DeFi Week 42: TVL falls 4.6% as a $1.19B flush hits ether, deposits rise in ETH terms
DeFi TVL fell 4.6% to $92.10B in the week to 11 October as a $1.19 billion liquidation flush hit ether, while the same book rose 3.84% measured in ether — the gap that separates this week's repricing from real flows.
DeFi's aggregate total value locked ended the weekly window at $92.0986B, the daily snapshot for 11 October, down $4.4456B or 4.6047% from $96.5442B on 5 October. 1
Ether fell further over the same seven days, from $2,725.91 to $2,504.31, a drop of 8.13%. 2 Balances are valued at current prices, so that gap decides how to read the week: the same book measured in ether went from 35.417M to 36.776M ETH, up 3.84%. 1
The scheduled window runs from 5 October to 12 October 2026, 10:00 GMT-5, and the TVL series uses the nearest daily historical balances rather than hour-level readings. Two events set the tone. A liquidation cascade on 8 and 9 October wiped out $1.19 billion of leveraged crypto positions, and more than $1 billion of that was longs. Ether took about six times bitcoin's damage measured against market value. 3 Balancer, mid-way through shutting itself down, then passed two votes that settle what happens to recovered exploit funds and to the COW tokens still on its books. 45
Quick scan
| Metric | Verified reading | Strategic significance |
|---|---|---|
| Aggregate DeFi TVL | $96.5442B to $92.0986B; -$4.4456B / -4.6047% 1 | Ether fell 8.13% over the same days, so the ether-denominated book rose 3.84%: the drop is repricing, not an exit. |
| Largest dollar gainer | Spark Savings: +$241.1M; $1.352B to $1.593B 6 | Money moved into a governance-rate savings vault during the worst week of the quarter. 7 |
| Largest dollar loser | Lido: -$2.253B; $26.768B to $24.515B 6 | On its own daily series Lido is down 9.61%, but only 1.61% in ether terms once the price move is removed. 8 |
| Largest one-day step | K3 Capital: -$253.5M on the feed's basis 9 | Two of its nine chains shed $190M in a single day on 7 October, and the other seven were flat. Cause unresolved. |
| Largest security incident | MakerDAO ETH-A liquidation keeper bot: $538,000 on 6 October 10 | A dormant third-party bot proxy: 200 WETH withdrawn to an address funded through Tornado Cash. 11 |
| Binding governance outcome | Balancer passes BIP-930 and BIP-931 12 | 120 drained V1 pools get ETH back, and CoW's treasury buys the 1.18M COW Balancer still holds. 5 |
| Highest displayed APY | Aerodrome Slipstream USDC-PROS: 86,373.40% at $960,000 TVL 13 | Emissions supply 86,362 of the rate's 86,373 points; base swap fees supply 11.25. |
The dollar index fell, and the ether-denominated index rose
The aggregate series sat still until 8 October. The book sat at $96.5442B on 5 October, $96.4377B on 6 October and $96.1114B on 7 October. It then fell to $93.5068B and $91.1671B before recovering to $91.6511B and $92.0986B. 1 The whole 4.6% decline arrived in 48 hours.
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Ether's own series tells the same two-day story from the other side. It opened the window at $2,725.91 and held $2,710.42 and $2,697.17. It then lost $124 on 8 October and another $100 on 9 October, before settling at $2,504.31. 2
| Metric | 5 October | 11 October | Change |
|---|---|---|---|
| Total DeFi TVL | $96.5442B | $92.0986B | -4.60% 1 |
| Ether price | $2,725.91 | $2,504.31 | -8.13% 2 |
| Bitcoin price | $86,489.73 | $82,917.90 | -4.13% 14 |
| Solana price | $121.52 | $110.00 | -9.48% 15 |
| Hyperliquid price | $90.52 | $85.39 | -5.67% 16 |
| DeFi TVL measured in ether | 35.417M ETH | 36.776M ETH | +3.84% 1 |
CoinDesk put the flush at $1.19 billion across the market over 24 hours, with more than $1 billion of it long positions. 3 About $356 million of that was ether positions against $298 million of bitcoin positions, and the largest single liquidation was a nearly $20 million ether position on Hyperliquid. 3 CoinDesk reported the previous day that macro pressure — rising oil and interest rates, plus regulatory uncertainty — had already turned bitcoin down 4% in a day. 17
Here is why the ether-denominated figure matters this week. Last week ether was flat and the dollar move and the flow move were the same thing. This week the price term is the larger of the two, and it runs the other way. The dollar book fell 4.60% while the ether book rose 3.84%, so deposits added to the book even as its dollar value dropped. 1 The 18 October snapshot will show whether that inflow stayed once the price stabilised.
