Token Terminal

1) Executive summary
Sky $SKY is a decentralized stablecoin issuer that offers two USD-pegged stablecoins, USDS and DAI, both backed by crypto collateral. Users can deposit USDS into the Sky Savings Rate (SSR) to earn yield, receiving sUSDS tokens that track their position and accrued value. DAI holders can access yield separately through the Dai Savings Rate (DSR). Sky originated as MakerDAO, which launched in 2017 and pioneered decentralized stablecoins with DAI. In September 2024, the project rebranded to Sky as part of its Endgame roadmap, introducing USDS as an upgraded version of DAI and SKY as the new governance token. Both legacy tokens remain in circulation alongside their upgraded counterparts.
Q4 2025 marked the strongest quarter of the year for both TVL and stablecoin market cap, continuing a steady growth trajectory throughout 2025. Monthly senders also reached their highest quarterly average, more than tripling year over year. Revenue grew quarter over quarter but declined year over year, the only metric to show an annual contraction. Net treasury holdings fell sharply after peaking in Q3.
Transfer volume moderated from Q3 levels but remained above year-ago figures, with a notable compositional shift: DAI transfer volume declined while USDS and sUSDS volumes grew, reflecting the ongoing migration toward Sky's upgraded stablecoin products. Cumulative transfer volume for 2025 reached $4.03t, while cumulative revenue totaled $342.32m.
🔑 Key metrics (Q4 2025)
Total value locked: $12.91b (+1.19% QoQ, +70.22% YoY)Asset market cap: $9.44b (+13.73% QoQ, +61.05% YoY)Transfer volume: $757.34b (-7.78% QoQ, +14.64% YoY)Revenue: $75.89m (+4.22% QoQ, -20.16% YoY)Treasury (net): $192.67m (-54.83% QoQ)Monthly senders: 784.50k (+13.02% QoQ, +235.87% YoY)
👥 Sky team commentary
"Q4 2025 marked a continuation of Sky's transition toward a yield-centric stablecoin ecosystem, with USDS increasingly serving as the system's primary growth engine. Core adoption metrics strengthened quarter over quarter: total value locked, asset market capitalization, revenue, and monthly senders all increased, while transfer volume moderated and treasury balances declined. Taken together, this points to a shift away from idle balance accumulation toward more active and efficient capital deployment.
Heading into 2026, the most important catalysts are additional Sky Agents (expanding yield sources and capacity), distribution and BD activity driven by third parties, and potential integration of deeper external stablecoin liquidity (e.g., USDT), which could expand the addressable market. The structural objective is to convert operating leverage (lower core opex) into expanding profits as USDS scales, rather than perpetually recycling revenue into incentives.
Key milestones to watch include sustained USDS supply growth with healthy unit economics (i.e., growth that isn't entirely "bought" via SSR), a stable or improving net margin (gross yield minus SSR and costs), evidence that the Agent Network is truly diversifying revenue beyond reliance on a single yield bucket, and liquidity moat durability as measured by PSM depth, redemption performance, and large-size execution with minimal friction."
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Sky. Q4 TVL averaged $12.91b, up 1.19% from Q3's $12.75b and up 70.22% from Q4 2024's $7.58b. Q4 represented the highest quarterly average of 2025, capping a year of steady growth from below $8b in Q1 to nearly $13b by year-end.
👥 Sky team commentary
"The TVL chart shows steady growth throughout 2025, with Q4 averaging $12.91b and growth remaining consistent across quarters as TVL approached $13b by year-end. The absence of sharp spikes or drawdowns suggests stable, long-term positioning rather than short-term speculative inflows.
Internally, TVL growth is primarily driven by increased adoption of USDS and savings-related usage, with users allocating capital for yield rather than transactional purposes. Externally, broader stablecoin adoption provides a supportive backdrop, though the measured pace of growth indicates that Sky's expansion is driven more by product fundamentals than market beta. Collateral composition is moving toward more diversified, real-economy-linked yield sources (treasury-like exposures and structured/private credit alongside crypto-native strategies), with a stated intent to expand into areas like infrastructure, energy, and AI finance over time."

3) Asset market cap
Asset market cap measures the total USD value of Sky's stablecoin products in circulation. Q4 market cap averaged $9.44b, up 13.73% from Q3's $8.30b and up 61.05% from Q4 2024's $5.86b. Like TVL, Q4 marked the highest quarterly average of the year. Stablecoin supply grew consistently throughout 2025 as USDS adoption continued alongside existing DAI usage.
👥 Sky team commentary
"The market cap story reads as a re-centering of the ecosystem around USDS and a relative de-emphasis of DAI as the primary label and rail. In practice, adoption looks like both migration of existing users and incremental inflows attracted by yield and liquidity.
Internally, continued progress in the MakerDAO-to-Sky transition and increased clarity around USDS as the core product are driving supply growth. Externally, demand for yield-bearing stablecoins remains strong as users seek onchain alternatives for dollar-denominated savings. The data indicates ongoing migration toward USDS alongside continued, though declining, DAI usage. Rather than a one-for-one substitution, the ecosystem is expanding overall stablecoin supply while gradually rebalancing activity toward USDS and savings-oriented use cases."

4) Transfer volume
Transfer volume measures the total USD value of Sky asset transfers onchain. Q4 transfer volume totaled $757.34b, down 7.78% from Q3's $821.26b but up 14.64% from Q4 2024's $660.61b. Cumulative transfer volume for 2025 reached $4.03t by end of Q4.
The asset composition continued to shift toward Sky's upgraded products. DAI accounted for $411.30b (54.31% of Q4 total), declining 23.58% from Q3. USDS transfer volume grew 12.88% to $263.72b (34.82%), and sUSDS volume grew 66.44% to $82.33b (10.87%). The overall quarterly decline was driven entirely by lower DAI transfer activity, while both USDS and sUSDS posted gains.
👥 Sky team commentary
"Rising activity in USDS and sUSDS alongside declining DAI volumes is consistent with expanding supply and more users engaging with a yield-bearing instrument that they rebalance in and out of. Internally, incentivized savings behavior via the SSR plus deep PSM liquidity encourages large flows and frequent reallocation. Externally, stablecoins increasingly serve as settlement rails and treasury tools across DeFi and fintech-like workflows.
The USDS and sUSDS growth while DAI declines reflects several reinforcing dynamics. Rebrand and migration mechanics push users to the new rails. Yield-bearing behavior generates more movement through deposits, withdrawals, and rotations, and within DeFi, Sky is offering strong risk-adjusted returns compared to other projects that offer similar yields with weaker collateral profiles. Institutional-size execution via the PSM makes it practical to run larger strategies through USDS and sUSDS, further deprioritizing DAI usage."

5) Revenue
Revenue measures the USD value of fees earned by Sky. Q4 revenue totaled $75.89m, up 4.22% from Q3's $72.82m but down 20.16% from Q4 2024's $95.05m. Cumulative revenue for 2025 reached $342.32m by end of Q4. Revenue was the only metric to decline on a year-over-year basis. The quarter-over-quarter increase despite flat TVL growth suggests modestly improved capital efficiency or higher average rates on outstanding positions during the period.
👥 Sky team commentary
"Q4 revenue increased to $75.89m (+4.22% QoQ) despite lower overall transfer volume and a reduction in treasury balances. Cumulative revenue for 2025 reached $342.32m by end of Q4. Internally, revenue growth reflects improved capital deployment and higher yield generation from assets in use, rather than increased transaction throughput. Externally, stable yield opportunities across the year supported consistent revenue generation. Revenue is becoming less dependent on raw transaction volume and increasingly tied to balance sheet utilization and yield strategies, supporting more resilient revenue generation as the ecosystem scales."

