1. Forecast

1. Macro-level summary and future forecast

Last week, the U.S. government announced tariffs on imported goods from many countries, further exacerbating trade tensions. The market has expressed concerns about the inflationary pressures caused by tariffs, which could affect future rate cuts. The Fed may cut interest rates only once in 2025, a 25 basis point dependent on inflation and economic data performance. In the future, the US economy may face the dual challenges of slowing growth and stubborn inflation. Investors need to pay close attention to the Federal Reserve's monetary policy trends, the evolution of trade policies, and the potential impact of AI technology on the economy.

2. Market changes and early warnings in the crypto industry

Cryptocurrencies are seen as tools to hedge inflation and uncertainty over the long term, but in the short term, it is more like a risky asset that may negatively react to any uncertainty surrounding the trade war. In addition, Ethereum has weak development, the meme bubble has retreated, and there are no new hot spots in the industry, which has also had an adverse impact on the crypto market.

Some investors view $90,000 as the key support level for Bitcoin, and some warn that a further deep correction could occur if Bitcoin falls sharply below this support level. However, the trade war has triggered a sharp drop in the overall crypto industry, clearing leverage, and the possibility of a sharp decline in the short term is small, and the subsequent recovery is likely to be mainly fluctuating, but investors still need to be vigilant about related risks.

3. Industry and track hot spots

Bluwhale, a decentralized AI customization protocol invested by cointelegraph, DWF labs, etc., has invested and raised $7 million. It uses its unique AI personalized network to help decentralized applications acquire user perspectives, perform user portraits and target targets across chains; Autonolas, a decentralized platform that raises $13.8 million, is committed to the creation and sharing of independent AI agents. Through its open source framework, Olas Stack, Autonolas drives the way AI development collaborates and ensures system robustness and transparency.

Spindl, a Web3 growth platform led by Coinbase, helps developers to gain an in-depth understanding of user behavior in decentralized applications through on-chain attribution, analysis, audience segmentation and advertising; D3 Global, led by Paradigm, Coinbase Follow-up investment, committed to enhancing the interoperability of Web2 and Web3 authentication. The technology in its patent application promises to provide inherently secure authentication and support all web browsers and devices.

2. Market hot tracks and weekly potential projects

1. Potential track performance

1.1. Analysis of the characteristics of Bluwhale, a decentralized AI

custom protocol invested by cointelegraph, DWF labs, etc., and raised $7 million in financing

Bluwhale is an AI personalized network (modular intelligence layer) designed to help decentralized applications (such as games, DeFi, protocols, etc.) acquire user perspectives across chains, conduct user portraits, target targets, and discover potential customers. It converts on-chain wallet data into perspective through knowledge graph structures to support real-time query, accelerated training, and reasoning of AI models and agents.

The company leverages AI technology to aggregate and visualize key information and drives the best wallet matching and social interaction between consumers and businesses through messaging (on-chain/off-chain). This will help projects quickly expand their user base while allowing consumers to convert their digital data into the most profitable assets.

Consumers aggregate their digital footprints and authenticate through Bluwhale to gain sovereignty over their personal information under the premise of self-hosting. They can earn passive income from their digital presence by participating in and contributing to the financial system of the Bluwhale network and the networks built on it.

Ecological analysis

The Bluwhale protocol is seamlessly embedded between the application layer and the protocol layer and the L1/L2 chain , passing critical user perspective data to decentralized applications (dApps) and individual users without their manual analysis or writing technical queries.

The personalization layer can be further decomposed into the following three core modules:

1. Data Verification Module

The module consists of community validators, social interactions and social circles, responsible for verifying the authenticity of the data to ensure the security and accuracy of the entire network. The verification content includes data contributed and identity information established in the Bluwhale AI network.

• Function : Through nodes, reference verification methods are adopted to ensure seamless integration of internal, external, on-chain/off-chain data.
• Objective : Ensure the credibility and integrity of data.

2. Identity Embedding Module

This module authenticates users through traditional (Web2) social accounts and blockchain (Web3) social reference mechanisms and aggregates these identity information into the embedding layer. It integrates identity and data through knowledge links, weights, rankings and other identity context models.

• Function : Contextualize user behavior and continuously optimize incoming reference data to make the user portrait as comprehensive as possible.
• Objective : Build a complete user identity portrait to provide a basis for subsequent analysis.

