Token Terminal

1) Executive summary
GMX $GMX is a decentralized perpetual exchange that launched on Arbitrum. GMX later expanded to Avalanche, and launched V2, introducing isolated GM pools for more capital-efficient liquidity provision. V2 also integrated Chainlink Data Streams for high-precision oracle pricing. GMX Liquidity Vaults (GLV) enable automated rebalancing across GM pools, while Chaos Labs' Risk Oracles provide real-time risk parameter adjustments. GMX operates on a peer-to-pool model where liquidity providers deposit assets into markets and earn rewards from trading activity. The project runs native deployments on Arbitrum, Avalanche, and Solana, and in 2025 launched its Multichain functionality, extending cross-chain trading access from Base, BNB Chain, and Ethereum Mainnet.
In Q4 2025, GMX saw declines across key metrics alongside the wider market. TVL, notional trading volume, fees, revenue, and monthly active users decreased both quarter-over-quarter and year-over-year, reflecting broader market conditions following a mass liquidation event in early October. Arbitrum One continued to dominate activity across all deployments, accounting for over 90% of TVL, volume, fees, and revenue. The Solana deployment (now rebranded to GMTrade.xyz) was a relative bright spot for TVL, with its share growing from 1.29% in Q3 to 1.74% in Q4. GMX continued expanding its Multichain rollout during Q4, adding BNB Chain and Ethereum Mainnet to the cross-chain access layer initially launched on Base in Q3.
🔑 Key metrics (Q4 2025)
Total value locked: $383.33m (-16.03% QoQ, -21.13% YoY)Notional trading volume: $20.80b (-13.80% QoQ, -17.83% YoY)Fees: $13.06m (-45.31% QoQ, -54.43% YoY)Revenue: $4.85m (-35.54% QoQ, -52.35% YoY)Monthly active users: 10.0k (-39.02% QoQ, -45.86% YoY)
Metrics exclude deployments not yet tracked by Token Terminal, including Botanix and Ethereum.
👥 GMX team commentary
"Every day, more than 1,500 traders come to GMX for its predictable execution costs, transparently fair pricing, reliable liquidity, and effective trade execution at size. However, the mass liquidation event of October 10 set the tone for the entire crypto industry: Q4 was going to be challenging. Many traders experienced significant losses that day, and liquidity conditions deteriorated afterwards as market-makers reduced their activity.
As GMX operates on a 'peer-to-pool' model, with over 45,000 users earning rewards by providing liquidity to its markets, the trading platform was less impacted by this downturn than CEXes and most other DEXes. User-friendly liquidation and ADL mechanisms also helped mitigate the impact on traders. Nevertheless, the effects of the downturn were still apparent, and are clearly reflected in the data.
TVL decreased in Q4, mainly due to the significant price decline of Bitcoin and Ethereum, the primary assets making up the user-contributed liquidity on GMX. In absolute terms, the number of LPs remained fairly stable, highlighting the 'sticky' nature of GMX's liquidity. On a positive note, the GMX deployment on Solana (now rebranded to GMTrade.xyz) experienced increased traction alongside its pivot to RWA markets, resulting in a rise in both TVL and active users.
After the events of October 10, overall trading volume and Open Interest on Perp DEXs decreased significantly. GMX also saw a decline, though the quarter-over-quarter decrease of -13.80% illustrates its relatively moderate nature. By the end of Q4, meanwhile, GMX had successfully rolled out its Multichain functionality. This upgrade enables users to trade and provide liquidity directly from Ethereum Mainnet, Base, BNB Chain, and other EVM-compatible blockchains. The impact of this horizontal scaling solution is expected to be reflected in the 2026 metrics.

In Q1/Q2 2026, GMX will launch on MegaETH, introduce Forex and Commodities markets, expand its total addressable market, and continue realizing key UX improvements such as Cross-Collateral, Just-In-Time Liquidity, and Cross-Margin.”
2) Total value locked
Total value locked (TVL) measures the total USD value of assets deposited into GMX's liquidity pools across V1 and V2. Q4 TVL averaged $383.33m, down from $456.53m in Q3 (-16.03% QoQ) and $486.04m in Q4 2024 (-21.13% YoY).

Arbitrum One accounted for 92.52% of Q4 TVL, followed by Avalanche at 5.74% and Solana at 1.74%. Arbitrum One's share grew from 91.69% in Q3 to 92.52%, while Avalanche's share declined from 7.02% to 5.74% and Solana's share grew from 1.29% to 1.74%.

3) Notional trading volume
Notional trading volume measures the total USD value of all trading activity across GMX's decentralized exchange, including perpetual futures trading, spot token swaps, and the minting and burning of liquidity tokens. Q4 trading volume totaled $20.80b, down from $24.13b in Q3 (-13.80% QoQ) and $25.31b in Q4 2024 (-17.83% YoY), bringing the 2025 cumulative total to $98.90b.

Arbitrum One accounted for 94.41% of Q4 volume, followed by Avalanche at 5.00%, Solana at 0.58%, and Base at 0.01%. Avalanche's share grew from 4.32% in Q3 to 5.00%, while Solana's share declined from 1.98% to 0.58%.

4) Fees
Fees measure the total USD value of fees paid by users across GMX's decentralized exchange, including perpetual trading fees, spot trading fees, and price impact mechanisms. Q4 fees totaled $13.06m, down from $23.88m in Q3 (-45.31% QoQ) and $28.66m in Q4 2024 (-54.43% YoY), bringing the 2025 cumulative total to $98.24m.

Arbitrum One accounted for 90.29% of Q4 fees, followed by Avalanche at 7.07%, Solana at 1.24%, and Base at 1.17%. Base's share grew from 0.01% in Q3 to 1.17%, while Arbitrum One's share declined from 93.56% to 90.29%.

5) Revenue
Revenue measures the total USD value of trading fees retained by GMX. Q4 revenue totaled $4.85m, down from $7.52m in Q3 (-35.54% QoQ) and $10.17m in Q4 2024 (-52.35% YoY), bringing the 2025 cumulative total to $35.30m.

Arbitrum One accounted for 90.02% of Q4 revenue, followed by Avalanche at 6.26%, Solana at 2.33%, and Base at 1.17%. Base's share grew from 0.01% in Q3 to 1.17%, while Arbitrum One's share declined from 93.08% to 90.02%.

6) Monthly active users
Monthly active users (MAU) measures the count of unique wallet addresses that interact with GMX's decentralized exchange within any 30-day rolling window. Q4 MAU averaged 10.0k, down from 16.4k in Q3 (-39.02% QoQ) and 18.47k in Q4 2024 (-45.86% YoY).

Arbitrum One accounted for 86.70% of Q4 MAU, followed by Avalanche at 9.61%, Solana at 1.73%, Base at 1.51%, and BNB Chain at 0.44%. Base's share grew from 0.10% in Q3 to 1.51%, while Arbitrum One's share declined from 91.96% to 86.70% and Avalanche's share grew from 6.97% to 9.61%.

7) Definitions
Metrics:
Total value locked: measures the total USD value of assets deposited into GMX's liquidity pools across V1 and V2.Notional trading volume: measures the total USD value of all trading activity across GMX's decentralized exchange, including perpetual futures trading, spot token swaps, and the minting/burning of liquidity tokens.Fees: measure the total USD value of fees paid by users across GMX's decentralized exchange.Revenue: measures the total USD value of trading fees retained by GMX.Monthly active users: measures the count of unique wallet addresses that interact with GMX's decentralized exchange within any 30-day rolling window.
8) About this report
This report is published quarterly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding GMX Q4 2025 Report dashboard on Token Terminal.