6) Treasury (net)
Treasury (net) measures the USD value of non-native token assets held in Sky's treasury, excluding SKY and MKR. Q4 net treasury holdings averaged $192.67m, down 54.83% from Q3's $426.54m. The sharp quarterly decline followed a rapid buildup during Q3, when treasury (net) grew from $48.50m in Q2 to $426.54m, suggesting active deployment of reserves during Q4. YoY comparison is not shown as treasury (net) held minimal non-native token balances prior to Q2 2025.
👥 Sky team commentary
"Net treasury holdings averaged $192.67m in Q4 (-54.83% QoQ), following a significant buildup in Q3. The decline reflects a drawdown from elevated levels rather than a reversal of long-term accumulation. Internally, the reduction in treasury balances is consistent with active capital deployment into yield-generating strategies, liquidity support, and ecosystem initiatives. There is no evidence of externally driven stress or forced liquidation."

7) Monthly senders
Monthly senders measures the number of unique wallet addresses that have sent Sky assets over a rolling 30-day period. Q4 monthly active senders averaged 784.50k, up 13.02% from Q3's 694.10k and up 235.87% from Q4 2024's 233.57k. Q4 marked the highest quarterly average of the year, continuing an acceleration in user growth throughout 2025.
👥 Sky team commentary
"Monthly senders averaged 784.50k in Q4 (+13.02% QoQ), representing the highest quarterly level of the year, with a clear upward trend throughout 2025. Internally, product focus on USDS and sUSDS, the incentive structure, and better liquidity ergonomics are driving adoption. Externally, stablecoin usage is growing broadly across payments, settlement, and treasury operations, even as USDS is positioned more as a savings and yield product than a payments rail.
Across assets, USDS is becoming the dominant transactional and savings base asset, while sUSDS shows higher engagement intensity because yield products cause more rebalancing. DAI likely continues to decline as a legacy rail unless a specific distribution channel still anchors to it. Overall, the data suggests deeper and more economically meaningful user engagement rather than purely transactional growth."

8) Definitions
Products:
USDS: Sky's primary stablecoin, pegged to the US dollar. Users can deposit USDS into the Sky Savings Rate (SSR) to earn yield, receiving sUSDS tokens that track their position and accrued value.DAI: Sky's original decentralized stablecoin, pegged to the US dollar. Users can deposit DAI into the Dai Savings Rate (DSR) to earn yield, receiving sDAI tokens that track their position and accrued value.
Metrics:
Total value locked: measures the total USD value of collateral deposited into Sky.Asset market cap: measures the total USD value of Sky's stablecoin products in circulation.Transfer volume: measures the total USD value of Sky asset transfers onchain.Revenue: measures the USD value of fees earned by Sky.Treasury (net): measures the USD value of non-native token assets held in Sky's treasury, excluding SKY and MKR.Monthly senders: measures the number of unique wallet addresses that have sent Sky assets over a rolling 30-day period.
9) 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 Sky Q4 2025 Report dashboard on Token Terminal.

1) Executive summary
Aerodrome $AERO is a decentralized exchange (DEX) operating on the Base network, serving as its central trading and liquidity marketplace. Built on the ve(3,3) model, Aerodrome combines an automated market maker (AMM) with a vote-lock governance system: liquidity providers receive AERO emissions as incentives, while veAERO holders (those who lock AERO tokens) vote on emission allocations and receive 100% of trading fees from their chosen pools. This creates a flywheel where deeper liquidity attracts more volume, which generates more fees, which attracts more vote-locks. Aerodrome operates exclusively on Base, the Coinbase-incubated Layer 2 network.
Q4 2025 saw a broad pullback across Aerodrome's financial metrics after a strong Q3 rebound. TVL, trading volume, fees, and revenue all declined quarter-over-quarter, reflecting broader market deleveraging and a normalization from elevated Q3 activity. The declines were more pronounced on a year-over-year basis, as Q4 2024 represented the peak of Aerodrome's initial growth phase. Monthly active users continued to grow, posting positive QoQ and YoY gains, suggesting that user adoption is expanding even as capital and trading activity contract.
The quarter's most significant development was the announcement of Aero, which will combine Aerodrome and Velodrome into a unified cross-chain DEX expanding to Ethereum mainnet and Circle's Arc. The team also fully launched SlipstreamV2, a concentrated liquidity upgrade, and continued its programmatic AERO buyback and lock program. Revenue continued to approximate fees closely, reflecting the ve(3,3) model's near-complete fee pass-through to veAERO lockers.
🔑 Key metrics (Q4 2025)
Total value locked: $571.18m (-19.23% QoQ, -44.82% YoY)Trading volume: $53.49b (-11.57% QoQ, -31.03% YoY)Fees: $37.66m (-40.26% QoQ, -62.59% YoY)Revenue: $36.02m (-40.19% QoQ, -64.00% YoY)Monthly active users: 583.9k (+5.90% QoQ, +117.70% YoY)
👥 Aerodrome team commentary
"The launch of Aero, announced in November, represents the most significant structural evolution since Aerodrome's launch, unifying Aerodrome and Velodrome into a single cross-chain DEX with planned expansion to Ethereum mainnet and Circle's Arc beginning in Q2 2026. The team introduced MetaDEX03, a new operating system featuring SlipstreamV3 with embedded MEV auctions and cross-chain MetaSwaps, which the team has stated could raise protocol earnings by 40% while reducing expenses. On the sustainability front, the Aero Fed stabilized emissions during the quarter after the project reached a milestone of returning $1.50 for every $1 emitted, and AERO buybacks through the Public Goods Fund, Flight School, and Relay programs have now locked over 155 million tokens, representing approximately 17% of circulating supply."
2) Total value locked
Total value locked (TVL) measures the total USD value of liquidity deposited into Aerodrome's trading pools on Base. Q4 TVL averaged $571.18m, down from $707.21m in Q3 (-19.23% QoQ). On a year-over-year basis, TVL declined from $1.04b in Q4 2024 (-44.82% YoY), when Aerodrome was at the peak of its initial growth phase.
TVL followed a declining trajectory through the quarter, starting above $700m in early October and settling around $500m-$540m by December. The sharpest drawdown occurred in mid-October through early November, coinciding with broader market deleveraging. The Q4 average of $571.18m reflects a partial recovery in Q3 from the Q2 trough ($545.55m) that did not sustain into Q4.
👥 Aerodrome team commentary
"TVL consolidated after peaking above $1b in January 2025, which the team views in the context of broader market conditions rather than protocol-specific outflows. The SlipstreamV2 concentrated liquidity upgrade, launched in November, is designed to improve capital efficiency, allowing the protocol to generate comparable trading volume and fees from a smaller liquidity base. The team has emphasized sustainable growth over incentive-driven TVL, with the Aero Fed stabilizing emissions during Q4 after the protocol reached a milestone of returning $1.50 per $1 emitted. Looking ahead, Aero's expansion to Ethereum mainnet could materially expand the addressable liquidity base, with the team noting this would connect the protocol to over $80b in global capital."

3) Trading volume
Trading volume measures the total USD value of tokens swapped through Aerodrome's pools on Base. Q4 trading volume totaled $53.49b, down from $60.49b in Q3 (-11.57% QoQ) and $77.56b in Q4 2024 (-31.03% YoY), bringing the 2025 cumulative total to $219.06b.
The QoQ decline of 11.57% was the mildest among the financial metrics, indicating that volume held up better than fees and revenue. Trading volume per dollar of TVL (liquidity turnover) likely increased given that TVL declined more sharply (-19.23%) than volume, consistent with the capital efficiency improvements from Slipstream.
👥 Aerodrome team commentary
"Aerodrome generated $219.06b in cumulative 2025 trading volume, underscoring its position as the dominant DEX on Base. Coinbase's integration of DEX trading into its main web app has created a distribution channel connecting Aerodrome's onchain liquidity to millions of retail users. The SlipstreamV2 upgrade, which allows liquidity providers to set custom price ranges, is intended to improve execution quality and reduce slippage, potentially attracting more volume per unit of liquidity. The team has also positioned Aerodrome as a DEX-first token launch platform, with protocols seeding liquidity on Aerodrome to access Coinbase's user base without relying on centralized exchange listings or paid market makers."