Where the book sits, and which chains moved
The chain endpoint totals $92.259B across 468 tracked networks at its latest reading, with Ethereum holding $51.582B, or 55.91%. 18 That endpoint returns current balances, so it shows where the book sits rather than how it moved. The 7-day column below comes from each chain's own daily series between 5 and 11 October. 19
| Chain | Current TVL | Share of tracked total | 7-day change | Same change in ether |
|---|---|---|---|---|
| Ethereum | $51.582B | 55.91% 18 | -5.27% 19 | +3.12% |
| Base | $6.211B | 6.73% 18 | -4.15% 20 | +4.33% |
| Solana | $6.204B | 6.72% 18 | -7.64% 21 | +0.53% |
| Tron | $5.611B | 6.08% 18 | -0.11% 22 | +8.73% |
| BSC | $5.577B | 6.04% 18 | -4.98% 23 | +3.42% |
| Bitcoin | $4.417B | 4.79% 18 | -3.89% 24 | +4.61% |
| Arbitrum | $1.377B | 1.49% 18 | -4.23% 25 | +4.25% |
| Hyperliquid L1 | $1.091B | 1.18% 18 | -3.02% 26 | +5.56% |
| Robinhood Chain | $1.056B | 1.14% 18 | +0.66% 27 | +9.57% |
| Monad | $0.997B | 1.08% 18 | -3.95% 28 | +4.55% |
| Polygon | $0.678B | 0.74% 18 | -9.93% 29 | -1.96% |
| Avalanche | $0.641B | 0.69% 18 | -4.13% 30 | +4.35% |
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Ten of these twelve chains fell in dollars and rose in ether. That is what a week of falling prices looks like when capital stays put. Polygon is the clean exception: it lost 9.93% in dollars and 1.96% even after the price move, which makes it the one large chain where the book genuinely shrank. 29
Two more chains only look steady because their own token moved with them. Solana fell 7.64% in dollars while SOL fell 9.48%, leaving the chain up 2.03% in SOL terms — deposits arrived into a falling token. 15 Hyperliquid L1 fell 3.02% in dollars while HYPE fell 5.67%, leaving it up 2.81% in HYPE terms and reversing the second consecutive weekly outflow recorded here last week. 16
Protocol ranking: the ether books moved with ether and nothing else
The screen covers non-exchange protocols with at least $50M in current TVL. Before-balances are back-calculated as current TVL divided by (1 + change_7d / 100) and are labelled as such; dollar moves are rounded to the nearest $0.1M. 6
DeFiLlama's
change_7d measures the latest snapshot against the same clock time seven days earlier, while the aggregate figures above come from daily snapshots, so the two bases disagree for protocols whose value moved sharply at the window's edges. Where the disagreement changes the direction of a move, both readings appear below.Top protocol dollar gainers
| Protocol | TVL before | Current TVL | 7-day change | Dollar move | What the feed shows |
|---|---|---|---|---|---|
| Spark Savings | $1.352B | $1.593B | +17.84% | +$241.1M | Its Ethereum leg rose from $1.003B on 5 October to $1.160B on 11 October, and $100M of that arrived on 8 October alone. 7 |
| Starknet Bridge | $0.290B | $0.493B | +70.05% | +$202.9M | The escrow added $73M on 10 October and $128M on 11 October, while Starknet's own chain TVL moved only +1.5% across the same week. 31 |
| Obol | $0.883B | $1.049B | +18.77% | +$165.8M | A distributed-validator book that climbed on 8 and 9 October, the two days the market fell hardest. Cause unresolved. 32 |
| Unit | $0.891B | $1.016B | +14.07% | +$125.3M | On the daily series the same week is -$65.3M, -6.04%, because the whole gain arrives after 11 October. Both readings are on this row. 33 |