1) Executive summary
LayerZero $ZRO enables secure, permissionless messaging between blockchains. It provides immutable endpoint contracts deployed across 160+ networks, allowing applications to send data and transfer value across chains without relying on a single trusted intermediary. Developers configure their own security by selecting from independent Decentralized Verifier Networks (DVNs) and Executors, who verify and deliver cross-chain messages respectively. LayerZero's infrastructure underpins products such as the Omnichain Fungible Token (OFT) standard, which enables native token transfers without wrapped assets, and Stargate, a cross-chain bridge acquired by the LayerZero Foundation in August 2025. As of this report, the value secured by the OFT Standard sits at $87b and historical value transfer is over $175b. 
In Q4 2025, LayerZero transfer volume surged to an all-time quarterly high, rising over 60% quarter-over-quarter and nearly ninefold year-over-year, driven by growth in OFT value transfer by teams like Ethena, USDT0, and PayPal USD. Fees paid to DVNs and Executors declined by more than half, reflecting a normalization from elevated Q3 levels that included anomalous high-fee days. MAU declined modestly quarter-over-quarter but fell nearly 40% year-over-year from the Q4 2024 peak driven by the ZRO token distribution, which generated elevated wallet activity that has since subsided. ZRO FDV contracted alongside the broader market. 
The product mix continued to consolidate around LayerZero, which accounted for virtually all transfer volume and over half of fees. Stargate, reintegrated into the LayerZero ecosystem following its August 2025 acquisition, contributed a disproportionate share of fees relative to its transfer volume, reflecting a higher fee rate per dollar transferred or swapped across chains. LayerZero v1 contract activity continued its decline toward negligible levels across all metrics.
🔑 Key metrics (Q4 2025)
Transfer volume: $52.31b (+63.64% QoQ, +774.70% YoY)Fees: $1.04m (-53.16% QoQ, -52.54% YoY)Monthly active users: 198.19k (-4.14% QoQ, -38.90% YoY)Fully diluted market cap: $1.57b (-21.61% QoQ, -65.81% YoY)
👥 LayerZero team commentary
"Q4 capped the most significant year in LayerZero's history. Transfer volume hit an all-time quarterly high, up 774% year-over-year. OFT adoption grew 173%, with OFT volume surpassing traditional bridge volume for the first time in April 2025. The project now secures over $87b in assets across 750+ OFTs, with 160+ blockchains connected and 703+ applications deployed on LayerZero infrastructure – a figure that would rank sixth among all chains. 
The other metrics in this report require context. Fees are paid to DVNs and Executors, not to LayerZero. The project operates at a 0% take rate by design. Messaging fees captured in this report represent one of multiple potential ZRO-accruing revenue streams; Stargate revenue, which already funds ongoing ZRO buybacks, is not reflected in the fees metric. MAU declined year-over-year, but the peak it is being compared against was driven by the ZRO token distribution in late 2024. Organic usage has been stable for two quarters. FDV declined alongside a market-wide drawdown, during a period when over $160m in ZRO has been bought back.
Once Zero, the recently announced blockchain from LayerZero, launches then ZRO will capture all fees from it along with Stargate swap fees, and eventually LayerZero messaging fees once the fee switch activates (the next vote is in June 2026). Following the Stargate acquisition in August, revenue is directed to ZRO buybacks: 50% during the initial six-month revenue-share period with former veSTG holders, and 100% thereafter. For a comprehensive overview of LayerZero's 2025 milestones, see '25 Stats Explaining How LayerZero Accelerated Crypto in 2025' on the official LayerZero blog."
2) Transfer volume
Transfer volume measures the total USD value of assets transferred through LayerZero's cross-chain messaging infrastructure. Q4 transfer volume totaled $52.31b, an all-time quarterly high, up from $31.97b in Q3 (+63.64% QoQ) and $5.98b in Q4 2024 (+774.70% YoY), bringing the 2025 cumulative total to $118.55b. Transfer volume has risen in every quarter over the past year, accelerating from single-digit billions in late 2024 to over $50b in Q4 2025. The quarter included multiple days exceeding $1b in daily volume, reflecting both organic growth in cross-chain activity and several large-scale transfer events.
LayerZero v2 accounted for 98.99% of Q4 transfer volume, followed by Stargate at 0.80% and v1 at 0.21%. The product distribution was largely stable quarter-over-quarter, with v2's share rising marginally from 98.90% in Q3. v1 continued its structural decline, falling from 0.28% to 0.21%.

👥 LayerZero team commentary
"Q4's all-time quarterly high reflects the maturation of the OFT standard as the dominant mechanism for cross-chain value movement. April 2025 marked the month OFT volume surpassed total bridge volume for the first time. LayerZero is no longer primarily a bridging solution – with the OFT Standard it is an asset issuance and movement solution, and that shift changes the composition of future volume in ways that favor continued growth over legacy bridge cannibalization. In essence, every asset issued with OFT is itself a bridge that can be moved across any chain for just the price of gas. 
This has flywheel potential: more assets using OFT beget more volume for the protocol. Every new OFT deployment brings more assets. Every new chain integration brings more issuers. Every new issuer brings more users. When Plasma launched with LayerZero as its foundational interoperability layer, it hit $10b in deposits in 19 days. When Flow integrated, daily transactions jumped 602%. The cumulative volume trajectory has accelerated significantly: the first $50b in cumulative volume took approximately 799 days to reach, while the most recent $50b was achieved in roughly 71 days.
The geographic distribution of volume is expanding beyond EVM. Sui integration drove immediate TVL expansion for Bitcoin-based assets. TON brought USDT0 to Telegram's user base. Aptos and Starknet connect Move and StarkVM architectures to the same rails. Each non-EVM integration expands the total addressable network in a way a new EVM chain cannot, because it connects entirely separate user bases and liquidity pools with no prior path to interoperate. 71% of stablecoins that can move cross-chain can move on LayerZero. Ondo Finance launched 105 tokenized U.S. stocks and ETFs using the OFT standard, USDT0 deployed XAUT0 (tokenized gold) across Solana and Ethereum, and the state of Wyoming issued its stablecoin on seven chains via LayerZero.
Volume is the right leading indicator for this project. It determines fee revenue when the switch activates, ZRO buybacks through Stargate, and network defensibility against competitors. To illustrate the scale and efficiency of these rails, a single $550m USDT0 transfer from Ethereum to Plasma settled in 206 seconds for $1.44 in fees."
3) Fees
Fees measure the total USD value of fees paid by users for cross-chain messages sent through LayerZero. These fees are paid to DVNs (Decentralized Verifier Networks) and Executors who verify and deliver messages, not to LayerZero itself.
Q4 fees totaled $1.04m, down from $2.21m in Q3 (-53.16% QoQ) and $2.18m in Q4 2024 (-52.54% YoY), bringing the 2025 cumulative total to $6.96m. The decline from Q3 was driven in part by the normalization of elevated fee activity in late September, which included several days with fees exceeding $50k. Q4 daily fee generation was more consistent but at a lower average level.
LayerZero v2 generated 55.13% of Q4 fees, followed by Stargate at 44.40% and v1 at 0.47%. Stargate's share grew from 42.08% in Q3 to 44.40%, while v2's share declined from 57.69% to 55.13%. Notably, Stargate contributed 44.40% of fees despite accounting for only 0.80% of transfer volume, reflecting a significantly higher fee rate per dollar transferred compared to v2 messaging.

👥 LayerZero team commentary
"Messaging fees paid to DVNs and Executors are not LayerZero's revenue.
The Q3-to-Q4 fee decline reflects normalization after high-fee activity in late September. Meanwhile, Stargate is now fully reintegrated, with swap fees directed to ZRO buybacks. Following the August acquisition, Stargate revenue is allocated to ZRO buybacks: 50% during the initial six-month revenue-share period with former veSTG holders, with 100% allocation scheduled thereafter, representing approximately $10.4m in annualized buyback volume at current run rates. The LayerZero Foundation's public buyback tracker shows approximately $1.30m in ZRO purchased during Q4 2025 across October, November, and December.
The messaging fee switch is a separate catalyst. Once it activates, every LayerZero message carries a fee to ZRO. The project is already processing over $50b per quarter. The December referendum failed. The next vote is mid-2026."
4) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with LayerZero over a rolling 30-day period. Q4 MAU averaged 198.19k, down from 206.76k in Q3 (-4.14% QoQ) and 324.39k in Q4 2024 (-38.90% YoY). MAU has declined in every quarter over the past year from a peak of 324.39k in Q4 2024, though the rate of decline slowed in Q4 2025.
BNB Chain accounted for 23.57% of Q4 MAU, followed by Base at 21.21%, Arbitrum One at 15.59%, Ethereum at 12.97%, OP Mainnet at 6.77%, Linea at 5.24%, Plasma at 3.41%, Celo at 2.96%, Polygon at 1.84%, Unichain at 1.51%, and other chains at 4.93%. BNB Chain's share surged from 9.54% in Q3 to 23.57%, making it the largest chain by MAU share. Base declined from 25.33% to 21.21%, Arbitrum One from 20.55% to 15.59%, and OP Mainnet from 13.55% to 6.77%. Ethereum grew from 9.72% to 12.97%.

