According to the latest analysis covering Q4 25 from @MessariCrypto, THORChain has demonstrated resilience even in the face of a difficult market environment. Key performance metrics indicate that Total Value Locked, when denominated in $RUNE, grew by 22.6% QoQ. Simultaneously, protocol revenue saw a 39% increase quarter-over-quarter, reaching a total of $5.0M. The network also experienced a rise in activity, with daily unique swappers increasing by 23.6% QoQ, while the trailing P/E ratio tightened to 9.8.

Developments during this period also included the rollout of the native swap interface for THORChain, along with @RujiraNetwork delivering their BTC-native lending solution. In summary, the fourth quarter solidified the position of THORChain as lasting cross-chain settlement infrastructure rather than just a hype-driven application.

Please find the full report below.