| Optimism Bridge | $0.761B | $0.830B | +9.10% | +$69.2M | Escrow into OP Mainnet grew while the chain's own DeFi balances fell 9.08%. 6 |
| CCIP | $1.911B | $1.976B | +3.41% | +$65.2M | Chainlink's cross-chain messaging escrow drifted up on Ethereum, Solana and Avalanche. 6 |
| Sentora Curator | $2.506B | $2.565B | +2.35% | +$59.0M | A small recovery after the $421M one-day Ethereum step this brief flagged on 29 September. 34 |
| Spark Liquidity Layer | $2.736B | $2.790B | +1.99% | +$54.3M | The allocator behind Spark's vaults grew alongside the savings product above. 6 |
| Invesco USTB | $0.559B | $0.601B | +7.61% | +$42.5M | A tokenized Treasury fund that took deposits while risk assets sold off. 6 |
Top protocol dollar losers
| Protocol | TVL before | Current TVL | 7-day change | Dollar move | What the feed shows |
|---|---|---|---|---|---|
| Lido | $26.768B | $24.515B | -8.42% | -$2.253B | Down 9.61% on its own daily series, but only 1.61% in ether terms: a small real exit on a large repricing. 8 |
| Aave V3 | $18.559B | $17.537B | -5.50% | -$1.022B | Down 6.45% on the daily series and up 1.82% in ether terms — net deposits arrived. 35 |
| SSV Network | $14.192B | $13.250B | -6.64% | -$942.8M | Down 8.17% on the daily series and 0.05% in ether terms: the whole move is the price. 36 |
| Binance staked ETH | $10.129B | $9.444B | -6.76% | -$684.7M | Its daily series falls 8.13%, almost exactly ether's own 8.13% — a coin with the index. 37 |
| EigenCloud | $7.103B | $6.594B | -7.16% | -$508.6M | Down 8.52% daily and 0.43% in ether terms. 38 |
| SparkLend | $5.737B | $5.247B | -8.55% | -$490.4M | Down 8.86% daily and 0.80% in ether terms. Two weeks ago this was the largest dollar gainer. 39 |
| Coinbase Bridge | $8.492B | $8.108B | -4.52% | -$384.0M | BTC, XRP, ADA and DOGE escrow, all down with their own tokens. 6 |
| ether.fi Stake | $5.215B | $4.832B | -7.35% | -$383.3M | The restaking and staking book fell with ether across Ethereum, Base, Arbitrum and Optimism. 6 |
| K3 Capital | $0.499B | $0.246B | -50.78% | -$253.5M | The Monad leg fell $114M and the Ethereum leg $76M on 7 October, with seven other chains flat. Cause unresolved. 9 |
| WBTC | $10.016B | $9.658B | -3.58% | -$358.7M | Wrapped bitcoin escrow tracked BTC's 4.13% decline. 6 |
| Binance Bitcoin | $5.863B | $5.635B | -3.89% | -$228.3M | Same shape, same token. 6 |
| Base Bridge | $3.246B | $3.027B | -6.73% | -$218.5M | A canonical bridge down more than the chain it serves, which fell 4.15%. 6 |
| Maple | $3.067B | $2.863B | -6.66% | -$204.4M | Down 5.80% daily and up 2.54% in ether terms, so no capital left. 40 |
| Arbitrum Bridge | $3.816B | $3.613B | -5.31% | -$202.6M | Escrow out of Arbitrum fell alongside the chain's own 4.23% decline. 6 |
| Steakhouse Financial | $2.506B | $2.310B | -7.85% | -$196.7M | A managed-vault book that has now fallen three weeks running. 6 |
Read the losers table again with the ether column. Lido, SSV Network, Binance staked ETH, EigenCloud, SparkLend and Maple all moved within half a point of ether's own move, and two of them came out positive in ether terms. 6 A staking or lending book that falls exactly as far as the asset it holds has kept its customers.