4) Fees
Fees measure the total USD value of swap fees paid by traders across all Aerodrome pools on Base. Q4 fees totaled $37.66m, down from $63.04m in Q3 (-40.26% QoQ) and $100.67m in Q4 2024 (-62.59% YoY), bringing the 2025 cumulative total to $209.32m.
Fees declined more sharply than trading volume (-40.26% vs -11.57%), implying a lower effective fee rate per dollar traded during Q4. This could reflect a shift in volume composition toward lower-fee Slipstream pools (concentrated liquidity) or toward high-volume, low-fee pairs. The YoY decline of 62.59% reflects the exceptionally high base period: Q4 2024 fees of $100.67m were the highest of any quarter in the dataset.
👥 Aerodrome team commentary
"Fee generation in Q4 reflects a combination of lower overall trading activity and the ongoing migration toward concentrated liquidity pools, which offer tighter spreads and lower effective fees per trade. The team has noted that the Slipstream upgrade improves capital efficiency, meaning the protocol can maintain competitive fee capture even at lower absolute TVL levels. The FeeFlow mechanism, which auctions generated fees in return for AERO tokens that are then locked, continues to operate as an automatic buyback. In Q4, the team reported that the Public Goods Fund, Flight School, and Relay programs have collectively locked over 155 million AERO, accounting for approximately 17% of circulating supply. This structural supply reduction is designed to support long-term alignment between fee generation and token value."

5) Revenue
Revenue measures the total USD value of fees retained by Aerodrome and distributed to veAERO holders on Base. Q4 revenue totaled $36.02m, down from $60.22m in Q3 (-40.19% QoQ) and $100.05m in Q4 2024 (-64.00% YoY), bringing the 2025 cumulative total to $200.07m.
Revenue closely tracked fees throughout the period, with Q4 revenue representing 95.6% of Q4 fees. This near-complete passthrough is a structural feature of the ve(3,3) model, where virtually all swap fees flow to veAERO lockers who vote on emission allocations. The take rate has remained consistent across all five quarters observed.
👥 Aerodrome team commentary
"The team reached a sustainability milestone when protocol revenue exceeded AERO emissions for the first time in September, a dynamic that carried through Q4. The Aero Fed, which governs weekly emission rates, stabilized emissions during the quarter in response to the protocol returning $1.50 for every $1 emitted with 11% annualized inflation (8% net after locks). The upcoming MetaDEX03 operating system, announced alongside Aero, introduces a dual-engine architecture that the team has stated could raise protocol earnings by 40% while cutting expenses by approximately $34m."

6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Aerodrome over a rolling 30-day period on Base. Q4 MAU averaged 583.9k, up from 551.3k in Q3 (+5.90% QoQ). On a year-over-year basis, MAU more than doubled from 268.2k in Q4 2024 (+117.70% YoY).
MAU continued to grow despite declines across all financial metrics, marking the second consecutive quarter of QoQ gains. The divergence between user growth and financial metrics suggests that while more users are engaging with the protocol, average transaction sizes and fee generation per user have declined. The +117.70% YoY growth stands in sharp contrast to the YoY declines in TVL (-44.82%), fees (-62.59%), and revenue (-64.00%), underscoring a broadening of the user base even as per-user economics compress.
👥 Aerodrome team commentary
"User growth in Q4 was supported by Coinbase's integration of DEX trading into its main web app, which provides a direct distribution channel from Coinbase's centralized exchange user base to Aerodrome's onchain liquidity. The team has positioned Aerodrome as a launchpad for new tokens on Base, with a September blog post outlining a "DEX-first" launch model where protocols seed liquidity on Aerodrome, and Coinbase users can access those tokens without external wallets or DEX hunting. Looking ahead, Aero expansion to Ethereum and Circle's Arc could significantly broaden the addressable user base beyond Base-native users. The team is also developing MetaSwaps, a cross-chain trading feature that would allow users to swap across networks from a single interface."

7) Definitions
Metrics:
Total value locked: measures the total USD value of liquidity deposited into Aerodrome's trading pools on Base.Trading volume: measures the total USD value of tokens swapped through Aerodrome's pools on Base.Fees: measures the total USD value of swap fees paid by traders across all Aerodrome pools on Base.Revenue: measures the total USD value of fees retained by Aerodrome and distributed to veAERO holders on Base.Monthly active users: measures the number of unique wallet addresses that have interacted with Aerodrome over a rolling 30-day period on Base.
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 Aerodrome Q4 2025 Report dashboard on 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) Izpildes kopsavilkums
LayerZero $ZRO ļauj drošu, atļautu ziņojumapmaiņu starp blokķēdēm. Tas nodrošina nemainīgus gala punktu līgumus, kas izvietoti vairāk nekā 160 tīklos, ļaujot lietotnēm sūtīt datus un pārskaitīt vērtību starp ķēdēm, nepaļaujoties uz vienu uzticamu starpnieku. Izstrādātāji konfigurē savu drošību, izvēloties no neatkarīgām decentralizētām verifikatoru tīkliem (DVN) un izpildītājiem, kuri attiecīgi verificē un piegādā krustķēdes ziņojumus. LayerZero infrastruktūra ir pamats tādiem produktiem kā Omnichain Fungible Token (OFT) standarts, kas ļauj vietējām tokenu pārsūtīšanām bez iepakotiem aktīviem, un Stargate, krustķēdes tilts, ko LayerZero fonds iegādājās 2025. gada augustā. Saskaņā ar šo ziņojumu OFT standarta nodrošinātā vērtība ir $87b un vēsturiskā vērtības pārsūtīšana ir pārsniegusi $175b.

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) Executive summary
Aethir $ATH is a decentralized infrastructure project that operates a GPU-as-a-service network, connecting GPU providers (Cloud Hosts) with enterprise clients who need high-performance computing for AI training, inference, gaming, and other GPU-intensive workloads. The network's core operations run on Arbitrum, where Cloud Hosts stake ATH tokens to operate GPU containers and earn fees from enterprise compute contracts, with ATH also available on Ethereum. Aethir's infrastructure spans 440,000+ GPU containers across 94 countries, including NVIDIA H100, H200, and B200 hardware. Unlike traditional cloud providers, Aethir's model is community-owned: independent Cloud Hosts supply and operate the hardware, while the project coordinates matchmaking, quality assurance (via Checker Nodes), and billing.
In Q4 2025, Aethir's onchain metrics diverged from the growth trajectory established over the prior three quarters. Fees declined meaningfully after three consecutive quarters of growth, while FDV fell to below $1b, compressing the P/F ratio to its lowest level of the year. Token holders and active addresses, by contrast, continued to grow, suggesting that underlying network adoption remained intact even as fee generation and market valuation pulled back.
The valuation picture shifted notably. FDV declined for the fourth consecutive quarter, falling below $1b, while the P/F ratio dropped to 8.87x, down from 57.72x a year earlier. The compression reflects fees growing substantially faster than valuation over the past year, even as Q4 fees themselves declined from Q3's peak.
Token incentives declined quarter-over-quarter, returning to levels comparable with Q4 2024. The holder base continued its steady expansion, crossing 187k average holders in Q4, more than double the year-ago figure. Active addresses grew modestly, with Arbitrum accounting for over three-quarters of all activity.
🔑 Key metrics (Q4 2025)
Fees: $22.96m (-36.81% QoQ, +59.41% YoY)Fully diluted valuation: $996.30m (-38.17% QoQ, -62.00% YoY)Price to fees ratio: 8.87x (-22.19% QoQ, -84.63% YoY)Token holders: 187.6k (+1.72% QoQ, +130.28% YoY)Token incentives: $11.02m (-27.99% QoQ, -4.14% YoY)Monthly active addresses: 23.3k (+4.40% QoQ, +41.31% YoY)
👥 Aethir team commentary
"Q4 marked a strategic inflection point as the team shifted focus from growth acceleration to institutional infrastructure. The launch of the Aethir Digital Asset Treasury in partnership with Predictive Oncology, backed by a $344m private investment in ATH, established the industry's first Strategic Compute Reserve, bridging decentralized compute with traditional capital markets. This was followed by Predictive Oncology's rebrand to Axe Compute (NASDAQ: AGPU) in December, creating the first publicly traded entity commercializing decentralized GPU infrastructure at enterprise scale. The team published a 12-month strategic roadmap covering Q4 2025 through Q4 2026, including the Aethir v2 modular compute layer, chain migration, and expanded Cloud Host onboarding, with the mainnet upgrade now targeted for Q1 2026."
2) Fees
Fees measure the total USD value of fees generated across Aethir's GPU compute network. Q4 fees totaled $22.96m, down from $36.33m in Q3 (-36.81% QoQ) but up from $14.40m in Q4 2024 (+59.41% YoY), bringing the 2025 cumulative total to $117.95m. The decline follows three consecutive quarters of growth in which fees rose from $25.01m in Q1 to $36.33m in Q3. Despite the QoQ pullback, Q4 fees still exceeded every quarter in 2024, and the annual total represents a step change from 2024 levels.
👥 Aethir team commentary
"Aethir's enterprise GPU billing operates at a different layer from on-chain fee accrual, with the team reporting $127.8m in total enterprise billing across 2025, driven by over 150 active compute clients across AI, Web3, and gaming. The Q4 on-chain fee pullback followed a period of accelerating enterprise onboarding throughout the year. The team launched Aethir RWA Capital during the quarter, introducing real-world asset financing options for Cloud Hosts that could expand GPU supply without traditional capital expenditure bottlenecks. Aethir’s decentralized GPU cloud network is being leveraged to secure enterprise contracts using GPU inventory that includes H200s and B200s, with B300s expected to come online in early 2026."

