2025年2月公共连锁研究报告

2025年2月，区块链市场经历了重大的市场调整，对已建立的网络和新兴的公共连锁店构成了挑战。

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，由于几个主要连锁店面临困难，2月的市场调整很大。比特币显示出强度，下降较小，其优势提高。在顶级连锁店中，索拉纳（Solana）遭受了最大的打击，价格下跌36.3％，市场份额下降较小。瑞士信贷（Credit Suisse）的报告强调了市场经济下滑，尤其是在Defi行业中，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于2月6日推出了其主网后，以32亿美元的电视迅速进入了前六名。该连锁店发行了8000万个Bera代币，并采用了“流动性证明”模型，这是一种创新的放电方法，将流动性转换为网络安全性。在2024年进行了1亿美元的资金回合之后，本月的Airdrop和治理激励措施促进了市场热情。

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.

与第1层链的缓慢性相反，第2层的活动很快。基地推出了FlashBlocks（更快的交易确认），AppChains（自定义L3）和Smart Wallet子帐户，以保持用户粘性。 Unichain于2月16日推出了其主网，并在其测试网中处理了9500万笔交易，并将其定位为可伸缩性性能的游戏规则改变者，并具有像Circle一样的重量级机构。 Starknet Nums应用链作为第3层游戏创新，展示了模块化设计的未来。

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，尽管有几个项目的努力，但总体市场调整是不可否认的。随着机构遇到困难并卖出了持股，卖出压力，尤其是在2月的最后一周，拜比特的黑客事件发生了，创造了最大损失的记录，为15亿美元。这引起了市场情绪的广泛恐慌和快速变化。

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.

随着特朗普政府对加密货币的行政命令的重点是自我顾客和稳定的发展，美国政策的清晰度不寻常。此外，SEC似乎是为了软化其立场，暂停了对Coinbase，Binance和Uniswap等公司的调查，并放弃了对“经销商统治”的上诉。此外，《两党天才法》（美国国家创新与建立法案）提出了提升，这表明美国监管环境中的趋势更加有利。

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.

机构注意到了监管态度的这种转变。瑞士信贷在其报告中指出，一月份的机构是净卖家，但预计未来几个月的销售活动将放缓。该报告还强调了市场的低迷，尤其是在Defi行业中，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领域，阿根廷总统麦利的代币迅速失去了动力，随着看涨的市场陷入困境。叙述从疯狂的购买转变为疯狂的销售，机构卸载了其职位。由于机构在初始累积阶段通常会引发的大规模价格集会，因此这一举动很大程度上被预期。随着销售压力的增加，令牌面临较高的下降，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.

尽管Memecoin热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月份已经过去了，交易员将重点转移到基本面上，而不是基本面。