Learn about USDT-settled crypto perpetuals, one of the most popular crypto derivatives product, how they work and how you can start trading them.

Crypto perpetuals futures are a type of derivatives product that allows traders to gain exposure to cryptocurrencies with leverage. Traders have the flexibility to go 

 on crypto assets, and keep their positions open for indefinite periods. 

With USDT perpetual futures on Bybit's intuitive and user-friendly trading platform, you can realize these benefits with futures contracts settled in USDT, a leading 

This article will introduce you to USDT-settled crypto perpetuals, and explain how they work and how you can start trading them. No worries — we'll guide you through each step you need to take to get started with USDT perpetual futures trading on Bybit.

What Are USDT Perpetual Futures Contracts?

 are crypto perpetuals settled in Tether USD (USDT), a stablecoin pegged to the U.S. dollar (USD).

 As derivatives, cryptocurrency perpetuals enable you to trade an underlying asset like Bitcoin (BTC) or Ethereum (ETH) without an expiration date. While you are obliged to buy or sell traditional futures at expiration, you can hold crypto perpetual contracts indefinitely.

Crypto perpetuals allow you to use leverage to amplify your potential returns and keep your positions open for indefinite periods. They also offer you the flexibility to profit from both upward and downward price movements with long and short trades. Perpetual futures trading can also help you hedge against market risks without owning the underlying asset.

On Bybit, all settlements, margin, and profit and loss (P&L) calculations are denominated in USDT for linear USDT perpetuals. On the other hand, 

, which you can use to generate returns when crypto prices fall, are settled in the underlying asset.

Tether USD (USDT) is the leading stablecoin by market capitalization. As of Feb 28, 2025, it 

 a $142.03 billion market cap, and a $63.22 billion trading volume in the past 24 hours. USDT is issued and managed by the British Virgin Islands–based Tether Limited. It's owned by iFinex Inc, the same company that operates the Bitfinex cryptocurrency exchange.

USDT is a fiat-pegged stablecoin that closely follows the price of the U.S. dollar. To ensure the stablecoin's price stability, Tether maintains physical reserves, of which nearly 84% is 

Top Bybit USDT Perpetual Futures by Trading Volume

Bybit has a wide selection of USDT perpetuals that you can trade to speculate on the prices of underlying assets.

As of Feb 28, 2024, the top five USDT perpetual contracts by 24-hour trading volume on Bybit are 

How Do USDT-Settled Crypto Perpetuals Work?

, crypto perpetuals don't have an expiration date, and can be held indefinitely. Since they don't expire, no physical delivery of the underlying asset is necessary. Instead, perpetual contracts are settled in cash, and their primary purpose is to enable traders to speculate on crypto prices without owning the underlying asset. On Bybit, settlement takes place in the USDT stablecoin for USDT perpetuals, and USDC for 

Because they lack an expiration date, crypto perpetuals rely on the funding rate mechanism to track the underlying asset's price. The funding rate can be positive or negative, and can change based on how close the futures price is to the spot price.

A positive funding rate indicates an overall bullish market sentiment. When the futures price is trading at a higher level than the spot price, buyers (longs) are required to pay sellers (shorts) the funding amount. In contrast, a negative funding rate is generally a signal of bearish market sentiment. Here, longs pay shorts the funding amount (as the futures price is lower than the spot price).

Key Metrics for USDT Perpetual Futures Contracts

In addition to the funding rate, some of the key metrics of USDT perpetual futures contracts include the following.

Bybit is a user-friendly and intuitive trading platform with a wide selection of USDT perpetuals. Thus, it’s an excellent choice for both veteran traders and beginning traders seeking to dabble in perpetual futures trading.

In the following section, you'll find a comprehensive guide that guides you through each step to get started with crypto perpetual futures trading on Bybit.

The first step to get started with USDT perpetual futures trading on Bybit is to open a 

. A UTA is mandatory in order to trade perpetuals on the platform. and will provide you with a tailored trading experience, account finances and 

For new users, Bybit will automatically open a UTA. Simply 

If you have a Standard Account with Bybit, you can upgrade it to a UTA by clicking on 

You can also upgrade your account by clicking on 

After reading the account's details, as well as acknowledging Bybit's Trading Rules and Terms of Service, click on 

Once your Unified Trading Account is ready, the next step is to fund it with crypto or fiat currency. Head to the 

Select your preferred cryptocurrency, the blockchain from which you’ll make the transaction, and 

 for auto-channeling deposits. Always ensure that you’ve chosen the correct network in order to prevent a loss of funds. After doing so, copy/paste the wallet address or scan the QR code with your phone's camera to initiate the deposit from your wallet.