3) Fully diluted valuation
Fully diluted valuation (FDV) measures the total USD value of ATH's fully diluted token supply. Q4 FDV averaged $996.30m, down from $1.61b in Q3 (-38.17% QoQ) and from $2.62b in Q4 2024 (-62.00% YoY). This marks the fourth consecutive quarter of FDV decline and the first quarter below $1b.
👥 Aethir team commentary
"The FDV decline reflects broader market conditions for AI and DePIN tokens, with the AI crypto sector experiencing sustained selling pressure through Q4. The team responded to valuation headwinds by redirecting the Cloud Drop Season 3 allocation of 1.26b ATH tokens to ecosystem growth rather than conducting a traditional airdrop, converting what would have been a supply-side distribution into long-term productive capital."

4) Price to fees ratio
Price to fees ratio (P/F) measures the fully diluted valuation relative to annualized fees, indicating how the market values each dollar of fee generation. Q4 P/F averaged 8.87x, down from 11.39x in Q3 (-22.19% QoQ) and from 57.72x in Q4 2024 (-84.63% YoY). The ratio has declined for five consecutive quarters, reflecting fees growing substantially faster than valuation over the past year. At 8.87x, Aethir's P/F sits well below the levels seen during the project's early growth phase in late 2024.
👥 Aethir team commentary
"The team has pointed to the P/F compression as evidence that Aethir's valuation is increasingly supported by real fee generation rather than speculative premium, characterizing Aethir's revenue-to-valuation efficiency as leading among major compute DePIN peers. The focus for 2026 is on sustaining fee generation through enterprise compute contracts, while the Aethir v2 modular compute layer and chain migration are expected to improve on-chain settlement efficiency."

5) Token holders
Token holders measures the average number of unique wallet addresses holding ATH tokens. Q4 token holders averaged 187.6k, up from 184.5k in Q3 (+1.72% QoQ) and from 81.5k in Q4 2024 (+130.28% YoY). Growth has decelerated significantly from the surge in Q1 2025 (+117.00% QoQ), when the holder base more than doubled, settling into low single-digit quarterly growth through Q2-Q4. Arbitrum accounted for 72.35% of Q4 token holders, followed by Ethereum at 27.65%. Arbitrum's share has grown steadily from 45.22% in Q4 2024, reflecting the network's concentration of ATH distribution and utility on its primary operating chain.
👥 Aethir team commentary
"The steady holder growth reflects ongoing ATH distribution through Checker Node rewards, Cloud Host staking, and ecosystem initiatives, including EcoDrops from partners such as Beamable. The shift toward Arbitrum-concentrated holdings aligns with the network's operational architecture, where Checker Node and Cloud Host rewards are distributed on Arbitrum. The EigenLayer ATH Vault, which became Aethir's largest staking pool in 2025, enables holders to stake ATH and mint eATH as a liquid staking receipt, while the Pendle eATH pool launched during the year provides additional DeFi composability for token holders."

6) Token incentives
Token incentives measure the total USD value of ATH tokens distributed as incentives to network participants (Checker Node operators, Cloud Hosts, Edge device operators). Q4 token incentives totaled $11.02m, down from $15.30m in Q3 (-27.99% QoQ) and roughly in line with Q4 2024 at $11.49m (-4.14% YoY), bringing the 2025 cumulative total to $51.23m. Token incentives have fluctuated between $10.79m and $15.30m per quarter through 2025, with no clear directional trend.
👥 Aethir team commentary
"Token incentives are primarily directed toward Checker Node operators and Cloud Hosts who power Aethir's decentralized GPU infrastructure. The Q4 decline in USD-denominated incentives partly reflects the lower ATH token price during the quarter, as incentive schedules are denominated in ATH rather than USD. The Checker Node Buyback Program, launched mid-year, allowed node holders to sell their NFT licenses back to the Foundation in exchange for eATH, channeling capital toward new GPU compute cohort onboarding rather than passive node holding."

7) Monthly active addresses
Monthly active addresses (MAA) measures the number of unique wallet addresses that have interacted with Aethir over a rolling 30-day period. Q4 active addresses averaged 23.3k, up from 22.3k in Q3 (+4.40% QoQ) and from 16.5k in Q4 2024 (+41.31% YoY). Arbitrum accounted for 76.04% of Q4 active addresses, followed by Ethereum at 23.96%. Arbitrum's share has grown from 55.15% in Q4 2024 to 76.04%, reflecting the increasing concentration of network activity on Aethir's primary operating chain.
👥 Aethir team commentary
"The team is pursuing address growth through several vectors: the Aethir Tribe community program, which surpassed 800 members in 2025, ongoing EcoDrop campaigns from ecosystem partners, and the expansion of GPU services to additional blockchain ecosystems, including Solana. The December integration of GPU services with Solana-based AI and gaming projects could expand the addressable user base, while the planned Aethir v2 upgrade and chain migration in Q1 2026 may shift activity patterns across chains."

8) Definitions
Metrics:
Fees: measures the total USD value of fees generated across Aethir's GPU compute network.Fully diluted valuation (FDV): measures the total USD value of ATH's fully diluted token supply.Price to fees ratio (P/F): measures the fully diluted valuation relative to annualized fees.Token holders: measures the average number of unique wallet addresses holding ATH tokens.Token incentives: measures the total USD value of ATH tokens distributed as incentives to network participants.Monthly active addresses (MAA): measures the number of unique wallet addresses that have interacted with Aethir over a rolling 30-day period.
9) 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 Aethir Q4 2025 Report dashboard on Token Terminal.

