gate Research Institute: Web3 events and encryption technology development follow-up (2025.2.15-2025.2.21)

2025-02-20 09:30:41

Preface

This report summarizes a series of important events in the blockchain and cryptocurrency field from February 15, 2025 to February 21, 2025, which not only demonstrate the activity of the crypto market, but also imply the trend of future development.

Summary

Argentine President charged with fraud due to the collapse of LIBRA token
Brevan Howard Digital deployed $20 million in Kinto, accelerating traditional finance’s foray into DeFi
Hyperliquid launches the HyperEVM mainnet
Gate.io collaborates with the Consensus conference to create a new model of Web3 music social networking

Focus on events

2/17 Argentine President Charged with Fraud Due to LIBRA Token Collapse

On the evening of February 14, 2025, Argentine President Javier Mile promoted an encrypted currency called “$LIBRA” on social media X, claiming that the token is intended to fund small and start-up businesses in Argentina. [1] After the news was released, GMGN data showed that the price of the LIBRA token soared to $4.62 [2], with a market value of $46.2 billion. However, just 24 hours later, the token’s price plummeted to $0.42, reducing the market value to $4.2 billion.

The plaintiff accused Milai of promoting behavior suspected of “rug pull,” that is, the project developer suddenly withdraws support after attracting investment, causing the token price to collapse. The lawsuit alleges that Milai’s behavior violated the Argentine “Public Morality Law” and considered his promotion to be a key factor in the token’s collapse. Evidence shows that Milai met with representatives of the LIBRA token developer KIP Protocol in October 2024. In addition, insiders of the project cashed out $107 million from the liquidity pool and transaction fees before the token collapsed. Milai denied having any knowledge of the details of the project and firmly claimed his innocence. He deleted tweets promoting LIBRA and stated that he was “innocently deceived” by the project party.

This incident has not only triggered a political crisis in Argentina, but also attracted widespread attention from the international community. Supporters of Milei believe that this is a political attack by the opposition before the midterm elections, while the opposition emphasizes the damage of this incident to Argentina’s international image. Whether Milei constitutes fraud still requires further legal review, but this incident has highlighted the potential risks of public figures participating in cryptocurrency projects and may provide reference for legal liability issues in the future cryptocurrency market. [3]

2/18 Brevan Howard Digital deployed $20 million in Kinto, accelerating the layout of DeFi in traditional finance

The Abu Dhabi branch of the global investment management company Brevan Howard Digital has deployed $20 million in assets to the Ethereum Layer2 network Kinto, participating in its on-chain financial ecosystem. Kinto is a decentralized finance (DeFi) platform based on Ethereum that integrates compliance functions such as KYC and Anti-Money Laundering (AML) at the blockchain level, aiming to help regulated financial institutions participate in the DeFi ecosystem. Ramon Recuero, CEO and Co-Founder of Kinto, stated that the platform will run a ten-year mining incentive program, where participants can earn token rewards by depositing assets on-chain. Additionally, Kinto offers smart contract wallets with default insurance and security-enhancing features, further reducing the barrier for institutional participation. The mining program of Kinto rewards participants by depositing assets and will gradually distribute rewards over the next 10 years. Brevan Howard Digital is one of the first traditional financial institutions to participate in this program using digital assets.

2/19 Hyperliquid launches HyperEVM mainnet

The HyperEVM mainnet of Hyperliquid has been officially launched, introducing ‘general programmability’ to its Layer 1 blockchain, enabling developers to run Ethereum-compatible smart contracts. The initial version not only supports spot transfers between local spot HYPE and HyperEVM version HYPE, but also inherits security and high performance through the HyperBFT consensus mechanism. Although current tools and analysis functions are still being continuously improved, the Hyper Foundation has launched a bug reward program and plans to introduce ERC-20 native transfers and precompiled functions in future network upgrades.

This move marks a solid step for Hyperliquid in improving platform performance and expanding the boundaries of the ecosystem. By embedding Ethereum-compatible smart contract capabilities into its high-performance Layer 1, Hyperliquid not only attracts the attention of Ethereum developers, but also provides a technical foundation for introducing more diverse DeFi applications and innovations to the platform in the future. At the same time, supporting the transfer of HYPE spot in different forms ensures seamless integration of internal liquidity, further enhancing market efficiency.

2/19 Gate.io joins hands with the Consensus Conference to create a new model of Web3 music and social networking

On February 19, 2025, the Token of Love Hong Kong Music Festival, sponsored by the top global cryptocurrency exchange Gate.io, grandly opened at Wonderland in the West Kowloon Cultural District of Hong Kong. As the heavyweight official side event of the flagship blockchain industry summit Consensus HK 2025, this music festival takes ‘Web3+music+social’ as its core concept. Through innovative forms such as immersive digital art stages and on-chain sound wave interactive installations, it has attracted over a thousand global audience members, more than 80 industry media, and ecological partners, building a cross-border fusion scene between the cryptocurrency community and the cultural and creative industries.

As the 3 Block-level strategic partner of Consensus HK 2025 (February 18-20), Gate.io is not only deeply involved in the main venue agenda design, but also upgrades its role from a trading platform to an ecological builder by creating a music festival with disruptive effects. The Gate.io on-chain heartbeat interaction zone specially set up at the event site transforms the biometric data of the audience’s encrypted hardware wallets into NFT soundtracks in real time, completing the world’s first blockchain-driven collective music creation experiment.

Summary

From February 15, 2025 to February 21, 2025, significant events in the blockchain and cryptocurrency field have occurred, demonstrating market vitality and industry trends. On February 17, the President of Argentina was accused of fraud due to the collapse of the LIBRA token. On February 18, the Abu Dhabi branch of the global investment management company Brevan Howard Digital deployed $20 million in assets to the Ethereum Layer2 network Kinto, participating in its on-chain financial ecosystem. On February 19, Hyperliquid’s HyperEVM mainnet has officially launched, introducing ‘general programmability’ to its Layer 1 blockchain. On February 19, Gate.io partnered with the Consensus Conference to create a new model of Web3 music social network.
Resources:

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