between 19 and 25 October, totalling $7,615,209 on the feed. 67
| Protocol | Chain(s) | Loss on the feed | Best-dated loss | Attack vector | Remediation |
|---|---|---|---|---|---|
| X100 | Ethereum | $4,750,000 67 | $4,846,108 USDT in two transactions 7 | Flash-loan governance takeover of two Senate seats 7 | Two seats still callable by anyone; treasury's market limit exhausted 7 |
| Initia | Initia | $2,600,000 67 | $2.6M cashed out, per analyst Spreek 68 | Infinite mint 68 | L1 and all rollups halted on 23 October 68 |
| Swell | Ethereum, Arbitrum, Base, Hyperliquid L1 | not disclosed 67 | 2,513 ETH reported held; no confirmed loss figure 69 | Hot wallet key compromised 67 | Railway urged credential replacement; rates under review 69 |
| WAX Multi-Chain Bridge | WAX, Solana, Ethereum | $90,500 67 | $90,528 across five withdrawals in 86 seconds 70 | A negative withdrawal fee charged nothing while the bridge paid out 70 | Bridge paused, contract replaced after 5h11m, per-transfer caps added 71 |
| AlpsCon AI Trade Hub | BSC | $152,809 67 | data temporarily unavailable | Incorrect share accounting 67 | not disclosed |
| Yapeswap | Ethereum | $21,900 67 | $21,900, per SlowMist 72 | Zero quorum allowed a proposal with 0.000055% of voting power 72 | not disclosed |
X100's attack ran through the protocol's own voting code. Its treasury sits in a contract called the Freezer, and the Freezer answers to a Senate of three seats. 7 Seats go to the wallets holding the most frozen X, and any two seats can move the treasury.
The attacker borrowed close to $2M in a flash loan, bought X, and froze one millionth of a token more than the second-largest member in each of two helper contracts. 7 With two seats, it proposed a swap and voted the proposal through inside the same transaction.
The proposal told the Freezer to sell 400,000 X into a PancakeSwap pool the attacker had created moments earlier with $100 in it. The minimum price was set to zero, so the treasury received $35.68 for tokens the market priced at $20.3M. 7
Two more wallets used the same door within half an hour. The second took $96,382 and 9,895 X, and a third used the second attacker's helper contracts without freezing anything, taking 549,916 X and $1,909. 7
The prize was mostly the Senate's own money. Member wallets supplied 99% of the dollars that entered the pool that day, and the pool peaked at $4.75M two minutes before the attack. 7 The attacker's 2,022.86 ETH sat unmoved in five wallets on 25 October. 7
Three design choices made it cheap: votes counted at the moment of voting, a passed proposal could execute in the same transaction, and a proposal could name any pool and any minimum price. 7
Yapeswap failed on one of those choices. Its WorkersUnion mechanism required no quorum at all, so a proposal carrying 0.000055% of voting power transferred the fee-setter permission on YapeFactory. 72 The new owner deployed a Registry that returned a fake vault address to deposits, and YapePair credited them without issuing shares.
The WAX bridge lost its money to arithmetic. Its
withdraw function charged the amount plus a fee and never checked the fee's sign, so a fee of minus the amount cost nothing while paying out real USDC, USDT, DAI, WETH and WBTC. 70Each of the five withdrawals took 81% or more of the vault it drew on. WAX paused the bridge, replaced the contract code 5h11m later and set its first per-transfer caps that afternoon. 71 All but 50 cents reached HitBTC deposit addresses within 38 minutes.
One off-protocol loss belongs in the same week's risk picture. CoinDCX's TRON hot wallet lost $16,000,000 on 21 October to a key compromise. 67 Exchange losses set the week's total far above the DeFi figure.
