February witnessed blockchain applications operating steadily despite macroeconomic downturns from the Russia-Ukraine conflict. DeFi demonstrated gradual recovery with minor upticks across select public chains and cryptocurrencies, while NFT trading volume cooled significantly.
Key Market Movements
BTC & ETH Prices Rise ~10%, Liquidations Drop 95.53%
- BTC traded between $37K–$44K; ETH fluctuated at $2.6K–$3.2K, neither reaching November 2021 peaks.
- Post-Russia-Ukraine "military action" (Feb 24), prices dipped before rebounding as cryptocurrencies were increasingly used for humanitarian/military aid funding.
By month-end:
- BTC: $43,286 (+10% MoM)
- ETH: $2,929.53 (+10% MoM)
- Liquidations plunged from $425M (Jan) to $18.96M (Feb), an 95.53% decline.
DeFi’s Slow Revival: TVL Up 1.06%
- Total Value Locked (TVL) edged from $205.02B → $207.18B (+1.06% MoM).
- Market retained >$200B scale despite modest growth.
Terra Overtakes BNB Chain as #2 Public Chain
- Terra’s TVL: $18.83B (surpassing BNB Chain)
LUNA Price: $91.01 (+75.8% MoM), fueled by:
- $1B LUNA sale to bolster UST peg stability.
- Lido’s single-asset staking (55% of Lido’s TVL flowed into Terra).
👉 Explore how Terra’s ecosystem thrives
Standout Protocols: Lido & Anchor
- Lido: +46% TVL ($11.2B)
- Anchor: +52% TVL ($10.3B)
Both leveraged Terra’s algorithmic stablecoin framework to offer high-yield UST services.
NFT Trading Volume Cools (-67% MoM)
- February Volume: $2.787B (-67% from January)
- Investor focus shifted toward cryptocurrencies as "safe-haven" assets.
Emering NFT Platforms Challenge OpenSea
- LooksRare & X2Y2 gained traction amid OpenSea’s slowdown (post-Feb 14 phishing attacks).
Top NFT Projects:
- Terraforms & Meebits ($56M volume spike Feb 16–21).
- Axie Infinity & BAYC maintained steady activity.
Investment Trends
Total Funding: $4.7B (-19.6% MoM).
- NFT sector: Sharpest decline.
- Web3: +79% growth (e.g., a16z’s major investments).
February Highlights Recap
Policy & Finance
- Ukraine raised $16.7M in crypto donations.
- ECB urged crypto regulations to prevent Russian sanction evasion.
Public Chains
- Avalanche Bridge TVL: $6.238B.
- zkSync L2: 90K+ ETH locked ($75M TVL).
Security Incidents
- Multichain recovered $2.6M stolen funds.
- Titan Finance hacked (4,828.7 BNB stolen).
Conclusion
Blockchain applications showed resilience despite bearish trends. The Russia-Ukraine conflict highlighted decentralized ecosystems’ value, with crypto aiding humanitarian efforts. However, NFTs faced downturns—anticipating a March rebound.
FAQ
Q: Why did LUNA’s price surge 75.8%?
A: Two drivers: $1B LFG reserve initiative + Lido’s single-asset staking demand.
Q: Is NFT’s decline permanent?
A: Likely a correction after January’s peak; market dynamics may shift.
Q: How did Terra surpass BNB Chain?
A: Lido’s staking model and Anchor’s high APY attracted massive capital inflows.
Data Sources: Footprint Analytics. Opinions expressed are solely the author’s and not investment advice.
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Risk Warning: Crypto investments are volatile—capital loss is possible. Assess risks carefully.
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