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Gate Research Institute: Berachain TVL breaks through 30 billion US dollars, creating a new historical high; gate joins hands with Consensus conference to create a new model of Web3 music social networking
Summary
Market Interpretation
Quotes
) Popular concepts
This week, the price of Bitcoin fluctuated between $93,500 and $99,000, with various sectors of altcoins performing differently. According to Coingecko data, Payment Solutions, Wallets, and Bittensor Ecosystem were among the top gainers this week, with market values rising by approximately 33.2%, 18.3%, and 7.1% over the past seven days.【8】
Payment Solutions – This section refers to a collection of platform systems that provide technologies or services that enable merchants to accept and process cryptocurrencies as payment for goods and services. The increasing expectation that the monetary policy of the world’s major central banks will turn to easing, coupled with the acceleration of the legislative process of the “Payment Stablecoin Act” in the United States and the entry into force of the EU instant payment regulation, has driven the digital penetration rate of commercial payments to increase, stimulated the surge in demand for payment solutions, and made more investors begin to pay attention to this sector.
The sector rose by 33.2% in the past 7 days, with a market value of 20.9 billion US dollars and a 24-hour trading volume of 2.77 billion US dollars. Among them, the currency TEL in the sector rose by 61.4% in the past 7 days, and ACH rose by 27.5% in the past 7 days.【9】
Wallets —— Wallets refer to the cryptocurrency wallet section. A cryptocurrency wallet is a digital tool that allows users to interact with the blockchain network to store and manage cryptocurrencies. The growth of this section is due to recent relaxed regulations, which have allowed banks to intervene in more Web3 wallet applications, thereby driving up prices.
Wallets sector rose by 18.3% within 7 days, reaching a market value of $22.8 billion, with a 24-hour trading volume of $985.7 billion. Among them, the currency ALPH in the sector rose by 31.1% in the past 7 days.【10】
Bittensor Ecosystem - This section refers to the interconnected platform and services built around Bittensor. Bittensor is an open, decentralized, blockchain-based neural network. It serves as a self-governing, tokenized market system for the development and distribution of artificial intelligence technology. Recently, with the technological updates of Bittensor, more projects have started choosing it as a deployment platform, and Bittensor has collaborated with multiple projects to launch activities, driving an overall increase in the section.
The Bittensor Ecosystem sector saw a weekly market value increase of 7.1%, with a market capitalization of approximately 37.19 billion US dollars and a 24-hour trading volume of 2.36 billion US dollars. Among them, the currency STRDY in the sector has risen by 42.3% in the past 7 days.【11】
Hot Coins
According to CoinGecko data, the following are the popular coins in the past 7 days:【12】
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TEL )Telcoin( - The 7-day increase is about 60.7%, with a circulating market value of 10.69 billion US dollars.
Telcoin is a new cryptocurrency based on the Ethereum blockchain, issued by telecommunications operators in various countries. By combining the extensive coverage of mobile telecommunications with the fast and borderless nature of blockchain technology, it aims to enable global users to easily use digital assets anytime, anywhere.
Today, Telcoin’s Telcoin Bank application received conditional approval from the Nebraska Department of Banking and Finance. This approval marks Telcoin’s ability to formalize the first true bridge between traditional finance and cryptocurrency, further advancing the convergence of the crypto ecosystem. As soon as the news came out, it attracted many investors to actively buy, driving the price upward. 【13】
OM )MANTRA( - The 7-day increase is about 32.2%, with a market capitalization of $7.396 billion.
MANTRA is a security-first RWA Layer 1 blockchain designed to adhere to and execute real-world regulatory requirements. The network is tailored for institutions and developers, providing permissionless blockchain infrastructure to support compliant authorized applications.
Yesterday, MANTRA received the FIRST DeFi license, which allows it to operate as a virtual asset exchange and provide economic trading, asset management, and investment services. This license further enhances MANTRA’s compliance and regulatory adaptability, enhancing the security of its DeFi ecosystem. On this news, market sentiment was boosted and prices rose. 【14】
S )Sonic( - The 7-day increase is about 30.5%, with a market capitalization of $22.62 billion.
Sonic is a high-performance EVM layer 1 blockchain that combines high speed, incentive mechanisms, and world-class infrastructure, designed to power the next generation of DeFi applications. The chain has a transaction throughput of 10,000 transactions per second (TPS) and sub-second transaction finality.
Yesterday, Sonic’s total value locked (TVL) on-chain exceeded 500 million US dollars, setting a new milestone. With the continuous improvement of the ecosystem, including cooperation with DeFi projects such as Rings and Lombard, Sonic’s market confidence has been further strengthened. The growth of TVL shows the confidence of investors and developers in its overall ecosystem vitality. This positive trend has attracted more attention from developers and investors, providing strong support for Sonic’s long-term growth. [15]
This week’s focus
) Hotspot Review
Gate.io joins hands with the Consensus conference to create a new model of Web3 music social networking
On February 19, 2025, the Token of Love Hong Kong Music Festival, sponsored by the global leading cryptocurrency exchange Gate.io, grandly opened at Wonderland in the West Kowloon Cultural District of Hong Kong. As the heavyweight official side event of the flagship blockchain industry summit Consensus HK 2025, this music festival is centered around the core concept of “Web3 + Music + Social”, attracting over a thousand global audience, more than 80 industry media and ecological partners to participate through innovative forms such as immersive digital art stages, on-chain music interactive installations, and building a cross-border integration scene between the cryptocurrency community and the cultural and creative industries.
As the 3 Block strategic partner of Consensus HK 2025 (February 18-20), Gate.io is deeply involved in the design of the main venue agenda, and through the creation of this boundary-breaking music festival, it demonstrates its role upgrade from a trading platform to an ecosystem builder. The specially set up Gate.io on-chain heartbeat interactive area at the event site converts the sign data of the audience’s wearable encrypted hardware wallet into NFT soundtracks in real time, completing the world’s first blockchain-driven collective music creation experiment.
Under the MiCA regulatory framework, 10 companies have been approved to issue stablecoins in the European Union
Circle’s European Union Strategy and Policy Senior Director Patrick Hansen wrote that under the MiCA regulatory framework, 10 companies have been approved to issue stablecoins in the European Union. The list includes Banking Circle, stablecoin issuer Circle, Crypto.Com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Crédit Industriel et Commercial, StabIR, and Stable Mint. He added that these 10 service providers have issued 10 stablecoins pegged to the euro and 5 stablecoins pegged to the US dollar. It is worth noting that Tether did not appear on the list.
This event marks the implementation phase of the EU’s cryptocurrency regulation framework, which may have multi-dimensional impacts on the industry. The access mechanism of this framework may prompt more projects to adjust compliance strategies, while the demand for supporting services such as on-chain auditing and asset custody may gradually increase, with the potential size of the derivative market estimated to reach billions of euros. As the world’s first comprehensive cryptocurrency regulatory system fully implemented, the model of MiCA may serve as a reference for other regions, but its actual effects still need to be observed in terms of market acceptance and enforcement intensity.
Canary Capital launches $AXL ###Axelar( Trust fund
Canary Capital launches AXL (Axelar) Trust Fund, Canary AXL Trust, which will contain the native tokens of the Axelar network, marking the first investment trust offering general blockchain interoperability protocol investments. Axelar is a decentralized general blockchain interoperability protocol designed to achieve seamless connection and data exchange between different blockchains. Its core goal is to build a secure, trusted, and efficient cross-chain network, enabling interoperability among multiple blockchain ecosystems including XRP Ledger, Hedera, Stellar, TON, Sui, Solana, and Bitcoin. Axelar’s native token AXL plays a crucial role in the network, not only safeguarding network security and incentivizing operation, but also participating in network governance. This protocol provides powerful cross-chain solutions for developers and institutions, driving further development of the Web3 ecosystem and offering underlying support for various decentralized applications and financial products.
The trust may reshape the cross-chain track pattern in three aspects: first, promote the liquidity exchange between the Ripple ecosystem and other public chains (such as Solana and Bitcoin), and accelerate the application penetration of RLUSD in DeFi scenarios; Second, Axelar’s technology stack may become a benchmark for institutions to evaluate cross-chain solutions, further squeezing the living space of non-standardized protocols. Third, if the trust model is verified to be feasible, it may give rise to similar products covering ecosystems such as Cosmos and Polkadot, triggering compliance competition for cross-chain solutions. In addition, the entry of traditional capital may force cross-chain protocols to enhance on-chain transparency and audit mechanisms, and promote the upgrading of industry infrastructure. 【18】
) Security incidents
Cardex vulnerability costs $400,000, fixed and strengthened
Abstract is a Layer2 blockchain network designed to provide users with a secure and fast decentralized application environment. Cardex is a third-party application deployed on the Abstract platform, focusing on decentralized finance (DeFi) services. The relationship between the two is similar to that of an operating system and the applications running on it, with Abstract serving as the infrastructure supporting the operation and development of various applications, including Cardex.
On February 19, Abstract Security Team discovered a security vulnerability in Cardex, resulting in a loss of about 400,000 US dollars in tokens. The vulnerability stemmed from the Cardex team inadvertently exposing the private key to the frontend session signers during the review process. It is worth noting that this issue is limited to the Cardex application and has not affected the Abstract Global Wallet (AGW) or the Abstract network itself. Currently, the Abstract team has collaborated with the Cardex team to promptly fix the vulnerability and recommends users to regularly revoke the authorization of applications and tokens in their wallets to ensure asset security.
Project Attention
Monad Testnet Officially Launched
Monad announced the official launch of its testnet on February 19, and dapps such as Uniswap, Wormhole, and Backpack have all been launched on the testnet. Officials said that test tokens have been sent to more than 8.8 million active Ethereum addresses, and users can claim them through Monad’s official website.
As an Ethereum-compatible Layer 1 public chain, Monad aims to achieve a processing capacity of up to 10,000 transactions per second through parallel computing and superscalar pipeline technology. Monad’s goal is to provide developers and users with a high-performance, low-latency blockchain environment that drives the development of decentralized applications. Its core technologies include the MonadBFT consensus mechanism, deferred execution, parallel execution, and a custom MonadDb database. 【20】【21】
Highlights Data
Berachain on-chain TVL surpasses $3 billion, reaching an all-time high
Berachain’s on-chain TVL surpasses 30 billion U.S. dollars, reaching a historical high. Berachain is a Layer 1 blockchain built on Cosmos SDK that is EVM compatible. It adopts a unique Proof of Liquidity (PoL) consensus mechanism, aiming to solve liquidity issues in the DeFi space.
Among them, Infrared Finance is the protocol with the highest TVL in the Berachain ecosystem, and it is growing strongly, with a TVL of over $13.05 billion, a 7-day increase of 35.40%, and is becoming an important pillar of the Berachain DeFi ecosystem. Its liquidity staking model not only enhances the security of the Berachain network, but also promotes the expansion of liquidity in the entire ecosystem. [22]
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Circle on-chain fees continue to rise, with fees exceeding $35.39 million in the past week
According to Defillama data, the on-chain fees on Circle continue to rise, with fees exceeding $35.39 million in the past week. Circle, the main issuer of the compliant stablecoin USDC (USD Coin) anchored by USD fiat reserves, is also building a financial infrastructure covering payments, clearing, and asset tokenization, positioning itself as a compliant bridge connecting traditional finance and the crypto ecosystem.
Since February 11, 2024, after Circle officially announced that USDC has received native support on 18 blockchains including Unichain, transaction fees on some networks are still relatively high. Although global stablecoin regulations are becoming stricter, USDC is favored by some investors and institutions over USDT due to its compliance with regulatory requirements. However, compared to the approximately $120 million in transaction fees for USDT in the past week, USDC still lags behind significantly. As the adoption of USDC on Layer 2 and low-cost chains like Solana increases, its market share may further expand, gradually narrowing the gap with USDT in terms of trading volume and fees.
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Ethereum network transaction fees down 70% month-over-month, lowest since July 2020
The weekly transaction fee on the Ethereum network has plummeted. The 7-day moving average gas fee dropped to $0.77 on February 15, a 70% decrease from $2.57 a week ago, marking the highest drop since August 2021. This fee exploration has pushed the Ethereum dollar-denominated trading costs to levels not seen since before the DeFi Summer started in July 2020.
This decline is mainly attributed to the decrease in Ethereum mainnet activity, as well as the gradual migration of users and transactions to the L1 and L2 networks. The L2 solution significantly reduces transaction costs for users by batching transactions and submitting data to Mainnet. For example, the Dencun upgrade introduced a “blob” mechanism that significantly reduced the cost of Layer 2 data submission to the mainnet, which in turn reduced overall transaction fees. However, the drop in mainnet transaction fees has also had an impact on Ethereum’s tokenomics. Due to the decrease in mainnet fee income, the amount of ETH burned decreased, causing its supply to begin to increase. This suggests that the Ethereum mainnet needs to increase fee income in order to maintain ETH’s deflationary nature. Overall, transaction fees on the Ethereum network have shown a significant downward trend due to the popularity of Layer 2 solutions and changes in mainnet activity. 【24】
Market Opportunity
)# Airdrop
Kittenswap
KittenSwap is a decentralized exchange (DEX) known for its efficient and low-cost trading experience, with lower gas fees than Uniswap. The platform uses an innovative LIQUID token mechanism that partially burns tokens with each transaction, boosting its price. In addition, KittenSwap offers a lending service that allows users to deposit ETH to earn yield, or borrow ETH using LIQUID as collateral. The platform is governed by a community with an emphasis on transparency and decentralized governance.
