Token Terminal

1) Executive summary
Morpho $MORPHO is decentralized lending infrastructure that enables permissionless market creation, allowing anyone to deploy isolated lending markets with customizable risk parameters. The project consists of two core products: Morpho Vaults (yield-generating vaults for depositors) and Morpho Markets (isolated lending pools for borrowers). Unlike traditional lending projects that manage assets directly, Morpho serves as the underlying rails for curators (asset managers, DAOs, institutions) who build and manage vaults on top of the infrastructure. Since launching in 2022, Morpho has iterated from an optimization layer on top of Aave and Compound toward standalone lending infrastructure with its own modular architecture.
In Q3 2025, Morpho grew across key metrics. TVL, active loans, fees, and MAU all increased significantly QoQ, with fee growth outpacing all other metrics. Ethereum captured the majority of TVL, active loans, and fees, while Base was a notable contributor. World Chain led user activity at 72.25% of monthly active users.
🔑 Key metrics (Q3 2025)
Total value locked: $9.75B (+81.82% QoQ)Active loans: $3.56B (+74.02% QoQ)Fees: $57.62M (+137.19% QoQ)Monthly active users: 223K (+121.89% QoQ)
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Morpho and outstanding loans. Q3 TVL averaged $9.75B, up from $5.36B in Q2, representing an 81.82% increase quarter-over-quarter. Ethereum accounted for the majority of deposits at $6.25B (64.10% of Q3 total), followed by Base at $2.47B (25.32%). The remaining chains (HyperEVM, Polygon, Unichain, World Chain, Arbitrum One, OP Mainnet, Celo, and Scroll) collectively contributed $1.03B (10.56%).

👥 Morpho team commentary
"Morpho's TVL has grown significantly in Q3 2025, reflecting the fact that the universal lending network Morpho is building is scaling. Morpho continues to execute the DeFi Mullet strategy, with growth on Base coming in proportion to the growth of Coinbase's bitcoin-backed loans, DeFi lending, and later in the year, ETH-backed loan products. Another main growth lever is HyperEVM, where third-party teams such as Felix and HyperBeat have been driving growth starting from Q2. HyperEVM has quickly grown into the third largest instance of Morpho. Arbitrum has also seen major growth as the DRIP campaign directed growth incentives for stablecoins towards Morpho."
3) Active loans
Active loans measures the total USD value of outstanding borrows across all Morpho lending markets. Q3 active loans averaged $3.56B, up from $2.05B in Q2, representing a 74.02% increase quarter-over-quarter. Ethereum accounted for the majority of borrowing at $2.41B (67.54% of Q3 total), followed by Base at $824.97M (23.15%). The remaining chains (HyperEVM, Unichain, Polygon, Celo, Arbitrum One, World Chain, Sonic, and OP Mainnet) collectively contributed $379.53M (10.65%).

👥 Morpho team commentary
"Active loans continue to scale on Morpho, nearly 2x in Q3 compared with Q2. Continued growth of BTC and ETH-backed loans on Base, integrated with Coinbase, alongside HyperEVM's sustained momentum and Arbitrum One growth coinciding with the DRIP campaign have driven this increase. On Base, much of the loan demand comes from Coinbase users taking out crypto-backed loans for expenses such as buying a house, paying for a car, or refinancing existing debt. On HyperEVM, loan volume is largely driven by trading demand. On aggregate, there is growing demand for loans beyond traditional DeFi use cases like looping."
4) Fees
Fees measure the total USD value of fees paid by users across all of Morpho's lending markets. Q3 fees totaled $57.62M, up from $24.29M in Q2, representing a 137.19% increase quarter-over-quarter. Ethereum generated $37.93M (65.83% of Q3 total), followed by Base at $13.08M (22.70%). The remaining chains (HyperEVM, Polygon, Unichain, Arbitrum One, World Chain, OP Mainnet, Celo, and Sonic) collectively contributed $6.62M (11.47%).