👥 LayerZero team commentary
"The late 2024 peak of 324k coincided directly with the ZRO token distribution and the wallet activity that follows any major event like that. Normalization is expected. The rate of decline has slowed to 4% quarter-over-quarter.
More important than wallet counts: the composition of who is using LayerZero is transforming. A year ago, retail DeFi users dominated. Today, the users of institutional asset issuers, PayPal, Ethena, Ondo, Fireblocks, the state of Wyoming, make up an increasing share of volume. These actors transact infrequently but at enormous scale. They do not show up proportionally in wallet counts. As stated above, a single $550m USDT0 transfer from Ethereum to Plasma cost $1.44 and settled in 206 seconds. That is one wallet. It does not move the MAU number, but does show that the type of user is changing.
The right metrics for a project at this stage of maturity are active OFT issuers, assets secured, and live chain endpoints. All three are at all-time highs. OFT deployments grew 173% in 2025, reaching 684 total assets. Total assets secured by the OFT standard equates to $87b across 700+ tokens. 160+ blockchains are connected. LayerZero is evolving from a retail interoperability layer to institutional financial infrastructure."
5) Fully diluted market cap
Fully diluted market cap (FDV) measures the total USD value of all ZRO tokens at the current market price, including tokens not yet in circulation. Q4 FDV averaged $1.57b, down from $2.00b in Q3 (-21.61% QoQ) and $4.59b in Q4 2024 (-65.81% YoY). FDV has declined in each of the past five quarters from its peak of $4.59b in Q4 2024, coinciding with a broader market contraction.

👥 LayerZero team commentary
"Most FDV analysis on LayerZero starts from the wrong baseline. Public dashboards do not account for the fact that institutional purchases, early investor buyouts, and ZRO buybacks now total 19.77% of total token supply, with the majority representing buyouts of upcoming unlocks. Standard unlock schedules overstate dilution pressure by almost 2x. The supply picture is materially better than the charts suggest. See more here. 
Furthermore, in November, LayerZero Labs executed a $10m discretionary buyback from the open market, supplementing the ongoing monthly buybacks funded by Stargate revenue.
As part of the Zero announcement on February 10, Tether, Citadel Securities, and ARK Invest announced new investments into LayerZero Labs and ZRO. Citadel Securities, Google Cloud, ICE, Tether, and DTCC are Day Zero partners on Zero.
The fee switch adds another catalyst. The December referendum failed quorum, with 3.71% participation against a 40.59% threshold. The next vote is mid-2026. If and when it passes, every LayerZero message carries a fee to ZRO. The project is already processing over $50b per quarter.
While the market will have its ups and downs, we're excited about building the future."
6) Definitions
Metrics:
Transfer volume: measures the total USD value of assets transferred through LayerZero's cross-chain messaging infrastructure.Fees: measures the total USD value of fees paid by users for cross-chain messages sent through LayerZero. Fees are paid to DVNs (Decentralized Verifier Networks) and Executors, not retained by LayerZero).Monthly active users: measures the number of unique wallet addresses that have interacted with LayerZero over a rolling 30-day period.Fully diluted market cap: measures the total USD value of all ZRO tokens at the current market price, including tokens not yet in circulation.
Products:
LayerZero v1: the original version of LayerZero's cross-chain messaging protocol, which uses Ultra Light Nodes (ULNs) and a set of oracles and relayers to verify and deliver messages between blockchains.LayerZero v2: the current version of the messaging protocol, which introduces modular security through configurable DVNs (Decentralized Verifier Networks) and Executors, allowing applications to customize their verification setup.Stargate: a cross-chain bridge and liquidity protocol originally developed by LayerZero Labs in 2022 and reacquired by the LayerZero Foundation in August 2025. Stargate enables native asset transfers across blockchains through unified liquidity pools.
7) About this report
This report is published quarterly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding LayerZero Q4 2025 Report dashboard on Token Terminal.

1) Executive summary
Aave $AAVE is DeFi's dominant lending project, operating decentralized markets where users supply assets to earn yield and borrowers access overcollateralized loans. The project manages risk parameters directly through governance, offering a battle-tested approach to decentralized lending with over five years of operational history. Since launching in 2020, Aave has iterated toward greater capital efficiency, risk segmentation, and multichain expansion across three major versions, with V4 expected later in 2026.
February was defined by a sharp market correction that tested Aave's operational resilience. TVL and active loans declined significantly month over month as asset prices fell and positions were liquidated, though both metrics remain well above year-ago levels. Fees held nearly flat despite the lower capital base, with interest accounting for 68.0% of fees, liquidation 25.1%, and SVR 6.2%. Revenue grew 31.24% month over month, with SVR accounting for 34.4% of revenue and liquidation 13.9%. Monthly active users surged as market volatility drew increased participation. Market share narrowed as Aave's active loans contracted slightly more than the broader lending sector.
The chain distribution remained concentrated on Ethereum, which accounted for over 80% of TVL, active loans, and fees. Revenue concentration on Ethereum was even higher at 89.33%, while user activity continued to skew toward L2 deployments.
🔑 Key metrics (February 2026)
Total value locked: $44.94b (-21.58% MoM, +38.47% YoY)Active loans: $17.79b (-23.45% MoM, +38.04% YoY)GHO market cap: $467.53m (+6.74% MoM, +135.73% YoY)Fees: $73.93m (-1.93% MoM, +7.87% YoY)Revenue: $13.40m (+31.24% MoM, +38.34% YoY)Monthly active users: 154.63k (+34.88% MoM, -3.15% YoY)Market share: 59.36% (-3.38 pp MoM, -0.30 pp YoY)
Metrics exclude Aave deployments not yet tracked by Token Terminal, including Mantle and MegaETH.
👥 Aave Labs team commentary
"The early-February market correction triggered approximately $429m in liquidations across 12,500 transactions, bringing cumulative liquidations past $4.6b. Aave processed these without incident despite $1.7b in stablecoin outflows. Fees held nearly flat as liquidation activity offset lower lending interest, while revenue grew 31.24% month over month. The effective take rate rose from 13.54% in January to 18.13% in February. Chainlink SVR, which recaptures value from liquidation transactions for the Aave treasury, accounted for 34.4% of February revenue ($4.6m). GHO's market cap grew 6.74% to $467.53m through the correction, contributing 5.3% of revenue.
RWA deposits across Aave Horizon and other markets reached $1b. Cumulative loans originated crossed $1 trillion since V1's launch in January 2020. The Mantle deployment, launched with Bybit, reached $1b in deposits as of this report, supported by supplier incentives for USDC, USDT, USDe, WETH, and GHO. MetaMask Card went live in the US, Rabby Mobile added native Aave support, and Aave deployed on MegaETH.
Three independent V4 audits were published in February (Trail of Bits, Sherlock, and ChainSecurity), and BGD Labs introduced the V3.7 upgrade proposal. The "Aave Will Win Framework" governance proposal was put forward to direct 100% of product revenue to the DAO treasury."
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Aave and outstanding loans. February TVL averaged $44.94b, down 21.58% from January's $57.30b but up 38.47% from February 2025's $32.45b. The decline was driven primarily by the early-February market correction, which reduced asset values across the board.

Ethereum accounted for 81.46% of TVL, with Plasma (9.05%), Base (3.00%), and Arbitrum One (2.96%) comprising the largest non-Ethereum deployments.

The asset composition was diversified, with WETH leading at 16.1%, followed by USDT (14.1%), weETH (11.9%), USDC (11.2%), and wstETH (9.2%). Wrapped BTC variants (WBTC and cbBTC) combined for 12.0%. Stablecoins including USDT, USDC, USDT0, and USDe collectively accounted for over 33% of TVL.

3) Active loans
Active loans measures the total USD value of outstanding borrows across all Aave lending markets. February active loans averaged $17.79b, down 23.45% from January's $23.24b but up 38.04% from February 2025's $12.89b.

The chain distribution closely mirrored TVL, with Ethereum at 80.36% and Plasma at 10.28%. Plasma's active loans share grew from 8.75% in January to 10.28%, while Ethereum's share declined from 81.91% to 80.36%.

