Abstract

• Bitcoin price decreased by 3.05% to $89,172, while Ethereum price increased by 0.25% to $2,497.93.
• Aave votes to suspend lending services on the Polygon PoS chain, potentially resulting in a loss of over $300 million in Total Value Locked (TVL).
• The cryptocurrency market’s total market cap falls below $3 trillion, a 24.1% decline from its peak.
• Jupiter has outpaced Pump.fun in fee revenue generation over the past 24 hours.
• The SEC announces the termination of its investigation into Uniswap.
• Sonic’s Total Value Locked (TVL) surpasses $600 million.
• Hong Kong is about to release its second virtual asset policy declaration.

Market Analysis

• BTC — The price of BTC has decreased by 3.05% over the past 24 hours, currently priced at $89,172.4. BTC experienced a sharp decline yesterday, touching the $86,000 support level before beginning to rebound. The current candlestick chart is still in the process of recovery, but the rebound space is limited, and the trading volume has not significantly increased. Overall, the market sentiment remains largely bearish[1].

• ETH — The price of ETH has increased by 0.25% over the past 24 hours, currently priced at $2,497.93. ETH saw a drop to around the $2,320 support level yesterday, where it encountered strong support and started to rebound. The price has now largely recovered from yesterday. If the price breaks above the current downward trendline and the moving average resistance, and maintains above them, it could signal further upward movement[2].

• ETF — According to SoSoValue data, on February 25, the total net outflow from the U.S. Bitcoin Spot ETF was $1.01 billion[3], and the total net outflow from the U.S. Ethereum Spot ETF was $50.08 million[4].
• Altcoins — The Pump.fun Ecosystem, AI Agent Launchpad, and Stablecoin Protocol sectors saw changes of +13.2%, +8.6%, and +8.4% respectively[5].
• U.S. Stock Market Indices — On February 26, the S&P 500 index fell by 0.47%, the Dow Jones index rose by 0.37%, and the Nasdaq index decreased by 1.35%[6].
• Spot Gold — As of 11:00 AM (UTC+8) on February 26, the price of spot gold reached $2,919.10 per ounce, marking a daily increase of 0.14%.[7].
• Fear & Greed Index — The Fear & Greed Index stands at 21, indicating that the market is in an extreme fear state[8].

Top Performers

According to Gate.io market data [9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

COW (CoW Protocol) — The price increased by approximately 32.93% in a single day, with a circulating market cap of $158 million.
CoW Protocol is a decentralized trading aggregation protocol that provides users with better cryptocurrency asset prices through transaction intent and batch auction mechanisms. The protocol ensures users can obtain the best prices by partnering with multiple liquidity sources[10].

The rise in the price of the CoW token was primarily driven by its listing on Upbit. At the same time, the improved security measures of its products have boosted market confidence. In January 2025, CoW Protocol faced a large-scale MEV (Maximum Extractable Value) attack, but its MEV Blocker tool successfully protected $16.5 billion worth of transactions, effectively mitigating security risks and enhancing user trust in the platform. However, the key factor behind the significant increase in the price of the CoW token was its successful listing on Upbit, which brought more market liquidity and investor attention.

VANA (Vana) — The price increased by approximately 19.23% in a single day, with a circulating market cap of $282 million.
Vana is an EVM-compatible Layer 1 blockchain that aims to transform personal data into tradeable financial assets. Through a decentralized autonomous organization (DAO) and an innovative proof mechanism, Vana allows users to securely monetize their private data. The platform aggregates and validates data through a data flow pool, ensuring data privacy and user ownership, while using the data to train artificial intelligence (AI) models[11].

Recently, YZi Labs (formerly Binance Labs) announced an investment in Vana and appointed CZ as an advisor. This marks its first investment in the AI sector and has significantly increased market confidence in Vana’s unique model andfuture prospects. With the influx of capital and the strengthening of strategic partnerships, Vana is expected to accelerate the development of its DataDAO ecosystem, attracting more data contributors and expanding data monetization across various industries. These developments have effectively stimulated market confidence, driving significant increases in token demand and price.