👥 Morpho team commentary
"Interest generated on Morpho has grown from $15M in Q1 2025 to close to $150M in Q3 2025. Although there were some dips in market conditions, the overall trend has pointed up and to the right. Integrations with products such as Coinbase have brought a substantial increase in sustainable borrowing demand, resulting in higher interest generation.
Curators are compensated via management fees and/or performance fees, with each curator setting their own structure. Some opt for relatively low fees while others charge more based on track record or differentiated strategies. Curators can also partner with distributors and enter into revenue-sharing agreements. Because operational costs of running vaults are meaningfully lower than traditional fund management, curators can often charge lower fees while maintaining attractive margins.
Morpho does not currently monetize at the protocol level. All resources are devoted towards growth to reach the ambition of powering lending and borrowing for the entire financial industry."
5) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Morpho over a rolling 30 day period. Q3 MAU averaged 223K, up from 100.50K in Q2, representing a 121.89% increase quarter-over-quarter. World Chain led user activity with 164K users (72.25% of Q3 total), followed by Base at 36.30K (15.99%) and HyperEVM at 12.40K (5.46%). Ethereum contributed 10.60K users (4.67%). The remaining chains (Polygon, Unichain, Arbitrum One, OP Mainnet, Scroll, and Celo) collectively contributed 3.70K users (1.63%).

👥 Morpho team commentary
"MAU continues to grow on Morpho, with the biggest growth coming from World Chain and Base. Morpho is the infrastructure powering World DeFi. There is a Morpho miniapp in the World App where users can earn and borrow easily within a few taps. Morpho on Base powers Coinbase's crypto-backed loans and DeFi lending products, with growth there reflecting organic product adoption. L2s are part of the Ethereum ecosystem, and Morpho's strategy has always been to lean into distribution to reach as many users as possible, whether through DeFi Mullet integrations or via L2s."
6) Outlook
👥 Morpho team commentary
"Morpho continues to build the best universal lending network for enterprises. Fintechs, banks, and institutions can all connect to Morpho to provide the best possible products to their users. The team is working on integrations with more enterprises to build DeFi Mullet-style products for both consumers and institutions. Vaults are the funds of tomorrow: some familiar names in the financial industry will become curators."
7) Definitions
Products:
Morpho Vaults (Earn): yield-generating vaults for depositors, allowing users to deposit assets into curated lending strategies built on top of Morpho Markets.Morpho Markets (Borrow): isolated lending pools for borrowers, allowing users to supply collateral and borrow assets directly from permissionless markets with customizable risk parameters.
Metrics:
Total value locked: measures the total USD value of collateral deposited into Morpho and outstanding loans.Active loans: measures the total USD value of outstanding borrows across all Morpho lending markets.Fees: measures the total USD value of fees paid by users across all of Morpho's lending markets.Monthly active users: measures the number of unique wallet addresses that have interacted with Morpho 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 Morpho Q3 2025 Report dashboard on Token Terminal.

1) Executive summary
Moonwell is an open and decentralized lending project designed to make onchain lending and borrowing accessible. The project emphasizes simplicity through an intuitive user interface that enables users to lend, borrow, and claim rewards in just a few clicks while maintaining complete control over their digital assets. All protocol changes are governed through onchain governance proposals, ensuring alignment with community interests. Token Terminal currently tracks Moonwell on Base and OP Mainnet.
In Q3 2025, Moonwell saw growth in TVL and fees while revenue and MAU remained relatively flat. Base remains the dominant chain, accounting for over 85% of TVL, fees, and user activity.
🔑 Key metrics (Q3 2025)
Total value locked: $393.34M (+21.09% QoQ)Active loans: $202.66M (+10.20% QoQ)Fees: $3.04M (+29.29% QoQ)Revenue: $527.02K (-1.58% QoQ)Monthly active users: 20.80K (-1.42% QoQ)
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Moonwell, as well as active loans. Q3 TVL averaged $393.34M, up from $324.81M in Q2, representing a 21.09% increase quarter-over-quarter. Base accounted for the majority of deposits at $341.68M (86.87% of Q3 total), followed by OP Mainnet at $51.66M (13.13%).

👥 Moonwell team commentary
"TVL continued to grow as the Base ecosystem expanded, with more users joining quarter on quarter and bringing additional liquidity. These trends lifted activity in Moonwell markets and increased collateral deposits across the protocol. Moonwell benefited from offering lending markets for several top native assets on Base such as AERO, MORPHO, and VIRTUAL. These markets attracted users who prefer to stay onchain and hold exposure to Base native assets while earning a return on deposits. OP Mainnet activity remained steady, while most new growth concentrated on Base, supported by deeper liquidity, stronger user inflows, and higher onchain participation."
3) Active loans
Active loans measures the total USD value of outstanding borrows across all Moonwell lending markets. Q3 active loans averaged $202.66M, up from $183.90M in Q2, representing a 10.20% increase quarter-over-quarter. Base accounted for the majority of borrowing at $168.08M (82.94% of Q3 total), followed by OP Mainnet at $34.57M (17.06%).