3. Privacy Inference Module

This module is based on Zero-Knowledge Proof (ZKP), explains and alludes to user-disclosed data, and distributes rewards based on the needs of the enterprise or individual and the complexity of data processing and query. Only under user authorization can enterprises access relevant data, and users can obtain economic returns through data sharing.

• Function : Enable data value exchange on the premise of protecting user privacy.
• Goal : Ensure transparency of data usage and security of user privacy.

Comments

The advantages of Bluwhale's three major modules are summarized as

1. Data Verification Module : Ensures the trustworthiness and seamless integration of data.
2. Identity Embedding Module : Build a comprehensive user profile and optimize data context.
3. Privacy reasoning module : realizes data value allocation under the premise of protecting privacy.

Its core value can be summarized as

• Decentralization and security : Trustless and decentralization are achieved through modular design.
• User sovereignty : Users have full control over the use of their data and obtain economic returns through data sharing.
• Efficient view : Provide real-time and accurate user perspectives to enterprises and individuals without complex technical operations.

1.2. Raising US$13.8 million to achieve the creation of autonomous AI

agents and what potential is Autonolas, a shared decentralized platform?

Olas is a decentralized platform designed to achieve the creation and co-ownership of autonomous AI agents and promote the entire AI-driven economy. By incentivizing developers, operators and other participants, Olas coordinates the deployment of agents on multiple blockchains to promote the collaboration of AI development. The platform provides an open source framework, Olas Stack, which allows developers to build off-chain agents and ensure the robustness and transparency of the system through on-chain security.

Technical Architecture **
**Autonolas 's autonomous software service is reflected in the form of proxy services.
A proxy service is a set of independent computer programs that interact to achieve predetermined goals. A proxy service can be understood as a logically centralized application (i.e., there is only one application state and logic) that is replicated in a distributed system.

A proxy service consists of code components that can be spliced ​​through software combinations like Lego bricks. With the support and incentives of on-chain protocols, developers can publish and find code components to build and scale new services.

To this end, the on-chain protocol implements a series of registries that allow code components, agents, and services to be discovered, reused, and financially rewarded.

To sum up, the main elements of the Autonolas technology stack include:

• Agent Services : Maintained by the service owner and run by multiple operators, the operator executes independent proxy instances (these instances run the same code); these instances are coordinated through so-called consensus widgets.
• Composable autonomous applications : built from basic applications, easy to expand and can be combined into higher-order applications.
• Programmable blockchain : used to ensure the security of proxy services and incentivize developers to contribute code to the protocol.

Autonomous service makes DAO more competitive by:

Self-service can be composed of three basic "Lego bricks":

• Keeper – Take action on the chain based on abundant conditions
• Oracle – pull and perform complex data operations
• Bridges – Move value and information between blockchains

This composability leads to combination expansion and unprecedented new applications.

Governance

One of the key elements of Autonolas' success is to have an active community and ecosystem that not only build, develop, and promote, but also use Autonolas technology. To this end, Autonolas is organized in the form of DAO where meaningful contributors and supporters will participate in the decision-making process.

Initially, users holding virtualized veOLAS tokens can participate in any governance activity. veOLAS tokens are obtained by locking OLAS (Native Tokens of Autonolas). The degree of governance participation is proportional to the holding and lock-up time of veOLAS.

Governance proposals can significantly modify system parameters, support new technical directions, or add brand new features to on-chain protocols. Once the governance proposal is approved, Timelock will increase the delay in the implementation of the proposal.

In exceptional cases, some changes to Autonolas on-chain protocols can be performed through community-owned multi-signment wallets, thereby bypassing the governance process. This allows a trusted group of actors to go beyond governance in some ways, such as fixing security vulnerabilities without governance discussions.

Comments

Through Autonolas' services, you can obtain:

• Continue to run
• Take action independently
• Interact with the world outside the blockchain
• Run complex logic

With Autonolas, the best AI will not be exploited by individual billionaires or large enterprises. Instead, they will be collectively owned by humans and operate as autonomous services to promote the development of individual autonomy.

1.3. A brief analysis led by Coinbase, focusing on obtaining users'

measurement and attribution platform Spindl for developers

Spindl is a Web3 growth platform that provides comprehensive solutions including on-chain attribution, analytics, audience segmentation and advertising. It enables developers to understand the source and behavior of user acquisition in decentralized applications and provides customizable dashboards and reporting tools. Spindl's recommendation system allows projects to reward key opinion leaders, community members, and publishers who contribute to user growth.