Governance: Arbitrum moves 1,700 ETH and adopts USDG
Snapshot lists 72 proposals that closed inside the window. 73 Snapshot votes are off-chain signals, and each outcome reaches the chain through its DAO's own execution path.
| Protocol (space) | Proposal | Outcome | For / Against | Quorum | What it changes |
|---|---|---|---|---|---|
Arbitrum (arbitrumfoundation.eth) | Transfer 1,700 ETH to the Developer Guild and the treasury portfolio | Passed | 210,399,200 / 257,456 8 | not exposed | 85.1 ETH to the Guild, about 1,600 ETH into the covered-call strategy. 8 |
| Arbitrum | Adopting USDG as a core strategic initiative | Passed | 199,519,167 / 246,186 74 | not exposed | Adds 100M ARB to the DRIP budget and routes AEP fees to USDG. 74 |
| Arbitrum | Establish an L1 voting recovery system | Passed | 210,647,223 / 9,716 75 | not exposed | An L1 governor and timelock as a last-resort recovery path. 75 |
| Arbitrum | Update L1-pricing parameters for Ethereum's Glamsterdam upgrade | Passed | 195,693,891 / 8,159 76 | not exposed | Reprices Arbitrum One and Nova data costs. |
PancakeSwap (cakevote.eth) | The Flip: raise the LP fee share to 88% | Passed | 3,037,344 / 1,245,165 77 | 1 | Every v3 and Infinity pool to an 88/12 split on 11 chains from November; CAKE emissions from 22,500 to 7,000 a day. 77 |
Spark (sparkfi.eth) | SAEP-24: update risk curation framework | Passed | 629,941,437 / 0 78 | not exposed | Standing approval for curators' risk-reducing actions; Sky's timelock replaces the three-day minimum on Morpho vault functions. 78 |
| Spark | Guardian and curator multisig configuration | Passed | 629,941,437 / 0 79 | not exposed | Ratifies the signer sets on Ethereum and Base. |
Starknet (starknet.eth) | Should Starknet become an independent post-quantum L1? | Passed, research only | 457,608,687 / 22,382,340 80 | not exposed | Non-binding; 3,236 voters, 9,334,201 neutral. 80 |
Aave (aavedao.eth) | ARFC: SVR expansion, next phase of multi-network | Passed | 371,294 / 0 81 | not exposed | Extends the collateral-backed liquidation service across networks. |
| Aave | ARFC: onboard PAXGy to the Aave V4 Global Dollar Hub | Passed | 371,253 / 0 82 | not exposed | Adds a gold-backed stablecoin to the V4 dollar hub. |
sdCRV (sdcrv-gov.eth) | Attach YBOraclizedPolicy to the YieldBasis crvUSD/WETH pool | Failed, then passed on re-run | 0 / 26,688,234, then 26,688,073 / 0 8384 | 5,315,587 | Prices pool swaps off signed Pyth Pro ETH/USD reports. |
Lattice (latticegov.eth) | LIP-25: closure of the Lattice Gateway DAO | Failed quorum | 6,148,375 73 | 9,463,118 | 3.3M votes short of the threshold. |
Beets (beets.eth) | BIP-117 infrastructure funding and BIP-118 contributor funding | Passed | 19,521,801 / 1,355,605 85 | 4,000,000, met | Funds infrastructure and contributors through March 2027. |
QuickSwap (quickvote.eth) | Deprecate the Soneium deployment from the interface | Passed | 3,824,646 / 29,933 86 | not set | Removes Soneium from the QuickSwap interface. |
Two outcomes carry the most weight for lending positions. The Spark vote lets curators cut caps and deallocate first and argue later, and it lets Sky's own timelock supersede the framework's three-day rule on Morpho vault functions. 78 The Arbitrum transfer moves about 1,600 ETH of sequencer and timeboost revenue into the treasury portfolio to reinitiate its covered-call strategy, which ties part of the DAO's treasury to options premiums. 8
PancakeSwap's fee change resets the terms for liquidity providers on eleven chains. Every v3 and Infinity pool moves to an 88/12 split in the LP's favour, and the protocol's own fee falls to 12%. 77 For existing Infinity pools, where LP fees are fixed at creation, the lower protocol fee cuts the total swap fee instead.
Starknet's post-quantum poll closed on 22 October with 93.5% of voting power in favour of research. 80 It authorises research only.
sdCRV's first attempt on the YieldBasis oracle policy was rejected 26,688,234 to zero, then re-run with the wording "fixed, replaces previous vote" and passed 26,688,073 to zero. 84 Two voters carried both rounds. Lattice's attempt to close its own DAO fell 3.3M votes short of quorum. 73
Yield: three pools above 1,000%, and one of them is a warning
The screen for pools at or above $500,000 TVL and 1,000% APY returns three this week, against seventeen a week ago. 9
| Pool | Chain | APY | Base / reward | TVL | 30-day mean |
|---|---|---|---|---|---|
| Uniswap V4 USDG-USDC | Arbitrum | 614,966.11% | base 614,966.11 | $1.1M | 2,127.91% |
| Aerodrome VIRTUAL-D | Base | 14,609.72% | reward 14,609.72 | $0.6M | 2,319.52% |
| Swell rswETH | Ethereum | 7,530.09% | base 7,530.09 | $31.8M | 1,055.13% |
The Swell entry is the yield feed's version of this week's security story. Staking-token APYs on DeFiLlama follow the token's exchange rate, and rswETH now prints 7,530.09% against a 30-day mean of 1,055.13%. 9 Its sibling swETH prints 365.63% on $31.2M.