👥 Moonwell team commentary
"Borrow demand increased as Base markets deepened and more users relied on the network for trading, liquidity rotation, and collateralized borrowing. Loans were driven mainly by users seeking stablecoin liquidity against ETH or cbBTC collateral, supported by market conditions that provided opportunities for short term positioning and hedging."
4) Fees
Fees measure the total USD value of fees paid by users across all of Moonwell's lending markets. Q3 fees totaled $3.04M, up from $2.35M in Q2, representing a 29.29% increase quarter-over-quarter. Base generated $2.74M (90.00% of Q3 total), followed by OP Mainnet at $304.34K (10.00%).

👥 Moonwell team commentary
"Fees continued to show real usage across Moonwell markets. TVL by itself does not reflect activity and can be passive, while borrowing demand, fee generation, and revenue show whether capital is working. Total fees reached $3.04M in Q3, a 29% increase from the $2.35M generated in Q2. Base remained the center of fee generation as deeper liquidity and stronger borrowing demand lifted activity, while OP Mainnet held steady with smaller but consistent volumes. Fees support lenders and also drive the Moonwell economic flywheel, where protocol reserves and vault performance fees move through onchain auctions to acquire WELL from the open market that then flow to stkWELL stakers. Higher borrowing leads to higher fees, and higher fees lead to more WELL acquired for stakers who help secure the protocol."
5) Revenue
Revenue measures the total USD value of fees retained by Moonwell. Q3 revenue totaled $527.02K, down from $535.48K in Q2, representing a 1.58% decrease quarter-over-quarter. Base accounted for $494.18K (93.77% of Q3 total), followed by OP Mainnet at $32.84K (6.23%).

👥 Moonwell team commentary
"Protocol revenue followed similar patterns to fees and is directly linked to the usage and capital efficiency. Moonwell recorded $527K in revenue for Q3, slightly below the $535K recorded in Q2, before rising to $854K in Q4. Revenue reflects the share of fees retained by the protocol after lender interest, and the year to date trend has remained upward despite short term shifts in borrowing patterns. Base contributed $494K in Q3, equal to 94% of the total. Strong borrowing demand on Base, deep liquidity in core markets, and the growth of the Moonwell vaults all supported this performance. The vaults were key to generating revenue that flowed back to WELL stakers while helping to provide borrowable liquidity for the Bitcoin and Ethereum backed loans product available in the Coinbase app. Taken together, these trends show Moonwell growth driven by real onchain usage rather than static TVL."
6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Moonwell over a rolling 30 day period. Q3 MAU averaged 20.80K, down from 21.10K in Q2, representing a 1.42% decrease quarter-over-quarter. Base accounted for the majority of user activity at 17.50K (84.13% of Q3 total), followed by OP Mainnet at 3.50K (16.83%).

👥 Moonwell team commentary
"Monthly active users averaged 20.8K in Q3, a slight decrease from the 21.1K in Q2. Overall activity stayed stable and followed broader Base network patterns rather than any single event. Base accounted for 17.5K monthly active users in Q3, equal to 84% of the total. New applications launched on Base during the quarter which attracted more users to the network, creating additional onchain activity. Moonwell benefited from this growth but also experienced modest seasonal slowdowns during quieter market periods. User retention remained strong as existing users continued to borrow, lend, and manage positions at consistent levels which helped maintain a solid baseline of monthly activity."
7) Outlook
👥 Moonwell team commentary
"Q3 delivered steady progress across Moonwell core metrics. TVL and active loans expanded, fees reached new highs, and protocol revenue remained healthy. The protocol benefited from growth of the Base ecosystem, rising demand for lending and borrowing, strong performance of Moonwell vaults, and the reserve auction mechanism, which converts protocol earnings into rewards for stakers. Looking ahead, the focus remains on deepening capital efficiency and strengthening Moonwell's position as a core lending layer on Base. Key work for the next quarter includes additional integrations with Base native applications that rely on Moonwell for borrowable liquidity, the addition of other Morpho-powered vaults on Base, and ongoing improvements in risk management, monitoring, and transparency. Success will be measured through growth in active loans, consistent fee generation and protocol revenue, reserves accumulated, and the amount of WELL acquired through monthly reserve auctions. These indicators will show whether Moonwell continues to lead in real usage, capital efficiency, and sustainable onchain fundamentals."
8) Definitions
Metrics:
Total value locked: measures the total USD value of collateral deposited into Moonwell, as well as active loans.Active loans: measures the total USD value of outstanding borrows across all Moonwell lending markets.Fees: measures the total USD value of fees paid by users across all of Moonwell's lending markets.Revenue: measures the total USD value of fees retained by Moonwell.Monthly active users: measures the number of unique wallet addresses that have interacted with Moonwell 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 Moonwell Q3 2025 Report dashboard on Token Terminal.

