gate Research Institute: Hyperliquid Mainnet HyperEVM officially launched, Ondo Finance TVL exceeds 7.77 billion US dollars

Summary

  • The price of Bitcoin fell by 0.58% to $95,620.1, and the price of Ethereum fell by 1.04% to $2,688.03.
  • Meme market cap fell to 66.67 billion US dollars.
  • Ondo Finance TVL exceeds 7.77 billion US dollars.
  • Tron and Solana networks have issued an additional $10.75 billion in stablecoins this year.
  • Hyperliquid mainnet HyperEVM officially launched.
  • Fold becomes the first Bitcoin financial services company to be listed on Nasdaq.
  • Grayscale launches Grayscale Pyth Trust trust fund.

Market Review

  • BTC - The BTC price has fallen by 0.58% in the past 24 hours, currently priced at $95,872.7. Recently, the BTC price has shown a volatile downward trend, forming support around 94,000 and currently facing resistance near the descending trend line. The overall trading volume has fluctuated significantly. Although there has been a significant increase in buying volume recently, without a clear breakthrough of resistance levels, it may indicate that the current rebound is limited, lacking upward momentum.【1】

  • ETH - The ETH price has fallen by 1.04% in the past 24 hours, and the current price is $2,685.42. The recent trend of ETH price shows an overall upward trend, although the price fell below the uptrend line earlier, then rebounded back into the upward channel near $2,600 support.

  • ETF — According to SoSoValue data, on February 18, the total net outflow of Bitcoin spot ETF in the United States was $129 million, and the total net inflow of Ethereum spot ETF in the United States was $4.6 million. Data as of 12:30 PM UTC+8 on February 19, ([4]
  • Shanzhai Coin - Bittensor Ecosystem, Payment Solutions, Tokenized Assets and other sectors have changed by +3.6%, +3.4%, +3.3% respectively.【5】
  • US stock three major indices - on February 18, the S&P 500 index rose 0.24%, the Dow Jones index rose 0.02%, and the Nasdaq index rose 0.07%.【6】
  • Spot Gold - The spot gold price is at $2,927.46 per ounce, with a 0.27% intraday decline. Data as of 12:30 PM UTC+8) on February 19th.【7】
  • Fear and Greed Index - The Fear and Greed Index is 44, indicating that the market is in a state of panic.【8】

Popular Tokens

According to the market data from Gate.io【9】, combined with the trading volume and price performance in the past 24 hours, the following popular altcoins are as follows:

**MSQ (MSQUARE) **- The single-day increase is about 67.89%, with a market capitalization of $116 million.

MSQUARE is a multi-functional platform startup company that combines blockchain technology with real-world applications. Its flagship project is Metastar, a global blockchain integrated real estate information platform launched in March 2022, aimed at improving the transparency and security of real estate transactions through blockchain.【10】

The recent price increase of MSQ is mainly attributed to its well-planned series of airdrop activities and reward mechanisms. MSQUARE has successfully attracted a large number of users to participate through generous airdrop rewards, leading to a significant increase in trading volume. This widespread market participation not only brings immediate liquidity to MSQ, but also creates an active market atmosphere for the platform. At the same time, MSQUARE is continuously improving and expanding its platform functionality, and expanding the ecosystem through strategic partnerships, further enhancing investors' confidence in future development.

**OPUL (Opulous) ** - The daily increase is about 37.10%, with a circulating market value of 33.06 million US dollars.

Opulous is a music NFT minting and trading platform, as well as a DeFi lending platform designed specifically for musicians. On Opulous, music creators can mint the copyright of their music works as NFTs and sell them on the platform, allowing users to obtain the copyright of the works by purchasing these music NFTs. [11]

The recent rise of OPUL may be related to its airdrop activities. In the recent airdrop, a total of five million LYRA tokens were distributed to reward users staking OPUL. Airdrops usually attract a lot of attention from users and investors. The project team also stated that more airdrop activities will be launched, further increasing market expectations and demand for the token, driving up the token price.

ZBCN (Zebec Protocol) - The single-day increase is about 28.77%, with a circulating market value of 1.47 billion US dollars.

Zebec Network is a blockchain-based financial technology company that aims to change traditional areas such as salary payments, financial transactions, and investments through its streaming payment technology. The platform offers services such as real-time wage payments, micro-payments, and payment card products, and is committed to providing users with more flexible and convenient payment and fund management solutions by integrating blockchain technology with traditional financial systems.

Recently, ZBCN has partnered with Anthropic AI to launch the Zebec AI system. Zebec AI can provide users with enterprise-level security, compliance, and scalability, enhancing anti-fraud, predictive analytics, and automated reporting capabilities, improving intelligent payment processing capabilities. In addition, ZBCN has integrated with Ondo Finance's USDY token, further expanding the application scenarios of the Zebec ecosystem, including its use in Zebec silver cards and wage suites. The increased usage and enhanced functionality of ZBCN may have sparked a positive market response, driving up token prices.