This means that Spindl can tell you where your users are from (Twitter? Telegram? Over-chain airdrop?) and how they behave on-chain within your dApp. In other words, do they generate income? Do they stay? Are their acquisition costs too high?

Visually, the unique view you see in Spindl is as follows: After the Web 2 channel (such as Twitter) is correctly attributed, it appears next to the Web 3 channel (such as Tasks and On-chain Rewards).

Attribution

Attribution systems are capital "T" truths in the media ecosystem, which determine what upstream publishers or behaviors — such as clicking on tweets or Instagram ads — lead to certain valuable downstream user behaviors, such as installing or buying. .

In its pure and perfect form, attribution allows you to measure what is called a marketing “funnel”: a group of users who gradually go from Discord posts to clicks, to wallet logins, to on-chain (or off-chain) user behavior. If you know how you can monetize "downstream of the funnel" in your app experience and know how much it costs to bring users to this location (whether through paid media such as ads, or through organic traffic such as blog posts), then you You can calculate your "ROAS" (return on advertising spending... marketing technology has many abbreviations). Ideally, it looks like this:

If ROI > 1, then the business is feasible. Otherwise, there is no. This is a mathematical principle that no business, whether it is a digital or a traditional industry, cannot escape. The difference is that in the digital world, you can accurately measure almost all your data to four decimal places.

On-chain attribution **
**There are unique challenges in doing real attribution in Web 3. To put it bluntly, most crypto-field participants who claim to do this can actually not do it (at least by most of the definitions of "somewhat vague terms."

In short, the attribution answers this question:

Where does this user really come from?

And by extension, it also answers similar questions:

• How long have they stayed?
• How much should I give to the user's source as the acquisition fee?
• How much income did I make from this user? Am I satisfied with this acquisition channel?

This problem is difficult because it requires saving stateful information about the user and even defining what an active user is (for example, an active user refers to a user who has made a transaction at least once in 7 days).

It is not like just recording which website they visited before entering your app (for example, through UTM parameters), or even recording the wallet address that trades through your agreement has been exposed to other upstream smart contracts (users have come into contact with many smart contracts) . Which contract should we attribute to new users? This is the question to be answered by "true attribution".

This picture describes one of these situations:

Comments

Spindl, as a unique among all attribution providers, intelligently fuses off-chain and on-chain events to answer these questions effortlessly. Through its constantly updated identity, Spindl can arbitrarily interweave the funnels of Web2 and Web3, cleverly hiding the complex transactions behind users.

Users can do almost anything in Chartbuilder. But the key to remember is that users can only attributions to funnel bottom events that have been marked as “conversion events”, which are often (but not always) on-chain events, such as coin minting or exchange.

Although Spindl makes attribution across Web2/Web3 both feasible and simple, there are certain limits to what Spindl can abstract. As for its potential, developers may be able to acquire customers at a lower cost in the future, and devote more funds and energy to improving and improving user experience and benefits.

1.4. Can D3 Global, a star project that enhances the interoperability of

Web2 and Web3 authentication led by Paradigm and followed by Coinbase, meet user expectations?

D3 Global claims to have "technology in patent filings", which promises to enhance the interoperability of the Internet between Web2 and Web3 versions while improving its utility and security. D3 plans to apply for and acquire new top-level domains during ICANN's upcoming application period, with the goal of providing inherently secure authentication, supporting all web browsers and devices.

Build at once, integrate everywhere on one platform to obtain name resolution services for traditional Internet and Web3, including out-of-the-box DNS and ENS support. With a single integration, no endless SDK, API or hacking solutions are required.

Design is the future guaranteed to use tools and languages ​​you are already familiar with and love. Access secure and compliant infrastructure with forward and backward compatibility.

Domain Name Monetization is an affiliate partner to generate revenue by selling name tokens in your app. Enable users to search, purchase and mint name tokens while maintaining full control of the user experience.

Resolve D3 name **
**Built with DNS Connect SDK

Overview **
**The DNS Connect SDK is designed to integrate different Web3 name resolution services into one platform to simplify developers ' integration efforts. It supports the following parsing methods, which can be applied in priority order:

• DNS resolution
• (Optional) ENS resolution
• (Optional) Other parsing services - provided by D3 or the community.