Executive summary
Founded in 2021, Raydium $RAY launched on Solana with a hybrid AMM model, originally combining onchain liquidity pools with a Central Limit Order Book (CLOB). While this legacy architecture (OpenBook) now functions solely as a traditional AMM, it remains the project's foundational layer, retaining roughly 76% of Raydium's TVL. As Solana's trading ecosystem matured, Raydium expanded its product suite, introducing Stable Swap for correlated assets, and subsequently deploying improved liquidity pools (CLMM and CPMM). In April 2025, Raydium introduced LaunchLab (its native launchpad), moving beyond trading to asset issuance itself. Consequently, Raydium's legacy pools maintain TVL depth, while newer products drive the majority of swap volume and fee generation.
🔑 Key metrics (Q3 2025)
Total value locked: $1.49B (+18.25% QoQ)Trading volume: $112.92B (+8.33% QoQ)Fees: $158.89M (+48.50% QoQ)Revenue: $25.06M (+101.93% QoQ)Monthly active users: 16.2M (-40.22% QoQ)
Total value locked
Total value locked (TVL) measures the total USD value of tokens deposited into Raydium's liquidity pools on Solana. Q3 TVL averaged $1.49B, up from $1.26B in Q2. OpenBook held the largest share at $1.14B (+19.02% QoQ), reflecting liquidity concentrated in Raydium's legacy AMM. CLMM pools accounted for $206.38M (–14.46% QoQ) and CPMM pools grew to $126.77M (+110.53% QoQ). LaunchLab averaged $14.73M (+391.65% QoQ) following its April launch, while Stable Swap pools increased to $4.32M (+363.80% QoQ).

👥 Raydium team commentary
"Raydium closed Q3 2025 with $2.5B in Total Value Locked (TVL), a 35% increase from the $1.8B recorded at the start of July. While average TVL settled at $1.5B due to price seasonality, TVL in SOL terms remained consistently above 11M SOL. This marks the second consecutive quarter of >30% sequential growth, reinforcing Raydium’s standing as Solana’s largest liquidity hub and validating continued user confidence in its pool architecture."
Trading volume
Trading volume measures the USD value of tokens traded on Raydium across its various products. Q3 trading volume totaled $112.92B, increasing from $104.24B in Q2. CLMM pools captured the majority of volume at $81.91B (+4.75% QoQ), followed by CPMM pools at $15.17B (+205.39% QoQ) and OpenBook at $10.59B (–46.39% QoQ). LaunchLab contributed $4.7B (+316.77% QoQ) following its April 2025 launch, while Stable Swap pools generated $546.99M (+189.64% QoQ).

👥 Raydium team commentary
"Raydium processed $112.92B in total trading volume for Q3 2025, an 8.3% increase from Q2. While retail-driven meme activity remains dominant, the liquidity base is showing clear signs of maturation. Rising participation in SOL-Stablecoin and project-token pairs indicates early institutional diversification and a stronger revenue baseline independent of speculative cycles. Notably, Raydium captured 76.5% ($200.5M) of the ecosystem's tokenized-asset volume, proving the effectiveness of its CLMM allowList framework in anchoring compliant liquidity."
Fees
Fees measure the total USD value of fees paid by users across Raydium’s trading products. Q3 fees totaled $158.89M, up from $107M in Q2. LaunchLab represented the largest share of Q3 fees, accounting for over one-third of total fee generation.

Revenue
Revenue measures the total USD value of trading fees retained by Raydium after compensating liquidity providers. Q3 revenue totaled $25.06M, up from $12.41M in Q2. LaunchLab was also the largest contributor to revenue in Q3, representing nearly half of total revenue.