Borrows were more concentrated than deposits, with three borrowed assets accounting for over 78% of outstanding loans. WETH led at 36.4%, followed by USDT (22.0%) and USDC (19.7%). USDT0 contributed 8.3% and USDe 4.9%. GHO appeared at 1.12% of active loans, representing borrowers minting Aave's native stablecoin against their collateral.

4) GHO market cap
GHO market cap measures the circulating market capitalization of GHO, Aave's native decentralized stablecoin. GHO is minted by borrowers using their Aave collateral, so its market cap reflects both stablecoin demand and adoption of Aave's lending markets. February GHO market cap averaged $467.53m, up 6.74% from January's $438.02m and up 135.73% from February 2025's $198.33m. GHO ended the month at $480.07m, approaching the $500m mark for the first time. The steady month-over-month growth stands in contrast to the declines in TVL and active loans, suggesting that GHO demand remained resilient through the market correction.

5) Fees
Fees measure the total USD value of fees paid by users across all of Aave's lending markets, aggregated across six income types: interest, liquidation, SVR, flash loan, treasury, and GHO stability module (see Definitions). February fees totaled $73.93m, down 1.93% from January's $75.39m but up 7.87% from February 2025's $68.54m. Cumulative fees from February 2025 to February 2026 reached $947.16m.

Ethereum accounted for 81.94% of fees, a slightly higher share than its 81.46% of TVL. Plasma (7.66%) and Base (3.39%) were the next largest contributors.

By income type, interest accounted for 68.0% of fees ($50.2m), followed by liquidation at 25.1% ($18.6m) and SVR at 6.2% ($4.6m). Flash loans, treasury, and GHO stability module fees collectively accounted for the remaining 0.7%.

By borrowed asset, fees are attributed to the token being borrowed. WETH accounted for 33.8% of fees, followed by USDT (17.4%) and USDC (17.2%). WBTC accounted for 8.3% and USDT0 6.5%.

6) Revenue
Revenue measures the total USD value of fees retained by the Aave DAO. February revenue totaled $13.40m, up 31.24% from January's $10.21m and up 38.34% from February 2025's $9.69m. Cumulative revenue from February 2025 to February 2026 reached $144.83m.

Ethereum accounted for 89.33% of revenue, a meaningfully higher share than its 81.94% of fees. The next largest contributors were Plasma (3.49%), Arbitrum One (2.15%), and Base (2.13%).

By income type, interest accounted for 50.7% of revenue ($6.8m), followed by SVR at 34.4% ($4.6m) and liquidation at 13.9% ($1.9m). Treasury, GHO stability module, and flash loan fees collectively accounted for the remaining 1.1%.

By borrowed asset, revenue is attributed to the token being borrowed. WETH accounted for 55.7% of revenue, followed by USDC (10.1%) and USDT (9.8%). GHO contributed 5.3% of revenue, WBTC 5.0%, and USDe 4.0%.

7) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Aave over a rolling 30-day period. February MAU averaged 154.63k, up 34.88% from January's 114.64k but down 3.15% from February 2025's 159.65k.

Unlike TVL and fees, user activity skewed heavily toward L2s: Base led at 34.80%, followed by Ethereum (22.68%) and Arbitrum One (19.04%). L2 chains collectively accounted for over 60% of monthly active users.

8) Market share
Market share measures Aave's share of active loans relative to other lending projects, including Morpho, Maple Finance, Instadapp, Spark, Kamino, Compound, Euler, and Venus. Aave averaged 59.36% market share in February, down 3.38 pp from January and down 0.30 pp year over year.

With $17.79b in active loans out of a $29.98b total market, Aave held more than the combined total of all other tracked competitors.

9) Definitions
Products:
Aave V1: the original version of Aave, launched in January 2020.Aave V2: the second major version, launched in December 2020, introducing features like flash loans and credit delegation.Aave V3: the current major version, launched in March 2022, enabling multichain expansion and improved capital efficiency.Aave V4: the upcoming version, expected in 2026, promising a unified Liquidity Hub with modular risk controls.GHO: a decentralized stablecoin native to Aave, launched in 2023, where borrowers mint GHO using their Aave collateral.Horizon: Aave's market for RWA-backed lending, enabling credit against tokenized real-world assets.
Metrics:
Total value locked: measures the total USD value of collateral deposited into Aave and outstanding loans.Active loans: measures the total USD value of outstanding borrows across all Aave lending markets.GHO market cap: measures the circulating market capitalization of GHO, Aave's native decentralized stablecoin.Fees: measures the total USD value of fees paid by users across all of Aave's lending markets, aggregated across all income types (see below).Revenue: measures the total USD value of fees retained by the Aave DAO, aggregated across all income types (see below).Monthly active users: measures the number of unique wallet addresses that have interacted with Aave over a rolling 30-day period.Market share: measures Aave's share of active loans relative to other lending projects.
Income types (fees and revenue):
Interest: fees paid by borrowers on outstanding loans. A share of interest flows to the DAO treasury as revenue.Liquidation: fees collected when undercollateralized positions are liquidated.SVR (Smart Value Recapture): revenue recaptured from oracle-related MEV during liquidations via Chainlink SVR.Flash loan: fees charged on uncollateralized loans that are borrowed and repaid within a single transaction.Treasury: fees from Aave DAO treasury management activities.GHO stability module: fees charged on swaps between GHO and other stablecoins through the GHO Stability Module.
10) About this report
This report is published monthly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Aave February 2026 Report dashboard on Token Terminal.

1) Executive summary
TRON $TRX is a Layer 1 blockchain designed for fast, low-cost transactions. The network uses a Delegated Proof-of-Stake consensus mechanism, where 27 elected Super Representatives validate transactions and govern network parameters through community proposals. Users can stake TRX (TRON's native token) to cover transaction costs rather than paying per-transaction gas fees, making the network particularly suited for high-frequency, small-value transfers. TRON hosts one of the largest stablecoin ecosystems in crypto and has established itself as a major settlement layer for USDT transfers, particularly for retail-sized payments.
Q4 2025 was defined by the aftermath of a deliberate economic trade-off. In late August, the Super Representative community approved Proposal #104, reducing the network's gas fees by nearly 60%, effectively cutting smart contract execution costs by more than half. The full quarterly impact of this fee reduction played out across Q4, producing a sharp divergence between usage metrics and revenue: transaction count, throughput, and monthly active users all rose quarter-over-quarter, while revenue fell and earnings turned negative for the first time over the past year.
The stablecoin ecosystem remained broadly stable, with ecosystem stablecoin supply averaging just under $79b, down modestly from Q3's peak but still nearly 30% above year-ago levels. USDT on TRON received regulatory recognition by the Financial Services Regulatory Authority ("FSRA"), as an Accepted Fiat-Referenced Token (AFRT) in ADGM, the international financial centre of Abu Dhabi, the Capital of the United Arab Emirates (UAE) in December, marking a milestone for institutional legitimacy. On the distribution side, Revolut completed a strategic integration enabling TRX staking and stablecoin remittances for its 65 million-plus customer base across the European Economic Area.
Fully diluted valuation declined quarter-over-quarter, reflecting broader market headwinds and TRX price weakness despite the network's strong fundamental activity. FDV more than doubled from Q4 2024 to Q3 2025 before pulling back in Q4 2025, mirroring the pattern seen in revenue where Q3 represented a cyclical peak. The quarter illustrated a strategic inflection point in TRON’s growth model: lower fees drove higher user activity and transaction throughput, while short-term revenue reflected the transitional impact of recalibrated pricing designed to support long-term network scale and sustainability.
🔑 Key metrics (Q4 2025)
Fully diluted valuation: $28.02b (-10.30% QoQ, +56.52% YoY)Ecosystem stablecoin supply: $78.76b (-2.17% QoQ, +29.59% YoY)Revenue: $655.57m (-37.96% QoQ, -16.83% YoY)Earnings: -$38.58m (-673.79% QoQ, -145.83% YoY)Monthly active users: 17.73m (+21.34% QoQ, +26.34% YoY)Transaction count: 934.52m (+13.61% QoQ, +32.49% YoY)Transactions per second: 117.57 (+13.61% QoQ, +32.49% YoY)
👥 TRON DAO commentary
"The August fee reduction was the largest in network history and reflects a deliberate strategy to prioritize accessibility and adoption over near-term revenue. Q4 saw major distribution milestones: Revolut integrated TRX staking and stablecoin remittances for 65m+ users across the EEA, USDT on TRON received regulatory recognition by the Financial Services Regulatory Authority ("FSRA"), as an Accepted Fiat-Referenced Token (AFRT) in ADGM, the international financial centre of Abu Dhabi, and the GreatVoyage v4.8.1 (Democritus) upgrade completed testing on the Nile testnet ahead of mainnet deployment. The team has signaled it expects higher transaction volume to offset lower per-transaction fees over time, and quarterly dynamic fee reviews will continue to balance competitiveness with sustainability."
2) Fully diluted valuation
Fully diluted valuation (FDV) measures the total USD value of a project's token supply at current market prices, assuming all tokens are in circulation. Q4 FDV averaged $28.02b, down from $31.24b in Q3 (-10.30% QoQ). FDV averaged $17.90b in Q4 2024, placing the year-over-year change at +56.52%. Over the past year, FDV rose steadily from Q4 2024 through Q3 2025 before declining in Q4 2025, with Q3 representing the peak at $31.24b.
👥 TRON DAO commentary
“Network adoption metrics reached record levels, reflecting sustained growth in transaction volume, user activity, and stablecoin settlement across the ecosystem. While broader digital asset markets experienced shifts in sentiment and capital allocation, onchain fundamentals remained strong, driven by continued usage across payments, decentralized finance, and cross-border transfers. Recent regulatory developments and ecosystem integrations further strengthened the network’s institutional positioning, supporting its role as a scalable blockchain infrastructure for real-world digital asset activity.”