1) Executive summary
dYdX $DYDX is a decentralized derivatives exchange operating on its own purpose-built Layer 1 blockchain (dYdX Chain, V4), built using Cosmos SDK architecture. The project offers perpetual futures trading with permissionless market listings, deep liquidity via its MegaVault system, and advanced order types designed to compete with centralized exchange infrastructure. dYdX also maintains a legacy V3 deployment on Ethereum, though the majority of activity has migrated to V4.
Q4 2025 presented a mixed picture across dYdX's key metrics. Notional trading volume grew for a second consecutive quarter, with Q4 marking the strongest quarter of 2025. However, this recovery in trading activity did not translate into proportional fee generation, with fees continuing to decline both quarterly and annually. TVL and monthly active users also fell on both a quarterly and annual basis, though MAU remained relatively stable throughout the year.
On the product and ecosystem side, Q4 saw the launch of the Pocket Pro Telegram trading bot, expanded institutional distribution through integrations with platforms such as CoinRoutes and CCXT, and governance approval to increase the $DYDX token buyback allocation to 75% of net project revenue.
🔑 Key metrics (Q4 2025)
Total value locked: $257.82m (-24.32% QoQ, -32.81% YoY)Notional trading volume: $34.16b (+45.11% QoQ, -27.33% YoY)Fees: $3.32m (-34.77% QoQ, -66.12% YoY)Monthly active users: 16.60k (-8.79% QoQ, -18.92% YoY)
👥 dYdX commentary
"Q4 2025 marked the strongest quarter of the year for dYdX, with trading activity accelerating meaningfully into year-end. After mid-year consolidation, volumes rebounded from approximately $16.04b in Q2 to $23.54b in Q3 and reached $34.16b in Q4. Protocol fees tracked this recovery, closing the year at approximately $17.24m, reflecting steadier, execution-driven derivatives usage rather than volatility-driven spikes. Weekly active traders also strengthened into Q4, reaching approximately 12.70k, the highest level of the year, as incentive programs and improved execution quality reactivated participation across flagship markets. Open interest averaged approximately $80m in Q4 following broader market recalibration, signaling disciplined positioning and a healthier leverage environment heading into 2026. Overall, Q4 showed renewed trader engagement, improved execution consistency, and strengthening participation across both retail and higher-frequency cohorts.
With Q4 closing as the strongest quarter of the year by volume and weekly active traders, the next phase centers on compounding that growth through improving liquidity density, execution reliability, accessibility, and capital efficiency for active derivatives traders."
2) Total value locked
Total value locked (TVL) measures the total USD value of assets deposited into dYdX across both its V3 (Ethereum-based) and V4 (native dYdX Chain) versions, calculated as cumulative net deposits (deposits minus withdrawals). Q4 TVL averaged $257.82m, down 24.32% from Q3's $340.65m and down 32.81% from Q4 2024's $383.73m. The decline was concentrated in V4, which fell from $297.83m to $216.11m, while V3 remained relatively stable at $41.70m compared to Q3's $42.82m. V4 accounted for 83.83% of Q4 TVL, down from 87.43% in Q3, as V3's share increased from 12.57% to 16.17% on a smaller base.
👥 dYdX commentary
"TVL movements over Q4 2025 were largely driven by macro derisking and market-wide positioning that impacted DeFi broadly, rather than any single dYdX-specific factor. Across crypto in late 2025, risk assets experienced sell-offs and capital rotation following the October 10 market event, prompting many participants to reduce leveraged positions and rebalance portfolios. For dYdX, these dynamics intersected with its derivatives-first design, where capital allocation is often tied to traded exposure and active positions rather than static lockups. As a result, TVL fluctuations were aligned with shifts in leveraged positioning, market volatility, and broader derisking behavior seen across CeFi and DeFi venues. Leverage came down across majors and alts, traders rotated into spot and stables, LPs tightened exposure, and funds reduced collateral deployment across DeFi venues.
Heading into Q1 2026, the focus is on strengthening capital engagement through trader-aligned initiatives that support liquidity density and provide pathways for deeper participation. These include enhanced incentive programs such as fee rebates and trading-led incentives designed to reward sustained activity and deepen liquidity on key pairs, expanded liquidity partnerships and routing integrations to improve execution quality and attract institutional flow, improved onboarding and capital access through UX and wallet integrations, and continued evolution of emerging asset classes.
While TVL remains a supporting metric for ecosystem health, it is not treated as a primary performance indicator for dYdX. Given dYdX's focus on derivatives execution, the protocol places greater emphasis on metrics that directly reflect trading activity and liquidity quality, notably notional trading volume, protocol fee generation, active trader counts, open interest dynamics, and execution quality and liquidity depth. TVL is useful for assessing capital engagement trends and positioning behavior, but it is understood relative to the protocol's core value drivers, which are centered on active market participation and execution demand rather than passive capital accumulation."

3) Notional trading volume
Notional trading volume measures the total USD value of derivatives trading activity on dYdX across all versions. Q4 notional trading volume totaled $34.16b, up 45.11% from Q3's $23.54b but down 27.33% from Q4 2024's $47.01b. Q4 was the strongest quarter of 2025, continuing the recovery that began in Q3 after the Q2 trough. Full-year 2025 cumulative volume reached $99.64b by end of Q4.
👥 dYdX commentary
"Q4 2025 marked a clear inflection point for dYdX, with notional trading volume reaching approximately $34.16b, up from $23.54b in Q3 and $16.04b in Q2, making it the strongest quarter of the year. The acceleration was driven by three primary factors: a rebound in market participation post-Q2 deleveraging as volatility normalized and traders redeployed capital following the October 10 market reset; improved execution quality and liquidity depth supported by expanded institutional routing and more targeted incentive programs; and higher active trader participation, with Q4 weekly active traders reaching approximately 12.70k, the highest level of 2025.
From a strategic perspective, dYdX expected 2025 to be a recalibration year following the V4 transition, and the H2 acceleration, especially Q4 strength, outperformed internal expectations around year-end momentum. Volume growth was driven by improved routing, more selective incentives, and stronger trader re-engagement. The outlook for 2026 is constructive: broader crypto derivatives participation is expanding, institutional and aggregator routing into onchain venues continues to mature, new asset classes are expanding the total addressable market, and volume growth in late 2025 demonstrated that liquidity depth and execution improvements are translating into sustained activity.
Volume growth is being driven by structural improvements rather than short-term incentives. Key levers include deeper market maker participation, improved spreads in flagship markets, and institutional-grade routing improvements, all of which support better execution that drives higher repeat volume and stickier traders. Expanded asset classes increase cross-margining opportunities, hedging demand, and directional and basis trading strategies. Incentive optimization has shifted away from blanket incentives toward targeted programs including fee holidays on select markets, trading competitions, a loss rebate pilot program, and structured affiliate incentives designed to activate volume without distorting risk-taking behavior. Improvements to UX and capital efficiency, including faster deposits, better wallet integrations, and a cleaner onboarding funnel, reduce friction between intent, deposit, position, and repeat trade."

4) Fees
Fees measure the total USD value of trading fees and transaction fees aggregated across all versions and chains of the dYdX exchange. Q4 fees totaled $3.32m, down 34.77% from Q3's $5.09m and down 66.12% from Q4 2024's $9.80m. Despite the quarterly and annual declines, Q4 brought full-year 2025 cumulative fees to $17.24m.
👥 dYdX commentary
"dYdX operates as a decentralized perpetuals exchange where protocol revenue is generated primarily through trading fees (maker/taker fees). Fees scale directly with notional trading volume, and the project is designed to support a high-frequency, institutional-style trading environment where liquidity, execution quality, and capital efficiency are core drivers of usage.
The decline in fee yield was largely driven by external market conditions rather than a deterioration in protocol performance. In 2025, crypto derivatives markets experienced phases of reduced volatility, lower leverage appetite, and risk-off positioning across altcoins, which naturally compresses fee yield because traders churn less volume relative to open interest and deploy capital more cautiously. At the same time, dYdX expanded efforts to support sustainable growth through deeper liquidity provisioning, improved routing and distribution, and selective incentives and fee programs.
Full-year cumulative fees of $17.24m reflect a year where dYdX experienced a mid-year slowdown followed by a strong recovery in H2 alongside accelerating volume. Given that 2025 was broadly expected to be a transition and consolidation year, the year-end recovery, particularly the strong Q4 volume performance, suggests fee generation ended the year in a stronger position than expected. Throughout 2025, fee generation was influenced less by permanent structural fee schedule changes and more by targeted fee initiatives designed to stimulate activity in priority markets, including fee rebates, fee holidays on select markets, and targeted incentive structures tied to liquidity and volume objectives."