👥 Raydium team commentary
"Raydium generated $25.06M in revenue in Q3 2025, a ~102% increase from $12.41M in Q2. This surge was primarily driven by LaunchLab, which generated $11.93M and grew to represent ~48% of total revenue (up from 23%). This shift confirms LaunchLab as the company's new primary growth engine.
Revenue is derived from three main sources:
Swap Revenue: Fees earned from AMM, CPMM, and CLMM pools.Pool Launch Revenue: A 0.15 SOL fee per new AMM/CPMM pool, earmarked for infrastructure costs.LaunchLab Revenue: A 0.25% fee on LaunchLab-powered trades (e.g., via letsbonk.fun), with an additional 0.75% fee for trades directly on Raydium.
Accrued revenue supports RAY Buybacks and Treasury Fund Accumulation (USDC reserves). Cash flow allocation varies by pool type: AMM fees (0.03%) go entirely to buybacks, while CPMM and CLMM protocols allocate 12% of fees to buybacks and 4% to the treasury."
Monthly active users & market share
Monthly active users (MAU) measures the number of unique users who executed at least one trade on Raydium within a rolling 30-day period. Q3 MAU averaged 16.2M, down 40.22% from Q2. Despite declining user counts, Raydium maintained its dominant position in the Solana DEX ecosystem, capturing 48.73% of trading volume market share in Q3, up 0.55% from Q2.

👥 Raydium team commentary
"Monthly active users declined in Q3 on par with Solana seasonality and suppressed prices but Raydium maintained its position as the leading DEX on Solana, accounting for 48.73% of total volume."
Outlook
👥 Raydium team commentary
"Raydium remains Solana’s leading liquidity engine, closing Q3 with $25.06M in revenue (+101.93% QoQ) and a 48.7% market share. However, the quarter highlighted the transient nature of speculative user loyalty, evidenced by rapid volume migration to new entrants like BonkFun and the rise of proprietary AMMs (pAMMs) in low-fee pairs like SOL-USDC.
To counter this, Raydium prioritized program-level upgrades for permissioned assets, positioning itself at the intersection of TradFi and DeFi. This strategy is already proven: Raydium facilitated the majority of Solana's tokenized equity volume in Q3 as a launch partner for xStocks (per Blockworks Research). Beyond RWAs, volume grew in non-memecoin markets as projects increasingly utilized Raydium for primary liquidity during TGEs. This infrastructure for institutional and project-based assets is creating a foundation of sticky, high-value liquidity resilient to speculative cycles."
Definitions
Products:
OpenBook (Legacy AMM): Raydium’s legacy AMM that originally bridged onchain liquidity pools with a Central Limit Order Book (CLOB). It now functions solely as a traditional AMM but remains the project's foundational layer.Stable Swap: Raydium’s optimized AMM pools designed for low-slippage swaps between assets with closely correlated prices, such as stablecoins.CLMM: Raydium’s concentrated-liquidity automated market maker, which allows liquidity providers to allocate liquidity within specific price ranges to improve capital efficiency.CPMM: Raydium's latest iteration of constant product pools. CPMM pools are anchor-compatible, support Token-2022, and offer several fee configs.LaunchLab: Raydium’s token launchpad, introduced in April 2025, that enables permissionless token creation and supports liquidity bootstrapping for newly launched assets.
Metrics:
Total value locked: measures the total USD value of assets deposited into Raydium’s liquidity pools on Solana.Trading volume: measures the total USD value of token swaps executed across Raydium’s CLMM, CPMM, OpenBook, LaunchLab, and Stable Swap products.Fees: measures the total USD value of trading fees paid by users across Raydium’s products, calculated by applying pool-specific fee rates to trading volume.Revenue: measures the total USD value of trading fees retained by Raydium after compensating liquidity providers.Monthly active users: measures unique addresses that executed trades on Raydium within a 30-day rolling window.
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 Raydium dashboard on Token Terminal.

Executive summary
Pendle, launched in 2021, is the world's largest crypto yield-trading platform. The project enables the tokenization and trading of onchain yield via principal (PTs) and yield (YTs) tokens, and offchain interest-rate exposure through its recently launched Boros product. Token Terminal tracks Pendle across 8 chains and 5 products. Pendle saw growth across key metrics in Q3.
🔑 Key metrics (Q3 2025)
Total value locked: $8.75B (+118.8% QoQ)Notional trading volume: $23.39B (+236.1% QoQ)Fees: $9.53M (+58.0% QoQ)Revenue: $9.14M (+54.1% QoQ)Monthly active users: 29.2K (+13.6% QoQ)
Total value locked
Total value locked (TVL) measures the total USD value deposited in Pendle across 8 chains. Q3 TVL averaged $8.75B, up from $3.99B in Q2. Ethereum hosts the majority of TVL, while Arbitrum One, HyperEVM, and BNB Chain saw growth over the quarter.