ANON (Hey Anon) — The price increased by approximately 25.93% in a single day, with a circulating market cap of $100 million.
HeyAnon is an AI-based DeFi protocol designed to simplify DeFi operations and aggregate key information related to projects. It combines conversational AI with real-time data aggregation to help users manage DeFi activities, get project updates, and analyze trends across platforms and protocols. Using natural language processing, HeyAnon processes user commands, executes complex DeFi actions, and provides real-time information from multiple data streams[12].

Recently, HeyAnon released version V0.2, which further optimized response speed, transaction execution accuracy, and information aggregation capabilities. These improvements greatly lowered the operational barrier and information gathering costs, enhancing user experience and operational efficiency. The practical upgrades have attracted more users to the platform, driving a significant increase in HeyAnon token demand and price.

Data Highlights

Cryptocurrency Market Cap Drops Below $3 Trillion, Shrinking 24.1% from Peak

The total market capitalization of the cryptocurrency market has fallen below $3 trillion, currently standing at $2.96 trillion. Since the historic peak of around $3.9 trillion on December 17 last year, the market has declined by approximately 24.1%. Over the past 24 hours, the total liquidation amount for long positions reached $948 million, while short positions saw $201.9 million in liquidations. This market downturn is likely a result of the Federal Reserve’s “hawkish” policies and Trump’s tariff policies, which have intensified market uncertainty. The strengthening of the US dollar has dampened the performance of risk assets, leading investors to flee high-risk assets like cryptocurrencies in favor of safe-haven assets such as the US dollar. Despite the immediate pressure on the market, the market may gradually regain confidence in the long term as technological advancements continue and global acceptance of crypto assets increases[13].

Sonic TVL Surpasses $600 Million

The Total Value Locked (TVL) on the Sonic platform has experienced significant growth over the past month, increasing by 1.8 times to reach $657 million. This growth trend highlights Sonic’s rapid development and its emerging presence in the DeFi and blockchain sectors.

Sonic’s growth is not only reflected in the increase in TVL but also in its performance in stablecoin market cap and application revenue. The current stablecoin market cap on the platform is $149 million, with application revenue reaching $282,000 and a trading volume of $171 million as of February 26. These figures indicate that Sonic has successfully attracted substantial capital to the platform and effectively engaged users in its ecosystem[14].

Sonic’s rapid growth can be attributed to several factors. As a Layer 1 protocol dedicated to optimizing transaction speed and efficiency, Sonic is well-aligned with the high-performance network demands of DeFi applications. Firstly, Sonic has integrated stablecoins on its platform, supporting the trading and storage of major stablecoins. This integration enables users to manage funds with low-volatility assets, and within a short time, stablecoins’ market cap on Sonic surpassed $100 million, providing a more stable channel for fund circulation. Secondly, Sonic has partnered with DeFi protocols such as Lombard Finance, Ether.fi, and Rings Protocol to offer combined staking models, providing users with yield leverage and additional points incentives. This integrated liquidity provision and yield strategy have effectively attracted more DeFi users and capital to the platform, further driving the growth of the Sonic ecosystem.

Jupiter’s Revenue Outperforms Pump.fun in the Past 24 Hours, While the Latter Drops 84% from Its Historical Peak

According to the latest data, Solana-based DEX aggregator Jupiter saw a significant surge in revenue over the past 24 hours, reaching $10.88 million, surpassing the $2.42 million earned by Pump.fun during the same period. This makes Jupiter the top revenue earner on the Solana platform. This growth is possibly attributed to the launch of the tokenization platform Time.fun, which allows creators to convert time into tokens that fans can purchase and interact with. Meanwhile, Pump.fun’s revenue has dropped by 84% from its historical high of $15.38 million on January 25. Time.fun’s innovative model, which provides new ways for creators and fans to interact, may have had a positive impact on the revenue dynamics within the Solana ecosystem[15].

