Binance Research的每月报告涵盖2025年2月的报告

该博客总结了最近一个月的加密货币市场的主要发展报告的发现。

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月的加密货币市场下降了20.2％，这在很大程度上是由于历史上最大的数字黑客攻击所驱动的。拜比特（Bybit）在拉撒路（Lazarus）领导的网络钓鱼攻击中遭受了超过15亿美元的损失。该抢劫是通过拜比特（Bybit）的Multisig Cold Wallet盗窃ETH盗窃的，这使其成为迄今为止最大的数字盗窃。此外，在全球金融市场中，更广泛的看跌情绪，尤其是对$ libra的后果产生的影响，并减少了对备受瞩目的支持者的信心，这导致了衰退。

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.

作为第五大数字货币兑换，Bybit是加密货币行业的重要参与者。骇客的规模清楚地提醒了迅速发展的数字资产景观中仍然存在的脆弱性。拉撒路集团（Lazarus Group）以与朝鲜的联系而闻名，并以前参与包括2017年WannaCry勒索软件袭击在内的引人注目的网络攻击，最近越来越活跃。

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

这一事件强调了对强大的网络安全措施和合作在检测和防止加密货币行业中这种恶意活动的迫切需求。

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

资料来源：2025年2月28日的Coingeckoas

Monthly price performance of the top 10 coins by market capitalization

通过市值，前10个硬币的每月价格绩效

Source: CoinMarketCapAs of February 28, 2025

资料来源：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.

尽管Tron的TRX下降了2.7％，但该网络宣布了一个重大更新：从3月开始，USDT交易将是“无天然气”。这允许USDT支付交易成本，消除对TRX付款的需求，并推动Tron的Q4 2024计划简化Stablecoin转移。 Tron的可伸缩性持续增长，USDT的8.24亿美元和USDC流入了TRON，收入超过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.

同时，BNB下降了4.6％，但BNB Chain推出了其2025年的路线图，旨在采用大规模收养，旨在以亚秒数的限制时间，AI驱动的智能钱包以及每天处理1亿个交易的目标。

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急剧下降了16.0％，这在很大程度上是由于更广泛的股票市场疲软和缺乏维持动力的催化剂的驱动。极端波动率在2月24日至26日之间发生，近3B美元的清算率标志着比特币自2022年FTX倒闭以来最大的价格下降。这种衰退加剧了菲亚特流动性条件和特朗普政府预期的国家BTC储备金的延误。

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

由于市场不确定性，投资者将流动性旋转到稳定的情况下，Sui和XRP分别下降了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％，受到创纪录的15亿美元bybit Hack的影响，汽油费的急剧下降 - 现在比去年的峰值低98.5％，因为用户转向Solana等替代L1。尽管如此，自2月1日以来，以太坊的每日合同部署增加了三倍，这表明开发人员的活动提高了。但是，ADA（-23.8％），Link（-33.6％），Doge（-33.7％）和SOL（-39％）是最大的失败者之一。尤其是索拉纳（Solana），其120万个令牌解锁和天秤座的纪念物辐射遭受了不确定性。自2024年11月以来，它的TVL下降至30％以上，因为交易员向以太坊，Sonic和inotum筹集了近5亿美元的筹集资金。

Decentralized Finance (DeFi)

分散财务（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的总价值锁定（TVL）下降了14.6％，反映了市场动荡的广泛。当美国SEC撤回对德克萨斯联邦法院裁决的上诉，该裁决驳回了经纪交易者规则，该裁定将对经纪交易者规定进行上诉，该裁定发生了重大转变，该裁定将将DEFI平台和流动性提供商归类为证券交易商。该规则将对广泛的机构施加严格的KYC，AML和其他合规性要求，但其撤离标志是对违规部门的监管缓刑。

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市值增长了3.5％，达到224.9B美元，Stablecoin的主导地位上升了1.4％。这种转变表明，投资者正在将流动性转移到稳定的资产中，这可能是市场不确定性的预防措施。

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经历了显着下降的30％下降，达到了2024年11月以来的最低水平。这种局面与Memecoin活动的崩溃紧密相关。 Dune Analytics的数据表明，泵的Memecoin交易量在一天内（2月24日）下降了74.5％，其中大多数令牌损失了其价值的80–90％。在Defi TVL的前十大区块链中，只有BNB链