Token Terminal

1) Zusammenfassung
Aerodrome $AERO ist eine dezentrale Börse (DEX), die im Base-Netzwerk betrieben wird und als zentraler Handels- und Liquiditätsmarkt fungiert. Basierend auf dem ve(3,3)-Modell kombiniert Aerodrome einen automatisierten Markt-Maker (AMM) mit einem Abstimmungs- und Governance-System: Liquiditätsanbieter erhalten AERO-Emissionen als Anreize, während veAERO-Inhaber (die AERO-Token sperren) über Emissionszuweisungen abstimmen und 100 % der Handelsgebühren aus ihren gewählten Pools erhalten. Dies schafft ein Flywheel, bei dem tiefere Liquidität mehr Volumen anzieht, was mehr Gebühren generiert, die wiederum mehr Abstimmungen anziehen. Aerodrome operiert ausschließlich auf Base, dem von Coinbase unterstützten Layer-2-Netzwerk.

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 ist DeFi's dominierendes Kreditprojekt, das dezentrale Märkte betreibt, in denen Benutzer Vermögenswerte bereitstellen, um Erträge zu erzielen, und Kreditnehmer überbesicherte Kredite erhalten. Das Projekt verwaltet Risikoparameter direkt durch Governance und bietet einen praxiserprobten Ansatz für dezentrale Kredite mit über fünf Jahren Betriebsgeschichte. Seit der Einführung im Jahr 2020 hat Aave auf eine größere Kapitaleffizienz, Risikosegmentierung und Multichain-Expansion über drei Hauptversionen hinweg hingearbeitet, wobei V4 für Ende 2026 erwartet wird.

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) Exekutive Zusammenfassung
Aethir $ATH ist ein dezentrales Infrastrukturprojekt, das ein GPU-as-a-Service-Netzwerk betreibt, das GPU-Anbieter (Cloud Hosts) mit Unternehmensklienten verbindet, die Hochleistungsrechner für KI-Training, Inferenz, Gaming und andere GPU-intensive Arbeitslasten benötigen. Die Kernoperationen des Netzwerks laufen auf Arbitrum, wo Cloud Hosts ATH-Token staken, um GPU-Container zu betreiben und Gebühren aus Unternehmensberechnungsverträgen zu verdienen, wobei ATH auch auf Ethereum verfügbar ist. Die Infrastruktur von Aethir umfasst über 440.000 GPU-Container in 94 Ländern, einschließlich NVIDIA H100, H200 und B200 Hardware. Im Gegensatz zu traditionellen Cloud-Anbietern ist das Modell von Aethir gemeinschaftlich besessen: Unabhängige Cloud Hosts stellen die Hardware bereit und betreiben sie, während das Projekt die Vermittlung, Qualitätssicherung (über Checker Nodes) und Abrechnung koordiniert.

1) Executive Summary
dYdX $DYDX ist eine dezentrale Derivatebörse, die auf ihrer eigenen, speziell entwickelten Layer-1-Blockchain (dYdX Chain, V4) betrieben wird, die mit der Cosmos SDK-Architektur gebaut wurde. Das Projekt bietet den Handel mit perpetual Futures mit genehmigungsfreien Marktlistungen, tiefen Liquidität über sein MegaVault-System und fortgeschrittenen Bestelltypen, die darauf ausgelegt sind, mit der Infrastruktur zentralisierter Börsen zu konkurrieren. dYdX hält auch eine Legacy-V3-Bereitstellung auf Ethereum aufrecht, obwohl die Mehrheit der Aktivitäten auf V4 migriert ist.
Q4 2025 zeigte ein gemischtes Bild über die wichtigsten Kennzahlen von dYdX. Das nominale Handelsvolumen wuchs im zweiten aufeinanderfolgenden Quartal, wobei Q4 das stärkste Quartal von 2025 markierte. Diese Erholung der Handelsaktivität führte jedoch nicht zu einer proportionalen Gebührenerzeugung, da die Gebühren sowohl vierteljährlich als auch jährlich weiter zurückgingen. Das TVL und die monatlich aktiven Nutzer fielen ebenfalls sowohl vierteljährlich als auch jährlich, obwohl die MAU im Laufe des Jahres relativ stabil blieb.