The Defiant reported on 22 October that researchers flagged apparent abuse of Swell's token repricing permissions, and that the 2,513 ETH linked to Swell is not a confirmed loss. 69
An exchange rate that jumps is worth more to a depositor on paper and worth less in exit liquidity. Treat any Swell pool printing four-figure base APY as a repricing event until the protocol restates the rate.
The deep fee-led pools paid more this week than last.
| Pool | Chain | APY now | APY last week | TVL |
|---|---|---|---|---|
| Uniswap V3 WETH-USDC | Base | 61.34% | 53.73% | $156.8M |
| Uniswap V3 WETH-USDT | Ethereum | 36.56% | 29.36% | $87.5M |
| Orca SOL-USDC | Solana | 49.11% | 50.87% | $28.9M |
| Uniswap V3 WETH-USDC | Arbitrum | 29.55% | 22.12% | $38.0M |
| Axis SUSDX | Ethereum | 16.02% | not screened last week | $52.5M |
The Base WETH-USDC pool earned 61.34% against 53.73% a week earlier while growing 6% to $156.8M, so its fee income per dollar of liquidity rose through a falling market. 9
What the next window will show
Three things carry into the coming week. The Federal Reserve meets on 27–28 October, with September PCE due on 29 October and an estimated $11B of bitcoin options expiring on 30 October. 14 Rates are expected to stay at 3.75% to 4.00%.
The ether book has printed three weekly gains in a row while its dollar value fell. A fourth would say depositors are treating price declines as entry points, at 37.9M ETH against 35.7M on 5 October. 1
X100's Senate still has two seats that answer to anyone who calls the second attacker's helper contracts, and the treasury's market limit is exhausted with two millionths of an X to spare. 7 Holders of frozen X keep their coins, and anyone who bought on 24 October holds a token whose only pool is down to about two dollars.
References
- 1DeFiLlama historical chain TVL API
api.llama.fi
- 2CoinGecko Ethereum market chart API
api.coingecko.com
- 3DeFiLlama protocols API
api.llama.fi
- 4DeFiLlama LayerZero V2 protocol API
api.llama.fi
- 5DeFiLlama Lido protocol API
api.llama.fi
- 6DeFiLlama Symbiotic protocol API
api.llama.fi
- 7Bitquery: the X100 governance attack
bitquery.io
- 8Snapshot vote: 1,700 ETH to the Developer Guild
snapshot.box
- 9DeFiLlama yield pools API
yields.llama.fi
- 10CoinGecko Bitcoin market chart API
api.coingecko.com
- 11CoinGecko Solana market chart API
api.coingecko.com
- 12DeFiLlama coins chart API
coins.llama.fi
- 13DeFiLlama coins chart API
coins.llama.fi
- 14CryptoNews: bitcoin below $80,000 before the Fed
cryptonews.net
- 15DeFiLlama chain TVL API
api.llama.fi
- 16DeFiLlama Ethereum historical TVL API
api.llama.fi
- 17DeFiLlama Base historical TVL API
api.llama.fi
- 18DeFiLlama BSC historical TVL API
api.llama.fi
- 19DeFiLlama Solana historical TVL API
api.llama.fi
- 20DeFiLlama Tron historical TVL API
api.llama.fi
- 21DeFiLlama Bitcoin historical TVL API
api.llama.fi
- 22DeFiLlama Hyperliquid L1 historical TVL API
api.llama.fi
- 23DeFiLlama Arbitrum historical TVL API
api.llama.fi
- 24DeFiLlama Robinhood Chain historical TVL API
api.llama.fi
- 25DeFiLlama Monad historical TVL API
api.llama.fi
- 26DeFiLlama Polygon historical TVL API
api.llama.fi
