Hot News

• Despite Trump's suspension of tariffs on Mexico, Canada and low-cost packages from China, the market remains extremely cautious. Bitcoin stabilized after Monday's sharp sell-off, but the trading range gradually narrowed, and finally closed down 1.07% over the past week.
• However, Bitcoin ETFs still recorded a weekly net inflow of $203.54 million. The total market value of stablecoins increased for the sixth consecutive week, with more than $4.33 billion in new stablecoins issued on the chain.

Macro Outlook

• The U.S. manufacturing PMI rose to 50.9 in January, higher than the market expectation of 49.8, marking the first expansion after 26 consecutive months of contraction. At the same time, the service PMI rose to 52.8 in January, lower than the market expectation of 54.3.
• The U.S. non-farm payrolls increased by 143,000 in January, lower than the market expectation of 170,000. The unemployment rate fell to 4% in the same month, the lowest level since March 2024, and lower than the market expectation of 4.1%.
• Trump announced plans to announce a reciprocal tariff policy next week. Markets expect the upcoming announcement to include new tariff measures on EU countries.

The upcoming economic calendar includes:

• February 11-12 (Tuesday), 11:00 p.m.: Federal Reserve Chairman Powell testifies before Congress
• February 12 (Wednesday), 9:30 pm: US January inflation rate released
• February 13 (Thursday), 9:30 p.m.: U.S. Producer Price Index (PPI) for January released
• Friday, February 14, 9:30 p.m.: U.S. retail sales for January

Cryptocurrency Market Quick Facts

• The Czech president signed a bill that exempts capital gains tax from holding Bitcoin for more than three years.
• The Ethereum Foundation transferred 50,000 ETH to a multi-signature wallet, which plans to participate in Ethereum's DeFi protocol.

Layer 1 and Layer 2 Public Chains

• Berachain has officially launched its mainnet. Berachain pioneered the concept of Proof of Liquidity, where applications can be built on shared liquidity pools and receive incentives through this mechanism.
• Solayer announced the details of its LAYER tokens, of which 51.23% were allocated to the community. The allocations to the team, advisors, and investors will have a vesting period, and the first major unlocking will be carried out after one year. The initial use of LAYER will be centered on governance, and the team plans to allow LAYER to participate in staking and paying gas fees in the future.
• Polygon released Agglayer v0.2 on the mainnet, enabling chains with different security models to connect to each other through pessimistic proofs.
• MegaETH launches its flagship address soul-bound NFT series, The Fluffle. NFT holders will receive 5% of the token supply allocation, which will be unlocked in a 6-month linear release.
• AO has officially launched its mainnet, which is a decentralized supercomputing environment driven by Arweave, enhancing the plasticity of application development.
• Story Protocol releases its IP tokens, 58.4% of which are allocated to the ecosystem, community and foundation. The tokens are used for staking, paying gas fees (part of which will be burned) and governance. The first large-scale unlocking will be carried out 10 months after the launch.
• Avail, Symbiotic and Radius jointly launched the Alpha Engine to help developers seamlessly deploy high-throughput layer-2 networks under the premise of shared security and capture the MEV revenue generated by their chains.

Dapps

• Ondo Finance held the Ondo Summit in New York last week, during which the team launched Ondo Nexus, which allows tokenized treasury assets issued by third-party issuers (such as Franklin Templeton, WisdomTree, Wellington Management and Fundbridge Capital) to obtain instant liquidity. In addition, the team also launched Ondo Chain, whose validator nodes are run by specific financial institutions, responsible for publishing key off-chain data and running its own DVN for identifying address details such as KYC and sanctions information. The team also reintroduced Ondo Global Market (Ondo GM), a tokenized securities trading platform scheduled to be launched in 2025.
• Pendle released its 2025 roadmap, focusing on the v2 upgrade, including opening up permissionless asset listings and dynamic fee mechanisms, expanding to Solana, Hyperliquid and TON networks, integrating RWA (real world assets), and launching Boros.
• Frax Finance has launched a lending automated market maker mechanism (BAMM), allowing users to use Fraxswap LP on the Fraxtal chain as lending assets, greatly improving capital efficiency.
• Coop Records releases its first music collection on the Soneium platform through Sonova Launchpad.
• Goldfinch has launched Goldfinch Prime Vault on the Base network, an institutional-grade private credit fund solution that includes funds from multiple asset management institutions.
• Thorchain plans to issue TCY tokens as one of the measures to solve ThorFi’s $200 million debt crisis. TCY holders will receive 10% of Thorchain’s total revenue in perpetuity.
• HeyAnon, a decentralized DeFAI protocol, launched the v0.1 public beta version, supporting multiple networks including Ethereum, Base, Sonic, etc.
• Grass Protocol announced the launch of the second phase of the Sion upgrade, which aims to increase data capture efficiency by about 15 times.
• Eigen Layer introduces the concept of verifiable agents, uses AVS for inference verification, implements output strategies, and introduces event-driven activation (EDA) to enable agents to respond to specific on-chain/off-chain events.
• Governance/Project Updates
• Ethereum developers confirmed that the Pectra testnet will be launched in February and March, with the mainnet upgrade expected as early as April.
• Bittensor expects to launch its much-anticipated dTAO upgrade on February 10.
• FTX creditors with claims less than $50,000 are expected to be repaid on February 18.
• The U.S. SEC has delayed its decision on Ethereum ETF options trading until April 9.
• Uniswap launches UVN, distributing 65% of the revenue to validators and stakers. UVN is expected to be officially launched after the testnet runs for several months.
• Usual has passed a proposal to launch the USL module, a vault that uses USD0++ as collateral and then lends USD0 at a fixed borrowing cost.
• Lido announced that v3 will be coming soon, but has not yet revealed specific details.

Token Unlock

• IO tokens were unlocked on February 11th and account for 2.58% of the total token supply.
• APT tokens were unlocked on February 12th and account for 1.98% of the total token supply.
• SAND tokens were unlocked on February 14th, accounting for 8.41% of the total token supply.
• STRK tokens were unlocked on February 15th and represent 2.45% of the total token supply.
• ARB tokens were unlocked on February 16th, accounting for 2.13% of the total token supply.
• APE tokens were unlocked on February 17th and account for 2.12% of the total token supply.
• MELANIA tokens were unlocked on February 20th and account for 23.3% of the total token supply.
• IMX tokens were unlocked on February 21 and represent 1.41% of the total token supply.
• PLUME tokens were unlocked on February 21st and account for 5.32% of the total token supply.
• ALT tokens were unlocked on February 25th and account for 9.47% of the total token supply.
• OP tokens were unlocked on February 28th and account for 2.39% of the total token supply.
• GRASS tokens were unlocked on February 28th and represent 1.52% of the total token supply.

Click here to subscribe to weekly market insights and exclusive in-depth research reports.