Token Terminal

1) Rezumat executiv
Protocolul Solv $SOLV este o rezervă Bitcoin pe blockchain care permite utilizatorilor să câștige randament pe BTC în timp ce păstrează lichiditatea și compozabilitatea în DeFi, CeFi și infrastructuri instituționale.
Utilizatorii depun BTC și primesc SolvBTC (susținut 1:1), un activ Bitcoin universal conceput pentru a fi compozabil și utilizat în multiple ecosisteme. În practică, SolvBTC a devenit un strat de lichiditate și colateral de bază, inclusiv pe BNB Chain, unde SolvBTC.BNB este integrat în principalele locații DeFi BNB. Pentru expunerea la randament, SolvBTC poate fi convertit în poziții generatoare de randament (de exemplu, xSolvBTC) care se direcționează către strategii diversificate în ecosistemele de împrumut/marketing DeFi și securitate BTC.

1) Executive summary
Euler $EUL is a modular lending project built around the Euler Vault Kit (EVK), which enables permissionless creation of isolated lending markets with customizable risk parameters. Each vault operates independently, meaning risks are contained rather than shared across a monolithic pool. The current V2 architecture (launched 2024) connects vaults via the Ethereum Vault Connector (EVC), allowing users to use collateral in one vault to borrow from another while maintaining isolated risk profiles.
In Q4 2025, Euler saw divergent trends across its key metrics. TVL, active loans, and monthly active users declined quarter-over-quarter, while fees and revenue grew, indicating higher utilization rates despite lower absolute capital. All metrics remain well above Q4 2024 levels, when V2 was still in its early adoption phase. Ethereum remains the dominant chain for TVL and active loans, though fee generation is increasingly distributed across newer deployments such as Linea and Sonic.
The chain distribution continued to evolve, with Arbitrum One posting the strongest QoQ share growth in TVL and active loans among established deployments, while Linea emerged as a notable fee and revenue contributor. User activity was more evenly distributed across chains than capital: Ethereum accounted for just 21.91% of monthly active users compared to 75.82% of TVL, with Linea, BNB Chain, Arbitrum One, and Base each holding double-digit MAU shares.
🔑 Key metrics (Q4 2025)
Total value locked: $2.09b (-18.01% QoQ)Active loans: $1.09b (-19.91% QoQ)Fees: $31.12m (+39.99% QoQ)Revenue: $3.63m (+44.59% QoQ)Monthly active users: 23.60k (-21.07% QoQ)
👥 Euler team commentary
"The team is deepening integrations with tokenized real-world assets following partnerships with Securitize and BlackRock's sBUIDL, with Euler's modular vault architecture being naturally suited for institutional-grade RWA lending. Euler is also working with Sentora on analytics and simplifying the user experience to make sophisticated DeFi strategies accessible to a broader audience. The team is targeting sustainable protocol fees, MAU growth beyond 15,000, and expanded RWA integrations. EUL's inclusion on Grayscale's Q1 2026 "Consideration List" represents a potential institutional milestone."
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Euler V2 markets, plus the outstanding loan amounts. Q4 TVL averaged $2.09b, down from $2.54b in Q3 (-18.01% QoQ). Ethereum accounted for 75.82% of Q4 TVL, followed by Avalanche at 7.81%, Arbitrum One at 6.04%, BNB Chain at 2.00%, Sonic at 0.79%, Base at 0.64%, and other chains at 6.90%. Arbitrum One's share grew from 2.48% in Q3 to 6.04%, while Ethereum's share increased from 72.71% to 75.82%.
👥 Euler team commentary
"TVL consolidated after peaking above $2b mid-year, which the team characterizes as healthy normalization following exceptional growth rather than decline. Ethereum remains the anchor chain while newer deployments demonstrate multi-chain expansion. Broader market deleveraging explains some of the consolidation, but the team's focus has been on sustainable growth over incentive-driven TVL. The sBUIDL integration and vault curator partnerships (Gauntlet, Steakhouse Financial, MEV Capital, Re7 Labs) provide differentiated liquidity sources less correlated with speculative flows."

3) Active loans
Active loans measures the total USD value of outstanding borrows across all Euler lending markets. Q4 active loans averaged $1.09b, down from $1.36b in Q3 (-19.91% QoQ). Ethereum accounted for 75.35% of Q4 active loans, followed by Avalanche at 7.78%, Arbitrum One at 4.97%, BNB Chain at 1.75%, Sonic at 1.38%, Base at 0.46%, and other chains at 8.30%. Arbitrum One's share grew from 2.59% in Q3 to 4.97%, while Ethereum's share increased from 71.54% to 75.35%.
👥 Euler team commentary
"Borrowing grew roughly 40x year-over-year, from ~$24m to consistently above $750m. Utilization around 50% reflects strong borrowing demand while maintaining healthy liquidity for depositors. Users leverage multiply for amplified BTC/ETH exposure, yield farm with borrowed stablecoins, and increasingly use RWA-collateralized borrowing following the sBUIDL integration. Euler's reactive interest rate controller provides the rate predictability institutions require, while 130+ curated vaults offer tailored risk-return profiles."