The DNS Connect SDK provides a range of benefits, including:

• Achieve a seamless transition between existing Internet (Web) and Web3 infrastructure
• Future-safe design with forward and backward compatibility
• Single integration, no need for endless SDKs, APIs, etc.
• Accessible, compliant and secure infrastructure

D3 offers three main integration methods to meet different development workloads and functional requirements. Each option allows developers to seamlessly integrate D3's capabilities into their applications, linking from simple alliances to full API integration.

Comments

To sum up, D3 currently provides services:

• Sell ​​name tokens to users in your app
• Send/receive cryptocurrency to names in the app
• Reversely resolve names in app

More complex services that may be provided in the future:

• Partial ownership of the name
• Liquidity pool for trading strategies

2. Detailed explanation of the project that week

2.1. Depin network Beamable, which is a $13.5 million investment funded

by the Solana Foundation, is now funded by US$13.5 million.

Introduction

The Beamable Network is a decentralized infrastructure network (DePIN) designed to reduce the dependence of games on centralized hyperscalers. It decentralizes computing power, storage and bandwidth through tokenized incentives, providing a cost-effective and resilient alternative to support real-time gaming. Beamable also provides an open and scalable gaming server platform equipped with tools such as LiveOps, serverless backend and Web3 integration to help developers build and expand online games.

Technical analysis

The Beamable architecture consists of three levels: Serverless Game Backend, which hosts microservices; Live Services SDK, which provides various ready-made features for your game; and a LiveOps portal for daily management , for use by all users in the studio.

Beamable集成的全栈LiveOps常见工作流 ：

代码创作 **
**Use the Unity Editor as the center for writing client and server code, supports C# and provides full access to all plugins and tools you are used to using—whether client or server-led components.

创建服务器工作负载 **
**Use cloud-based microservices to perform flexible, secure and automatically scale workloads. Any third-party services you like (drivers, databases, etc.) can be used.

Multiplayer Game **
**Distribute and synchronize multiple game clients to provide deterministic multiplayer game support against cheating.

debug **
**Create local instances of all server-led microservices and debug with client code. You can track codes, set breakpoints, monitor variables, etc. anywhere.

deploy **
**Server-led code is published without configuring or managing servers, networks, load balancers, extension rules, monitoring/logging software, and building processes.

monitor **
**Observe the performance of custom microservices through a web-based portal or within the Unity editor to identify opportunities for improvements in latency and computational consumption.

实现实时服务 **
**Provide common real-time services (events, guilds, players, inventory, etc.) through the Live Services SDK. Drag and drop and manage their configuration and data from within the Unity editor, both inside the editor and through the web portal.

Use persistent data **
**Easily store key-value pairs covering most data storage use cases, perform powerful queries within Beamable microservices, including geospatial and time series analysis—or connect your own database and storage services to handle more professional use cases. Configuration datasets can be managed through an integrated deployment process to change the production environment.

Content creation <br style="font-size: inherit; font-family: PingFang SC,Helvetica Neue,Helvetica,Arial,Hiragino Sans GB,Heiti SC,Microsoft YaHei,WenQuanYi Micro Hei,sans-serif;">Integrated tools allow Content creators use web-based forms, spreadsheets, or Unity editors to create new projects, events, variable changes, and more.

Version control <br style="font-size: inherit; font-family: PingFang SC,Helvetica Neue,Helvetica,Arial,Hiragino Sans GB,Heiti SC,Microsoft YaHei,WenQuanYi Micro Hei,sans-serif;">Use your preferences Standard version control tools that organize all code, content and data into comprehensive packages—no need for tedious build processes to synchronize different sources of truth.

Monitoring <br style="font-size: inherit; font-family: PingFang SC,Helvetica Neue,Helvetica,Arial,Hiragino Sans GB,Heiti SC,Microsoft YaHei,WenQuanYi Micro Hei,sans-serif;">By web-based Observe the performance of custom microservices within the portal or Unity editor to identify opportunities for improvements in latency and computational consumption.

Real-time operation <br style="font-size: inherit; font-family: PingFang SC,Helvetica Neue,Helvetica,Arial,Hiragino Sans GB,Heiti SC,Microsoft YaHei,WenQuanYi Micro Hei,sans-serif;">By web-based Forms and Access Controls manage key data structures in Beamable: players, inventory, purchase history, events, content, etc.