You can also fund your account with fiat currency via the 

With a funded Unified Trading Account, it's time to open a new USDT perpetuals position on Bybit. To do that, click on 

 tab. In this guide, we’ll open a position in the 

After analyzing the chart and determining an entry point, use the trading widget on the right to open your position.

, which will apply to your account. You can choose between the following options.

Once you’ve chosen your margin mode, the next step is to set the leverage for the trade. Use the slide to select a value between 1x and 100x, and click on 

Next, select an order type for your trade from the following choices.

After selecting your order type, set the order amount for the trade. You can order either by quantity, denominated in the underlying asset, or by value, denominated in USDT.

order to manage your risks efficiently. You can do that by ticking the box next to 

 to open a short USDT perpetual position. Your order will automatically be executed by Bybit's robust matching engine, based on the provided parameters.

Step 4: Manage Your Crypto Perpetuals Positions

 at the bottom of the trading page. In this menu, you can view and manage all your past and current orders and their P&L.

Maintenance Margin Requirements for Leveraged USDT Perpetual Positions

A margin balance is necessary to keep your USDT perpetuals positions open on Bybit. Margin is calculated based on individual positions for both isolated margin and cross margin accounts. 

However, you can only use the settlement asset (USDT) to trade USDT perpetuals in 

. If the market price reaches the liquidation price, liquidation is triggered

On the other hand, Bybit converts all the collateralized assets in your account into USD value in 

 mode. Unlike for isolated accounts, a liquidation is only triggered when the account MMR reaches 100%.

How to Calculate Position Sizing Using Position Calculator

In perpetual futures trading, position sizing determines the amount of capital you put at risk. It’s a critical aspect of risk management that helps you decide the optimal size for your trades.

You can use Bybit's Calculator by clicking on the 

 icon next to the leverage settings in the trading widget to estimate the right sizing, based on your 

For example, suppose you go long on the BTCUSDT crypto perpetuals contract. With a 1 BTC order quantity and 10x leverage, you can generate a 14.48% return on investment (ROI) with 1,070.5 USDT in profits by opening your position at the price of 73,929.5 USDT and closing it at 75,000 USDT.

Advanced Tools for USDT Perpetuals Trading

You can also take advantage of the following advanced tools to trade USDT perpetuals.

Getting Started With USDT Perpetual Futures on Bybit

Crypto perpetuals allow you to amplify your position size with leverage, and open both long and short positions without an expiration date.

With Bybit's user-friendly and intuitive trading platform

,you can trade a wide selection of USDT futures with competitive fees, up to 100x leverage and access to top-tier liquidity.

However, understanding the risks involved and efficiently managing them are critical for traders' long-term success in the perpetual futures market. Tools such as Stop Loss and Take Profit orders can help reduce your potential losses and maximize profits.

Intermediate

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How to Trade USDT Perpetual Futures on Bybit

Mantle Network is the first modular Ethereum L2 solution to truly rethink how various aspects of a blockchain can better work together. Find out more here.

 for developers, offering robust security and versatility. However, the network’s scalability challenges continue to result in high gas fees and network congestion, driving the development of alternative 

 (L2) solutions designed to enhance throughput while preserving security.

Mantle Network stands out among L2 solutions with its modular architecture, which delivers hyperscalability and enterprise-grade security. Let's explore how Mantle Network approaches Ethereum scaling, along with its key innovations, the MNT token and other features that set it apart in the competitive L2 market.

 is building the largest sustainable hub for on-chain finance. Through its core products — Mantle Network, 

) — Mantle is building banking for the next generation by leveraging the transformative power of blockchain. Anchored by the Mantle Treasury, the largest community-owned treasury in the ecosystem, Mantle ensures robust liquidity and financial stability. 