Spotlight Analysis

Polygon’s Yield Generation Plan Raises Security Concerns, Aave Suspends Lending Which Could Lead to Over $300 Million TVL Loss

Polygon’s PoS chain has proposed a yield generation plan utilizing over $1 billion in stablecoin reserves, raising widespread concerns among DeFi protocols about the security of cross-chain assets. In response to this risk, the Aave community has voted to suspend lending services on the Polygon PoS chain and significantly raise risk parameters to limit deposits and borrowing activities in order to prevent potential security threats. Aave founder Marc Zeller opposed this plan, arguing that this yield generation model poses significant riskand could lead to substantial losses. As Aave is the largest decentralized application on the Polygon PoS chain, this move could result in Polygon losing over $300 million in Total Value Locked (TVL). This event not only highlights the DeFi sector’s strong focus on asset security but also raises concerns about Polygon’s competitiveness. It remains to be seen whether other DeFi platforms will follow Aave’s conservative strategy, which, if it happens, could further weaken Polygon’s position in the competitive market[16].

SEC Drops Investigation into Uniswap

The U.S. Securities and Exchange Commission (SEC) has announced the termination of its investigation into Uniswap Labs, and it will not file any charges. Previously, the SEC had accused Uniswap of acting as an unregistered securities broker, exchange, and clearing agency, and of allegedly issuing unregistered securities (UNI tokens). Uniswap has maintained that its protocol is a decentralized technology, that UNI is not a security, and that the company does not control the protocol’s operations. After a three-year investigation, the SEC has ultimately dropped the case and will not take enforcement action against Uniswap. This decision is seen as a major victory for the DeFi sector, and Uniswap’s co-founders have criticized the SEC for stifling DeFi innovation with vague rules[17].

The SEC’s decision to withdraw its investigation into Uniswap is not only a significant development for Uniswap Labs but also a landmark event for the entire industry. DeFi protocols are fundamentally different from traditional financial systems, requiring decentralized technology and self-custody of funds to be placed under a regulatory framework distinct from centralized markets. This event underscores the cryptocurrency industry’s strong demand for clear rules and reasonable regulations. While this is a positive development for the DeFi community, the entire industry still faces an uncertain regulatory environment. The future challenge will be to balance innovation with compliance. The SEC’s recent termination of investigations into crypto firms may reflect a reassessment by the new leadership of decentralized technologies, with a focus on establishing clear and reasonable regulatory rules, offering hope for the future development of the DeFi sector.

Hong Kong to Release Second Virtual Asset Policy Statement, Strengthening Regulation and Innovation Development

The Financial Secretary of Hong Kong announced in the 2025-2026 Budget that the government will release its second virtual asset policy statement, aiming to integrate the advantages of traditional financial services with the technological innovations of virtual assets to enhance the safety and flexibility of physical economic activities. Additionally, the government plans to consult on the licensing regime for over-the-counter (OTC) virtual asset trading and custody services within the year and has submitted a draft regulation to the Legislative Council regarding the supervision of issuers of stablecoins pegged to legal tender. Once passed, the Hong Kong Monetary Authority (HKMA) will swiftly approve relevant license applications. This move is designed to encourage both local and international businesses to explore innovative applications of virtual asset technologies, reinforcing Hong Kong’s leading position in the global virtual asset ecosystem[18].

Funding News

According to data from RootData, in the past 24 hours, four projects announced their fundraising efforts, securing a total of over $18 million, with the largest single round reaching $8 million. The projects span various sectors, including infrastructure, DeFi, RWA, and DePIN. Below are the details of the fundraising:

Geodnet — Geodnet raised $8 million in funding, with contributions from Multicoin Capital, ParaFi, and others. Geodnet is the world’s largest precise positioning network, aiming to provide centimeter-level location accuracy through real-time dynamic positioning technology, supporting applications in various robotics and autonomous systems. The GEODNET network has over 13,500 user-deployed reference stations, providing precise positioning services for thousands of robots, including autonomous trucks, agricultural equipment, drones, and robotic lawnmowers[20].