4) Fees
Fees measure the total USD value of fees paid by users across all of Euler's lending markets. Q4 fees totaled $31.12m, up from $22.23m in Q3 (+39.99% QoQ), bringing the 2025 cumulative total to $66.81m. Ethereum generated 59.26% of Q4 fees, followed by Avalanche at 11.05%, Linea at 10.07%, Arbitrum One at 6.81%, Sonic at 6.13%, Berachain at 2.21%, and other chains at 4.46%. Linea's share grew from 5.78% in Q3 to 10.07%, while Avalanche's share declined from 19.86% to 11.05%.
👥 Euler team commentary
"Sustained borrowing activity above $750m generates consistent fee accrual. July's DAO-approved fee optimization improved capture rates without impacting utilization, while organic demand, evidenced by low incentive dependency, indicates genuine project utility. Euler uses its FeeFlow mechanism to auction off generated fees in return for EUL, creating an automatic buyback mechanism. Over 1.4% of total EUL supply has been bought back to date, and this figure is expected to continue increasing as RWAs increase utilization across the board."

5) Revenue
Revenue measures the total USD value of fees retained by Euler. Q4 revenue totaled $3.63m, up from $2.51m in Q3 (+44.59% QoQ), bringing the 2025 cumulative total to $7.57m. Ethereum accounted for 49.21% of Q4 revenue, followed by Linea at 16.84%, Avalanche at 13.28%, Sonic at 7.74%, Arbitrum One at 5.83%, BNB Chain at 4.34%, and other chains at 2.75%. Linea's share grew from 9.58% in Q3 to 16.84%, while Avalanche's share declined from 27.79% to 13.28%.
👥 Euler team commentary
"Higher borrow volumes, improved fee capture following the DAO proposal, and multi-chain expansion are driving incremental activity. The shift toward institutional vaults with larger position sizes also improves revenue efficiency per user."

6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Euler over a rolling 30-day period. Q4 MAU averaged 23.60k, down from 29.90k in Q3 (-21.07% QoQ). Ethereum accounted for 21.91% of Q4 MAU, followed by Linea at 15.73%, BNB Chain at 13.66%, Arbitrum One at 12.34%, Base at 11.85%, Berachain at 8.35%, Avalanche at 6.53%, Unichain at 5.11%, Sonic at 3.11%, and BOB (Build on Bitcoin) at 1.40%. Unichain's share fell from 23.03% in Q3 to 5.11%, while Ethereum grew from 16.73% to 21.91% and Berachain more than doubled from 3.71% to 8.35%.
👥 Euler team commentary
"The team is pursuing three vectors for user growth: expanding institutional adoption through RWA integrations and compliant vault structures, partnering with exchanges to integrate Earn products for passive yield exposure, and launching a simplified "lite" interface that maintains full functionality with a cleaner onboarding experience."

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

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

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

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

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

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

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

1) Rezumat executiv
Raydium $RAY launched on Solana în 2021 cu un model AMM hibrid care a combinat inițial piscinele de lichiditate on-chain cu o carte de ordine de limită centralizată (CLOB). Această arhitectură moștenită (OpenBook) funcționează acum exclusiv ca un AMM tradițional, deși rămâne stratul fundamental al proiectului, păstrând aproximativ 71% din TVL-ul Raydium. Pe măsură ce ecosistemul de tranzacționare al Solana s-a maturizat, Raydium și-a extins gama de produse cu Stable Swap pentru active corelate, urmată de piscine de lichiditate îmbunătățite (CLMM și CPMM). În aprilie 2025, Raydium a introdus LaunchLab (platforma sa de lansare nativă), extinzându-se dincolo de tranzacționare în emiterea de active. Ca rezultat, piscinele moștenite ale Raydium mențin adâncimea TVL, în timp ce produsele mai noi generează majoritatea volumului de swap și a veniturilor din taxe.

1) Rezumat executiv
Fluid $FLUID este un proiect DeFi unificat care combină împrumuturile și tranzacționarea DEX prin Liquidity Layer, un pool de lichiditate comun din care toate produsele se hrănesc simultan. Proiectul gestionează riscul prin automatizarea contractelor inteligente, oferind raporturi de împrumut la valoare de până la 95% și penalități de lichidare de doar 0.1%, permise de gruparea pozițiilor în "ticks" pentru lichidări în grup. De la lansarea pe Ethereum, Fluid s-a extins pe șase lanțuri: Ethereum, Arbitrum One, Solana (prin Jupiter Lend), Plasma, Base și Polygon. Proiectul a diversificat, de asemenea, gama de produse prin Fluid Lite, un produs de seif simplificat cu strategii automate de randament.