Highlights Data

Meme market value fell to 66.67 billion US dollars

After months of continuous decline, the market value of Meme coins has now fallen to $66.7 billion, a 51.2% drop from the peak in December last year, basically wiping out all the growth in the fourth quarter of 2024. According to chart data, although there was a slight recovery in the market value of Meme coins in mid-January 2025, there was a significant decline in February. This trend not only reflects the withdrawal of some funds and the market's uncertainty about the future direction but also reminds investors to reassess the short-term risks in the market.

Ondo Finance TVL surpasses 7.77 billion US dollars

Ondo Finance's current Total Value Locked (TVL) has reached $7.77 billion, with the Ethereum network contributing $5.67 billion and the Solana network bringing in $1.29 billion, while the rest of the networks total $80.59 million. This data not only demonstrates the platform's widespread usage across multiple blockchains but also reflects its significant presence on mainstream chains, especially Ethereum and Solana. In fact, Ethereum, as the oldest and most secure blockchain in history, has attracted a large amount of institutional and user funds, while Solana, with its high throughput and low transaction fees, is gradually capturing the attention of some emerging markets.

The successful implementation of Ondo Finance's multi-chain strategy not only helps diversify risks but also allows for the utilization of the different ecological advantages of each chain, attracting a wider range of liquidity. Furthermore, 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 solidify its market position, laying the foundation for future expansion and innovation.

Tron and Solana networks have issued $10.75 billion in stablecoins this year

The total market value of the stablecoin market has now reached $2,251 billion, with USDT accounting for $1,420 billion and USDC having a market value of $562 billion. Recently, the minting activity of stablecoins has continued to grow, especially on the Tron and Solana networks. Since 2025, Tether has minted 30 billion USDT on the Tron network, while Circle has minted 77.5 billion USDC on Solana. It is worth noting that in the past 24 hours alone, the Tron network has added 10 billion USDT, and the Solana network has added 2.5 billion USDC. In comparison, the direct minting volume on Ethereum is relatively small, indicating that more stablecoin minting activity is gradually shifting to high-efficiency blockchains such as Tron and Solana.

Hotspot Comments

Hyperliquid launches HyperEVM mainnet

Hyperliquid's HyperEVM mainnet has officially launched, introducing 'universal programmability' to its Layer 1 blockchain, allowing developers to run Ethereum-compatible smart contracts. The initial version not only supports on-chain transfers between the native spot HYPE and the HyperEVM version of HYPE, but also inherits security and high performance through the HyperBFT consensus mechanism. While current tools and analytics are still being improved, the Hyper Foundation has launched a bug bounty program and plans to incorporate ERC-20 native transfers and precompiled functions in future network upgrades. [16]

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 platform liquidity, further enhancing market efficiency.

Fold becomes the first Bitcoin financial services company to list on NASDAQ

Fold officially listed on Nasdaq today, becoming the first public company focusing on Bitcoin financial services. This milestone event not only demonstrates Fold's deep layout in digital assets - holding over 1,000 Bitcoins on its balance sheet, but also reflects the gradual acceptance trend of crypto assets in traditional financial markets. The listing not only opens up more financing and business expansion opportunities for Fold itself but also may inspire more Bitcoin-centric financial enterprises to explore the path to the public market, thereby driving innovation and integration in the entire fintech field. Fold's move may become an important catalyst for the integration of the cryptocurrency industry with traditional financial markets, providing investors with a fresh perspective to evaluate the status and potential of digital assets in the mainstream financial system.

Grayscale launches Grayscale Pyth Trust Trust Fund

Grayscale has launched the Grayscale Pyth Trust trust fund, which is a cryptocurrency investment product focused on a single asset. By purchasing trust shares, investors can indirectly gain exposure to the PYTH token's market, thereby avoiding the risks and complexities of directly buying and storing digital assets. According to the asset management report on February 14, the fund has an asset size of approximately $10,948,000, with a net asset value per share of $10.95, and a management fee rate set at 2.5%.

The launch of this product not only reflects Grayscale's professional capabilities in the field of digital asset management, but also responds to the market's demand for compliant and convenient investment channels. For institutional investors and high-net-worth clients, obtaining exposure to crypto assets through Grayscale Trust can significantly reduce operational risks while enjoying the value-added effects of professional asset management. Although the 2.5% management fee is relatively high, considering additional costs such as storage, insurance, and risk control, this fee level to some extent reflects the value of its professional services and market recognition.