👥 Pendle team commentary
"TVL has grown in 2025, averaging well above the $3.24B seen in 2024. Stablecoins now make up roughly 80% of TVL, as we've embraced the yield-bearing stablecoin narrative. Major protocols like USDai, Capmoney, Kinetiq, Falcon, and Almanak are using Pendle to bootstrap liquidity.
Our product-market fit is evident: $75B in fixed yield settled and over 45% of PTs were deployed as collateral on money markets. We're now the #2 protocol on Plasma with close to $1B in TVL (~30% of the chain). Q4 priorities include cross-chain expansion to non-EVMs like Solana, Pendle Permissioned for regulated access, and moving toward full permissionlessness for listings."
Notional trading volume
Notional trading volume tracks the total USD value of all trading activity across Pendle and its associated trading products. This includes Pendle’s purpose-built AMM for trading PT and YT tokens, its order-book-based Limit Order product, and Boros, which enables trading of offchain funding rates. Q3 notional trading volume totaled $23.39B, up from $6.96B in Q2. Pendle’s AMM and Limit Orders captured the majority of activity, while Boros (launched in Q3) added volume.



👥 Pendle team commentary
"Volume averaged $148M daily in 2025 versus $95M in 2024, with an all-time high of $11B in September. Boros reached $1B in volume in just 1.5 months - 10x faster than V2. Limit Orders remain a major driver, enabling advanced grid strategies that capitalize on the PT/YT buyer dynamics.
Q4 developments: expanding Boros beyond BTC/ETH to assets like HYPE, and adding perp markets beyond Binance and Hyperliquid for arbitrage opportunities. We're also adding Adaptive Orders, Gasless Cancel, PT/YT TWAP, and built-in Grid Trading to Limit Orders. Cross-chain PT expansion will bring Pendle to new ecosystems."
Fees
Fees measure the total fees paid by users across Pendle's products. Q3 fees totaled $9.53M, increasing from $6.03M in Q2. This includes AMM and Limit Order swap fees plus a 5% fee on all YT yield, including points, which are recorded as vePendle fees. Boros fees include swap fees, open-interest fees, and operational fees.




Revenue
Revenue measures the total fees retained by Pendle after distributing 20% of AMM fees to liquidity providers. Q3 revenue totaled $9.14M, up from $5.93M in Q2. Pendle distributes 80% of all revenue to vePendle holders, retaining 10% for its treasury and 10% for operations.




👥 Pendle team commentary
“We achieved an all-time high in organic fees and revenue in October 2025, excluding the Q1 MegaDrop distribution. Top vePENDLE voters are averaging 35–40% APR. Looking ahead, we're reviewing the PENDLE token mechanism to better align the long-term interests of the community and the protocol.”
Monthly active users
Monthly active users (MAU) tracks the number of unique users who traded on any Pendle product within a 30-day rolling window. Q3 MAU averaged 29.2K, up from 25.7K in Q2. These users were distributed across Ethereum, Arbitrum One, HyperEVM, Plasma, Base, BNB Chain, Berachain, and Sonic. Ethereum led with 18K MAU in Q3, while HyperEVM (launched in Q3) and Arbitrum One followed as the next largest chains by MAU.




Outlook
Pendle exits Q3 with growth across all key metrics, with trends extending into Q4. The Boros product continues to gain traction alongside Pendle’s core yield-tokenization platform and its associated products. Planned Q4 initiatives, including cross-chain expansion to non-EVM ecosystems, Boros expansion beyond BTC/ETH, and refinements to the PENDLE token mechanism, position the project for continued growth.
Definitions
Products:
Yield Tokenization: Pendle’s core mechanism that splits yield-bearing assets into Principal Tokens (PTs) and Yield Tokens (YTs) for trading.AMM: Automated market maker specifically designed for time-decaying yield assets with optimized pricing curves.Limit Order: Order-book system for PT and YT trading that executes when specified levels are reached.Boros: Margin-enabled yield-trading platform extending to offchain yields like perpetual funding rates.vePendle: Vote-escrowed $PENDLE tokens that provide governance rights, boosted yields, and protocol revenue sharing.
Metrics:
Total value locked: measures the dollar value of yield-bearing assets deposited into Pendle’s markets across eight chains.Notional trading volume: measures the total dollar value traded across Pendle’s AMM, Limit Order, and Boros products.Fees: measures fees paid by users across Pendle's products, including swap fees and a 5% cut of all yield generated by YTs.Revenue: measures Pendle’s share of the fees generated across all products.Monthly active users: measures unique users that traded on Pendle within a 30-day rolling window across eight chains.
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 Pendle dashboard on Token Terminal.