The gain side is where the week's real flows are, and three of them need labels. Spark Savings added $157M on its Ethereum leg across the week, and its biggest single day arrived on 8 October. Its rate is set by Sky governance. 741 Obol, a distributed-validator staking book, climbed on 8 and 9 October, the two days of heaviest selling, roughly $50M and $83M. 32 Neither protocol published a dated announcement inside the window, so both causes stay unresolved and the balances stand on their own.
Starknet Bridge needs a closer look, because its shape does not match the narrative around it. STRK rallied about 322% in the 30 days to 11 October on a proposal to leave Ethereum and become a standalone Layer 1, including a 40% gain on 9 October alone. 42 The bridge's Ethereum escrow then added $73M on 10 October and $128M on 11 October, while Starknet's own chain TVL rose just 1.5% over the whole week, from $165.2M to $167.7M. 43 Capital crossed into Starknet; almost none of it was deployed there.
Two balances moved in one-day steps with no explanation attached. K3 Capital, a curator running credit vaults, shed $114M on Monad and $76M on Ethereum on 7 October while its Optimism, Plasma, BSC, Hyperliquid, Arbitrum and Unichain legs held flat. 9 Unit, a Bitcoin bridge, shows the feed at +14.07% and the daily series at -6.04% for the same seven days, because the measured window on the feed ends a day later. 33
One entry carries over from last week. LayerZero V2's $3.65B one-day gain on its Polygon leg on 3 October held: the protocol sits at $11.477B this week, down 1.59%, and Polygon's own chain TVL stayed near $678M. 44 The number is still in the feed, and it is still an accounting change rather than deposits.
Security: the quietest week since August
Three incidents fell inside the window, totalling $577,873 on the amounts the DeFiLlama feed carries, against $4.29M in the previous window and $11.18M in the one before it. 10
| Protocol | Chain | Loss amount | Attack vector | Remediation status |
|---|---|---|---|---|
| MakerDAO ETH-A liquidation keeper bot | Ethereum | $538,000 10 | Access control on a dormant third-party liquidation bot proxy 11 | Not disclosed. The 200 WETH went to a new address funded through Tornado Cash. 11 |
| Set Protocol | Ethereum | $21,872.67 10 | Rounding error: actualizeFee() recalculated unit shares upward with no fee minted 45 | Not disclosed. A Uniswap v4 flash loan supplied the liquidity that scaled the loop. 45 |
| Locus Finance | Arbitrum | $18,000 10 | Not classified in the feed | Not disclosed. 10 |
The MakerDAO entry is the one worth reading closely, and the name points somewhere other than the loss. What was drained is a liquidation keeper bot — a third-party contract that liquidates under-collateralised ETH-A vaults for a fee — while the MakerDAO protocol, its vaults and its collateral were untouched. 11 Keeper bots are the parties that actually execute liquidations during a week like this one; anyone running an automated liquidation bot should treat the access-control path on it as a live risk. The 8 and 9 October flush produced the conditions these bots are built for, with $1.19 billion of positions closed. 3
Set Protocol's loss is small and the mechanism is the interesting part. A rounding direction inside a fee function raised unit shares from 4,927 to 4,928 even though the function had minted no fee, so issuing before the update and redeeming after it extracted extra collateral. 45 SlowMist put the loss at about 5.08 ETH, close to $13,700, against the $21,872.67 in the feed; the two sources disagree and this brief reports both rather than picking one. 45 Locus Finance's $18,000 loss came from a cross-chain yield vault on Arbitrum; the feed records the amount and leaves the vector and any recovery status blank. 10
Governance: Balancer's wind-down turns into the paperwork
Snapshot's index lists 47 proposals that closed inside the window. The ones below changed protocol parameters, treasury control, or program eligibility, and each carries a final tally. 46 Snapshot votes are off-chain signals, and each outcome takes effect through the relevant DAO's own execution path.