**Financing Information

According to RootData, in the past 24 hours, a total of 3 projects publicly announced their financing, with a total amount exceeding 81 million US dollars. The highest single financing amount reached 50 million US dollars, involving infrastructure, security solutions, DeFi, and other fields. The specific financing situation is as follows: [19]

Blockaid - Blockaid completed a $50 million Series B financing round, with participation from Ribbit Capital, GV, and others. Blockaid is a company focused on cryptocurrency security, aiming to protect digital assets from cyber attacks. The platform helps identify and prevent potential network attacks through its robust security technology, ensuring the security of cryptocurrency transactions and user assets.

Altius Labs —— Altius Labs has completed a $11 million pre-seed round of financing, with participation from Founders Fund, Pantera, and others. Altius Labs plans to launch a new blockchain layer designed to significantly improve the performance of existing blockchains. By separating transaction execution from other functions, Altius Labs' technology will improve the speed of blockchains and their interoperability with other networks. This technology will be compatible with multiple blockchain computing environments and can connect with blockchains such as Solana, further driving the development of blockchain infrastructure.

Cygnus - Cygnus completed a $20 million Pre-Seed round of financing, with participation from OKX Ventures, Mirana Ventures, etc. Cygnus is a modular real income layer project, dedicated to enabling any blockchain to easily customize its own re-staking network and achieve shared security. Through its liquidity verification system, Cygnus has built a transparent, decentralized economic network in emerging ecosystems, allowing on-chain and off-chain assets to be deposited to drive seamless coordination and economic security.

Airdrop Opportunity

( Ethereal

Ethereal is a decentralized spot and perpetual contract trading platform, built on the Ethena network and using native USDe as collateral. Ethereal offers institutional-level performance (less than 20 milliseconds latency, over 1 million orders per second) and settles directly to the Ethena network, ensuring consistent performance and settlement even during peak trading volumes, unaffected by network congestion or delays.

Season Zero is a pre-deposit activity launched by Ethereal. Users who participate in the activity and hold eUSDe will receive Ethereal points. By earning points, users can gain access to the testnet and future platform plans in advance. At the same time, users will also enjoy enhanced sats rewards. This activity not only rewards early supporters of the platform but also accumulates liquidity for the platform's official launch.

Participation method:

  1. Go to the official website of Ethereal Season Zero and connect your wallet.
  2. Deposit USDe to obtain eUSDe and earn points according to the holding period.
  3. Invite friends to participate in the event to earn more points.

Tip: Airdrop plans and participation methods may be updated at any time. Users are advised to follow official channels for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct sufficient research before participating. Gate.io does not guarantee subsequent airdrop rewards.
Reference:

  1. Gate.io,[https://www.gate.io/trade/BTC_USDT])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/GLOBAL_MSQ/status/1891311725070405753
  11. X,https://x.com/opulousapp/status/1887174368519655666
  12. X,https://x.com/Zebec_HQ/status/1891864229524742315
  13. Coinmarketcap,https://coinmarketcap.com/view/memes/
  14. Defillama, https://defillama.com/protocol/ondo-finance
  15. X,https://x.com/spotonchain/status/1892020008475296217
  16. Theblock,https://www.theblock.co/post/341424/hyperliquid-launches-hyperevm-on-mainnet-to-bring-general-purpose-programmability
  17. X,https://x.com/BitcoinMagazine/status/1891872430513095156https://x.com/BitcoinMagazine/status/1891872430513095156
  18. Grayscale,https://www.grayscale.com/crypto-products/grayscale-pyth-trust
  19. Rootdata,https://www.rootdata.com/Fundraising
  20. Bloomberg,https://www.bloomberg.com/news/articles/2025-02-18/ribbit-leads-50-million-investment-in-crypto-security-platform
  21. Bloomberg,https://www.bloomberg.com/news/articles/2025-02-18/hudson-river-amber-crypto-quant-vets-want-to-take-on-solana?srnd=undefined
  22. Chaincatcher,https://www.chaincatcher.com/article/2168310
  23. Ethereal, https://deposit.ethereal.trade/points

**gate Research Institute** gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Disclaimer Cryptocurrency market investment involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.

HYPE-5.95%
ONDO-4.94%
BTC-2.48%
ETH-0.43%
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Hamidrahman2555vip
· 02-22 20:21
HODL Tight 💪
Reply0
Igor_Khlovip
· 02-19 20:49
Hop on 🚀
View OriginalReply0
It’sReallyHardToMivip
· 02-19 18:02
Quickly get on board! 🚗
View OriginalReply0
Supremechainvip
· 02-19 14:11
HODL Tight 💪
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Saoriavip
· 02-19 09:24
Get involved 🚀
View OriginalReply0
GateUser-60d2200dvip
· 02-19 09:17
interesting information, tnx
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