Multi-person relay server _
_Synchronize user inputs on the network and distribute changes to the active sessions of each game client. Relay servers are very suitable for real-time strategy, tower defense, multiplayer online tactical competition (MOBA), card battles, automatic chess, and other multiplayer games that have deterministic promotion of gameplay.

The relay server tracks simulation frames for each player, maintains event logs, and performs time management. When building with a relay server, you can choose to use it as a simple communication channel between games (for situations where you don't worry about cheating), or you can implement deterministic multiplayer games that enable game clients to be able to Multiple players safely reach a consensus on the game status. In the latter case, attempting to tamper with the client will result in synchronization failure and the cheater will be excluded from subsequent games.

Promotion content and code deployment

Since microservices are fully hosted, you don't have to provide a server or do the complex work that is often associated with scaling servers: no need to configure the network, set up a load balancer, write extension rules, install monitoring/logging software, write build scripts, and more.

Beamable automates the process of bringing all interdependent client code and microservices through various steps of the continuous integration, quality assurance and release process.

These C# code modules are deployed independently in your microservices, separate from the front-end code (the code you post to players has no back-end residues), while being consistent with client binary files.

Real-time service

Beamable comes with a real-time service SDK that allows you to quickly add common social, commercial and content features to your game. These services run in the same highly scalable microservice architecture as you build custom services, giving you the confidence to reliably scale to any number of players.

You can connect these live services on multiple levels to help you build games faster:

• Many real-time services come with a Unity prefab, which simplifies the game development process through drag and drop.
• You can call each service through the C# SDK to allow Unity developers to operate in a locally friendly environment.
• Provides a RESTful API for situations where you need to interact with real-time services from outside your C# project. This is often very helpful for integration with legacy code, third-party services, websites, etc. in other languages.

Summarize

Beamable provides a relay server that enables clients to communicate with each other in real time and also supports deterministic simulations that are tamper-proof.

Games usually rely on different systems for updates, depending on whether the changes affect the code, configuration, or content. Beamable allows you to publish versioned content that is atomically updated and verified according to design rules.

Beamable's relay server solved the original P2P problem at an affordable cost. They are compatible with client/host topology and usually transfer data between client peers in real time via reliable UDP protocol or (TCP) WebSocket without server-side imitation. The client is responsible for sorting, processing, and interpolation of packets to generate coherent simulations. At the same time, Beamable provides an application server technology that is deployed serverless and divided into microservices, which can be independently expanded, versioned, debugged, and easily integrated into the workflow of the Unity editor .

Finally, Beamable provides a complete OpenAPI/Swagger specification description for all available APIs, so it can be called anywhere. For Unity, Beamable also provides a complete SDK that can be used on the server side or on the client side.

So if you are developing a live service game, then Beamable's architecture can help you build games faster.

Based on a set of real-time services, front-end and LiveOps components, you can use C# throughout the game development process. Rather than being a separate collection of components you need to connect to, Beamable's service is out of the box and is compatible with the Unity editor. Development, debugging and deployment work is harmonious and coordinated. Whether you're creating a highly interactive multiplayer game, a game with social or economical features, or even a single player with community features, Beamable can help you.

3. Industry data analysis

1. Overall market performance

1.1 Spot BTC&ETH ETF

Analysis

Last week's trading day (February 3 to February 7) US Bitcoin spot ETF had a cumulative net inflow of US$318.6 million. The specific institutional trading situation is as follows

Analysis

上周交易日（2月3日至2月7 日）以太坊现货ETF 单周净流入0.278亿美元。 The transaction situation of institutions is as follows

美东时间11 月1 日）以太坊现货ETF 总净流出1O92.56 万美元

1.2. 现货BTC vs ETH 价格走势

BTC

Analysis

In the past two weeks, Bitcoin has continued to have a "strong decline accompanied by a weak rebound". It seems to be a weak trend, but a careful analysis is just a small cycle-level decline. Once the cycle is extended to the daily level or above, you can find that At this stage, it is still in a wide consolidation range of US$90,000 to US$110,000, so before it effectively falls below the bottom of US$90,000, we are still in an upward consolidation stage. It is too early to mention the bear market, so for spot users, you can mention it in the above The signal of breaking below continues to hold before it appears. For contract users, focus on several key support resistance areas identified in the chart to operate. Given that the trend at the small cycle level is not continuity, users are reminded to minimize holding. There are frequency of overnight orders.

ETH

Analysis

The past two weeks have been a difficult stage for Ethereum holders. After the failure to hit $3,500, the currency price was sold at a large amount to around $2,160 in a short period of time before it stopped falling and stabilized. It should be noted that $2,160 The position is already at the bottom of the bottom range in the second half of 24 years. It can be seen that the current market's confidence in Ethereum's bullishness has fallen to the bottom. Of course, Ethereum's weakness is indeed attributed to the emergence of efficient and low-cost alternative protocols such as Solana and L2.

But the good news is that the large-scale selling behavior in early February did not come from ETFs, which means that the probability of being guided by a human giant whale is relatively high, which shows that ETFs are still in a tendency to stock up on Ethereum, and as prices stabilize At the low of 2150 to 2850 US dollars, the bottom-buying sentiment will still dominate. Therefore, the probability of Ethereum breaking up after fluctuating in this range is relatively high. Of course, the opportunity to break through and return to $3,000 must be mainly based on the continued buying of ETFs.在此之前，以太坊持有者恐怕需要更多的耐心来等待较长时间的吸筹阶段。

1.3. Panic & Greed Index

Analysis

Overall, these factors work together to cause the cryptocurrency market panic and greed index to decline from the "greed" level to "neutral", reflecting the cautiousness of investor sentiment and market uncertainty.加密货币市场的恐慌与贪婪指数最近从“贪婪”降至“中性”，这一下降可归因于几个关键因素：

• 市场波动加剧：比特币价格的剧烈波动增加了市场的不确定性，促使投资者采取更谨慎的态度。
• 宏观经济担忧：全球经济数据引发了对未来经济轨迹的担忧，抑制了投资者的风险偏好。
• 监管环境变化：各国不断调整加密货币监管政策，引发了对行业前景的担忧，导致投资者情绪降温。
• 资金外流：部分资金从加密货币市场流出，转向其他资产类别，导致市场情绪降温。

2. Public chain data

2.1. BTC Layer 2 Summary

Analysis

Summary of the progress of Bitcoin Layer2 leading projects in the week of February 8, 2025

1. BOB (Build on Bitcoin): BitVM forced withdrawal function is online

• Key progress: On February 4, BOB officially released the "BitVM Forced Withdrawal Function", which is the first time in the Bitcoin Layer2 field that users can directly withdraw assets from Layer2 to the Bitcoin main chain without relying on third parties. This feature ensures users' asset security in extreme cases (such as sorter failure) through a hybrid data availability (DA) layer design, combined with the double-chain verification mechanism of Ethereum and Bitcoin.
• Significance: This function fills the gap in Bitcoin Layer2's asset security exit mechanism and is regarded as an important milestone in improving decentralized censorship resistance311.

2. Stacks: Progress in sBTC decentralized bridge

• Dynamic: Although the code development of sBTC was originally planned to be completed in September 2024, the community recently revealed that its test network has entered the final optimization stage, focusing on verifying the decentralized mechanism of cross-chain asset transfer. sBTC is designed to allow users to bridge BTC to Stacks networks without trusting intermediaries and are used for smart contract interactions 19.
• Future plan: Mainnet deployment is expected to be launched in the first quarter of 2025 to further promote Bitcoin’s DeFi use case 9.

3. Merlin Chain: Ecological expansion and data growth

• Data performance: According to its semi-annual report, the 50-day online TVL of Merlin Chain main network exceeded US$3.9 billion, of which 88% were native assets of BTC and Ordinals, with the number of on-chain addresses reaching 1.9 million, and the DEX liquidity exceeded US$78 million.
• Cooperation Dynamics: Integration with the ZK interoperable infrastructure Polyhedra Network has been completed, further enhancing its ZK security and cross-chain capabilities9.

4. Rootstock (RSK): BitVMX development progress

• Technical Direction: The team is developing the BitVMX protocol based on BitVM technology, aiming to enhance the complexity and scalability of Bitcoin smart contracts. At the same time, its RBTC super application plan continues to advance, and plans to integrate DeFi tools and cross-chain liquidity19.