1) Executive Summary
Aave $AAVE ist das dominierende Kreditprojekt von DeFi, das dezentralisierte Märkte betreibt, in denen Benutzer Vermögenswerte bereitstellen, um Renditen zu erzielen, und Kreditnehmer auf überbesicherte Darlehen zugreifen. Das Projekt verwaltet Risikoparameter direkt durch Governance und bietet einen bewährten Ansatz für dezentrale Kredite mit über fünf Jahren Betriebsgeschichte. Seit der Einführung im Jahr 2020 hat Aave auf eine größere Kapitaleffizienz, Risikosegmentierung und Multichain-Expansion über drei Hauptversionen hingearbeitet, wobei V4 für Ende 2026 erwartet wird.

1) Executive Summary
Solv Protocol $SOLV ist eine Onchain-Bitcoin-Reserve, die es Benutzern ermöglicht, Rendite auf BTC zu erzielen, während die Liquidität und Zusammensetzbarkeit über DeFi, CeFi und institutionelle Systeme erhalten bleibt.
Benutzer hinterlegen BTC und erhalten SolvBTC (1:1 abgesichert), ein universelles Bitcoin-Asset, das so konzipiert ist, dass es zusammensetzbar ist und in mehreren Ökosystemen genutzt werden kann. In der Praxis ist SolvBTC zu einer zentralen Liquiditäts- und Sicherheitenebene geworden, einschließlich auf der BNB-Chain, wo SolvBTC.BNB in wichtigen BNB DeFi-Plattformen integriert ist. Für Renditeexposition kann SolvBTC in renditetragende Positionen (z.B. xSolvBTC) umgewandelt werden, die in diversifizierte Strategien in DeFi-Kredit-/Markt- und BTC-Sicherheitsökosystemen geleitet werden.

1) Executive Summary
Euler $EUL ist ein modulares Kreditprojekt, das rund um das Euler Vault Kit (EVK) aufgebaut ist und die erlaubnisfreie Schaffung isolierter Kreditmärkte mit anpassbaren Risikoparametern ermöglicht. Jeder Vault funktioniert unabhängig, was bedeutet, dass Risiken enthalten sind, anstatt über einen monolithischen Pool geteilt zu werden. Die aktuelle V2-Architektur (eingeführt 2024) verbindet Vaults über den Ethereum Vault Connector (EVC) und ermöglicht es den Nutzern, Sicherheiten in einem Vault zu verwenden, um von einem anderen zu leihen, während isolierte Risikoprofile aufrechterhalten werden.

1) Zusammenfassung
Ether.fi $ETHFI ist ein Liquid-Staking- und DeFi-Projekt, das es Nutzern ermöglicht, Vermögenswerte zu staken, automatisierte Ertragsstrategien zu nutzen und gegen ihre Krypto-Bestände auszugeben. Nutzer können ETH, BTC oder ETHFI staken, um liquide Derivat-Token zu erhalten, die Staking-Erträge generieren, in Liquid-Vaults einzahlen, die über DeFi-Protokolle zur Optimierung der Erträge verteilt werden, oder Ether.fi Cash verwenden, um gegen ihre Krypto-Sicherheiten für Käufe in der realen Welt über eine Visa-Kreditkarte, die auf Scroll abgerechnet wird, zu leihen.
Im vierten Quartal 2025 gab es unterschiedliche Trends in den Produktlinien von Ether.fi. Die Kern-Staking-Metriken moderierten sich von Quartal zu Quartal, wobei TVL, Gebühren und Einnahmen alle im Vergleich zu den Werten des dritten Quartals zurückgingen. Dennoch wuchsen alle drei Metriken im Jahresvergleich, wobei die Einnahmen das stärkste jährliche Wachstum zeigten. Ether.fi Cash erreichte sowohl beim Ausgabenvolumen als auch bei der Nutzeraktivität Allzeithochs, wobei das vierteljährliche Ausgabenvolumen mehr als doppelt so hoch war und das kumulierte Volumen im Jahr 2025 bis zum Jahresende 184 Millionen Dollar überstieg. Die monatlich aktiven Nutzer wuchsen sowohl im Quartals- als auch im Jahresvergleich stark, fast 9-mal mehr im Vergleich zum vierten Quartal 2024, was fast ausschließlich auf die Akzeptanz von Ether.fi Cash zurückzuführen ist.