- 27DeFiLlama Arc historical TVL API
api.llama.fi
- 28DeFiLlama Avalanche historical TVL API
api.llama.fi
- 29DeFiLlama Plasma historical TVL API
api.llama.fi
- 30DeFiLlama OP Mainnet historical TVL API
api.llama.fi
- 31DeFiLlama X Layer historical TVL API
api.llama.fi
- 32DeFiLlama Starknet historical TVL API
api.llama.fi
- 33DeFiLlama Arbitrum Bridge protocol API
api.llama.fi
- 34DeFiLlama Optimism Bridge protocol API
api.llama.fi
- 35DeFiLlama Starknet BTC Staking protocol API
api.llama.fi
- 36DeFiLlama Starknet Bridge protocol API
api.llama.fi
- 37DeFiLlama coins chart API
coins.llama.fi
- 38DeFiLlama Morpho Blue protocol API
api.llama.fi
- 39DeFiLlama Tornado Cash protocol API
api.llama.fi
- 40DeFiLlama Morpho Midnight protocol API
api.llama.fi
- 41DeFiLlama Aero Slipstream protocol API
api.llama.fi
- 42DeFiLlama USDT0 protocol API
api.llama.fi
- 43DeFiLlama Nexus BTC protocol API
api.llama.fi
- 44DeFiLlama Aster Bridge protocol API
api.llama.fi
- 45DeFiLlama CCIP protocol API
api.llama.fi
- 46DeFiLlama Concrete protocol API
api.llama.fi
- 47DeFiLlama Stellar DeFi Hub protocol API
api.llama.fi
- 48DeFiLlama Steakhouse Financial protocol API
api.llama.fi
- 49DeFiLlama Aave V4 protocol API
api.llama.fi
- 50DeFiLlama Gauntlet protocol API
api.llama.fi
- 51DeFiLlama SSV Network protocol API
api.llama.fi
- 52DeFiLlama Aave V3 protocol API
api.llama.fi
- 53DeFiLlama Buzz Farming protocol API
api.llama.fi
- 54DeFiLlama Binance staked ETH protocol API
api.llama.fi
- 55DeFiLlama WBTC protocol API
api.llama.fi
- 56DeFiLlama Hyperliquid Bridge protocol API
api.llama.fi
- 57DeFiLlama B2 Buzz protocol API
api.llama.fi
- 58DeFiLlama EigenCloud protocol API
api.llama.fi
- 59DeFiLlama Sky Lending protocol API
api.llama.fi
- 60DeFiLlama Binance Bitcoin protocol API
api.llama.fi
- 61DeFiLlama ether.fi Stake protocol API
api.llama.fi
- 62DeFiLlama Aerodrome Slipstream protocol API
api.llama.fi
- 63DeFiLlama Kamino Lend protocol API
api.llama.fi
- 64DeFiLlama Portal protocol API
api.llama.fi
- 65DeFiLlama Lombard protocol API
api.llama.fi
- 66
- 67DeFiLlama hacks API
api.llama.fi
- 68The Defiant: Initia halts L1 and rollups
thedefiant.io
- 69The Defiant: Swell rate manipulation flagged
thedefiant.io
- 70Bitquery: the WAX bridge hack
bitquery.io
- 71WAX incident notice
x.com
- 72KuCoin: Yapeswap governance attack
kucoin.com
- 73Snapshot GraphQL API
hub.snapshot.org
- 74Snapshot vote: USDG as a core initiative
snapshot.box
- 75Snapshot vote: L1 voting recovery system
snapshot.box
- 76Snapshot vote: L1 pricing update
snapshot.box
- 77Snapshot vote: PancakeSwap The Flip
snapshot.box
- 78Snapshot vote: Spark SAEP-24
snapshot.box
- 79Snapshot vote: Spark multisig configuration
snapshot.box
- 80Snapshot poll: Starknet post-quantum L1
snapshot.box
- 81Snapshot vote: Aave SVR expansion
snapshot.box
- 82Snapshot vote: Aave PAXGy onboarding
snapshot.box
- 83Snapshot vote: sdCRV oracle policy (failed)
snapshot.box
- 84Snapshot vote: sdCRV oracle policy (passed)
snapshot.box
- 85Snapshot vote: Beets BIP-117
snapshot.box
- 86Snapshot vote: QuickSwap Soneium deprecation
snapshot.box
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