| Protocol (space) | Proposal | Outcome | For / Against | Quorum | What it changes |
|---|---|---|---|---|---|
Balancer (balancer.eth) | BIP-930: Distribution of Recovered Funds from Balancer V1 August 31st 2026 Exploit | Passed | 6,331,377 / 0 12 | 5,000,000, met | Pays 120 drained V1 pools in ETH from 296.401711 ETH the exploiter and three whitehats returned. 4 |
| Balancer | BIP-931: Balancer x CoWSwap Tokenswap and token purchase | Passed | 6,331,377 / 0 47 | 5,000,000, met | Reverses the BIP-770 swap: Balancer returns 200,000 BAL and CoW's treasury buys its remaining COW. 5 |
CoW DAO (cow.eth) | CIP-89: Unwind of the Balancer tokenswap and repurchase of COW held by Balancer DAO | Passed | 55,479,694 / 0 48 | 35,000,000, met | The CoW side of the same trade, buying Balancer's 1,179,455.73 COW at a 15-day TWAP. 5 |
Aave (aavedao.eth) | ARFC: The Aave Foundation, Phase 1 | Passed | 572,726 / 0, 0 abstaining 49 | Not exposed | Sets terms for an Aave Foundation as a legal entity around the DAO. |
Safe (safe.eth) | SEP 56: Fund Safenet Aegis to Grow SAFE Token Utility and Sustainability | Passed | 29,410,326 Accept 50 | 10,000,000, met | Funds the transaction-security network Safenet is building. |
Spark (sparkfi.eth) | Reduce Sentora x Spark RLUSD WBTC Relative Supply Cap | Passed | 451,086,069 / 0 51 | Not exposed | Tightens how much of one specific collateral pair the vault may hold. |
| Spark | Rotate Guardian and Curator Multisig Signers | Passed | 451,041,886 / 0 52 | Not exposed | Changes who holds the guardian and curator keys. |
sdCRV (sdcrv-gov.eth) | Activate reUSD/sfrxUSD LP/crvUSD LlamaLend V2 on Ethereum | Failed | 0 / 19,795,821 53 | 5,342,027, met | One address supplied every opposing vote. A 3,000,000 crvUSD borrow cap was not set. 46 |
| sdCRV | Add a gauge for the alUSD/avUSD stableswapNG pool on mainnet | Passed | 19,798,184 / 0 54 | 5,341,687, met | Directs CRV emissions to one new stable pool. |
Rocket Pool (rocketstarfoundation.eth) | RFIP-19: Sale of ETH | Passed | 22,000 Support 55 | 16,250, met | Authorises the foundation to sell ETH from its own treasury. |
Phala Network (phala-network.eth) | Make PHA the Economic Heart of the Phala Ecosystem | Passed | 15,260,513 / 3,420,184, 172,079 abstaining 56 | Not exposed | Redirects the network's economics toward its own token. |
Grove Finance (grovefinance.eth) | Tokenized Treasury JTRSY Instance — Offchain Parameter Update | Passed | 64,058,838 / 0 57 | Not exposed | Changes parameters on a tokenized Treasury deployment, ratified by two addresses. |
AdEx (adex.eth) | Decide the Future Burn Rate for Non-Migrated $ADX-STAKING Tokens | Passed: "Burn an extra 1.00% daily" | 275,555 of 316,735 58 | Not exposed | The fastest of three offered burn rates, with 139 addresses voting. |
Balancer's two votes are the ones with a date attached. BIP-930 pays out 296.401711 ETH returned after the 31 August exploit of the protocol's legacy V1 pools. The ETH is split across 120 affected pools proportionally to what each lost, pro rata by pool-token holdings at Ethereum block 25,872,248 — the last block before the first exploit transaction. 4 The exploit drained $1,393,694.67 at attack-time prices; the main exploiter returned 120 ETH, two anonymous whitehats 52.061 and 100.219105 ETH, a third 15.948 ETH, and block builder Ultrasound.money 8.173606 ETH, each keeping a 10% bounty. 4 If you held tokens in a Balancer V1 pool on 31 August, a claiming mechanism mirroring the earlier BIP-892 process is coming, with per-pool allocation tables and holder lists to be published for review first. 4