1) Zusammenfassung für Führungskräfte
Silo ist ein dezentrales Kreditprojekt, das isolierte Kreditmärkte nutzt, um das Risiko einer Ansteckung zwischen Vermögenswerten zu minimieren. Jeder Markt koppelt ein einzigartiges Sicherheitenvermögen mit einem Brückenvermögen, was es den Nutzern ermöglicht, zu liefern und zu leihen, ohne Risiken von anderen gelisteten Token ausgesetzt zu sein. Das Projekt operiert über mehrere Chains, darunter Sonic, Avalanche, Arbitrum One, Ethereum, Base und OP Mainnet.
Im vierten Quartal 2025 sind die Schlüsselkennzahlen von Silo im Vergleich zu den Werten im dritten Quartal gesunken, während TVL, aktive Kredite und MAU alle gefallen sind, während die Gebühren und Einnahmen auf die höchsten vierteljährlichen Gesamtsummen von 2025 gestiegen sind. Das Jahr-über-Jahr-Bild zeigt jedoch ein erhebliches Wachstum in den Kerndaten des Projekts: TVL hat sich verdreifacht, aktive Kredite haben sich mehr als verdreifacht, und die Gebühren sind um über das 5-fache gewachsen. MAU ist sowohl im vierteljährlichen als auch im jährlichen Vergleich gesunken, obwohl das Projekt signifikant mehr Wert pro Nutzer im Vergleich zum vierten Quartal 2024 generiert hat.

1) Executive Zusammenfassung
Raydium $RAY wurde 2021 auf Solana mit einem hybriden AMM-Modell eingeführt, das ursprünglich On-Chain-Liquiditätspools mit einem Central Limit Order Book (CLOB) kombinierte. Diese Legacy-Architektur (OpenBook) funktioniert jetzt ausschließlich als traditioneller AMM, bleibt jedoch die grundlegende Schicht des Projekts und behält etwa 71 % des TVL von Raydium. Als das Handelsökosystem von Solana reifte, erweiterte Raydium sein Produktportfolio mit Stable Swap für korrelierte Vermögenswerte, gefolgt von verbesserten Liquiditätspools (CLMM und CPMM). Im April 2025 führte Raydium LaunchLab (seine native Startplattform) ein, das über den Handel hinaus in die Vermögensausgabe erweitert. Infolgedessen behalten die Legacy-Pools von Raydium die TVL-Tiefe, während neuere Produkte die Mehrheit des Swap-Volumens und der Gebührenerzeugung antreiben.

1) Executive Summary
Fluid $FLUID ist ein einheitliches DeFi-Projekt, das Kreditvergabe und DEX-Handel durch seine Liquiditätsschicht kombiniert, einen gemeinsamen Liquiditätspool, aus dem alle Produkte gleichzeitig schöpfen. Das Projekt verwaltet Risiken durch Automatisierung von Smart Contracts und bietet Kredit-zu-Wert-Verhältnisse von bis zu 95 % und Liquidationsstrafen von nur 0,1 %, ermöglicht durch die Gruppierung von Positionen in "Ticks" für Batch-Liquidationen. Seit der Einführung auf Ethereum hat Fluid auf sechs Chains expandiert: Ethereum, Arbitrum One, Solana (über Jupiter Lend), Plasma, Base und Polygon. Das Projekt hat auch sein Produktportfolio durch Fluid Lite diversifiziert, ein vereinfachtes Vault-Produkt mit automatisierten Ertragsstrategien.

1) Exekutive Zusammenfassung
Pendle $PENDLE ist ein Ertrags-Handelsprojekt, das es Benutzern ermöglicht, on-chain Erträge über Principal (PTs) und Yield (YTs) Token zu tokenisieren und zu handeln. Seit der Einführung im Jahr 2021 hat das Projekt sein Produktportfolio erweitert, um ein orderbuchbasiertes Limit-Order-System und Boros einzuschließen, das den Ertragshandel auf Off-Chain-Kurse wie permanente Finanzierung ausweitet.
Q4 2025 markierte einen Normalisierungszeitraum nach dem Höhepunkt der Aktivität im Q3. TVL und Handelsvolumen gingen zurück, als große Pools reiften, obwohl Gebühren und Einnahmen relative Resilienz mit kleineren Rückgängen im Vergleich zum Vorquartal zeigten. MAU erreichte einen Höchststand im Jahr 2025 und signalisiert eine anhaltende Benutzerakzeptanz trotz geringerer Kapitalbereitstellung. Das Quartal sah auch anhaltende Boros-Momentum und die Erweiterung von Cross-Chain-PT, während das Team sPENDLE ankündigte, ein liquider Staking-Token, der vePENDLE mit verbesserter Kapitaleffizienz und einer optimierten 14-tägigen Abhebungsfrist ersetzen wird.