1) Rezumat executiv
Pendle $PENDLE este un proiect de tranzacționare a randamentului care permite utilizatorilor să tokenizeze și să tranzacționeze randamente on-chain prin tokenuri de principal (PT-uri) și randament (YTs). De la lansarea sa în 2021, proiectul și-a extins gama de produse pentru a include un sistem de ordine bazat pe cartea de comenzi și Boros, care extinde tranzacționarea randamentului la rate off-chain, cum ar fi finanțarea perpetuă.
T4 2025 a marcat o perioadă de normalizare după activitatea de vârf din T3. TVL și volumul de tranzacționare au scăzut pe măsură ce piscinele mari au ajuns la maturitate, deși comisioanele și veniturile au arătat o reziliență relativă cu scăderi mai mici de la un trimestru la altul. MAU a atins un maxim în 2025, semnalizând o continuare a adoptării de către utilizatori în ciuda desfacerii de capital mai scăzute. Trimestrul a văzut, de asemenea, continuarea impulsului Boros și expansiunea PT între lanțuri, în timp ce echipa a anunțat sPENDLE, un token de staking lichid care va înlocui vePENDLE cu o eficiență de capital îmbunătățită și o perioadă de retragere simplificată de 14 zile.

1) Rezumat executiv
Moonwell este un proiect de împrumut deschis și descentralizat, conceput pentru a face împrumuturile și împrumuturile pe lanț accesibile. Proiectul subliniază simplitatea printr-o interfață de utilizator intuitivă care permite utilizatorilor să împrumute, să împrumute și să revendice recompense în doar câteva clicuri, menținând în același timp controlul complet asupra activelor lor digitale. Toate modificările protocolului sunt guvernate prin propuneri de guvernare pe lanț, asigurând alinierea cu interesele comunității. Token Terminal urmărește în prezent Moonwell pe Base și OP Mainnet.

1) Rezumat executiv
Morpho $MORPHO este o infrastructură de împrumut descentralizată care permite crearea de piețe fără permisiune, permițând oricui să desfășoare piețe de împrumut izolate cu parametrii de risc personalizabili. Proiectul constă din două produse de bază: Morpho Vaults (seifuri generate de randament pentru depozitari) și Morpho Markets (bazine de împrumut izolate pentru împrumutători). Spre deosebire de proiectele de împrumut tradiționale care gestionează activele direct, Morpho servește ca șine de bază pentru curatori (manageri de active, DAO-uri, instituții) care construiesc și gestionează seifuri pe baza infrastructurii. De la lansarea sa în 2022, Morpho a evoluat de la un strat de optimizare deasupra Aave și Compound către o infrastructură de împrumut autonomă cu propria sa arhitectură modulară.

1) Scurtă prezentare
Houdini Swap oferă confidențialitate de calitate infrastructură pentru trimiterea de valoare, alimentarea portofelului, plăți și schimburi pe peste 120 de blockchains. Utilizatorii pot transfera valoare fără a conecta un portofel sau a dezvălui legăturile de pe lanț, chiar și atunci când se deplasează între lanțuri, prin intermediul unui design dual de schimb și intermediari aleatorii de nivel 1 care împiedică atribuirea expeditor-receptor.
Proiectul susține, de asemenea, schimburile interlanț pentru toate tokenurile de pe fiecare lanț major, agregând lichiditatea din DEX-uri lider, poduri și agregatoare. Orice activ poate fi schimbat interlanț, simplu lipind un adresa de contract, transformând astfel platforma într-un singur punct de întâlnire pentru tranzacționarea oricărui token.

1) Rezumat executiv
Faraon, fondat în 2023, este un DEX nativ Avalanche. În T3 2025, proiectul a folosit un model de lichiditate concentrată (v2), împreună cu piscinele AMM de moștenire (v1), având un model de guvernanță ve(3,3) care distribuie stimulente pentru tokenuri pe baza voturilor utilizatorilor. Faraon a înregistrat creșteri în majoritatea metricilor cheie, cu TVL, volum de tranzacționare, taxe și utilizatori activi lunar toate crescând de la trimestru la trimestru, în timp ce stimulentele pentru tokenuri au scăzut. Proiectul a fost de atunci actualizat la v3 în T4 2025.
🔑 Metrici cheie (T3 2025)

1) Rezumat executiv
Euler $EUL este un proiect de împrumut modular construit în jurul Euler Vault Kit (EVK), care permite crearea fără permisiune a piețelor de împrumut izolate cu parametrii de risc personalizabili. Fiecare seif operează independent, ceea ce înseamnă că riscurile sunt conținute mai degrabă decât împărtășite într-un pool monolitic. Arhitectura actuală V2 (lansată în 2024) conectează seifurile prin Ethereum Vault Connector (EVC), permițând utilizatorilor să folosească garanții dintr-un seif pentru a împrumuta de la altul, menținând în același timp profile de risc izolate.