3) Ecosystem stablecoin supply
Ecosystem stablecoin supply measures the total USD value of stablecoins issued on the TRON network. Q4 stablecoin supply averaged $78.76b, down from $80.51b in Q3 (-2.17% QoQ). Stablecoin supply averaged $60.78b in Q4 2024, placing the year-over-year change at +29.59%. Supply grew steadily from Q4 2024 through Q3 2025 before pulling back modestly in Q4, with USDT accounting for the vast majority of stablecoins on the network.
👥 TRON DAO commentary
"TRON’s stablecoin supply grew nearly 30% year-over-year to average $78.76b in Q4, underpinned by continued USDT issuance on the network. The FSRA of Abu Dhabi's ADGM recognized USDT on TRON as an Accepted Fiat-Referenced Token in December, enabling licensed institutions to integrate it into regulated financial services including custody, trading, and settlement. The quarter also saw continued stablecoin diversification: World Liberty Financial's USD1 stablecoin, first minted on TRON in June, remained active on the network. Additionally, ecosystem activity continued to highlight TRON’s role in emerging market remittances and peer-to-peer payments, where low transaction costs support small-value stablecoin transfers across Latin America, Southeast Asia, and Africa."

4) Revenue
Revenue measures the total USD value of transaction fees burned on the TRON network. TRON operates with a 100% take rate: all transaction fees paid by users are burned as TRX, meaning revenue equals total fees. Q4 revenue totaled $655.57m, down from $1.06b in Q3 (-37.96% QoQ), bringing the 2025 cumulative total to $3.51b. Revenue totaled $788.22m in Q4 2024, placing the year-over-year change at -16.83%. Revenue rose steadily from Q4 2024 through Q3 2025, peaking at $1.06b, before declining sharply in Q4 following the implementation of Proposal #104's fee reduction on August 29.
👥 TRON DAO commentary
"The revenue adjustment in Q4 reflects the intended outcome of Proposal #104’s fee optimization, which was implemented to enhance TRON’s competitiveness and long-term network sustainability. Approved by 25 of 27 Super Representatives on August 29, the proposal reduced the energy unit price from 210 to 100 sun, lowering smart contract execution costs by nearly 60% and making on-chain activity more accessible to users and developers. This strategic move reinforces TRON’s positioning as a highly efficient and cost-effective settlement layer, particularly as rising TRX prices had previously increased transaction costs in USD terms. TRON’s commitment to quarterly dynamic fee reviews demonstrates a proactive approach to balancing affordability with network value accrual. Historical precedent from Proposal #95’s 2024 fee adjustment, which was followed by growth in smart contract adoption, highlights the potential for expanded ecosystem activity to support sustained revenue generation over the longer term."

5) Earnings
Earnings measures the total USD value of revenue minus token incentives distributed to network participants. Q4 earnings totaled -$38.58m, down from $6.72m in Q3. This marks the first quarter of negative earnings over the past year. Earnings totaled $84.17m in Q4 2024. The 2025 cumulative total stands at $61.30m, though this figure masks a deteriorating quarterly trajectory: earnings declined from $48.15m in Q1 to $45.00m in Q2, $6.72m in Q3, and -$38.58m in Q4. The shift to negative earnings reflects the combined effect of lower revenue (from the fee reduction) and continued token incentive distributions.
👥 TRON DAO commentary
"The shift to negative earnings in Q4 reflects a deliberate and strategic recalibration following Proposal #104’s fee optimization, which was implemented to strengthen TRON’s long-term network competitiveness and accessibility. By reducing transaction costs, the network has prioritized broader user participation, developer adoption, and overall ecosystem expansion. While lower per-transaction fees reduced TRX burn rates in the near term, TRON continues to generate substantial revenue, with $3.51b in cumulative revenue for 2025, showing the network’s strong underlying economic activity. The current earnings profile represents a transitional phase as the ecosystem adjusts to the new fee structure and positions itself for higher transaction throughput and sustained utilization growth."

6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with the TRON network over a rolling 30-day period. Q4 MAU averaged 17.73m, up from 14.61m in Q3 (+21.34% QoQ). MAU averaged 14.03m in Q4 2024, placing the year-over-year change at +26.34%. Over the past year, MAU remained relatively stable between 13-15m from Q4 2024 through Q3 2025 before rising to 17.73m in Q4 2025. The monthly data reveals a notable spike in late October through late November, with MAU exceeding 21-22m before settling back to 16-17m in December, suggesting a period of elevated engagement mid-quarter.
👥 TRON DAO commentary
"Lower transaction costs following the fee reduction directly contributed to user growth by removing friction for small and frequent transfers. MAU grew 21.34% quarter-over-quarter to 17.73m, with the mid-quarter spike above 21m suggesting initial demand elasticity in response to cheaper transactions. The Revolut integration, which went live in December across 30 EEA markets, provides a new distribution channel for onboarding users to TRX staking and stablecoin services. Additional integrations during the quarter, including Kalshi (prediction markets), Base via LayerZero (cross-chain access), and The Graph (developer tooling), expanded the range of use cases driving user engagement beyond stablecoin transfers."

7) Transaction count
Transaction count measures the total number of transactions processed on the TRON network. Q4 transaction count totaled 934.52m, up from 822.55m in Q3 (+13.61% QoQ), bringing the 2025 cumulative total to 3.23b. Transaction count totaled 705.34m in Q4 2024, placing the year-over-year change at +32.49%. Transaction count grew in every quarter over the past year, with Q4 2025 representing the highest quarterly total.
👥 TRON DAO commentary
"Transaction volume growth following the fee reduction supports the thesis behind Proposal #104: affordable transactions attract more activity. The 13.61% QoQ increase brought Q4 to 934.52m total transactions, the highest quarterly figure over the past year. Use cases driving transaction growth span stablecoin transfers, centralized exchange operations, DeFi activity on projects like JustLend and SunSwap, and gaming applications. The GreatVoyage v4.8.1 (Democritus) upgrade, which completed testing on the Nile testnet in Q4, is designed to further improve throughput through EVM consistency enhancements, ARM architecture support, and optimized database storage for node operators."

8) Transactions per second
Transactions per second (TPS) measures the average number of transactions the TRON network processes per second. Q4 TPS averaged 117.57, up from 103.48 in Q3 (+13.61% QoQ). TPS averaged 88.74 in Q4 2024, placing the year-over-year change at +32.49%. TPS has increased in every quarter over the past year except Q1 2025 (which was flat versus Q4 2024), with Q4 2025 representing the highest quarterly average.
👥 TRON DAO commentary
"Rising throughput reflects both increased demand and the network's capacity headroom. TRON’s  architecture supports higher TPS than current utilization levels, and the GreatVoyage v4.8.1 (Democritus) upgrade introduces optimizations to P2P network performance and database resource management that could further improve effective throughput. The 13.61% QoQ increase in TPS mirrors the transaction count growth, confirming that higher volumes are sustained rather than concentrated in brief spikes."