1) Executive Zusammenfassung
Moonwell ist ein offenes und dezentrales Kreditprojekt, das darauf abzielt, das Verleihen und Ausleihen auf der Blockchain zugänglich zu machen. Das Projekt legt Wert auf Einfachheit durch eine intuitive Benutzeroberfläche, die es den Nutzern ermöglicht, mit nur wenigen Klicks zu verleihen, auszuleihen und Belohnungen zu beanspruchen, während sie die vollständige Kontrolle über ihre digitalen Vermögenswerte behalten. Alle Protokolländerungen werden durch Governance-Vorschläge auf der Blockchain geregelt, um sicherzustellen, dass sie mit den Interessen der Gemeinschaft übereinstimmen. Token Terminal verfolgt derzeit Moonwell auf Base und OP Mainnet.

1) Executive Summary
Morpho $MORPHO ist eine dezentralisierte Kreditvergabe-Infrastruktur, die die Erstellung von Märkten ohne Genehmigung ermöglicht und es jedem erlaubt, isolierte Kreditmärkte mit anpassbaren Risikoparametern zu betreiben. Das Projekt besteht aus zwei Kernprodukten: Morpho Vaults (renditegenerierende Vaults für Einleger) und Morpho Markets (isolierte Kreditpools für Kreditnehmer). Im Gegensatz zu traditionellen Kreditprojekten, die Vermögenswerte direkt verwalten, dient Morpho als die zugrunde liegende Infrastruktur für Kuratoren (Vermögensverwalter, DAOs, Institutionen), die Vaults auf der Infrastruktur aufbauen und verwalten. Seit der Einführung im Jahr 2022 hat Morpho sich von einer Optimierungsschicht über Aave und Compound in Richtung einer eigenständigen Kreditvergabe-Infrastruktur mit eigener modularer Architektur entwickelt.

1) Exekutivzusammenfassung
Houdini Swap bietet kompatible, infrastrukturqualitativ hochwertige Privatsphäre für das Senden, Wallet-Befüllen, Zahlungen und Austausche über 120+ Blockchains. Benutzer können Werte übertragen, ohne einen Wallet anzuschließen oder onchain-Verbindungen preiszugeben, selbst bei Übertragungen zwischen Ketten, dank eines Dual-Exchange-Designs und zufällig ausgewählter Layer-1-Intermediäre, die die Zuordnung von Absender zu Empfänger unterbrechen.
Das Projekt unterstützt außerdem Cross-Chain-Austausche für alle Tokens auf jeder großen Kette, indem es Liquidität aus führenden DEXs, Brücken und Aggregatoren bündelt. Jedes Asset kann durch einfachen Einfügen einer Vertragsadresse über Ketten hinweg ausgetauscht werden, was es zu einem One-Stop-Shop für den Handel mit jedem Token macht.

1) Zusammenfassung
Pharaoh, gegründet im Jahr 2023, ist ein Avalanche-natives DEX. Im Q3 2025 verwendete das Projekt ein konzentriertes Liquiditätsmodell (v2), zusammen mit traditionellen AMM-Pools (v1), mit einem ve(3,3) Governance-Modell, das Token-Anreize basierend auf Benutzerstimmen verteilt. Pharaoh verzeichnete Wachstum in den meisten wichtigen Kennzahlen, wobei TVL, Handelsvolumen, Gebühren und monatlich aktive Nutzer im Vergleich zum Vorquartal zunahmen, während die Token-Anreize zurückgingen. Das Projekt hat seitdem auf v3 im Q4 2025 aktualisiert.
🔑 Wichtige Kennzahlen (Q3 2025)

1) Zusammenfassung
Euler $EUL ist ein modulares Kreditprojekt, das auf dem Euler Vault Kit (EVK) basiert, welches die genehmigungsfreie Erstellung isolierter Kreditmärkte mit anpassbaren Risikoparametern ermöglicht. Jeder Tresor funktioniert unabhängig, was bedeutet, dass Risiken enthalten sind, anstatt über einen monolithischen Pool geteilt zu werden. Die aktuelle V2-Architektur (eingeführt 2024) verbindet Tresore über den Ethereum Vault Connector (EVC), sodass Benutzer Sicherheiten in einem Tresor verwenden können, um von einem anderen zu leihen, während isolierte Risikoprofile beibehalten werden.