1) Rezumat executiv
GMX $GMX este un DEX perpetuu care a fost lansat în septembrie 2021 pe Arbitrum cu V1, care a folosit un pool de lichiditate multi-activ (GLP). GMX și-a stabilit prezența multi-chain cu o implementare pe Avalanche în ianuarie 2022. În august 2023, a fost lansat GMX V2, care a introdus piețe mai robuste și poziții de lichiditate mai eficiente din punct de vedere al capitalului. De asemenea, a făcut din GMX partenerul de lansare pentru Chainlink Data Streams, un Oracle de vârf în industrie care îmbunătățește experiența de tranzacționare cu prețuri de mare precizie și date de piață.

1) Rezumat executiv
Morpho $MORPHO este o infrastructură de împrumuturi descentralizată care permite crearea de piețe fără permisiune, permițând oricui să desfășoare piețe de împrumut izolate cu parametri de risc personalizabili. Proiectul constă din două produse de bază: Morpho Vaults (fonduri generatoare de randament pentru depozitari) și Morpho Markets (piscine de împrumut izolate pentru împrumutători). Spre deosebire de proiectele tradiționale de împrumut care administrează active direct, Morpho servește ca infrastructură de bază pentru curatori (manageri de active, DAOs, instituții) care construiesc și gestionează fonduri pe baza infrastructurii. De la lansarea sa în 2022, Morpho a evoluat de la un strat de optimizare deasupra Aave și Compound la o infrastructură de împrumuturi de sine stătătoare cu propria arhitectură modulară.

1) Rezumat executiv
Moonwell este un proiect de împrumut deschis și descentralizat conceput pentru a face împrumuturile și împrumuturile onchain accesibile. Proiectul subliniază simplitatea printr-o interfață de utilizare intuitivă care le permite utilizatorilor să împrumute, să împrumute și să revendice recompense în doar câteva clicuri, menținând în același timp controlul complet asupra activelor lor digitale. Toate modificările protocolului sunt guvernate prin propuneri de guvernare onchain, asigurând alinierea cu interesele comunității. Token Terminal urmărește în prezent Moonwell pe Base și OP Mainnet.

Rezumat executiv
Fondat în 2021, Raydium $RAY launched pe Solana cu un model AMM hibrid, combinând inițial piscinele de lichiditate on-chain cu un Central Limit Order Book (CLOB). Deși această arhitectură moștenită (OpenBook) funcționează acum exclusiv ca un AMM tradițional, rămâne stratul fundamental al proiectului, păstrând aproximativ 76% din TVL-ul Raydium. Pe măsură ce ecosistemul comercial Solana a evoluat, Raydium și-a extins gama de produse, introducând Stable Swap pentru active corelate și implementând ulterior piscinele de lichiditate îmbunătățite (CLMM și CPMM). În aprilie 2025, Raydium a introdus LaunchLab (platforma sa de lansare nativă), trecând dincolo de tranzacționare la emiterea de active în sine. În consecință, piscinele moștenite ale Raydium mențin adâncimea TVL, în timp ce produsele mai noi generează majoritatea volumului de swap și a venitului din comisioane.

Rezumat executiv
Pendle, lansată în 2021, este cea mai mare platformă de tranzacționare a randamentelor cripto din lume. Proiectul permite tokenizarea și tranzacționarea randamentelor onchain prin tokenuri de principal (PTs) și randament (YTs), și expunerea la ratele dobânzii offchain prin produsul său recent lansat, Boros. Token Terminal urmărește Pendle pe 8 lanțuri și 5 produse. Pendle a înregistrat o creștere în metricii cheie în T3.
🔑 Metri cheie (T3 2025)
Valoare totală blocată: $8.75B (+118.8% QoQ)
Volum de tranzacționare notional: $23.39B (+236.1% QoQ)

Rezumat executiv
Fluid $FLUID operează ca un protocol DeFi unificat, combinând împrumuturile și tranzacțiile DEX prin intermediul Stratului de Lichiditate, un pool de lichiditate comun din care toate produsele se alimentează simultan. Ambele părți ale afacerii au avut un trimestru puternic. Împrumuturile s-au dublat aproape față de T2, cu TVL atingând 3,4 miliarde de dolari și împrumuturi active atingând 1,6 miliarde de dolari. Volumul tranzacțiilor DEX a crescut de la 27,6 miliarde de dolari în T2 la 69,2 miliarde de dolari în T3. Aceste linii de afaceri au generat 20,5 milioane de dolari în taxe și 3,5 milioane de dolari în venituri în T3, în timp ce utilizatorii activi lunar au crescut de la 52K la 102K.