5. Bitlayer: Ecological incentives and DApp center expansion

• Ecological Construction: Bitlayer recently announced that it has added multiple applications to its DApp Center, covering DeFi, NFT and cross-chain protocols. The $50 million incentive plan launched previously has attracted more than 30 projects to settle in, including cooperation attempts with Move Ecosystem

2.2. EVM &non-EVM Layer 1 Summary

Analysis

This week, the total value lockout (TVL) of EVM (Ethereum Virtual Machine) and non-EVM Layer 1 public chains showed a significant decline, and the main reasons may include the following:

1. Overall market downturn: The overall downturn of the crypto market may lead to a decline in investor confidence and capital outflow, which will affect the TVL of the public chain.
   Macroeconomic factors: U.S. stocks have performed weakly due to expectations of rising inflation and delayed Fed interest rate cuts, resulting in a sluggish investor sentiment, which may affect inflows in crypto markets.

2. Intensifying competition: The rise of Layer 2 solutions (such as zkSync, etc.) provides higher scalability and lower transaction costs, which may cause some funds to flow out of the Layer 1 public chain, affecting its TVL.

3. Market sentiment fluctuations: Severe fluctuations in Bitcoin prices may trigger market panic, leading to capital withdrawal, and thus affecting the TVL of the public chain

2.3. EVM Layer 2 Summary

Analysis

This week, the EVM (Ethereum Virtual Machine) Layer 2 solution has made significant progress in many aspects, mainly reflected in the following aspects:

1. Technological innovation and upgrade: * The rise of parallel EVM: Several projects have begun to explore parallel EVM architectures to improve transaction processing speed and network throughput. This architecture allows multiple transactions to be processed in parallel, reducing transaction delays and improving user experience. * Advance of decentralized sorters: Layer 2 Network is committed to the development of decentralized sorters to enhance the decentralized features and security of the network. For example, the Metis network has already run a decentralized POS sorter on the Holesky test network and plans to further promote it in the future.
2. Ecosystem development: * DeFi 和NFT 项目的扩展：Arbitrum 和Optimism 等Layer 2 网络的DeFi 和NFT 项目数量持续增长，吸引了大量用户和资金。 For example, the GMX protocol on Arbitrum has outstanding performance in terms of transaction volume and user activity. * The rise of games and metaverse applications: Layer 2 The application of the network in the gaming and metaverse fields is gradually increasing, providing higher transaction speeds and lower costs, attracting more developers and users to participate.
3. Market trends: * TVL (Total Value Lock) Volatility: Some TVLs on Layer 2 networks have fluctuations, mainly affected by market sentiment and capital flows. For example, Arbitrum and Optimism's TVL declined recently, which may be related to the overall market downturn and capital outflows.

4. Macro data review and key data release nodes next week

In January, the number of new non-farm jobs in the United States was 143,000, lower than the market expectations of 170,000. However, the number of new jobs in November and December 2024 was revised up by 49,000 and 51,000, respectively. After the correction in December, the new non-agricultural population reached a 23-month high of 307,000.

The U.S. unemployment rate fell for the second consecutive month in January, down to 4.01%, down 0.08 percentage points from 4.09% in December last year, lower than the latest forecast provided by the Federal Reserve in December 2024 (Quarter 2024 and Q4 2025分别为4.2%和4.3%）。

This week (February 10-February 14) important macro data nodes include:

February 12: The United States has not adjusted its annual CPI rate in January

February 13: Number of initial jobless claims in the United States to February 8

February 14: Monthly retail sales rate in January of the United States

V. Regulatory policy

Although Trump expressed support for the establishment of Bitcoin reserves in the United States, the Federal Reserve made it confusing when the plan will be implemented after continuous statements. With the further fluctuation of the crypto market, the clarity of policies will become a key factor affecting the direction of the market.

USA

In the early hours of February 5, David Sacks, the White House’s AI and cryptocurrency director, held his first press conference on digital assets on Capitol Hill, elaborating on the latest implementation of the White House and Congress in the U.S. digital assets plan. David Sacks said it is evaluating the Bitcoin reserve proposal, although it is still in its early stages. However, it was also revealed that NFTs and Memecoins are regarded as "collections" rather than securities or commodities.

India

India's Economic Affairs Minister Ajay Seth said in an interview that India is re-examining its stance on cryptocurrencies due to a shift in attitudes toward crypto assets by other countries, Reuters reported.此次审查是在美国总统特朗普宣布对加密货币友好的政策之后进行的，可能会进一步推迟原定于2024 年9 月发布的加密货币讨论文件的发布。