Binance Research的每月報告涵蓋2025年2月的報告

該博客總結了最近一個月的加密貨幣市場的主要發展報告的發現。

February saw the cryptocurrency market decline by 20.2%, largely driven by the largest digital hack in history. Bybit suffered losses exceeding $1.5 billion in a Lazarus Group-led phishing attack. This heist was executed via the theft of ETH from Bybit’s multisig cold wallet, rendering it the biggest digital theft to date. Moreover, broader bearish sentiment in global financial markets, particularly impacting the memecoin sector with the fallout of $LIBRA and diminished confidence in high-profile backers, contributed to the downturn.

2月的加密貨幣市場下降了20.2％，這在很大程度上是由於歷史上最大的數字黑客攻擊所驅動的。拜比特（Bybit）在拉撒路（Lazarus）領導的網絡釣魚攻擊中遭受了超過15億美元的損失。該搶劫是通過拜比特（Bybit）的Multisig Cold Wallet盜竊ETH盜竊的，這使其成為迄今為止最大的數字盜竊。此外，在全球金融市場中，更廣泛的看跌情緒，尤其是對$ libra的後果產生的影響，並減少了對備受矚目的支持者的信心，這導致了衰退。

As the fifth-largest digital currency exchange, Bybit is a significant player in the crypto industry. The scale of the hack is a stark reminder of the vulnerabilities that still exist in the rapidly evolving digital asset landscape. Lazarus Group, known for its ties to North Korea and previous involvement in high-profile cyberattacks, including the 2017 Wannacry ransomware attack, has become increasingly active in recent times.

作為第五大數字貨幣兌換，Bybit是加密貨幣行業的重要參與者。駭客的規模清楚地提醒了迅速發展的數字資產景觀中仍然存在的脆弱性。拉撒路集團（Lazarus Group）以與朝鮮的聯繫而聞名，並以前參與包括2017年WannaCry勒索軟件襲擊在內的引人注目的網絡攻擊，最近越來越活躍。

This incident highlights the pressing need for robust cybersecurity measures and cooperation in detecting and preventing such malicious activities within the cryptocurrency industry.

這一事件強調了對強大的網絡安全措施和合作在檢測和防止加密貨幣行業中這種惡意活動的迫切需求。

Monthly crypto market capitalization

每月加密市值

decreased by 20.2% in February

2月下降了20.2％

Source: CoinGeckoAs of February 28, 2025

資料來源：2025年2月28日的Coingeckoas

Monthly price performance of the top 10 coins by market capitalization

通過市值，前10個硬幣的每月價格績效

Source: CoinMarketCapAs of February 28, 2025

資料來源：2025年2月28日的CoinMarketCapas

While Tron’s TRX declined by 2.7%, the network announced a major update: starting in March, USDT transactions will be ‘Gas Free’. This allows USDT to cover transaction costs, removing the need for TRX payments and propelling Tron’s Q4 2024 plan to simplify stablecoin transfers. With $824M in USDT and USDC inflows on Tron and over $2B in revenue last year, Tron’s scalability continues to grow.

儘管Tron的TRX下降了2.7％，但該網絡宣布了一個重大更新：從3月開始，USDT交易將是“無天然氣”。這允許USDT支付交易成本，消除對TRX付款的需求，並推動Tron的Q4 2024計劃簡化Stablecoin轉移。 Tron的可伸縮性持續增長，USDT的8.24億美元和USDC流入了TRON，收入超過2B美元。

Meanwhile, BNB dropped by 4.6%, but BNB Chain unveiled its 2025 roadmap focused on mass adoption, aiming for sub-second block times, AI-driven smart wallets, and a goal of processing 100 million transactions daily.

同時，BNB下降了4.6％，但BNB Chain推出了其2025年的路線圖，旨在採用大規模收養，旨在以亞秒數的限制時間，AI驅動的智能錢包以及每天處理1億個交易的目標。

BTC fell sharply by 16.0%, largely driven by broader equity market weakness and a lack of catalysts to sustain momentum. Extreme volatility hit between February 24-26, with nearly $3B in liquidations marking Bitcoin’s largest price drop since FTX’s collapse in 2022. This downturn was exacerbated by tightening fiat liquidity conditions and delays in the Trump administration’s prospective national BTC reserve.