5) Monthly active users
Monthly active users (MAU) measures the number of unique addresses that have interacted with dYdX within a 30-day rolling window. Q4 MAU averaged 16.60k, down 8.79% from Q3's 18.20k and down 18.92% from Q4 2024's 20.48k. MAU remained relatively stable throughout 2025, with the Q4 decline representing the smallest drop among dYdX's key metrics. Notably, MAU fell while notional trading volume rose 45% QoQ, suggesting that the volume recovery was driven by higher per-user activity rather than user base expansion.
👥 dYdX commentary
"Q4 data suggests a clear increase in per-user capital intensity and trading frequency. While MAU declined 9% QoQ, notional trading volume increased 45%, indicating that active traders were deploying more capital, position sizing increased, repeat trading frequency improved, and liquidity providers were more engaged. This reflects a quality-over-quantity shift in activity rather than broad retail churn, with the data pointing to a higher concentration of volume among more sophisticated, higher-conviction traders, including professional participants and liquidity providers.
MAU stability throughout 2025 was supported by consistent derivatives demand across flagship markets, improved UX and wallet integrations lowering onboarding friction, aggregator routing and broader distribution access, targeted fee programs and incentive design, and institutional-grade execution improvements. Looking ahead, 2026 initiatives are focused on increasing both capital efficiency per trader and the addressable trader base."

6) Definitions
Products:
dYdX V3: dYdX's legacy Ethereum-based deployment, which continues to hold deposits but represents a declining share of overall activity.dYdX V4 (dYdX Chain): dYdX's purpose-built Layer 1 blockchain for decentralized derivatives trading, built using Cosmos SDK architecture. V4 supports permissionless market listings, the MegaVault liquidity system, and advanced order types.
Metrics:
Total value locked (TVL): measures the total USD value of assets deposited into dYdX across both its V3 (Ethereum-based) and V4 (native dYdX Chain) versions, calculated as cumulative net deposits (deposits minus withdrawals).Notional trading volume: measures the total USD value of derivatives trading activity on dYdX across all versions.Fees: measures the total USD value of trading fees and transaction fees aggregated across all versions and chains of the dYdX exchange.Monthly active users (MAU): measures the number of unique addresses that have interacted with dYdX within a 30-day rolling window.
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 dYdX 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.
January marked a strong start to 2026 across Aave's core lending metrics. TVL, active loans, fees, and revenue all grew month over month, with TVL and active loans also posting substantial year-over-year gains. Market share expanded as Aave continued to outpace the broader lending sector's growth. However, monthly active users declined both month over month and year over year, continuing a trend of consolidation following elevated activity in late 2025.
The chain distribution remained concentrated on Ethereum, which accounted for over 80% of TVL, active loans, fees, and revenue. However, user activity continued to skew toward Aave's multichain deployments.
🔑 Key metrics (January 2026)
Total value locked: $57.33b (+5.18% MoM, +59.71% YoY)Active loans: $23.25b (+7.27% MoM, +58.12% YoY)Fees: $75.13m (+14.95% MoM, -4.81% YoY)Revenue: $9.96m (+14.47% MoM, -34.27% YoY)Monthly active users: 114.60k (-5.83% MoM, -15.80% YoY)Market share: 62.82% (+0.61 pp MoM, +1.73 pp YoY)
👥 Aave team commentary
"January reinforced Aave's position as foundational infrastructure for onchain lending. Total loans originated since launch approached $1 trillion, ETH deposits on the Ethereum Core market reached an all-time high, and Aave's share of DeFi TVL has grown from approximately 8% to 28% over the past two years.
Distribution expanded meaningfully through integrations with Kraken DeFi Earn, Jumper Exchange, and Balance. These partnerships extend Aave's reach into CeFi, custody, and aggregation layers without fragmenting liquidity. Stablecoin adoption continued to drive growth, with PYUSD crossing $400m in deposits and over $15b in stablecoin supply now flowing through the protocol.
The Horizon market for RWA-backed lending reached new milestones, with deposits approaching $600m and borrows crossing $200m. On the engineering side, the Aave V4 security contest concluded with 918 participating researchers, marking progress toward the V4 protocol upgrade expected later in 2026.
Aave's recently published '2025 Year in Review' provides further context: at peak, Aave held $75b in deposits, enough to rank among the top 50 U.S. banks by assets held. The protocol also processed over $1.1b in liquidations across 100,000+ events without a single issue, while GHO supply grew to nearly $500m."
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Aave and outstanding loans. January TVL averaged $57.33b, up 5.18% from December's $54.51b and up 59.71% from January 2025's $35.90b. Ethereum accounted for 81.77% of deposits, with Plasma (8.19%), Arbitrum One (3.52%), and Base (2.59%) comprising the largest non-Ethereum deployments.

3) Active loans
Active loans measures the total USD value of outstanding borrows across all Aave lending markets. January active loans averaged $23.25b, up 7.27% from December's $21.67b and up 58.12% from January 2025's $14.70b. The chain distribution closely mirrored TVL, with Ethereum at 81.90% and Plasma at 8.75%.

4) Fees
Fees measure the total USD value of fees paid by users across all of Aave's lending markets. This metric aggregates fees from six primary sources: lending interest from V2 and V3 markets, flash loan fees, liquidation fees, GHO borrowing interest, and GHO stability module fees. January fees totaled $75.13m, up 14.95% from December's $65.36m but down 4.81% from January 2025's $78.93m. Trailing twelve-month fees reached $943.71m. Ethereum generated 79.63% of fees, a smaller share than its 81.77% of TVL, with Plasma (9.65%) and Base (3.26%) contributing disproportionately to fee generation relative to their deposit bases.

5) Revenue
Revenue measures the total USD value of fees retained by the Aave DAO. January revenue totaled $9.96m, up 14.47% from December's $8.70m but down 34.27% from January 2025's $15.15m. Trailing twelve-month revenue reached $138.30m. Ethereum accounted for 84.31% of revenue, a higher share than its 79.63% of fees, reflecting stronger revenue retention on mainnet relative to other deployments.

6) 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. January MAU totaled 114.60k, down 5.83% from December's 121.70k and down 15.80% from January 2025's 136.10k. Unlike TVL and fees, user activity skewed heavily toward L2s: Base led at 38.16%, followed by Ethereum (20.40%) and Arbitrum One (16.77%). L2 chains collectively accounted for over 56% of monthly active users.

7) Market share
Market share measures Aave's share of active loans relative to other lending projects, including Morpho, Maple Finance, Fluid, Spark, Kamino, Compound, Euler, and Venus. Aave averaged 62.82% market share in January, up 0.61 pp from December and up 1.73 pp year over year. With $23.25b in active loans out of a $37.00b total market, Aave held more than the combined total of all other tracked competitors.

8) 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.Fees: measures the total USD value of fees paid by users across all of Aave's lending markets. This metric aggregates fees from six primary sources: lending interest from V2 and V3 markets, flash loan fees, liquidation protocol fees, GHO borrowing interest, and GHO stability module fees.Revenue: measures the total USD value of fees retained by the Aave DAO.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.
9) 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 Aave January 2026 Report dashboard on Token Terminal.

1) Izpildes kopsavilkums
Solv Protokols $SOLV ir onchain Bitcoin rezervē, kas ļauj lietotājiem nopelnīt ienākumus uz BTC, vienlaikus saglabājot likviditāti un kompozīciju DeFi, CeFi un institucionālajās plūsmās.
Lietotāji nogulda BTC un saņem SolvBTC (1:1 nodrošināts), universālu Bitcoin aktīvu, kas paredzēts kompozīcijai un izmantošanai dažādās ekosistēmās. Praksē SolvBTC ir kļuvis par galveno likviditātes un nodrošinājuma slāni, tostarp BNB Chain, kur SolvBTC.BNB ir integrēts lielākajos BNB DeFi vietnēs. Attiecībā uz ienesīgumu, SolvBTC var tikt pārveidots par ienesīgumu nesošām pozīcijām (piemēram, xSolvBTC), kas virzās uz dažādām stratēģijām DeFi aizdevumu/tirgu un BTC drošības ekosistēmās.

1) Izpildraksts
Euler $EUL ir modulārs aizdevumu projekts, kas balstīts uz Euler Vault Kit (EVK), kas ļauj bezatļautu izolētu aizdevumu tirgu izveidi ar pielāgojamiem riska parametriem. Katrs noliktava darbojas neatkarīgi, tādējādi riski tiek ierobežoti, nevis dalīti starp monolītu baseinu. Pašreizējā V2 arhitektūra (uzsākta 2024. gadā) savieno noliktavas, izmantojot Ethereum Vault Connector (EVC), ļaujot lietotājiem izmantot nodrošinājumu vienā noliktavā, lai aizņemtos no otras, saglabājot izolētus riska profilus.

