Research

This report summarizes the funding situation in the Web3 industry for February 2025. A total of 134 funding rounds were completed, amounting to $1.02 billion. Although this represents a decline compared to January, the overall trend remains stable. The CeFi sector, with its institutionalized scenarios, has become the main hub for large funding rounds, while emerging fields such as blockchain security, infrastructure, and Ordinals have also gained attention. Most funding still consists of small and medium-sized rounds, with Pre-Seed and Seed rounds accounting for more than half, indicating that early-stage projects continue to attract capital. The report also covers key funded projects, including Raise, Cygnus Finance, ResearchHub, Ethena, and Blockaid.

February 2025 was a dynamic month for blockchain and crypto, with significant events shaping the industry. Key projects like Ethereum, Metamask, SMID-96, Stackstone, and Hyperliquid saw major developments, including platform launches, service expansions, token issuances, feature rollouts, mainnet activations, fee voting, and mining activities. These advancements highlight ongoing innovation, foster technological and community growth, and provide fresh momentum for the industry’s expansion.

Gate Research Daily Report: On March 10, Bitcoin price dropped 3.62% to $82,454.3, and Ethereum price fell 4.98% to $2,071.02. Level TVL surpassed 80 million USD. Fulcrom TVL exceeded 18 million USD. The market cap of stablecoins on the Sui chain broke 600 million USD, setting a new all-time high. The White House stated that the United States will become a Bitcoin superpower, marking the beginning of a golden era. The Utah Senate passed the Bitcoin bill, but the reserve investment clause was removed. The Japanese government approved cryptocurrency brokerage business and stablecoin reforms.

This report summarizes the on-chain data situation for Web3 in February 2025. The cryptocurrency market experienced a pullback after reaching new highs, with some holders in a loss-making position. However, despite the market correction, ecosystem development continues to progress steadily. On February 6, the Berachain mainnet was officially launched. With its Proof of Liquidity (PoL) mechanism and three-token model, it quickly became a market focal point. As the Berachain ecosystem rapidly expands, the value of the $BERA token is reflected in trading activity. It is gradually becoming the core asset of ecosystem liquidity, driving on-chain applications and user growth.

With the similar backgrounds of Sui and Aptos, the debate over which will emerge as the leader in the Move-based blockchain space continues to heat up. This report takes a data-driven approach to explore the overall performance of the Sui and Aptos ecosystems in 2024. It covers key aspects such as network performance, user growth, capital inflows, ecosystem development, and token performance, providing a comprehensive analysis of their progress.

Gate Research Daily Report: On March 7, Bitcoin price dropped 4.97% to 87,612.3 USD, while Ethereum price fell 5.91% to 2,156.88 USD. Trump signed an executive order to formally establish the United States Bitcoin Strategic Reserve. Safe{Wallet} investigated the Bybit security incident and confirmed its connection to North Korean hacker group TraderTraitor. Japan's ruling party plans to reduce the cryptocurrency transaction tax rate to 20%. Aave's high-risk loans decreased by nearly $1 billion, indicating a market deleveraging trend. USDC Treasury newly minted 66.499 million USDC on the Ethereum blockchain, with circulation continuing to grow.

Gate Research Quantitative Report: Between February 18 and March 3, 2025, the market exhibited key characteristics such as BTC's heightened sensitivity, ETH's lack of momentum, and intensified deleveraging. The BTC long/short trading volume ratio fluctuated between 0.90 and 1.10, while ETH remained in the 0.85–1.05 range, indicating weak rebound strength. BTC funding rate volatility increased, accompanied by a decline in open interest and a rise in long liquidations, suggesting that the market may be undergoing deleveraging or short-term liquidity tightening, with investor sentiment leaning towards caution. Additionally, daily issuance of Solana-based meme coins dropped to 40,000, marking a 65% decline from its January peak, reflecting diminishing interest in short-term speculative assets. Backtesting of a mean-reversion strategy using the standardized MACD indicator showed that the strategy effectively identified pullback opportunities following excessive price surges, providing short-selling signals for tra

Gate Research has released its latest report, "Gate Research: February Cryptocurrency Market Review," summarizing and analyzing February's market trends, on-chain data, key events, security incidents, funding activity, and upcoming developments. This report provides deep insights into the overall performance of the crypto market and key industry trends.