BTC急劇下降了16.0％，這在很大程度上是由於更廣泛的股票市場疲軟和缺乏維持動力的催化劑的驅動。極端波動率在2月24日至26日之間發生，近3B美元的清算率標誌著比特幣自2022年FTX倒閉以來最大的價格下降。這種衰退加劇了菲亞特流動性條件和特朗普政府預期的國家BTC儲備金的延誤。

SUI and XRP saw declines of 17.6% and 19.2% respectively, as investors rotated liquidity into stablecoins amid market uncertainty.

由於市場不確定性，投資者將流動性旋轉到穩定的情況下，Sui和XRP分別下降了17.6％和19.2％。

ETH plunged by 20%, impacted by the record-breaking $1.5 billion Bybit hack and a sharp decline in gas fees — now at 98.5% lower than last year’s peak as users shifted to alternative L1s like Solana. Despite this, Ethereum saw a threefold increase in daily contract deployments since February 1, signaling renewed developer activity. However, ADA (-23.8%), LINK (-33.6%), DOGE (-33.7%), and SOL (-39%) were among the biggest losers. Solana, in particular, suffered from uncertainty around its 11.2 million token unlock and the LIBRA memecoin fallout. Its TVL plummeted by over 30% to its lowest level since November 2024, as traders bridged nearly $500M to Ethereum, Sonic, and Arbitrum.

ETH下跌20％，受到創紀錄的15億美元bybit Hack的影響，汽油費的急劇下降 - 現在比去年的峰值低98.5％，因為用戶轉向Solana等替代L1。儘管如此，自2月1日以來，以太坊的每日合同部署增加了三倍，這表明開發人員的活動提高了。但是，ADA（-23.8％），Link（-33.6％），Doge（-33.7％）和SOL（-39％）是最大的失敗者之一。尤其是索拉納（Solana），其120萬個令牌解鎖和天秤座的紀念物輻射遭受了不確定性。自2024年11月以來，它的TVL下降至30％以上，因為交易員向以太坊，Sonic和inotum籌集了近5億美元的籌集資金。

Decentralized Finance (DeFi)

分散財務（DEFI）

In February 2025, DeFi’s Total Value Locked (TVL) decreased by 14.6%, reflecting broader market turbulence. A major regulatory shift occurred as the U.S. SEC withdrew its appeal against a Texas federal court ruling that struck down its broker-dealer rule, which would have classified DeFi platforms and liquidity providers as securities dealers. This rule would have imposed stringent KYC, AML, and other compliance requirements on a broad range of institutions, but its removal signals a regulatory reprieve for the DeFi sector.

2025年2月，DeFi的總價值鎖定（TVL）下降了14.6％，反映了市場動蕩的廣泛。當美國SEC撤回對德克薩斯聯邦法院裁決的上訴，該裁決駁回了經紀交易者規則，該裁定將對經紀交易者規定進行上訴，該裁定發生了重大轉變，該裁定將將DEFI平台和流動性提供商歸類為證券交易商。該規則將對廣泛的機構施加嚴格的KYC，AML和其他合規性要求，但其撤離標誌是對違規部門的監管緩刑。

The stablecoin market cap increased by 3.5% to $224.9B, with stablecoin dominance rising by 1.4%. This shift suggests that investors are moving liquidity into stable assets, likely as a precautionary measure amid market uncertainty.

Stablecoin市值增長了3.5％，達到224.9B美元，Stablecoin的主導地位上升了1.4％。這種轉變表明，投資者正在將流動性轉移到穩定的資產中，這可能是市場不確定性的預防措施。

Solana’s TVL experienced a significant 30% decline, reaching its lowest level since November 2024. This plummet was closely tied to the collapse in memecoin activity. Data from Dune Analytics showed that memecoin trading volume on Pump.fun decreased by 74.5% in a single day (February 24), with most tokens losing 80–90% of their value. Among the top 10 largest blockchains by DeFi TVL, only BNB Chain

Solana的TVL經歷了顯著下降的30％下降，達到了2024年11月以來的最低水平。這種局面與Memecoin活動的崩潰緊密相關。 Dune Analytics的數據表明，泵的Memecoin交易量在一天內（2月24日）下降了74.5％，其中大多數令牌損失了其價值的80–90％。在Defi TVL的前十大區塊鏈中，只有BNB鏈