With over $4.3 billion in assets, Mantle actively funds core product development and fosters the growth of asset partners, such as Agora AUSD, Athena USDe, Ondo USDY, and EigenLayer staking, enhancing sustainable yield, deep liquidity, and financial utility on the Mantle Network. 

 is an Ethereum Layer 2 (L2) solution that combines advanced blockchain scaling technology with practical usability. Its unique modular architecture allows it to process transactions more efficiently than traditional blockchain networks, while maintaining robust security. According to 

, it presently is the largest modular L2 network in the world.

The network is moving toward leveraging ZK validity rollups and 

’s EigenDA technology to ensure data availability and transaction processing, while remaining fully compatible with Ethereum's ecosystem. This makes Mantle Network an ideal foundation for 

 (DeFi) applications and financial services seeking scalability and security.

What’s the Difference Between Mantle and Mantle Network?

Think of Mantle as the entire financial ecosystem, while Mantle Network is the technological infrastructure that powers it. Mantle encompasses all products, partnerships and financial services, including its $4.3 billion treasury and relationships with protocols like Agora (AUSD) and 

Mantle Network, on the other hand, explicitly refers to the L2 blockchain solution that enables fast, secure transactions. It's essentially the technical foundation that makes Mantle's broader financial vision possible.

The Mantle ecosystem emerged from a strategic transformation in 2023. Following a community vote with overwhelming support, BitDAO and Mantle united under a single brand and token — Mantle (MNT). This consolidation established Mantle Network as the Layer 2 technology name, and rebranded BitDAO as 

More significantly, in 2024, Mantle evolved far beyond its initial identity as a Layer 2 network. Today's Mantle has transformed into a comprehensive on-chain finance ecosystem with six core products: Mantle Network, mETH Protocol, FBTC, Mantle Enhanced Index Fund, Mantle Banking, and MantleX.

Mantle Network aims to become the premier "Liquidity Chain" for institutional-grade settlement and value transfer in the cryptocurrency ecosystem. By combining modular architecture, advanced data availability through 

 via Succinct's SP1, Mantle Network addresses the fundamental challenges facing blockchain adoption.

The network's transition to a ZK validity rollup significantly accelerates finality from seven days to just one hour — a critical improvement for institutional capital movement. This architectural approach maintains Ethereum's security guarantees while delivering the performance needed for high-value financial applications.

Beyond technical improvements, Mantle Network drives capital efficiency throughout the DeFi landscape. Its infrastructure supports the seamless, secure movement of institutional assets across traditional and decentralized markets, backed by the substantial Mantle Treasury, which ensures long-term development and stability.

Mantle Network vs. Other Ethereum Layer 2 Solutions

Mantle Network distinguishes itself in the crowded Layer 2 space through its unique combination of technical innovation and financial ecosystem integration. Unlike most L2s, which focus solely on scaling, Mantle leverages its treasury to create comprehensive infrastructure for on-chain finance.

A key differentiator is Mantle's EigenLayer-powered data availability solution, which provides security guarantees comparable to Ethereum’s while maintaining higher throughput. This addresses the security/performance tradeoff with which many competing L2s struggle.

The network benefits from an established ecosystem of financial partners, including Agora, Ethena and Ondo. These relationships provide Mantle Network with built-in liquidity and use cases that new L2s typically lack.

Governance remains fully decentralized through its 

 structure, with all decisions requiring approval from MNT token holders. This community-driven approach contrasts with more centralized decision-making in some competing L2 solutions.

As a technology stack for scaling Ethereum, Mantle Network utilizes modular blockchain rollups, modular data availability and bridging to meet the needs of 

Mantle Network employs a modular architecture that separates execution, 

, settlement and data availability into specialized layers. This separation allows each component to be optimized independently, significantly reducing gas costs and enhancing performance.

Through its innovative design, the network addresses the 

 of balancing scalability, security and decentralization. By distributing specific functions across specialized layers, Mantle achieves greater efficiency while maintaining robust security guarantees.

With its upcoming transition to a zero-knowledge validity rollup, Mantle is further enhancing its architecture. This implementation will reduce finality times from seven days to just one hour by using cryptographic proofs to verify transaction validity, rather than relying solely on the challenge period used in optimistic rollups.