Executive summary
Fluid $FLUID operates as a unified DeFi protocol combining lending and DEX trading through its Liquidity Layer, a shared liquidity pool that all products draw from simultaneously. Both sides of the business had a strong quarter. Lending nearly doubled from Q2, with TVL reaching $3.4B and active loans hitting $1.6B. DEX trading volume rose from $27.6B in Q2 to $69.2B in Q3. These business lines generated $20.5M in fees and $3.5M in revenue in Q3, while monthly active users grew from 52K to 102K.
Key metrics (Q3 2025):
Total value locked: $3.4B (+88% QoQ)Active loans: $1.6B (+99% QoQ)DEX trading volume: $69.2B (+150% QoQ)Fees: $20.5M (+37% QoQ)Revenue: $3.5M (+148% QoQ)Monthly active users: 102K (+96% QoQ)
TVL & active loans
Lending TVL grew to $3.4B in Q3, while active loans reached $1.6B, nearly doubling from Q2. Fluid is now the 3rd largest protocol by active loans—a metric that measures the total outstanding loan balances across Fluid’s lending products, including Jupiter Lend (its Solana deployment in collaboration with Jupiter). The protocol offers loan-to-value ratios of up to 95% and liquidation penalties as low as 0.1%, enabled by grouping positions into "ticks" for batch liquidations.

👥 Fluid team commentary:
“Fluid TVL is consistently growing quarter over quarter, showcasing the adoption of the protocol by users. The launch of Fluid on Solana in collaboration with Jupiter proved high demand for quality lending markets on Solana, which allowed us to achieve $1B TVL in only 8 days after the deployment. 
In Q4, our main focus will be the launch of the DEX v2, which we believe can become the biggest DEX by volume across all chains combined next year.”
DEX trading volume
The protocol’s DEX trading volume rose to $69.2B in Q3, up 151% from $27.6B in Q2. DEX trading volume measures the value of tokens traded on Fluid’s DEX on Ethereum, Arbitrum One, Plasma, Base, and Polygon. Fluid’s DEX integrates directly with the protocol's Liquidity Layer, allowing the same capital to serve multiple functions simultaneously.

👥 Fluid team commentary:
“In Q3 Fluid became the biggest DEX across all major EVM chains for both pegged and correlated pairs. With the launch of the DEX v2 in Q4, we aim to bring volatile pair trading to Fluid DEX and increase our volume by 5x.”
Fees & revenue
Q3 fees totaled $20.5M (up 37% from Q2), while revenue jumped 148% to $3.5M from $1.4M in Q2. Fluid has three different revenue streams: interest from lending and borrowing, performance fees from the protocol’s Lite product (simplified vault strategies), and swap fees from its DEX product.



👥 Fluid team commentary:
“Fees and revenue grew together with TVL, DEX activity and increased prices on crypto assets. Next quarter, we expect to grow fees and revenue by 5-10x with the launch of the v2 DEX.”
Monthly active users
Monthly active users doubled from 52K to 102K as the protocol's multi-chain presence attracted borrowers and lenders across different ecosystems. MAU counts unique users who interacted with any Fluid product within a 30-day rolling window across all chains. Arbitrum One had the most monthly active users in Q3, while Ethereum saw a large influx of users that is continuing into Q4. Fluid’s deployment on Plasma, launched in Q3, quickly attracted users and has continued growing into Q4.



👥 Fluid team commentary:
“Fluid’s user base is growing together with our TVL and DEX activity. With DEX v2, which will have permissionless pool creation and volatile pairs, we expect to grow the user base significantly.”
Outlook
Fluid exits Q3 with strong momentum. In the first month of Q4, the protocol has already exceeded many Q3 metrics, with some of them expected to double by quarter end. Three major catalysts are driving this growth: the upcoming launch of the DEX v2, the rollout of new features on Solana, and the development of additional products.
Definitions 
Protocol:
Liquidity Layer: A shared liquidity pool that all of Fluid’s products draw from simultaneously.Lending: Fluid's core product where users deposit assets to earn yield or borrow against collateral.Jupiter Lend: Fluid’s lending product on Solana in collaboration with Jupiter.Lite: Fluid’s simplified vault product with automated yield strategies.DEX: Fluid's decentralized exchange that enables token swaps using liquidity from the Liquidity Layer.
Metrics:
Total value locked: a metric that measures the dollar value of user deposits across all of Fluid’s products.Active loans: a metric that measures the total outstanding loan balances across Fluid’s lending products.DEX trading volume: a metric that measures the value of tokens traded on Fluid’s DEX on Ethereum, Arbitrum One, Plasma, Base, and Polygon.Monthly active users: unique users who interacted with any Fluid product within a 30-day rolling window across all chains.