Memes Lab — Memes Lab completed a $2.3 million seed round, with participation from Lemniscap, TVM Ventures, and others. Memes Lab is an innovative platform based on Telegram that simplifies the creation, trading, and distribution of meme coins using the TON blockchain. The platform provides user-friendly tools that allow non-technical creators to easily launch meme coins, reducing the creation barrier and promoting rapid meme coin distribution within communities through excellent transaction speeds and low fees[21].

Mavryk Dynamics — Mavryk Dynamics raised $5.2 million, with investors including Ghaf Capital, Big Brain, and others. Mavryk Dynamics is a blockchain project focused on RWA (Real-World Asset) tokenization and DeFi integration. Its goal is to create a decentralized network that offers decentralized exchange and lending features, while establishing a new RWA token standard to make digital asset ownership more accessible and drive the growth of the RWA market[22].

Tenor Finance — Tenor Finance completed a $2.5 million seed round, with backing from Cherry Crypto, Coinbase Ventures, and others. The Tenor Protocol is a non-custodial, self-executing fixed-rate lending protocol that allows for the creation of fixed-rate lending markets without the need for permission. Users can borrow and lend ERC20 tokens at fixed rates, with rates managed by an on-chain automated market maker[23].

Airdrop Opportunities

Sahara AI

Sahara AI is a platform that combines blockchain with artificial intelligence, aiming to create an inclusive ecosystem. The platform ensures secure collaboration for users through blockchain technology, enabling anyone to participate in the development and monetization of AI. Through its data service platform, users can collect, refine, and annotate data to support high-quality AI models. Users can earn rewards in the form of points by participating in tasks, which can eventually be converted into tokens[25].

How to Participate:

1. Visit the official page and sign up an account.
2. Follow Sahara AI’s social media accounts.
3. Complete data annotation tasks on the Sahara AI data service platform to earn Sahara Points.
4. Use sufficient points to mint a Desert Guardian NFT.

Note:
Airdrop plans and participation methods may be updated at any time. It is recommended that users pay attention to official channels for the latest information. Users should exercise caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/CoWSwap/status/1891906786535633192
11. X,https://x.com/yzilabs/status/1894039679487643992
12. X,https://x.com/HeyAnonai/status/1892237336848576785
13. Coingecko,https://www.coingecko.com/en/global-charts
14. Defillama,https://defillama.com/chain/Sonic?stables=true&tvl=false
15. Defillama,https://defillama.com/fees/jupiter
16. Theblock,https://www.theblock.co/post/343276/polygon-could-lose-over-300-million-in-tvl-as-aave-votes-to-halt-lending-on-pos-chain
17. Coindesk,https://www.coindesk.com/policy/2025/02/25/sec-drops-investigation-into-uniswap-will-not-file-enforcement-action
18. Rthk hk,https://news.rthk.hk/rthk/ch/component/k2/1793233-20250226.htm
19. Roordata,https://www.rootdata.com/zh/Fundraising
20. Geodnet,https://geodnet.com/detail/384361740379637693
21. Chainwire,https://chainwire.org/2025/02/25/memes-lab-raises-2-3m-seed-funding-to-democratize-memecoin-launch-process/
22. Coindesk,https://www.coindesk.com/business/2025/02/25/mavryk-dynamics-secures-usd5-2m-for-blockchain-powered-real-world-asset-ownership
23. X,https://x.com/TenorFinance/status/1894066878374400395
24. X,https://x.com/warpaul/status/1894072614680682975
25. Saharalabs,https://app.saharalabs.ai/

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