Gate Research Institute: Hot Spot Summary (2025.2.17-2025.2.21)

Overview

This report focuses on the blockchain industry dynamics from February 17, 2025 to February 21, 2025. Pump.fun’s protocol fee income on February 17, 2025 dropped by more than 85% from its historical peak; Dolomite TVL reached 7.35 billion US dollars, setting a new historical high; Ondo Finance TVL exceeded 7.77 billion US dollars; Hyperliquid’s mainnet HyperEVM is now officially launched; Gate.io collaborates with the Consensus conference to create a new model of Web3 music and social networking; Berachain’s on-chain TVL surpassed 30 billion US dollars, reaching a new historical high.

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Projects

Pump.fun Negotiated fee income on February 17, 2025 reduced by more than 85% from historical peak

Pump.fun first appeared on February 17, 2025 after MEME coin deployment for 30 minutes without filling the disk, which may be related to the decline in market heat. According to DefiLlama data, Pump.fun’s protocol fee income on February 17 was $2.19 million, compared to the historical peak of $15.38 million on January 25, a decrease of 85.76%, indicating a significant reduction in fund inflows. In the past, MEME coins usually attracted a large amount of liquidity in a short period of time, but now the subscription enthusiasm for new projects has significantly decreased, which may reflect a reduced investor risk preference or the market gradually returning to rationality. This trend is worth paying attention to. Whether Pump.fun can still maintain its dominant position in the MEME market, or the market has entered a cooling-off period, will be a key issue to observe in the future. [1]

Dolomite TVL hits all-time high of $735 million

Dolomite TVL reached an all-time high of $735 million on February 18, showing its strong growth momentum in the DeFi space. As a decentralized finance platform, Dolomite offers a variety of financial services, including lending, trading, and asset management, among others, attracting a large influx of users and funds. The continued growth of its TVL reflects users’ trust in the functionality and security of its platform, and after Dolomite went live on Berachain on February 7, the BERA token achieved an annualized return of up to 28%, attracting more funds to the ecosystem. 【2】

Ondo Finance TVL Surpasses $777 Million

Ondo Finance currently has a total value locked (TVL) of $777 million, with the Ethereum network contributing $567 million, the Solana network bringing in $129 million, and the rest of the network totaling $80.59 million.

The successful implementation of this multi-chain strategy by Ondo Finance not only helps to diversify risks, but also enables the utilization of different ecological advantages of each chain to attract a broader range of liquidity. In addition, the platform’s stable growth trend demonstrates its continuously strengthening core competitiveness in liquidity management and asset custody. By continuously optimizing product features and services, Ondo Finance is steadily advancing its influence in the DeFi field. Throughout this process, the platform’s continuous pursuit of cross-chain asset integration and efficient liquidity will further consolidate its market position, laying the foundation for future expansion and innovation.

Hyperliquid mainnet HyperEVM is now live

Hyperliquid’s HyperEVM mainnet is now live, introducing “universal programmability” to its Layer 1 blockchain, enabling developers to run Ethereum-compatible smart contracts. The initial release not only supports the transfer of spot HYPE between the local spot HYPE and the HyperEVM version of HYPE, but also inherits security and high performance with the help of the HyperBFT consensus mechanism. The tools and analytics are still being refined, and Hyper Foundation has launched a bug bounty program and plans to include ERC-20 native transfers and precompilations in future network upgrades. 【4】

This move marks a solid step forward 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 will not only attract the attention of Ethereum developers, but also provide the technical foundation for the platform to introduce richer DeFi applications and innovations in the future. At the same time, the support for different forms of HYPE spot transfer ensures the seamless connection of liquidity within the platform, further improving market efficiency.

Gate.io collaborates with the Consensus Conference to create a new model of Web3 music socialization

On February 19, 2025, the Token of Love Hong Kong Music Festival, sponsored by the leading 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 revolves around the core concept of ‘Web3 + music + social’, attracting over a thousand global audience members, more than 80 industry media, and ecosystem partners to participate. Through immersive digital art stages, innovative forms such as on-chain music interactive installations, it creates a cross-border integration scene between the cryptocurrency community and the cultural and creative industries.

As a 3 Block strategic partner of Consensus HK 2025 (18-20 February), Gate.io not only deeply participated in the design of the agenda of the main venue, but also demonstrated its role from a trading platform to an ecological builder by creating this music festival with a circle-breaking effect. The Gate.io on-chain heartbeat interactive area specially set up at the event site completed the world’s first blockchain-driven group music co-creation experiment by converting the physical sign data of the encrypted hardware wallets worn by the audience into NFT audio tracks in real time. 【5】

Berachain on-chain TVL surpasses $3 billion, reaching an all-time high

Berachain’s TVL on-chain has exceeded 30 billion US dollars, reaching a historical high. Berachain is a Layer 1 blockchain based on Cosmos SDK and EVM compatible, adopting a unique Proof of Liquidity (PoL) consensus mechanism, aiming to solve liquidity issues in the DeFi space.

Among them, Infrared Finance is the protocol with the highest TVL in the Berachain ecosystem, and its growth momentum is strong. As of February 20, 2025, TVL exceeded $1.305 billion, an increase of 35.40% on 7 days, and is becoming an important pillar of Berachain’s DeFi ecosystem. Its liquid staking model not only enhances the security of the Berachain network, but also promotes the liquidity expansion of the entire ecosystem. 【6】

Hint Users should participate cautiously, pay attention to risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent development of the project.
Reference:

1. Defillama, https://defillama.com/fees/pump
2. Defillama,https://defillama.com/protocol/dolomite
3. Defillama,https://defillama.com/protocol/ondo-finance
4. Theblock,[https://www.theblock.co/post/341424/hyperliquid-launches-hyperevm-on-mainnet-to-bring-general-purpose-programmability](https:// www.theblock.co/post/341424/hyperliquid-launches-hyperevm-on-mainnet-to-bring-general-purpose-programmability)
5. Gate.io,https://www.gate.io/zh/announcements/article/43437
6. Defillama,https://defillama.com/chain/Berachain

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