1) Executive summary
Ether.fi $ETHFI is a liquid staking and DeFi project that enables users to stake assets, access automated yield strategies, and spend against their crypto holdings. Users can stake ETH, BTC, or ETHFI to receive liquid derivative tokens that earn staking yields, deposit into Liquid vaults that allocate across DeFi protocols to optimize yield, or use Ether.fi Cash to borrow against their crypto collateral for real-world purchases via a Visa credit card settled on Scroll.
Q4 2025 saw divergent trends across Ether.fi's product lines. Core staking metrics moderated quarter over quarter, with TVL, fees, and revenue all declining from Q3 levels. However, all three metrics grew year over year, with revenue showing the strongest annual growth. Ether.fi Cash reached all-time highs in both spend volume and user activity, with quarterly spend volume more than doubling and cumulative 2025 volume surpassing $184m by year end. Monthly active users grew sharply both quarter over quarter and year over year, up nearly 9x from Q4 2024, driven almost entirely by Ether.fi Cash adoption.
The product mix shifted notably toward Ether.fi Cash. Cash's share of MAU grew from 81% to 93%, while its revenue contribution more than tripled. Despite this user growth, Stake continues to dominate the project's economics, accounting for the vast majority of both TVL and revenue. Liquid's share contracted across most metrics.
🔑 Key metrics (Q4 2025)
Total value locked: $9.51b (-15.39% QoQ, +15.27% YoY)Ether.fi Cash spend volume: $126.13m (+159.93% QoQ)Fees: $67.24m (-12.82% QoQ, +16.23% YoY)Revenue: $13.02m (-22.42% QoQ, +26.16% YoY)Monthly active users: 19.9k (+68.64% QoQ, +780.92% YoY)
👥 Ether.fi team commentary
"The story continues to develop around the central theme of the "DeFi mullet" and Ether.fi's role in shaping what that actually looks like as one of the first products to begin to truly scale. The organization's focal point remains on feature completeness until there is true end-to-end parity with TradFi neobanking solutions. Significant progress was made in Q4, adding core elements like an Android app, free physical cards, and multiple types of fiat transfers.
The main priority for Q1 is accessibility across various languages, fiat currencies, and on/off ramping solutions, as well as driving down FX costs and other fees. The team also intends to invest in the corporate card offering, which is seen as easily a $100b market opportunity over the next 5-10 years. TVL is the north star for the yield suite of products, while daily active users and new users gained is the north star for the broader neobank alternative product."
2) Total value locked
Total value locked (TVL) measures the total USD value of assets deposited across all Ether.fi products. Q4 TVL averaged $9.51b, down 15.39% from Q3's $11.24b but up 15.27% from Q4 2024's $8.25b. The product distribution shifted modestly: Stake's share grew from 87.25% to 89.16% of TVL, while Liquid's share contracted from 11.50% to 9.33%. Ether.fi Cash's portion grew slightly from 1.25% to 1.51%.
👥 Ether.fi team commentary
"The main items to highlight are the continued revenue growth and share of revenue coming from Cash versus the yield products. Growth in users and card spend continues to double every 2-3 months. Additionally, the user base is getting to a point where yield product deposits are growing from day-to-day usage of the Cash product. This was the original business logic of the vertically integrated stack Ether.fi has created, and it's reason for extreme optimism to see this play out in real time.
These developments are driven by continued scaling of the growth team and efforts, tactical business development plays to gain and retain deposits, and an overarching focus on user trust and feature additions."

3) Ether.fi Cash spend volume
Ether.fi Cash spend volume measures the total USD value of purchases made through the project's DeFi-native Visa credit card on Scroll. Q4 spend volume totaled $126.13m, up 159.93% from Q3's $48.52m and reaching an all-time quarterly high. Cumulative spend volume for 2025 reached $184.79m by the end of Q4. The product has scaled rapidly since launching, with Q3 and Q4 together accounting for the majority of annual volume.
👥 Ether.fi team commentary
"The Q4 story for Cash was simple: growth. Continued acceleration in adoption is being driven by scaling up user acquisition efforts through paid channels and headcount scaling of growth teams."

4) Fees
Fees measure the total USD value of fees generated across Ether.fi's product lines, including staking rewards from Stake, vault yield from Liquid, and fees from Ether.fi Cash. Q4 fees totaled $67.24m, down 12.82% from Q3's $77.13m but up 16.23% from Q4 2024's $57.85m. Cumulative fees for 2025 reached $238.77m by the end of Q4. Stake generated the majority of fees at $56.23m (83.63%), followed by Liquid at $9.74m (14.49%) and Ether.fi Cash at $1.26m (1.88%). Ether.fi Cash nearly tripled its fee share from 0.63% in Q3 to 1.88% in Q4, while Stake and Liquid remained relatively stable.
👥 Ether.fi team commentary
"Growth in Cash and TVL denominated in ETH is fighting against secular downtrends in ETH price. So far Cash revenues have outpaced revenue losses from Stake and Liquid from market forces. If and when prices reverse, the team expects to see a major boom in both growth and revenues across all three product lines."

5) Revenue
Revenue measures the total USD value of fees retained by Ether.fi across its product lines. Q4 revenue totaled $13.02m, down 22.42% from Q3's $16.79m but up 26.16% from Q4 2024's $10.32m. Cumulative revenue for 2025 reached $50.54m by the end of Q4. Stake generated the majority of revenue at $11.54m (88.58%), followed by Ether.fi Cash at $1.26m (9.69%) and Liquid at $226.68k (1.74%). The product mix shifted notably: Ether.fi Cash more than tripled its revenue share from 2.89% in Q3 to 9.69% in Q4, while Stake's share declined from 95.86% to 88.58%.
👥 Ether.fi team commentary
"Ether.fi's business model differs across products. Stake and Liquid generate revenue through management and performance fees, while Cash generates revenue through interchange and smaller lines like travel, swaps, and borrow interest."

6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that interacted with any Ether.fi product within a 30-day rolling window. Q4 MAU averaged 19.9k, up 68.64% from Q3's 11.8k and up 780.92% from Q4 2024's 2.26k. Ether.fi Cash drove the vast majority of user activity at 18.51k (93.02%), followed by Stake at 818 (4.11%) and Liquid at 571 (2.87%). Ether.fi Cash's share of MAU grew from 80.55% in Q3 to 93.02% in Q4, while Liquid's share declined from 10.63% to 2.87%.
👥 Ether.fi team commentary
"With Ether.fi Cash now accounting for over 90% of MAU, daily active users and new users gained is the north star metric for the neobank product, while TVL remains the focus for the yield suite."

7) Definitions
Products:
Stake: Ether.fi's liquid staking products where users stake ETH, BTC, or ETHFI to receive liquid derivative tokens that earn staking yields. Users retain liquidity through these tokens, which can be used across DeFi.Liquid: Ether.fi's automated DeFi strategy vaults where users deposit assets (ETH, BTC, stablecoins) and the vault allocates across DeFi protocols to optimize yield. Earnings are auto-compounded, and users can withdraw at any time.Ether.fi Cash: DeFi-native Visa credit card enabling users to borrow against their crypto holdings for real-world purchases. Transactions settle on Scroll, and cardholders earn cashback rewards on spending.
Metrics:
Total value locked: measures the total USD value of assets deposited across all Ether.fi products.Spend volume: measures the total USD value of purchases made through Ether.fi Cash on Scroll.Fees: measures the total USD value of fees generated across Ether.fi's product lines, including staking rewards from Stake, vault yield from Liquid, and fees from Ether.fi Cash.Revenue: measures the total USD value of fees retained by Ether.fi across its product lines.Monthly active users: measures unique wallet addresses that interacted with any Ether.fi product within a 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 Ether.fi Q4 2025 Report dashboard on Token Terminal.