Executive summary
Ether.fi $ETHFI expanded its liquid staking infrastructure over Q3, with TVL growing from $6.66B to $11.51B. The protocol's Ether.fi Cash product crossed $48.52M in cumulative spend volume, while revenue generation remained concentrated in core staking with weekly fees of $4-8M and revenue of $0.5-2M. Monthly active users rose from 3.3K to 29.4K, demonstrating significant growth. 
Key metrics (Q3 2025):
Total value locked: $11.51B (+78% QoQ)Q3 Ether.fi Cash spend volume: $48.52M (+422% QoQ)Q3 fees: $77M (+85% QoQ)Q3 revenue: $16.9M (+78% QoQ)Monthly active users: 29.4K (+791% QoQ)
TVL & spend volume
Ether.fi ended Q3 with $11.51B in TVL, after reaching a peak of $13.9B in August. Liquid staking on the Ethereum mainnet accounts for over 85% of TVL, while Marinade Liquid Staking, L2 deployments and Ether.fi Cash (the protocol's DeFi-native credit card) comprised the remainder. Ether.fi Cash spend volume climbed from $402k to over $1M through the quarter (totalling $48.52M for Q3), indicating strengthening product-market fit.



👥 Ether.fi team commentary:
TVL: Total TVL trends upward with consistent inflows across Stake and Liquid products, stabilizing after strong early-year expansion. Organic user growth, partner integrations, institutional participation, weETH adoption, and cross-chain deployments are driving growth. Q4 will focus on new cross-chain deployments, improved Liquid Vault rewards, and additional growth through Ether.fi Cash adoption.Ether.fi Cash: Spend volume is growing through higher transaction sizes and new card activations, driven by organic regional adoption and user referrals with strong momentum in emerging markets. Q4 brings seamless fiat onboarding and expanded token support.
Fees & revenue
Q3 weekly fees ranged from $3.7M to $7.1M, totalling $77M for the quarter, while weekly revenue ranged from $817k to $1.8M, totalling $16.9M. Liquid staking products generated the overwhelming majority of both fees and revenue, though Ether.fi Cash saw significant growth in percentage terms, more than doubling its revenue contribution from 2.73% at Q3 start to 5.51%.



👥 Ether.fi team commentary:
Fees & revenue: Weekly fees and revenue trend upward through higher TVL, staking participation, vault activity, and Ether.fi Cash growth. ETH price appreciation contributed to overall fee generation. Product adoption and expanding Liquid Vault balances drive growth as users transact while maintaining larger positions. Q4 will bring enhanced Liquid Vault rewards, cross-chain deployments, and continued product expansion generating new interchange revenue streams.revenue streams.
Monthly active users
Monthly active users grew from 3.3K to 29.4K during Q3, driven primarily by Ether.fi Cash on Scroll, where strengthening product-market fit accelerated adoption to over 27K users by quarter-end. MAU measures unique users who interact with any Ether.fi protocol product within a 30-day rolling window across its multi-chain ecosystem.



👥 Ether.fi team commentary:
User Growth: Sharp MAU growth on Scroll reflects a clear inflection point following the launch of Ether.fi Cash. Users are driving growth through new wallet activations, transaction volume, and Liquid Vault deposits. Q4 growth will come from expanded Ether.fi Cash features, regional rollout, and vault/rewards integrations.
Outlook
Ether.fi enters Q4 with accelerating user growth and strengthening Ether.fi Cash product-market fit, though TVL remains below August highs. Growth depends on three priorities: expanding Ether.fi Cash adoption through fiat onboarding and regional rollout, deploying cross-chain infrastructure to capture new markets, and enhancing Liquid Vault rewards to drive deposits. Key challenges: sustaining TVL momentum and converting Ether.fi Cash users into vault depositors as the protocol scales.
About this report
Reports are published quarterly and powered by Token Terminal's end-to-end data infrastructure. All metrics are derived directly from blockchain data. See the charts and data from this report on the Ether.fi dashboard on Token Terminal.