🚨One of the most notable patterns for #CetusProtocol in 2025 is that TVL declined, but trading activity did not contract proportionally. This becomes clear when looking at capital efficiency metrics.

In late-year Defilama snapshots, Cetus recorded approximately $1.66→3.0B in 30-day trading volume, while TVL hovered around $33→39M. This implies a Volume / TVL ratio of roughly 42×→90× over 30 days, with the most common range clustering around ~50×→70× a very high turnover level relative to the broader DEX landscape.

In practical terms, each $1 of liquidity on Cetus was turned over dozens of times within a single month. This is not the profile of a “dead liquidity” venue, but rather a system where total liquidity has shrunk while the remaining capital continues to be actively utilized.

On the fee side, during the same 30-day windows, Cetus generated approximately ~$1.1M in trading fees (per DefiLlama). With TVL around ~$39M, this corresponds to ~2.8% fees per $1 TVL over 30 days. When mechanically annualized for reference, this equates to ~33→34% gross fees / TVL / year.

Mechanistically, these indicators align with the characteristics of a CLMM. Compared to traditional AMMs, CLMMs allow liquidity to be concentrated around the actual trading price range, so the same amount of capital can handle more volume. This is a structural advantage of #CetusProtocol , especially when TVL is shrinking.

Read more about how Cetus perform in 2025 in the article below ↓