This architectural approach ensures all users benefit from the same security level, not just full 

 on Ethereum's base layer. By optimizing the validation process, nodes don't need to execute all transactions for validity checking, thus significantly reducing computational requirements.

​​Mantle Network addresses data availability challenges by integrating with EigenLayer's EigenDA solution. The full mainnet integration is currently slated for Mar 19, 2025, which is in-line with the Pectra upgrade on Ethereum. As the first major adopter of EigenDA, Mantle leverages Ethereum's trust network to ensure data remains available while maintaining mainnet-level security.

EigenDA provides a specialized data availability layer separate from the consensus layer. This enables efficient data transmission between network participants through unicast channels. The system maintains an erasure rate, which allows complete block data to be reconstructed from pieces stored across both L2 and L1.

Validators can provide data availability services by staking MNT, thereby creating additional yield opportunities. These validators ensure block data completeness and accuracy on Mantle's execution layer.

As mentioned above, Mantle Network is transitioning to a zero-knowledge validity rollup via Succinct's SP1 technology. By moving from optimistic rollups to ZK validity proofs, Mantle aims to enhance performance while maintaining robust security guarantees.

The new ZK system transforms transaction finality, reducing wait times from seven days to just one hour. This improvement comes from replacing challenge periods with cryptographic proofs that mathematically verify transaction validity. For institutional users, this means capital can move more efficiently without sacrificing security.

Succinct's SP1 technology enables Mantle to generate compact mathematical proofs that simultaneously validate entire batches of transactions. These proofs confirm that all state transitions are valid without requiring validators to re-execute each transaction. This approach preserves computational resources while ensuring network integrity.

A transaction begins its journey when a user, 

 (DApp) or script initiates an action on Mantle Network. Using the Mantle SDK and supporting tools, the request is created, cryptographically signed with 

 and submitted to Mantle's Sequencer for processing.

The Sequencer orders and processes transactions before batching them into pending blocks. Mantle's batching mechanism distributes fixed costs across multiple transactions, significantly reducing fees compared to Ethereum's base layer.

With the transition to ZK validity rollups, Mantle now generates cryptographic proofs that mathematically verify the correctness of each transaction batch. These proofs eliminate the need for the lengthy challenge periods used in the previous optimistic model.

Once verified, the transaction data and validity proofs are sent to Ethereum for final settlement. Data availability nodes on Mantle Network ensure this information remains accessible to all network participants, and receive MNT tokens in return as a reward for their services.

Mantle Network (L2) and Ethereum (L1) operate as distinct blockchain environments, requiring secure 

 infrastructure to transfer assets between them. The Mantle bridge facilitates seamless movement of ETH and 

 tokens across these networks while maintaining asset recognition and integrity on both chains.

Using cryptographically secure protocols, Mantle's bridging solution verifies transaction validity and enforces proper asset locking and minting procedures. This maintains overall token supply integrity, while users also benefit from Mantle's speed and cost advantages.

The MNT token serves a dual purpose within the Mantle ecosystem as both a 

. Token holders participate in the Mantle DAO by voting on proposals, with each token carrying equal voting weight. For utility, MNT is used to pay network gas fees, and can serve as collateral for network operations.

Mantle Governance follows a deliberative process whereby community discussions can evolve into formal Mantle Improvement Proposals (MIPs) for token holder voting. Token holders must delegate their voting rights before participating, a requirement that doesn't lock or transfer their tokens.

The Mantle Treasury holds a significant portion of the MNT token supply, which it uses to fund ecosystem development, support partner protocols and ensure long-term sustainability. This treasury-backed structure provides Mantle with resources to drive continued growth and innovation across its ecosystem.

Mantle has achieved significant milestones since launching its mainnet in July 2023. The network has processed over 175 million transactions and connected to 10 million unique wallets. It now ranks among the top five Layer 2 solutions, with $2.2 billion in 

In 2024, Mantle integrated with EigenLayer for enhanced security and data availability. mETH Protocol grew to become the fourth-largest Ethereum liquid staking token, with $2.19 billion TVL, while FBTC reached $1 billion across five chains by November 2024.

December 2024 marked a pivotal moment, with Mantle's announced transition from optimistic rollup to ZK validity rollup via Succinct. 