BIP-931 matters to anyone still holding BAL. CoW DAO's managed treasury will buy Balancer's 1,179,455.7313 COW at a 15-day TWAP of 0.00005518429144 COW per ETH, about 30.22 ETH in total. Balancer returns the 200,000 BAL it received under the original BIP-770 swap in January 2025. 5 The point of the trade is the wind-down: without it, Balancer would have distributed COW in kind or sold it on-market, and the treasury council had already revoked an order to sell COW held outside BIP-770. 5 Of Balancer's total COW, 631,850.824075 stays locked under governance until January 2027. 5
Voting power stays concentrated, and this week one address decided an outcome on its own. On sdCRV's LlamaLend activation, a single voter cast all 19,795,821 opposing votes against zero in favour; quorum was met, so the proposal failed. 46 On CoW DAO's CIP-89, the largest address cast 49,017,557 of 55,479,694 COW, or 88.4%, across 31 voters. 46 Balancer's two votes drew six addresses and the largest cast 2,521,359 of 6,331,377 BAL, or 39.8%. 46 Snapshot returns voter addresses without the delegate labels its interface shows, so these payloads size the blocs without naming them. Quorum is exposed for
balancer.eth, cow.eth, safe.eth, sdcrv-gov.eth and rocketstarfoundation.eth this week. It returns 0 for aavedao.eth, sparkfi.eth, phala-network.eth, grovefinance.eth and adex.eth; read those zeros as an unpublished threshold, never as met. 46Yield screen: the reward share held near 100%
Sixteen pools with at least $500,000 in TVL print APYs above 1,000%, and thirteen of the sixteen sit on Base. 13 Splitting each rate into base swap fees and reward emissions shows where the return comes from.
| Pool | Chain | TVL | Total APY | Base APY | Reward APY | 7-day base | 30-day mean | Risk profile |
|---|---|---|---|---|---|---|---|---|
| Aerodrome Slipstream USDC-PROS | Base | $960,000 | 86,373.40% | 11.25% | 86,362.14% | 15.98% | 120,508.64% | Emissions supply 99.99% of the headline, and the 30-day mean is higher than today's print. 13 |
| Aerodrome Slipstream CTR-USDC | Base | $590,000 | 26,432.26% | 4.78% | 26,427.48% | 6.00% | 61,098.75% | Same shape, and the 30-day mean is 2.3 times today's rate. 13 |
| Aerodrome Slipstream USDC-SNDKC | Base | $1,100,000 | 21,270.22% | 406.90% | 20,863.32% | 92.14% | 1,995.57% | The highest fee share in the table, and a 30-day mean an eleventh of today's print. 13 |
| Aerodrome Slipstream USDC-VELVET | Base | $1,130,000 | 18,413.09% | 1.77% | 18,411.33% | 1.72% | 34,306.62% | Base fees cover 0.01% of the rate; $3.8M of weekly volume on a $1.1M book. 13 |
| Aerodrome Slipstream USDC-MUC | Base | $820,000 | 12,117.12% | 280.32% | 11,836.80% | 67.45% | 1,388.88% | A token pair whose 30-day mean is an eighth of today's rate. 13 |
| Aerodrome Slipstream AVNT-USDC | Base | $770,000 | 4,530.00% | 1.03% | 4,528.96% | 1.13% | 20,308.98% | Effectively all emissions, and $2.4M of weekly volume. 13 |
| Aerodrome Slipstream USDC-NVDAC | Base | $1,750,000 | 3,951.31% | 113.22% | 3,838.08% | 45.01% | 350.13% | A tokenized-equity pair printing eleven times its own 30-day mean. 13 |
| Aerodrome Slipstream USDC-MSTRC | Base | $1,620,000 | 3,238.42% | 150.34% | 3,088.08% | 111.44% | 2,434.78% | The steadiest tokenized-equity pair, with base fees at 4.6% of the total. 13 |
| Aerodrome Slipstream SOL-USDC | Base | $640,000 | 2,701.51% | 115.42% | 2,586.09% | 81.86% | 1,839.77% | SOL exposure wrapped in a Base pool, so the rate and the token move together. 13 |
| Aerodrome Slipstream USDC-METAC | Base | $2,230,000 | 2,638.83% | 170.80% | 2,468.03% | 40.22% | 579.15% | Another tokenized-equity pair at 4.6 times its 30-day mean. 13 |
