Source: Cointelegraph Original: "{title}"
This week, concerns over a global trade war triggered by U.S. President Donald Trump's import tariffs shook the cryptocurrency market, resulting in over $10 billion in liquidations within 24 hours on February 3.
Despite macroeconomic concerns causing downward volatility, investment continues to flow into the cryptocurrency industry. Notably, the 0G Foundation launched an $88.88 million ecosystem fund to accelerate the creation of AI-driven decentralized finance (DeFi) application projects.
According to the CEO of Bybit, the recent cryptocurrency market adjustment may have liquidated capital worth up to $10 billion, exceeding previous estimates.
Data from CoinGlass shows that over $2.24 billion was liquidated from the cryptocurrency market within 24 hours on February 3.
Cryptocurrency liquidation heatmap. Source: CoinGlass
However, Bybit co-founder and CEO Ben Zhou stated that the actual number could be five times larger.
Zhou Hongyi wrote in an X post on February 3: "Bybit's liquidation amount in just 24 hours reached $2.1 billion."
He said, "The actual total liquidation today is likely far beyond $2 billion; I estimate it should be around $8 billion to $10 billion."
Liquidation estimate. Source: Ben Zhou
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The 0G Foundation, responsible for overseeing the development of the 0G decentralized AI operating system, has initiated an $88.88 million ecosystem fund to accelerate the creation of AI-driven DeFi applications and autonomous agents (also known as DeFAI agents).
The fund has received strategic support from Web3 investment firms, including Hack VC, Delphi Ventures, Bankless Ventures, and OKX Ventures.
Michael Heinrich, co-founder and CEO of 0G Labs, stated that the fund's launch comes at a "critical moment" for the convergence of blockchain and AI applications.
Heinrich told Cointelegraph, "The rapid growth of AI capabilities, combined with the demand for trustless and transparent systems in the financial sector, makes now the ideal time to accelerate the development of autonomous agents."
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A report from cryptocurrency research firm Messari shows that application revenue on the Solana network grew by 213% in the fourth quarter of 2024, primarily due to memecoin speculation.
Messari stated that cumulative application revenue increased from $268 million in the third quarter of 2024 to $840 million in the fourth quarter. The report indicated a peak in November, reaching $367 million.
These earnings stem from an increase in memecoin trading, which is driving Solana's decentralized finance (DeFi) ecosystem in 2024.
Messari noted that the memecoin issuance platform Pump.fun generated $235 million in revenue in the fourth quarter, a quarter-over-quarter increase of approximately 242%.
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Node operators of the decentralized liquidity protocol THORChain approved a proposal to address its liquidity issues by converting the platform's defaulted debt into equity.
On January 23, THORChain suspended lending and savings programs for Bitcoin (BTC) and Ether (ETH) to prevent a bankruptcy crisis and restructure the protocol's debt. The platform paused ThorFi redemptions for 90 days to allow the community to devise a plan for stable operations.
After the suspension, the ThorChain community proposed various restructuring plans to ensure the network's continued operation while compensating affected users.
On February 2, the platform's node operators approved a proposal to convert defaulted debt into tokens representing equity in the platform.
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Christopher Waller, president of the Federal Reserve Bank, stated that he supports the adoption of stablecoins with clear rules and regulations, as this could solidify the dollar's position as a reserve currency.
Waller, who is the chair of the Federal Reserve Board's Payments Subcommittee, said in an interview with the Atlantic Council think tank on February 6 that stablecoins "will expand the dollar's influence globally, making it a more significant reserve currency than it is now."
He stated, "My view on stablecoins is that they will open up possibilities for payments on the rails and other methods."
Waller believes that good regulation of stablecoins will only strengthen the dollar's position as a reserve currency and its use in international trade, finance, and investment.
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According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization ended the week with losses.
The VIRTUAL token fell by over 46%, making it the largest loser among the top 100 cryptocurrencies, followed by the Arweave (AR) token, which dropped over 38% last week.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our summary of the most impactful DeFi dynamics this week. Please join us next Friday for more stories, insights, and education on this dynamic field.
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