9) Definitions
Metrics:
Fully diluted valuation: measures the total USD value of a project's token supply at current market prices, assuming all tokens are in circulation.Ecosystem stablecoin supply: measures the total USD value of stablecoins issued on the TRON network.Revenue: measures the total USD value of transaction fees burned on the TRON network. TRON operates with a 100% take rate: all transaction fees paid by users are burned as TRX, meaning revenue equals total fees.Earnings: measures the total USD value of revenue minus token incentives distributed to network participants.Monthly active users: measures the number of unique wallet addresses that have interacted with the TRON network over a rolling 30-day period.Transaction count: measures the total number of transactions processed on the TRON network.Transactions per second: measures the average number of transactions the TRON network processes per second.
10) About this report
This report is published quarterly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding TRON Q4 2025 Report dashboard on Token Terminal.

1) İcra xülasəsi
Aethir $ATH mərkəzləşdirilməmiş infrastruktur layihəsidir ki, GPU təminatçılarını (Cloud Hosts) yüksək performanslı hesablama üçün AI təlimi, çıxarılması, oyun və digər GPU-intensiv iş yükü ilə əlaqələndirən GPU-xidmət şəbəkəsi işləyir. Şəbəkənin əsas əməliyyatları Arbitrum-da həyata keçirilir, burada Cloud Hosts ATH tokenlərini stake edərək GPU konteynerlərini işlətmək və müəssisə hesablama müqavilələrindən ödənişlər qazanmaq üçün istifadə olunur, ATH həmçinin Ethereum-da mövcuddur. Aethir-in infrastrukturu 94 ölkədə 440,000-dən çox GPU konteynerini əhatə edir, NVIDIA H100, H200 və B200 avadanlıqları da daxil olmaqla. Ənənəvi bulud təminatçılarından fərqli olaraq, Aethir-in modeli icma mülkiyyətindədir: müstəqil Cloud Hosts avadanlıqları təmin edir və işlədib, layihə isə uyğunlaşdırmanı, keyfiyyət təminatını (Checker Nodes vasitəsilə) və hesablamanı tənzimləyir.

1) İcra xülasəsi
dYdX $DYDX , öz məqsədli Layer 1 blockchain (dYdX Chain, V4) üzərində fəaliyyət göstərən mərkəzləşdirilməmiş törəmə mübadiləsidir, Cosmos SDK arxitekturasından istifadə edərək inşa edilmişdir. Layihə icazəsiz bazar siyahıları ilə daimi gəlir ticarəti, MegaVault sistemi vasitəsilə dərin likvidlik və mərkəzləşdirilmiş mübadilə infrastrukturuna rəqib olmaq üçün nəzərdə tutulmuş qabaqcıl sifariş növləri təklif edir. dYdX həmçinin Ethereum-da miras V3 yerləşdirməsini saxlayır, lakin fəaliyyətin əksəriyyəti V4-ə köçmüşdür.
Q4 2025, dYdX-in əsas göstəriciləri üzrə qarışıq bir mənzərə təqdim etdi. Notional ticarət həcmi ikinci ardıcıl rüb üçün artdı, Q4 isə 2025-ci ilin ən güclü rübu oldu. Lakin, ticarət fəaliyyətindəki bu bərpa mütənasibli ödəniş istehsalına çevrilmədi, ödənişlər həm rüb, həm də illik olaraq azalmaqda davam etdi. TVL və aylıq aktiv istifadəçilər həm rüb, həm də illik əsasda azaldı, baxmayaraq ki, MAU il boyu nisbətən sabit qaldı.

1) İcra xülasəsi
Aave $AAVE DeFi-nin dominant kredit layihəsidir, istifadəçilərin gəlir əldə etmək üçün aktivlər təmin etdiyi və borcalanların artıq təminatlı kreditlər əldə etdiyi desentralizasiya olunmuş bazarları idarə edir. Layihə risk parametrlərini birbaşa idarəetmə vasitəsilə idarə edir, beş ildən artıq bir fəaliyyət tarixi ilə desentralizasiya olunmuş kredit verməyə mübarizəyə hazır bir yanaşma təqdim edir. 2020-ci ildən fəaliyyətə başlayan Aave, daha böyük kapital səmərəliliyi, risk seqmentasiyası və üç əsas versiya arasında çoxzəncirli genişlənmə istiqamətində irəliləyib, V4-nün 2026-cı ilin sonlarında gözlənildiyi bildirilir.

1) İcra xülasəsi
Solv Protocol $SOLV onchain Bitcoin rezervidir ki, bu da istifadəçilərə BTC-də gəlir əldə etməyə imkan tanıyır, eyni zamanda DeFi, CeFi və institusional yollar arasında likvidlik və birləşdirilə bilənliyi qoruyur.
İstifadəçilər BTC yatırır və SolvBTC (1:1 dəstəklənmiş) alır, bu, bir çox ekosistemlərdə istifadə oluna bilən, birləşdirilə bilən universal Bitcoin aktividir. Praktikada, SolvBTC əsas likvidlik və təminat təbəqəsi halına gəlmişdir, o cümlədən BNB Chain-də, burada SolvBTC.BNB əsas BNB DeFi məkanlarında inteqrasiya olunmuşdur. Gəlir exposuru üçün, SolvBTC-yə gəlir gətirən mövqelərə (məsələn, xSolvBTC) çevrilə bilər ki, bu da DeFi kreditləşdirmə/bazarlar və BTC təhlükəsizlik ekosistemləri üzrə müxtəlif strategiyalara yönləndirilir.

1) İcra xülasəsi
Euler $EUL , özəlləşdirilə bilən risk parametrləri ilə izolyasiya edilmiş kredit bazarlarının icazəsiz yaradılmasını mümkün edən Euler Vault Kit (EVK) ətrafında qurulmuş modulyar kredit layihəsidir. Hər bir vault müstəqil işləyir, yəni risklər monolit hovuzda paylaşılmaq əvəzinə, saxlanılır. Hazırkı V2 arxitekturası (2024-cü ildə istifadəyə verilib) vaultları Ethereum Vault Connector (EVC) vasitəsilə birləşdirir, istifadəçilərə bir vault-dan girov istifadə edərək, digərindən borc almağa imkan tanıyır, eyni zamanda izolyasiya edilmiş risk profillərini qoruyur.

1) İcra xülasəsi
Ether.fi $ETHFI , istifadəçilərə aktivləri staking etmək, avtomatlaşdırılmış gəlir strategiyalarına daxil olmaq və kripto sahibləri ilə xərcləmək imkanı verən likvid staking və DeFi layihəsidir. İstifadəçilər ETH, BTC və ya ETHFI stake edə bilər ki, bu da staking gəlirləri qazanan likvid törəmə tokenləri alır, gəliri optimallaşdırmaq üçün DeFi protokollarına sərf edilən Likvid saxlama yerlərinə depozit qoyur, ya da Ether.fi Cash-dan istifadə edərək kripto təminatları ilə real dünya alış-verişləri üçün Scroll-da hesablaşan Visa kredit kartı vasitəsilə borc ala bilər.
Q4 2025, Ether.fi-nin məhsul xətləri arasında fərqli tendensiyalar müşahidə olundu. Əsas staking göstəriciləri kvartal üzrə azaldı, TVL, haqq və gəlir Q3 səviyyələrindən aşağı düşdü. Lakin, bu üç göstərici illik müqayisədə artdı, gəlir isə ən güclü illik artımı göstərdi. Ether.fi Cash, həm xərcləmə həcmi, həm də istifadəçi fəaliyyəti baxımından bütün zamanların ən yüksək səviyyələrinə çatdı, kvartal üzrə xərcləmə həcmi iki dəfə artdı və 2025-ci ilin sonuna qədər cəmi $184m-dan çox oldu. Aylıq aktiv istifadəçilər həm kvartal üzrə, həm də illik müqayisədə kəskin artdı, 2024-cü ilin Q4-dan təxminən 9 dəfə artdı, demək olar ki, tamamilə Ether.fi Cash qəbulunun nəticəsidir.