Looking ahead, Mantle's road map includes its ZK rollup testnet launch in Q1 2025, followed by mainnet implementation. The network is expanding cross-chain capabilities via ERC-7683 and 

 integrations, positioning Mantle as the Liquidity Chain for the future of DeFi.

Looking to trade Mantle tokens? Bybit offers several MNT Spot trading pairs, such as 

. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the respective trading pages. 

Mantle has established itself as a leading financial ecosystem in web3, distinguished by its $4.3 billion treasury and top-five Layer 2 ranking. With its upcoming transition to zero-knowledge validity proofs, integration with EigenLayer and three core products working in unison, Mantle Network offers a unique combination of security, scalability and financial infrastructure that positions it at the forefront of on-chain finance innovation.

*Mantle Network is referred to as a rollup in this article for clarity reasons. As Mantle Network utilizes EigenDA rather than 4844, it is more precisely a Validium.

mantle.png

Mantle Network: The Ethereum Layer 2 Solution for Next-Level Scalability

Corn (CORN) is a BTCFi platform enabling Bitcoin use across EVM & Cosmos chains. Featuring BTCN & CORN tokens, it powers cross-chain DeFi & staking.

 (BTC) blockchain trailed behind its key rival, 

 (DeFi) adoption for one simple reason — the world’s oldest chain lacks any sort of native 

 functionality. However, the last few years have seen healthy growth in 

 rollups, sidechains and other protocols that have introduced Bitcoin-linked smart contract capabilities. 

The Bitcoin blockchain’s finance ecosystem — referred to as BTCFi, a portmanteau of the words “Bitcoin” and “Finance” — is now expanding rapidly, with numerous protocols that provide yield-generating opportunities, enable token swaps, consolidate DeFi lending rates and provide other crypto finance services.

One of the most interesting upcoming BTCFi projects is Corn (CORN), an 

 (EVM)–compatible platform that allows you to use your BTC in various protocols across both the EVM and Cosmos ecosystems.

As a cross-chain project, Corn is expected to contribute significantly to expanding BTCFi opportunities. The platform is envisioned to operate in a dual-token mode, with the BTCN and CORN tokens enabling a variety of crypto finance use cases. BTCN is of particular interest, with its unique 1:1 Bitcoin-backed mechanism and Bitcoin Clearing House mint system.

 (CORN) is a decentralized BTCFi platform that allows users to leverage their BTC funds in crypto finance protocols across the EVM and 

 development, Corn features great scalability and low costs. As an Arbitrum-based network, Corn is also fully EVM-compatible and enjoys the security of the underlying Ethereum 

To further enhance its cross-chain properties, Corn has integrated the 

 interoperability protocol. Additionally, to support native BTC bridging, Corn has implemented ThorCorn bridging, a solution based on the 

As of late February 2025, Corn is planning to launch its mainnet operations and its second native token, CORN. Its first token, BTCN, is already available.

By utilizing a BTC-backed asset with cross-chain properties, Corn will allow its vast army of BTC holders to use their funds on Ethereum- and Cosmos-based networks, with both of the ecosystems featuring a rich set of DeFi products and solutions.

 token described as a hybrid tokenized Bitcoin, backed 1:1 by BTC through a specialized minting mechanism known as the 

. Users can mint BTCN by depositing two popular Bitcoin derivatives — Coinbase’s cbBTC and 

 (WBTC) — into Corn’s Bitcoin Clearing House. In order to do so, cbBTC and wBTC first have to be bridged via supported blockchains on LayerZero.

Corn’s BTCN crypto is a Bitcoin-backed asset that can be used within DeFi protocols on various EVM chains. The cbBTC cryptocurrency is backed by Bitcoin reserves held by Coinbase, one of the leading cryptocurrency exchanges in the world. Additionally, wBTC is a community-driven project, and the token is backed by a wide network of carefully monitored liquidity providers, merchants, exchanges and other partners.

Both wBTC and cbBTC maintain a tight peg to Bitcoin, and rank among the most popular wrapped assets in the industry. As of Feb 28, 2025, wBTC holds the highest market cap among wrapped tokens, while cbBTC ranks fifth.