| Ekubo STRK-ETH | Starknet | $580,000 | 2,544.01% | 2,544.01% | 0.00% | — | 6,372.97% | A pure-fee print with no reward leg, and a 30-day mean 2.5 times today's rate. 13 |
| Blackhole CLMM WAVAX-USDC | Avalanche | $580,000 | 1,673.63% | 0.00% | 1,673.63% | 0.00% | 2,255.02% | Pure emissions, but on $28.3M of weekly volume — the deepest book in this screen. 13 |
| Aerodrome Slipstream WETH-CBBTC | Base | $2,350,000 | 1,599.14% | 100.28% | 1,498.86% | 66.26% | 2,647.78% | The largest book on this list, and fees cover 6.3% of the rate. 13 |
| Ekubo STRK-ETH | Starknet | $940,000 | 1,519.01% | 1,519.01% | 0.00% | — | 608.83% | The second pure-fee print, and its 30-day mean is a third of today's rate. 13 |
| Aerodrome Slipstream USDC-AMZNC | Base | $2,250,000 | 1,205.48% | 65.37% | 1,140.11% | 39.99% | 332.39% | A tokenized-equity pair at 3.6 times its 30-day mean. 13 |
| Aerodrome Slipstream ICP-WETH | Base | $510,000 | 1,085.91% | 45.94% | 1,039.96% | 17.00% | 500.39% | The thinnest book on the list at $510,000. 13 |
Two entries this week are fee-only, and both are the same STRK-ETH pair on the Starknet venue Ekubo: one at 2,544.01% on $580,000 and one at 1,519.01% on $940,000. 13 A base-only rate that high marks a thin book absorbing a burst of volume; the two pools' 30-day means of 6,372.97% and 608.83% bracket today's prints from either side, which shows how far a single week of fees can sit from the running average. STRK's 322% month is the trading that produced the fees, and it can stop as fast as it started. 42
Reward emissions supply at least 93% of the total rate on every other print above except the two Ekubo pairs, and on five of them they supply more than 99%. 13 The deeper pools are the ones where trading carries the return, and three of them set this week's reference for a real fee stream. Uniswap V3's WETH-USDC on Base holds $151.0M at 50.01% on $366.1M of weekly volume, and Orca's SOL-USDC on Solana holds $29.1M at 49.28% on $629.4M. Uniswap V3's WETH-USDT on Ethereum holds $97.1M at 28.03% on $149.7M. 13 Those three rates are what a real fee stream on a deep book looks like, and they are the comparison to hold against any four-figure headline.
Compare each print with its own 30-day mean and the screen splits in both directions: nine of the sixteen pools sit above their own mean and seven below. 13 USDC-NVDAC prints 11.3 times its 30-day mean, USDC-SNDKC 10.7 times and USDC-MUC 8.7 times, while AVNT-USDC prints 0.22 times its own mean, CTR-USDC 0.43 times and USDC-VELVET 0.54 times. A four-figure rate is a photograph of one day, and the mean is what says whether the level has held.
Trader and yield farmer action checklist
- Read this week's protocol tables in ether, not dollars. Lido lost $2.253B in dollars and 1.61% in ether; Aave V3 lost $1.022B and gained 1.82% in ether. The dollar numbers describe the market, not the flows. 6
- Discount Starknet Bridge's +$202.9M until it is deployed. The escrow added $201M in two days while Starknet's own chain TVL rose 1.5%, so the capital crossed the bridge and sat there. 31
- If you held Balancer V1 pool tokens on 31 August, diarise the claim. BIP-930 passed; 296.401711 ETH is allocated across 120 pools at block 25,872,248, with per-pool tables to be published before claims open. 4
- If you still hold BAL, the COW it holds is being bought at 0.00005518429144 COW per ETH. The 15-day TWAP fixes the reference price, and 631,850.824075 COW stays locked until January 2027. 5