Gate Research: This week, four projects, Sake Finance, AGNT Hub, Primus, and SedraCoin, offer users opportunities to engage with the Web3 ecosystem. Sake Finance, a liquidity protocol within the Soneium ecosystem, delivers seamless DeFi services and incentivizes user participation through Sake Points. AGNT Hub merges AI and blockchain technology, establishing a centralized AI agent creation and trading platform. Primus aims to resolve data consistency challenges between blockchain and AI. By validating data and training AI models, it rewards users with PRM tokens. Sedra, a fork of Kaspa, utilizes the GHOSTDAG protocol to enhance transaction speed and network security. It also distributes SDR tokens to early supporters via the Zealy platform. These projects are still in their early stages, providing users with opportunities to contribute to ecosystem development while potentially earning rewards.

Gate Research: This report summarizes blockchain industry developments from March 3-7, 2025. Key highlights include: Cardano's decentralized lending protocol Liqwid has reached $112M in TVL; Soneium chain's TVL has broken its all-time high at over $50M; Solana network fees have dropped to $1.16M; USDC has become Japan's first approved USD-pegged stablecoin; Berachain leads on-chain capital inflow; and Pendle has launched a community listing mechanism to build a permissionless yield market.

Gate Research: In February 2025, a series of significant events unfolded—from the U.S. government announcing new tariffs on Mexico and Canada, to an Oklahoma legislator proposing the Bitcoin Freedom Bill, and 10 companies receiving approval to issue stablecoins under the MiCA regulatory framework in the EU. These developments reflect signs of economic recovery, shifts in the regulatory landscape, and the impact of policy uncertainty on the market, providing crucial insights into the current economic climate and future trends.

This week, BTC briefly rebounded to $95,000 before retesting the $81,500 support level, while ETH remained in a triangular consolidation pattern. Ripple established the National Cryptocurrency Association in the U.S., Aave introduced a token buyback program and activated its fee switch to optimize its economic model, and Pendle launched a Community Listing mechanism to enable a permissionless yield market. Berachain led capital inflows, securing the top position this week, while Pump.fun's February trading volume dropped 63% month-over-month. In the NFT market, Paradise topped the rankings with a seven-day trading volume exceeding 28,000 SOL.

Gate Research(Feb 28 - Mar 6, 2025), this report provides a comprehensive analysis of key developments in the cryptocurrency market and the broader macroeconomy. On February 28, the U.S. core PCE price index for January rose by 2.6% year-on-year, generally in line with expectations. On March 3, Trump announced an initiative to establish a U.S. crypto reserve, incorporating BTC, ETH, SOL, XRP, and ADA as core assets. On March 5, USDC became the first USD stablecoin approved for use in Japan. The White House supported repealing the crypto broker rule, potentially signaling a turning point for DeFi regulation. U.S. February ADP employment numbers unexpectedly fell to 0.077 million, falling short of expectations.

Gate Research (Feb 28 - Mar 6, 2025), on February 28, MetaMask announced a new roadmap, planning to add Bitcoin (BTC) and Solana (SOL) network support, allowing users to manage multi-chain assets in a single wallet. On March 4, the 499,000 ETH stolen from Bybit was completely laundered. Aave protocol completed its expansion, officially deploying its decentralized lending market on the high-performance blockchain Sonic. On March 6, Pendle announced the launch of a Community Listing mechanism, aiming to drive its development as a permissionless yield market.

Gate Research report indicates: In February 2025, the Web3 industry experienced 15 security incidents with total losses of $1.676 billion—a significant increase from the previous month. These incidents primarily involved contract vulnerabilities and account hacks, accounting for 53.3% of total losses in the crypto industry. Most losses occurred on the BSC blockchain. Major incidents included the Bybit exchange wallet theft, Infini's lack of strict permission controls, and ionic falling victim to a social engineering attack.