You can also bridge your BTC directly to the Corn network and convert your funds to BTCN through the ThorCorn protocol. Additionally, you may also deposit BTC from the Coinbase exchange via 

, a dedicated hub formed through a partnership between Coinbase and the Corn project.

Once BTC funds are bridged to the Corn chain and converted to BTCN, they can be utilized within the EVM-based DeFi ecosystem, thanks to Corn’s Arbitrum-based technical backbone.

 to enable the securing of its network through Bitcoin staking, and to facilitate the use of BTCN across various blockchains within the Cosmos ecosystem.

In addition to being used as a BTCFi asset, BTCN will also serve as the Corn chain's gas token to pay for network transactions.

CORN is the other native asset of the platform, set to launch in the near future. The token will function as a 

 asset. Users can stake the CORN token to receive popCORN, a yield-bearing asset granting participation rights in the platform's governance processes.

Another function of CORN, also via popCORN ownership, will revolve around the platform’s so-called “bribe market.” Rather sinisterly named, bribe markets in DeFi typically refer to systems in which projects or applications offer incentives (bribes) to stakers in exchange for their governance votes to direct yield. In this case, popCORN will be used as the bribe currency on the project’s 

Ahead of its full release, the Corn project is distributing Kernels (off-chain reward points) to incentivize active user participation. Kernel ownership will entitle holders to a share of CORN's supply upon its token generation event (TGE), which is expected at some point in Q1 2025 per the project's public communications.

Prior to its public release, the CORN token is 

, an over-the-counter (OTC) platform that lets you trade promising new cryptocurrencies before they’re officially launched. By trading crypto assets on Bybit’s Pre-Market platform, you can access potentially high-growth assets at great rates before the broader market drives their prices higher.

Naturally, the future growth of coins offered via the Pre-Market Trading platform isn’t a guarantee, so be sure to always 

Powered by Arbitrum technology and partnering with providers like LayerZero and Babylon, the Corn (CORN) platform is an innovative solution for secure, cross-chain BTCFi use cases. For years, Bitcoin holders have had concerns regarding the security of token transfers to chains outside the Bitcoin network's ecosystem. Corn solves many cross-chain interoperability issues, allowing for seamless use of BTC on EVM and Cosmos chains. And it's not just about cross-chain token transfers — since the platform will serve as a comprehensive solution for yield-generating applications of BTC.

Of special interest is Corn's BTCN token. The platform features a novel BTCN minting and backing mechanism, utilizing two popular wrapped assets — cbBTC and wBTC. This sounds reassuring. But will this system be enough to convince the often skeptical community of BTC holders? We'll find out later this year when Corn goes fully public!

corn crypto, bitcorn.png

Corn (CORN): The Next-Gen BTCFi Solution

Libra is a Solana-based meme coin that was promoted as a funding tool for Argentina's small businesses and innovative projects. Learn more here.

, the rise and fall of the LIBRA token in February 2025 stands as one of the most dramatic episodes in recent memory. In a matter of hours, the Solana-based LIBRA token collapsed from a $4.5 billion market cap to nearly zero.

This article explores the Libragate fiasco, its connection to Argentina's government, the ripple effects across crypto markets and the critical lessons for investors navigating the unpredictable world of meme coins.

 that was promoted as a funding tool for Argentina's small businesses and innovative projects. It gained international notoriety in February 2025 after being endorsed by Argentine President Javier Milei, shortly before its catastrophic price collapse.

, LIBRA’s creators attempted to distinguish it from typical 

 by claiming a legitimate economic purpose. Unlike most meme coins, which are driven purely by internet phenomena or celebrity influence, LIBRA positioned itself as a financial instrument to support Argentine entrepreneurs.

The token had a maximum supply of 1 billion tokens, with distribution as follows:

Several entities were involved in LIBRA's creation, including 

, headed by CEO Julian Peh; and the Solana-based platform 

 is a form of securities fraud, whereby bad actors artificially inflate an asset's price through false statements, misleading recommendations or coordinated buying (the "pump") before selling their holdings at the inflated price (the "dump"), leaving unsuspecting investors with worthless assets.

In a typical crypto pump-and-dump, perpetrators acquire large amounts of a low-value token before spreading exaggerated claims about its potential, or securing high-profile endorsements. Once enough investors buy in and drive up the price, the original holders rapidly sell their positions, causing the price to collapse.