- Treat SDCRV's failed LlamaLend activation as a governance signal. One address supplied all 19,795,821 opposing votes, quorum was met, and a 3,000,000 crvUSD borrow cap did not get set. 53
- Check the access control on any keeper bot you run. The week's largest loss was a dormant third-party MakerDAO liquidation bot drained for 200 WETH, not a lending market. 11
- Screen the reward share of any four-figure pool before entering. On every reward-paying pool above, emissions supply more than 93% of the headline rate, and the token you are paid in is the one whose price has to hold until you sell. 13
References
- 1DeFiLlama historical chain TVL API
api.llama.fi
- 2CoinGecko Ethereum market chart API
api.coingecko.com
- 3CoinDesk on the 9 October flush
coindesk.com
- 4Balancer forum: BIP-930
forum.balancer.fi
- 5Balancer forum: BIP-931
forum.balancer.fi
- 6DeFiLlama protocols API
api.llama.fi
- 7DeFiLlama Spark Savings protocol API
api.llama.fi
- 8DeFiLlama Lido protocol API
api.llama.fi
- 9DeFiLlama K3 Capital protocol API
api.llama.fi
- 10DeFiLlama hacks API
api.llama.fi
- 11KuCoin News on the MakerDAO bot drain
kucoin.com
- 12Snapshot vote: Balancer BIP-930
snapshot.box
- 13DeFiLlama yield pools API
yields.llama.fi
- 14CoinGecko Bitcoin market chart API
api.coingecko.com
- 15CoinGecko Solana market chart API
api.coingecko.com
- 16CoinGecko Hyperliquid market chart API
api.coingecko.com
- 17CoinDesk on the 8 October selloff
coindesk.com
- 18DeFiLlama chain TVL API
api.llama.fi
- 19DeFiLlama Ethereum historical TVL API
api.llama.fi
- 20DeFiLlama Base historical TVL API
api.llama.fi
- 21DeFiLlama Solana historical TVL API
api.llama.fi
- 22DeFiLlama Tron historical TVL API
api.llama.fi
- 23DeFiLlama BSC historical TVL API
api.llama.fi
- 24DeFiLlama Bitcoin historical TVL API
api.llama.fi
- 25DeFiLlama Arbitrum historical TVL API
api.llama.fi
- 26DeFiLlama Hyperliquid L1 historical TVL API
api.llama.fi
- 27DeFiLlama Robinhood Chain historical TVL API
api.llama.fi
- 28DeFiLlama Monad historical TVL API
api.llama.fi
- 29DeFiLlama Polygon historical TVL API
api.llama.fi
- 30DeFiLlama Avalanche historical TVL API
api.llama.fi
- 31DeFiLlama Starknet Bridge protocol API
api.llama.fi
- 32DeFiLlama Obol protocol API
api.llama.fi
- 33DeFiLlama Unit protocol API
api.llama.fi
- 34DeFiLlama Sentora Curator protocol API
api.llama.fi
- 35DeFiLlama Aave V3 protocol API
api.llama.fi
- 36DeFiLlama SSV Network protocol API
api.llama.fi
- 37DeFiLlama Binance staked ETH protocol API
api.llama.fi
- 38DeFiLlama EigenCloud protocol API
api.llama.fi
- 39DeFiLlama SparkLend protocol API
api.llama.fi
- 40DeFiLlama Maple protocol API
api.llama.fi
- 41Spark documentation on the savings vaults
docs.spark.finance
- 42Crypto Briefing on the STRK rally
cryptobriefing.com
- 43DeFiLlama Starknet historical TVL API
api.llama.fi
- 44DeFiLlama LayerZero V2 protocol API
api.llama.fi
- 45SlowMist alert via Tozvan
tozvan.com
- 46Snapshot GraphQL API
hub.snapshot.org
- 47Snapshot vote: Balancer BIP-931
snapshot.box
- 48Snapshot vote: CoW DAO CIP-89
snapshot.box
- 49Snapshot vote: Aave Foundation Phase 1
snapshot.box
- 50Snapshot vote: Safe SEP 56
snapshot.box
- 51Snapshot vote: Spark supply cap
snapshot.box
- 52Snapshot vote: Spark signer rotation
snapshot.box
- 53Snapshot vote: sdCRV LlamaLend activation
snapshot.box
- 54Snapshot vote: sdCRV gauge
snapshot.box
- 55Snapshot vote: Rocket Pool RFIP-19
snapshot.box
- 56Snapshot vote: Phala PHA proposal
snapshot.box
- 57Snapshot vote: Grove JTRSY parameters
snapshot.box
- 58Snapshot vote: AdEx burn rate
snapshot.box
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