Kittenswap has officially confirmed its airdrop plan and has launched a staking plan. The plan will distribute 20% of the total supply of KITTEN tokens in the form of voting-based KITTEN (veKITTEN). This governance-supported token format ensures long-term consistency between token holders and protocol development.
How to participate:
Prompt: The airdrop plan and participation methods may be updated at any time, and users are advised to follow the official channels of KittenSwap for the latest information. At the same time, users should be cautious about participating, be aware of the risks, and do sufficient research before participating. Gate.io There is no guarantee that subsequent airdrop rewards will be distributed.
Financing Weekly Report
This week, a number of projects have successfully completed financing, involving a wide range of applications in various fields such as security facilities, DeFi, infrastructure, etc. According to RootData, between February 15 and February 21, a total of 8 projects announced financing, exceeding $100 million. The following are the top three financing scales:[27]
Blockaid closed a $50 million funding round on February 18, led by Ribbit Capital with participation from Variant Fund and others. The funds will be used to expand Blockaid’s operations and R&D investment. Blockaid, a Web3 security tool focused on providing fraud prevention services to the digital asset space, protects on-chain companies such as Coinbase, Metamask, Stellar, Uniswap, and World App, successfully intercepting 71 million potential attacks and averting $5.3 billion in losses in 2024.
Cygnus closed a $20 million strategic funding round on Feb. 18 with participation from OKX Ventures, Mirana Ventures, and others. The funding will enable Cygnus to accelerate growth, expand its product line, and strengthen its presence in key markets. As a modular, real-yield layer, Cygnus enables blockchains to customize restaking networks for shared security. It is worth mentioning that Cygnus also provides the Social App SDK, which supports one-click deployment of applications integrated with Telegram, greatly simplifying the development process.
In addition, Cygnus Chain serves as the settlement layer of LVS, ensuring the verification and settlement of multi-chain assets and building a strong liquidity infrastructure. Currently, Cygnus is developing the first Web3 version of the Instagram application layer, which will integrate on-chain and off-chain assets to support the creator economy. Through these innovations, Cygnus aims to bring greater flexibility and scalability to the blockchain ecosystem, driving the further development of the creator economy in the Web3 era.
Altius closed a $11 million funding round on February 18, led by Founders Fund and Pantera. Funds will be used to accelerate Altius Labs’ technology development, team expansion, and explore strategic partnerships with other blockchain projects and organizations. Altius Labs is committed to developing a modular, virtual machine (VM)-agnostic execution stack. This stack enables seamless integration with any Layer 1 (L1), Layer 2 (L2), and applicationchain independent of a single binary implementation and network design, improving blockchain performance and interoperability.
Altius Labs’ goal is to help other crypto projects replicate Solana’s success. Through its innovative technology solutions, Altius Labs hopes to provide greater flexibility and scalability to the blockchain ecosystem, driving the development of decentralized applications.
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Follow next week
) tokens unlocked
According to Token Unlocks, next week (2025.02.21-02.27) the market will usher in several important token unlocking events. The total value unlocked is over $149 million. 【28】
Before the unlock next week, the three situations are as follows:
The MRS token plans to unlock approximately 10 million tokens, representing 11.87% of its circulating supply, at 12 AM UTC+0 time on February 21, 2025, with a value of approximately $82 million. The average daily trading volume of MRS has been around $114,000 recently, so investors should be cautious as this unlocking could have a significant impact on the market price of MRS.
The MURA token is scheduled to unlock approximately 20 million tokens at 12:00 a.m. on February 23, 2025, UTC+0, accounting for 2.00% of its circulating supply, worth approximately $42.08 million. The recent daily trading volume of MURA is around $68,300. This unlocking may have a significant impact on the market price of MURA, so investors need to be cautious.
IMX The token is scheduled to unlock approximately 24.52 million tokens at 12:00 AM UTC+0 on February 21, 2025, accounting for about 1.41% of its circulating supply, worth about $17.91 million. The recent average daily trading volume of IMX is around $37.63 million, which may have a certain impact on the token price.
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) Encrypted calendars
Next week (2025.2.21-2.27) will usher in a series of important events that will have a profound impact on the cryptocurrency market, the global economy, and the energy market. Rivalz Network, the AI intelligence layer, will conduct a TGE on February 21. [29] Solana’s layer-2 game public chain Sonic SVM mainnet Mobius will be officially launched on February 27th. [30] On February 21, 2025, the United States released the final value of the University of Michigan Consumer Sentiment Index for February. 【31】。 On February 26, 2025, the United States announced EIA crude oil inventories (10,000 barrels) for the week ending February 21. [32] On February 27, 2025, the United States announced the number of initial claims for unemployment benefits (10,000 people) for the week ending February 22. 【33】
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Reference
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