Key warning signs include promises of extraordinary returns, sudden price spikes, celebrity endorsements without substantive backing and suspicious liquidity patterns — all of which were present in the case of the LIBRA meme coin.

Libragate began months before its explosive collapse in February 2025. In October 2024, Argentine President Javier Milei met with representatives from KIP Protocol, who expressed interest in developing a blockchain project called "Viva La Libertad" to finance private ventures in Argentina.

On Jan 30, 2025, Milei held another meeting at Casa Rosada (the official workplace of the president of the Argentine Republic) with Hayden Davis of Kelsier Ventures, who was introduced as a technology infrastructure partner for the project. This meeting was documented publicly, with Milei posting about their "very interesting chat" regarding blockchain technology applications in Argentina.

The critical moment came on Feb 17, 2025, when Milei promoted the LIBRA coin on his official X account, describing it as a private project dedicated to "encouraging the growth of the Argentine economy by funding small Argentine businesses and startups." The post included the project’s website and contract address.

What happened next raised serious red flags. According to blockchain analytics firm TRM Labs, suspicious activity occurred 20 minutes before Milei's announcement, when an address received 1 million LIBRA tokens and added them to a Meteora liquidity pool. Following the president's endorsement, LIBRA’s price skyrocketed to $0.75 per token, reaching a market capitalization of $4.5 billion.

The euphoria was short-lived. Within hours, wallets linked to the LIBRA team withdrew approximately $87 million in SOL from liquidity pools, causing the token's price to crash nearly 90%. Milei quickly deleted his promotional post and denied prior knowledge of the project as fraud allegations mounted.

 confirmed that team wallets had systematically drained liquidity, while 

 reported that only 14% of LIBRA investors made profits (collectively $180 million), while 86% lost a total of $251 million. Two wallets that purchased and sold LIBRA within a 43-minute window collectively profited $5.4 million.

The fallout was immediate. Argentina's stock market dropped more than 5% on Feb 18, 2025, and political opponents called for Milei's impeachment. Meanwhile, Kelsier’s Davis claimed in an interview that he was "sitting on $100 million" following LIBRA's launch, but insisted the money was "Argentina's."

The Impact of Libragate on the Crypto Market

Libragate sent shockwaves throughout the cryptocurrency ecosystem, particularly affecting market perceptions of meme coins. High-profile crypto venture capitalist Nic Carter 

 that "memecoins [sic] are cooked" following the incident, arguing that Libragate provided "clear proof" that retail investors had been playing a rigged game all along.

While inherently speculative, meme coins have been viewed as holding transparent launches so regular investors could participate on relatively equal terms with early backers. Libragate, along with other celebrity token launches, revealed that this perceived fairness is likely an illusion.

In the month following Libragate, Solana-based token deployer 

 saw new token launches drop by 59%, from a record 71,735 on Jan 23, 2025 to just 35,152 by Feb 19, 2025 according to 

Beyond meme coins, Libragate has raised serious questions about political figures endorsing cryptocurrencies. Coming shortly after U.S. president Donald Trump and his wife, Melania Trump, launched their own tokens, the scandal heightened concerns about conflicts of interest among government officials.

Protecting Yourself From Similar Incidents

As Libragate demonstrates, even tokens endorsed by heads of state can be vehicles for fraud. Here are some critical strategies to help you protect yourself from similar incidents.

 before investing in any cryptocurrency, especially meme coins. Research the team behind the project, verify their backgrounds and look for transparency regarding token distribution and liquidity controls. Look for the project’s white paper, and for documents explaining the project’s features and verifying its token supply. Anonymous teams or those with questionable track records should immediately raise caution flags.

Be extremely wary of tokens that rely heavily on celebrity endorsements or political figures, rather than sound tokenomics and utility. LIBRA's main selling point was its association with President Milei, rather than any technological innovation or practical use cases.

Watch for suspicious on-chain activities before and after launches. In the case of the LIBRA meme coin, wallet activities just 20 minutes before the official announcement indicated coordinated insider moves. Analytics tools, such as Nansen, Bubblemaps and 

Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 26, 2025): Sell-Off Deepends as Fund Rates Remains Positive

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards