2025年2月公共連鎖研究報告

2025年2月，區塊鏈市場經歷了重大的市場調整，對已建立的網絡和新興的公共連鎖店構成了挑戰。

February saw a significant market adjustment as several major chains faced difficulties. Bitcoin showed strength with a smaller decline, and its dominance increased. Among the top chains, Solana was hit the hardest, with a price drop of 36.3% and a smaller decrease in market share. Credit Suisse's report highlighted the market downturn, especially in the DeFi sector, which saw a 20% decline in TVL.

2月，由於幾個主要連鎖店面臨困難，2月的市場調整很大。比特幣顯示出強度，下降較小，其優勢提高。在頂級連鎖店中，索拉納（Solana）遭受了最大的打擊，價格下跌36.3％，市場份額下降較小。瑞士信貸（Credit Suisse）的報告強調了市場經濟下滑，尤其是在Defi行業中，TVL下降了20％。

On the bright side, Berachain rapidly entered the top six with a TVL of $3.2 billion after launching its mainnet on February 6. The chain issued 80 million BERA tokens and adopted a "proof of liquidity" model, an innovative staking method that converts liquidity into network security. Following a $100 million funding round in 2024, this month's airdrop and governance incentives fueled market enthusiasm.

在光明的一面，Berachain於2月6日推出了其主網後，以32億美元的電視迅速進入了前六名。該連鎖店發行了8000萬個Bera代幣，並採用了“流動性證明”模型，這是一種創新的放電方法，將流動性轉換為網絡安全性。在2024年進行了1億美元的資金回合之後，本月的Airdrop和治理激勵措施促進了市場熱情。

In contrast to the sluggishness of Layer 1 chains, activity in Layer 2 was brisk. Base launched Flashblocks (faster transaction confirmations), Appchains (custom L3), and smart wallet subaccounts to maintain user stickiness. Unichain launched its mainnet on February 16, having processed 95 million transactions in its testnet, positioning it as a game changer in scalability performance, with heavyweight institutions like Circle joining. Starknet Nums application chain, as a Layer 3 gaming innovation, showcases the future of modular design.

與第1層鏈的緩慢性相反，第2層的活動很快。基地推出了FlashBlocks（更快的交易確認），AppChains（自定義L3）和Smart Wallet子帳戶，以保持用戶粘性。 Unichain於2月16日推出了其主網，並在其測試網中處理了9500萬筆交易，並將其定位為可伸縮性性能的遊戲規則改變者，並具有像Circle一樣的重量級機構。 Starknet Nums應用鏈作為第3層遊戲創新，展示了模塊化設計的未來。

However, despite the efforts of several projects, the overall market adjustment was undeniable. As institutions encountered difficulties and sold their holdings, selling pressure mounted, especially in the last week of February as ByBit's hacking incident unfolded, setting a record for the largest loss at $1.5 billion. This triggered widespread panic and rapid shifts in market sentiment.

但是，儘管有幾個項目的努力，但總體市場調整是不可否認的。隨著機構遇到困難並賣出了持股，賣出壓力，尤其是在2月的最後一周，拜比特的黑客事件發生了，創造了最大損失的記錄，為15億美元。這引起了市場情緒的廣泛恐慌和快速變化。

With the Trump administration's executive order on cryptocurrencies focusing on self-custody and stablecoin development, there was an unusual level of clarity in U.S. policy. Moreover, the SEC appeared to soften its stance, pausing investigations into companies like Coinbase, Binance, and Uniswap, and dropping its appeal against the "dealer rule." Furthermore, the bipartisan GENIUS Act (the U.S. Stablecoin National Innovation and Establishment Act) advanced, suggesting a more favorable trend in the U.S. regulatory environment.

隨著特朗普政府對加密貨幣的行政命令的重點是自我顧客和穩定的發展，美國政策的清晰度不尋常。此外，SEC似乎是為了軟化其立場，暫停了對Coinbase，Binance和Uniswap等公司的調查，並放棄了對“經銷商統治”的上訴。此外，《兩黨天才法》（美國國家創新與建立法案）提出了提升，這表明美國監管環境中的趨勢更加有利。

This shift in regulatory attitude was noticed by institutions. Credit Suisse noted in its report that institutions were net sellers in January, but their selling activity is expected to slow down in the coming months. The report also highlighted the market downturn, especially in the DeFi sector, which saw a 20% decline in TVL.

機構注意到了監管態度的這種轉變。瑞士信貸在其報告中指出，一月份的機構是淨賣家，但預計未來幾個月的銷售活動將放緩。該報告還強調了市場的低迷，尤其是在Defi行業中，TVL下降了20％。

In the realm of Memecoins, Argentine President Milei's tokens quickly lost momentum as the bullish market fizzled out. The narrative shifted from frantic buying to frantic selling, with institutions offloading their positions. This move was largely anticipated due to the massive price rallies that institutions typically spark during the initial accumulation phase. As selling pressure increased, the tokens faced steeper declines, and trading volume dropped significantly.

在Memecoins領域，阿根廷總統麥利的代幣迅速失去了動力，隨著看漲的市場陷入困境。敘述從瘋狂的購買轉變為瘋狂的銷售，機構卸載了其職位。由於機構在初始累積階段通常會引發的大規模價格集會，因此這一舉動很大程度上被預期。隨著銷售壓力的增加，令牌面臨較高的下降，交易量大幅下降。

While the Memecoin craze is unlikely to disappear entirely—it can be viewed as a collectible card aspect of Web3—the peak frenzy may have passed in February, with traders shifting focus to fundamentals over speculation.

儘管Memecoin熱潮不太可能完全消失（可以看作是Web3的可收藏卡方面，但峰值Frenzy可能在2月份已經過去了，交易員將重點轉移到基本面上，而不是基本面。