1) Izpildraksts
Silo ir decentralizēts aizdevumu projekts, kas izmanto izolētus aizdevumu tirgus, lai minimizētu risku pārnesi starp aktīviem. Katrs tirgus apvieno unikālu nodrošinājuma aktīvu ar tilta aktīvu, ļaujot lietotājiem sniegt un aizņemties bez pakļaušanas citu uzskaitīto žetonu riskiem. Projekts darbojas vairākās ķēdēs, tostarp Sonic, Avalanche, Arbitrum One, Ethereum, Base un OP Mainnet.
2025. gada 4. ceturksnī Silo galvenie rādītāji samazinājās no 3. ceturkšņa līmeņiem, ar TVL, aktīvajiem aizdevumiem un MAU visiem samazinoties, kamēr nodevas un ieņēmumi pieauga līdz augstākajiem ceturkšņa rādītājiem 2025. gadā. Tomēr gada uz gadu attēls rāda būtisku izaugsmi visos projekta galvenajos rādītājos: TVL trīskāršojās, aktīvie aizdevumi vairāk nekā trīskāršojās, un nodevas pieauga vairāk nekā 5 reizes. MAU samazinājās gan ceturkšņa, gan gada griezumā, lai gan projekts radīja ievērojami vairāk vērtības uz lietotāju salīdzinājumā ar 2024. gada 4. ceturksni.

1) Izpildraksts
Raydium $RAY laidā uz Solana 2021. gadā ar hibrīda AMM modeli, kas sākotnēji apvienoja onchain likviditātes baseinus ar Centrālo Limitēto Pasūtījumu Grāmatu (CLOB). Šī mantojuma arhitektūra (OpenBook) tagad darbojas tikai kā tradicionāls AMM, lai gan tā joprojām ir projekta pamata slānis, saglabājot aptuveni 71% no Raydium TVL. Tā kā Solana tirdzniecības ekosistēma ir attīstījusies, Raydium paplašināja savu produktu klāstu ar Stable Swap saistītiem aktīviem, kam sekoja uzlaboti likviditātes baseini (CLMM un CPMM). 2025. gada aprīlī Raydium ieviesa LaunchLab (tā paša dzimtā starta platforma), paplašinoties ārpus tirdzniecības uz aktīvu emisiju. Rezultātā Raydium mantojuma baseini saglabā TVL dziļumu, kamēr jaunāki produkti virza lielāko daļu maiņas apjoma un maksu ģenerēšanas.

1) Izpildes kopsavilkums
Fluid $FLUID ir apvienots DeFi projekts, kas apvieno aizdevumus un DEX tirdzniecību caur tā Likviditātes slāni, kopīgu likviditātes baseinu, no kura visi produkti vienlaikus iegūst likviditāti. Projekts pārvalda risku, izmantojot viedos līgumus, piedāvājot aizdevuma pret vērtību attiecības līdz pat 95% un likvidācijas sodus, kas ir tik zemi kā 0.1%, ļaujot grupēt pozīcijas "tiks" masveida likvidācijām. Kopš palaišanas uz Ethereum, Fluid ir paplašinājies uz sešām ķēdēm: Ethereum, Arbitrum One, Solana (caur Jupiter Lend), Plasma, Base un Polygon. Projekts ir arī diversificējis savu produktu klāstu, izmantojot Fluid Lite, vienkāršotu seifa produktu ar automatizētām peļņas stratēģijām.

1) Izpildes kopsavilkums
Pendle $PENDLE ir ienesīguma tirdzniecības projekts, kas ļauj lietotājiem tokenizēt un tirgot uz ķēdes ienesīgumu, izmantojot galveno (PT) un ienesīguma (YT) žetonus. Kopš 2021. gada palaišanas projekts ir paplašinājis savu produktu klāstu, iekļaujot pasūtījumu grāmatas balstītu Limit Order sistēmu un Boros, kas paplašina ienesīguma tirdzniecību uz ārpus ķēdes likmēm, piemēram, mūžīgām finansēšanas likmēm.
Q4 2025 iezīmēja normalizācijas periodu pēc Q3 augstākās aktivitātes. TVL un tirdzniecības apjoms samazinājās, jo lielie baseini nobrieda, lai gan komisijas un ieņēmumi parādīja relatīvu izturību ar mazākiem QoQ samazinājumiem. MAU sasniedza 2025. gada augstāko punktu, norādot uz turpmāku lietotāju pieņemšanu, neskatoties uz zemāku kapitāla izvietojumu. Šajā ceturksnī turpinājās Boros momentum un krustķēdes PT paplašināšanās, kamēr komanda paziņoja par sPENDLE, šķidro stakēšanas žetonu, kas aizvietos vePENDLE ar uzlabotu kapitāla efektivitāti un vienkāršotu 14 dienu izņemšanas periodu.

1) Izpildzi kopsavilkums
Moonwell ir atvērts un decentralizēts aizdevumu projekts, kas izstrādāts, lai padarītu onchain aizdevumus un aizņemšanos pieejamus. Projekts uzsver vienkāršību, izmantojot intuitīvu lietotāja saskarni, kas ļauj lietotājiem aizdot, aizņemties un pieprasīt atlīdzību tikai ar dažām klikšķināšanām, vienlaikus saglabājot pilnīgu kontroli pār saviem digitālajiem aktīviem. Visi protokola grozījumi tiek pārvaldīti, izmantojot onchain pārvaldības priekšlikumus, nodrošinot saskaņošanu ar kopienas interesēm. Token Terminal pašlaik seko Moonwell uz Base un OP Mainnet.

1) Izpildes kopsavilkums
Morpho $MORPHO ir decentralizēta aizdevumu infrastruktūra, kas ļauj veidot tirgus bez atļaujām, ļaujot ikvienam izveidot izolētus aizdevumu tirgus ar pielāgojamiem riska parametriem. Projekts sastāv no diviem galvenajiem produktiem: Morpho Vaults (ienākumus ģenerējošas glabātuves noguldītājiem) un Morpho Markets (izolēti aizdevumu baseini aizņēmējiem). Atšķirībā no tradicionālajiem aizdevumu projektiem, kas tieši pārvalda aktīvus, Morpho kalpo kā pamatinfrastruktūra kuratoriem (aktīvu pārvaldītājiem, DAO, iestādēm), kuri veido un pārvalda glabātuves uz šīs infrastruktūras pamata. Kopš palaišanas 2022. gadā, Morpho ir attīstījies no optimizācijas slāņa virs Aave un Compound uz patstāvīgu aizdevumu infrastruktūru ar savu moduļu arhitektūru.

1) Izpildes kopsavilkums
Houdini Swap nodrošina atbilstošu, infrastruktūras kvalitātes privātību sūtīšanai, maciņa piepildīšanai, maksājumiem un apmaiņām caur vairāk nekā 120 bloku ķēdēm. Lietotāji var pārvietot vērtību, nesavienojot maciņu vai neatklājot ķēdes saites, pat pārejot starp ķēdēm, izmantojot divu apmaiņu dizainu un nejaušus L1 starpniekus, kas pārtrauc sūtītāja un saņēmēja saikni.
Projekts atbalsta krustāmās ķēdes apmaiņas visiem tokeniem ikvienā galvenajā ķēdē, konsolidējot likviditāti no vadītājiem DEX, tiltiem un agregatoriem. Jebkuru aktīvu var apmainīt starp ķēdēm, vienkārši ielīmējot līguma adresi, veidojot vienīgo vietu, kur var tirdzniecība ar jebkuru tokenu.

1) Izpildraksts
Faraons, dibināts 2023. gadā, ir Avalanche pamatā esoša DEX. 2025. gada 3. ceturksnī projekts izmantoja koncentrētu likviditātes modeli (v2), kopā ar mantojuma AMM baseiniem (v1), ar ve(3,3) pārvaldības modeli, kas izplata tokenu stimulu balstoties uz lietotāju balsīm. Faraons redzēja izaugsmi lielākajā daļā galveno metriku, ar TVL, tirdzniecības apjomu, maksām un mēneša aktīviem lietotājiem, kas visi pieauga ceturksnī pēc ceturkšņa, kamēr tokenu stimuli samazinājās. Projekts kopš tā laika ir jaunināts uz v3 2025. gada 4. ceturksnī.
🔑 Galvenie rādītāji (2025. gada 3. ceturksnis)