Overview

This report focuses on key blockchain industry developments from February 17-21, 2025. During this period, Pump.fun protocol fee revenue plunged 85% from its peak on February 17; Dolomite achieved a record TVL of $735 million; Ondo Finance’s TVL exceeded $777 million; Hyperliquid successfully launched its mainnet HyperEVM; Gate.io partnered with Consensus-HK to innovate in Web3 music and social networking; and Berachain’s TVL exceeded $3 billion, reaching a new high.

Projects

Pump.fun Protocol Fee Revenue Plunged 85%+ From Peak on February 17

On February 17, 2025, Pump.fun experienced its first instance where a MEME token deployment failed to fill within 30 minutes, possibly indicating declining market interest. According to DefiLlama data, Pump.fun’s protocol fee revenue on February 17 was $2.19 million, representing an 85.76% decrease from its historical peak of $15.38 million on January 25. This significant decline suggests a substantial reduction in capital inflow. While MEME tokens traditionally attracted substantial liquidity in short periods, the current decreased subscription interest for new projects may reflect a lower investor risk appetite or a market return to rationality. This trend is worth monitoring, as it raises questions about whether Pump.fun can maintain its dominance in the MEME market or if it has entered a cooling-off period. [1]

Dolomite Achieved A Record TVL of $735 Million

On February 18, Dolomite’s Total Value Locked (TVL) reached $735 million, marking a historic high and demonstrating strong growth in the DeFi sector. As a decentralized finance platform, Dolomite offers various financial services, including lending, trading, and asset management, attracting substantial user activity and capital inflow. The continuous growth in TVL reflects users’ trust in the platform’s functionality and security. Since launching on Berachain on February 7, the platform has attracted more capital, with BERA tokens offering annual yields of up to 28%. [2]

Ondo Finance’s TVL Exceeded $777 Million

Ondo Finance’s current Total Value Locked (TVL) has reached $777 million, with Ethereum network contributing $567 million, Solana network bringing in $129 million, and other networks totaling $80.59 million.

The successful implementation of Ondo Finance’s multi-chain strategy not only helps diversify risk but also leverages the unique ecosystem advantages of each chain to attract broader liquidity. Additionally, the platform’s steady growth trend demonstrates its strengthening core competency in liquidity management and asset custody. Ondo Finance is steadily advancing its influence in the DeFi space through continuous optimization of product features and services. The platform’s ongoing pursuit of cross-chain asset integration and efficient liquidity will further solidify its market position and provide a foundation for future expansion and innovation. [3]

Hyperliquid Mainnet HyperEVM Has Officially Launched

Hyperliquid’s HyperEVM mainnet has officially launched, introducing “general programmability” to its Layer 1 blockchain, enabling developers to run Ethereum-compatible smart contracts. The initial version supports spot transfers between native HYPE and HyperEVM HYPE tokens while inheriting security and high performance through the HyperBFT consensus mechanism. Tools and analytics features are continuously being improved, with Hyper Foundation launching a bug bounty program and planning to add ERC-20 native transfers and precompiled functions in future network upgrades. [4]

This initiative marks a significant step in enhancing platform performance and expanding ecosystem boundaries. By embedding Ethereum-compatible smart contract capabilities into its high-performance Layer 1, Hyperliquid attracts Ethereum developers and establishes a technical foundation for introducing more diverse DeFi applications and innovations. Additionally, supporting transfers between different forms of HYPE tokens ensures seamless platform liquidity integration, further improving market efficiency.

Gate.io Partnered With Consensus-HK to Innovate in Web3 Music and Social Networking

On February 19, 2025, the Token of Love Hong Kong Music Festival, sponsored by leading global cryptocurrency exchange Gate.io, opened grandly at Wonderland in West Kowloon Cultural District. As a major official side event of the blockchain industry flagship summit Consensus-HK 2025, this music festival centered on the concept of “Web3 + Music + Social.” Through innovative formats like immersive digital art stages and on-chain sound wave interactive installations, it attracted over a thousand global attendees, 80+ industry media outlets, and ecosystem partners, creating a cross-boundary integration between the cryptocurrency sphere and cultural creative industries.

As a 3 Block-level strategic partner of Consensus HK 2025 (February 18-20), Gate.io not only deeply participated in the main venue program design but also demonstrated its evolution from a trading platform to an ecosystem builder through this breakthrough music festival. The event featured a special Gate.io on-chain heartbeat interactive zone, which transformed attendees’ crypto hardware wallet biometric data into NFT soundtracks in real-time, completing the world’s first blockchain-driven collective music co-creation experiment. [5]

Berachain’s TVL Exceeded $3 billion, Reaching A New High

Berachain’s on-chain TVL has surpassed $3 billion, setting a new record. Berachain is an EVM-compatible Layer 1 blockchain built on Cosmos SDK, featuring a unique Proof of Liquidity (PoL) consensus mechanism designed to address liquidity challenges in the DeFi space.

Infrared Finance is the protocol with the highest TVL in the Berachain ecosystem, showing strong growth momentum. As of February 20, 2025, its TVL exceeded $1.305 billion, with a 35.40% increase over seven days, establishing itself as a crucial pillar of Berachain’s DeFi ecosystem. Its liquidity staking model enhances Berachain network security and promotes liquidity expansion across the entire ecosystem. [6]

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References：

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
5. Gate.io,https://www.gate.io/zh/announcements/article/43437
6. Defillama,https://defillama.com/chain/Berachain

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