1) Executive summary
Silo is a decentralized lending project that uses isolated lending markets to minimize risk contagion between assets. Each market pairs a unique collateral asset with a bridge asset, allowing users to supply and borrow without exposure to risks from other listed tokens. The project operates across multiple chains including Sonic, Avalanche, Arbitrum One, Ethereum, Base, and OP Mainnet.
In Q4 2025, Silo's key metrics declined from Q3 levels, with TVL, active loans, and MAU all falling while fees and revenue grew to their highest quarterly totals of 2025. However, the year-over-year picture shows substantial growth across the project's core metrics: TVL tripled, active loans more than tripled, and fees grew over 5x. MAU declined on both a quarterly and annual basis, though the project generated significantly more value per user compared to Q4 2024.
The chain distribution shifted notably, with Avalanche overtaking Sonic for TVL leadership while Sonic maintained its dominance in fees and revenue, generating over 70% of fees despite holding less than 30% of TVL. User activity diversified across chains, with Arbitrum One and Avalanche both gaining share.
🔑 Key metrics (Q4 2025)
Total value locked: $306.37m (-30.26% QoQ, +199.37% YoY)Active loans: $122.23m (-26.41% QoQ, +219.14% YoY)Fees: $5.15m (+23.40% QoQ, +507.00% YoY)Revenue: $724.81k (+24.39% QoQ, +241.82% YoY)Monthly active users: 6.60k (-40.09% QoQ, -30.63% YoY)
👥 Silo team commentary
"Q4 was a transitional quarter for Silo, marked by a combination of external market headwinds, isolated protocol incidents, and meaningful progress toward the next generation of the protocol.
During the quarter, several immutable lending markets were impacted by incidents involving Stream Finance and Stable Labs. While these markets remain isolated by design, lenders in the affected markets have not yet been able to withdraw funds. In response, Silo’s analytics surfaces wrote off the impacted markets to ensure that reported protocol metrics accurately reflect healthy, withdrawable liquidity and provide clean, transparent data to the DeFi community.
At the same time, the team made significant progress toward finalizing Silo v3 (expected in March 2026), a new money market architecture designed to remove reliance on instant liquidity and materially improve lender safety and capital efficiency. This work sets the foundation for Silo’s next phase of growth in 2026."
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited and outstanding loans on Silo. Q4 TVL averaged $306.37m, down 30.26% from Q3's $439.32m but triple Q4 2024's $102.35m. The chain distribution shifted considerably: Avalanche overtook Sonic as the largest deployment, growing from 28.81% to 47.16% of TVL, while Sonic's share fell from 46.00% to 27.70%. Arbitrum One also gained ground, nearly doubling its share to 17.07%. Ethereum's portion declined from 15.47% to 7.74%.
👥 Silo team commentary
"The QoQ decline in TVL was driven by a combination of broader market conditions and project-specific factors related to the Stream Finance and Stable Labs incidents. While the impacted markets were isolated and did not affect the broader protocol, they contributed to short-term TVL contraction and were subsequently written off from analytics to reflect only healthy, accessible liquidity.
On a YoY basis, TVL growth remains strong, reflecting sustained demand for isolated lending markets and Silo’s expansion across multiple chains.
The increase in Avalanche’s TVL share reflects organic demand driven by asset availability and borrower activity, rather than a deliberate reallocation of strategic focus. Similarly, Arbitrum One’s growing share highlights increasing usage of Silo’s isolated market design by more sophisticated users deploying capital across ecosystems.
Going forward, Silo’s approach to chain allocation remains opportunistic and demand-driven, with an emphasis on Silo v3 deployments that demonstrate sustainable borrowing activity rather than headline TVL alone."

3) Active loans
Active loans measures the total USD value of outstanding borrows across Silo lending markets. Q4 active loans averaged $122.23m, down 26.41% from Q3's $166.10m but more than triple Q4 2024's $38.30m. Sonic remained the largest chain for borrowing at 46.08%, despite falling to second place for TVL, suggesting higher utilization on that deployment. Avalanche grew its share from 24.86% to 31.99%, while Arbitrum One nearly tripled from 5.56% to 14.34%. Ethereum's share continued to decline, falling from 15.69% to 7.29%.
👥 Silo team commentary
"The QoQ decline in active loans mirrors the broader market slowdown and the impact of isolated market incidents during the quarter. However, the strong YoY growth in borrowing activity highlights continued adoption of Silo’s lending model and growing borrower confidence across supported chains.
Sonic’s high share of active loans relative to TVL reflects higher utilization rates driven by borrower-heavy market structures and more active leverage strategies. This dynamic has historically translated into stronger fee and revenue generation per unit of capital.
Arbitrum One’s growth in active loans is primarily driven by a chain-wide incentives campaign."

4) Fees
Fees measure the total USD value of interest paid by borrowers across Silo lending markets. Q4 fees totaled $5.15m, up 23.40% from Q3's $4.18m and over 5x Q4 2024's $848.38k. This was the highest quarterly total of 2025. Sonic's dominance intensified, accounting for 72.65% of fees despite holding only 27.70% of TVL and 46.08% of active loans, indicating significantly higher interest rates or more active borrowing turnover on that chain. Avalanche's share fell from 23.96% to 18.68%, while Ethereum dropped sharply from 11.08% to 3.26%.
👥 Silo team commentary
"The strong YoY growth in fees is a direct result of increased borrowing activity, higher utilization rates, and Silo’s isolated market architecture, which concentrates risk and pricing at the market level rather than across the entire protocol.
Sonic’s outsized contribution to fees relative to TVL reflects its higher capital velocity and borrower demand. The decline in Ethereum’s fee share is not a concern and reflects a deliberate focus on capital deployments where borrowing activity and utilization are stronger."

5) Revenue
Revenue measures the total USD value of fees retained by Silo. Q4 revenue totaled $724.81k, up 24.39% from Q3's $582.70k and more than triple Q4 2024's $212.10k, marking the best quarter of the year. Sonic's share of revenue grew to 77.42%, even higher than its 72.65% share of fees, suggesting favorable revenue retention dynamics on that chain. Avalanche contributed 13.28%, down from 17.17% in Q3. Ethereum's share fell sharply from 10.30% to 2.80%, mirroring the decline seen across other metrics.
👥 Silo team commentary
"Silo’s business model is based on capturing a portion of interest generated by borrowers across isolated lending markets, aligning protocol revenue directly with economic activity rather than raw TVL.
Revenue growth in Q4 and over the past year was driven by higher utilization, increased borrowing demand, and improved market composition, particularly on Sonic and Avalanche. These dynamics allowed revenue to reach a new quarterly high despite broader market volatility.
While Sonic currently represents a significant share of protocol revenue, Silo views this concentration as a performance-driven outcome rather than a structural dependency. The team continues to expand and diversify revenue sources across chains while prioritizing deployments that demonstrate strong product-market fit."

6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses interacting with Silo over a rolling 30-day period. Q4 MAU averaged 6.60k, down 40.09% from Q3's 11.0k and down 30.63% from Q4 2024's 9.5k. Despite the decline in user counts, revenue per user increased substantially year-over-year. Sonic remained the largest chain for user activity at 62.63%, though its share declined sharply from 84.84% in Q3. Arbitrum One and Avalanche both saw notable growth, tripling their shares to 16.94% and 15.86% respectively.
👥 Silo team commentary
"This metric is not a primary focus for us, as MAU is often influenced by short-term incentive programs rather than underlying economic activity. The Q4 decline, however, reflects broader market trends across the industry."

7) Definitions
Metrics:
Total value locked: measures the total USD value of collateral deposited and outstanding loans on Silo.Active loans: measures the total USD value of outstanding borrows across Silo lending markets.Fees: measures the total USD value of interest paid by borrowers across Silo lending markets.Revenue: measures the total USD value of fees retained by Silo.Monthly active users: measures the number of unique wallet addresses that have interacted with Silo over a rolling 30-day period.
8) About this report
This report is published quarterly and produced leveraging Token Terminal’s end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Silo Q4 2025 Report dashboard on Token Terminal.

1) İcra xülasəsi
Raydium $RAY 2021-ci ildə Solana-da, ilkin olaraq onchain likvidlik hovuzları ilə Mərkəzi Limit Sifariş Kitabı (CLOB) birləşdirən hibrid AMM modeli ilə istifadəyə verilib. Bu miras arxitektura (OpenBook) indi yalnız ənənəvi AMM kimi fəaliyyət göstərir, baxmayaraq ki, bu, layihənin əsas təbəqəsi olaraq qalır, Raydium-un TVL-nin təxminən 71%-ni saxlayır. Solana-nın ticarət ekosistemi böyüdükcə, Raydium, müvafiq aktivlər üçün Stabil Mübadilə ilə məhsul çeşidini genişləndirdi, ardından təkmilləşdirilmiş likvidlik hovuzları (CLMM və CPMM) gəldi. 2025-ci ilin aprelində Raydium LaunchLab (özünə məxsus başlanğıc platforması) təqdim etdi və ticarətdən aktiv emissiyasına qədər uzandı. Nəticədə, Raydium-un miras hovuzları TVL dərinliyini saxlayır, yeni məhsullar isə mübadilə həcminin və ödənişlərin əksəriyyətini təmin edir.

1) İcra xülasəsi
Fluid $FLUID , bütün məhsulların eyni anda istifadə etdiyi, borc verilməsi və DEX ticarətini birləşdirən birləşmiş DeFi layihəsidir. Layihə, smart müqavilə avtomatlaşdırması vasitəsilə riskləri idarə edir, 95%-ə qədər kreditə dəyər nisbətləri və 0.1%-ə qədər likvidasiya cəzaları təklif edir, mövqeləri "ticks"-ə qruplaşdırmaqla kütləvi likvidasiyalar üçün imkan yaradır. Ethereum-da işə salındıqdan sonra, Fluid altı zəncirdə genişlənmişdir: Ethereum, Arbitrum One, Solana (Jupiter Lend vasitəsilə), Plasma, Base və Polygon. Layihə, avtomatlaşdırılmış gəlir strategiyaları ilə sadələşdirilmiş bir vault məhsulu olan Fluid Lite vasitəsilə məhsul dəstini də müxtəlifləşdirmişdir.

1) İcra xülasəsi
Pendle $PENDLE gəlir ticarəti layihəsidir ki, bu da istifadəçilərə əsas (PT-lər) və gəlir (YT-lər) tokenləri vasitəsilə on-chain gəlirini tokenləşdirmək və ticarət etmək imkanı verir. 2021-ci ildən etibarən, layihə məhsul seçimini sifariş kitabına əsaslanan Limit Order sistemi və gəlir ticarətini daimi maliyyələşdirmə kimi offchain qiymətlərə genişləndirən Boros ilə genişləndirdi.
Q4 2025, Q3 zirvəsindən sonra bir normallaşma dövrünü işarə etdi. TVL və ticarət həcmi böyük hovuzların yetişməsi ilə azaldı, lakin xərclər və gəlirlər daha kiçik QoQ azalmaları ilə nisbətən dayanıqlı qaldı. MAU 2025 yüksəkliyinə çatdı, aşağı kapital yerləşdirməsinə baxmayaraq, istifadəçi qəbulunun davam etdiyini göstərdi. Bu rüb həmçinin Boros dinamikasının davam etdiyini və çarpaz zəncir PT genişlənməsini gördü, komanda isə vePENDLE-nin yerini alacaq, yaxşılaşdırılmış kapital səmərəliliyi və sadələşdirilmiş 14 günlük çıxarış dövrü ilə sPENDLE adlı likvid staking tokenini elan etdi.

1) İcra xülasəsi
Moonwell açıq və mərkəzləşdirilməmiş kredit layihəsidir ki, bu da onchain kredit verməyi və borc almağı əlçatan edir. Layihə, istifadəçilərin yalnız bir neçə kliklə kredit verməyə, borc almağa və mükafatları iddia etməyə imkan tanıyan intuitiv istifadəçi interfeysi vasitəsilə sadəliyi vurğulayır, eyni zamanda onların rəqəmsal aktivləri üzərində tam nəzarəti saxlayır. Bütün protokol dəyişiklikləri onchain idarəetmə təklifləri vasitəsilə həyata keçirilir, icma maraqları ilə uyğunluğu təmin edir. Token Terminal hazırda Moonwell'i Base və OP Mainnet-də izləyir.

1) İcra xülasəsi
Morpho $MORPHO icazəsiz bazar yaradılmasına imkan verən mərkəzləşdirilməmiş kredit infrastrukturu olub, istənilən şəxsə fərdiləşdirilmiş risk parametrləri ilə izolyasiyalı kredit bazarlarını işə salmağa imkan tanıyır. Layihə iki əsas məhsuldan ibarətdir: Morpho Vaults (depozitçilər üçün gəlir gətirən vaultlar) və Morpho Markets (borc alanlar üçün izolyasiyalı kredit hovuzları). Ənənəvi kredit layihələrindən fərqli olaraq, Morpho, aktivləri birbaşa idarə edən kuratorlar (aktiv menecerləri, DAOs, institusiyalar) üçün infrastruktur üzərində vaultlar qurub idarə edən əsas dəmir yolları kimi xidmət edir. 2022-ci ildən etibarən Morpho, Aave və Compound üzərində optimizasiya qatından müstəqil kredit infrastrukturları ilə öz modulyar arxitekturasına doğru irəliləyib.

1) İcraçı xülasə
Houdini Swap, 120-dən çox blok zincirində göndərmə, kəsən və ödənişlər, alıb-satışlar üçün müvafiq, infrastruktur səviyyəsində gizlilik təmin edir. İstifadəçilər, kəsənə qoşulmadan və onlayn əlaqələrini açmadan, hətta blok zincirləri arasında hərəkət edərkən də dəyər ötürə bilər. Bu, iki xarici dəyişdirmə dizaynı və təsadüfi Layer 1 orta mərhələləri ilə göndəricini və alıcını bir-birinə aid etməyi pozur.
Proyekt bütün əsas blok zincirlərindəki bütün tokenlər üçün çapraz blok zinciri alıb-satışı dəstəkləyir, bu, nəzəriyyədən və köməkçi layihələrdən əmələ gələn likvidliyi bir araya gətirərək həyata keçirilir. Hər hansı bir aktiv, sadəcə məhsulun mərkəzi adresini yapışdıraraq çapraz blok zinciri alıb-satışı edilə bilər, bu da hər hansı bir token üçün ticarət üçün bir yerdən istifadə imkanı verir.

1) İcra xülasəsi
Faraon, 2023-cü ildə təsis olunmuşdur, Avalanche-a aid DEX-dir. 2025-ci ilin III rübündə, layihə konsentrasiya edilmiş likvidlik modeli (v2) istifadə etdi, köhnə AMM hovuzları (v1) ilə birlikdə, istifadəçi səsverməsinə əsaslanan token stimulları paylayan ve(3,3) idarəetmə modeli ilə. Faraon, TVL, ticarət həcmi, ödənişlər və aylıq aktiv istifadəçilər daxil olmaqla, əksər əsas göstəricilər üzrə artım gördü, token stimulları isə azaldı. Layihə 2025-ci ilin IV rübündə v3-ə yüksəldilmişdir.
🔑 Əsas göstəricilər (2025-ci ilin III rübü)

1) İcra xülasəsi
Euler $EUL , özəlləşdirilə bilən risk parametrləri ilə izolyasiya olunmuş kredit bazarlarının icazəsiz yaradılmasına imkan verən Euler Vault Kit (EVK) ətrafında qurulmuş modul kredit layihəsidir. Hər bir saxlama müstəqil fəaliyyət göstərir, yəni risklər monolitik hovuzda paylaşılmaq əvəzinə, saxlanılır. Hazırkı V2 arxitekturası (2024-cü ildə başladılmışdır) saxlama yerlərini Ethereum Vault Connector (EVC) vasitəsilə birləşdirir, bu da istifadəçilərə bir saxlama yerində təminatı istifadə edərək digərindən borc almağa imkan tanıyır və izolyasiya olunmuş risk profillərini qoruyur.

1) İcra xülasəsi
GMX $GMX , 2021-ci ilin sentyabrında Arbitrum-da V1 ilə başladılan daimi DEX-dir, hansı ki, çoxlu aktiv likvidlik hovuzu (GLP) istifadə edirdi. GMX, 2022-ci ilin yanvarında Avalanche-a yerləşdirilməsi ilə çox zəncli varlığını qurdu. 2023-cü ilin avqustunda GMX V2 buraxıldı, bu, daha güclü bazarları və daha kapital-effektiv likvidlik mövqelərini təqdim etdi. Eyni zamanda GMX-ni Chainlink Data Streams üçün başlanğıc tərəfdaşı etdi, bu, yüksək dəqiqlikli qiymətləndirmə və bazar məlumatları ilə ticarət təcrübəsini artıran sənaye lideri Oracle-dır.