1) Executive summary

Houdini Swap provides compliant, infrastructure-grade privacy for sending, wallet funding, payments, and swaps across 120+ blockchains. Users can move value without connecting a wallet or revealing onchain links, even when moving across chains, through a dual-exchange design and randomized Layer 1 intermediaries that break sender-receiver attribution.

The project also supports cross-chain swaps for all tokens on every major chain by aggregating liquidity from leading DEXs, bridges, and aggregators. Any asset can be swapped cross-chain by simply pasting a contract address, making it a one-stop shop for trading any token.

🔑 Key metrics (Q4 2025)

  • Fees: $830.40K (-18.20% QoQ)

  • Treasury: $2.62M (-32.44% QoQ)

  • Fully diluted market cap: $11.80M (-25.57% QoQ)

  • Token holders: 3.30K (0.00% QoQ)

  • P/F ratio (fully diluted): 3.27x (-21.58% QoQ)

👥 Houdini Swap team commentary

"Q4 2025 was a quarter of consolidation and positioning. While broader on-chain volumes softened across the market, Houdini Swap continued to operate reliably at scale, maintaining consistent fee generation and user activity driven by privacy demand rather than speculative cycles.

The focus this quarter was reinforcing core infrastructure, improving routing transparency, and preparing for a broader rollout of privacy-forward products in 2026. We prioritized resilience over short-term growth, ensuring the protocol is well-positioned for the next expansion phase.

Success in the coming quarters will be defined by sustained fee generation, continued growth in private routing usage, deeper integrations with partners, and increasing capital efficiency across the protocol and treasury."

2) Fees

Fees measure the total USD value of fees paid by users across Houdini Swap on Ethereum. Q4 fees totaled $830.40K, down from $1.02M in Q3, representing an 18.20% decrease quarter over quarter.

👥 Houdini Swap team commentary

"Houdini Swap operates on a fee-through model. The protocol does not charge users an additional platform fee. All revenue is generated via partner exchange fees and routing infrastructure that users already rely on.

The fee charts reflect broader market conditions. Lower overall volumes across DeFi in Q4 resulted in softer fee growth, which aligns with industry-wide trends. Importantly, fee generation remained consistent relative to volume, demonstrating the durability of our business model.

Internal factors such as expanded routing options and improved execution helped offset some external headwinds. Externally, reduced volatility and lower speculative activity across crypto markets influenced swap frequency and size."

3) Treasury

Treasury measures the quarterly average USD value of assets held by Houdini Swap on Ethereum. Q4 treasury averaged $2.62M, down from $3.88M in Q3, representing a 32.44% decrease quarter over quarter.

👥 Houdini Swap team commentary

"The treasury remains stable and conservatively managed. Allocation continues to prioritize operational runway, infrastructure development, security, and long-term sustainability over aggressive deployment.

Treasury activity in Q4 reflects disciplined capital management rather than reactive spending. Funds are allocated with an emphasis on maintaining protocol reliability, supporting strategic partnerships, and preparing for product expansion planned for 2026.

This approach ensures Houdini Swap can continue building regardless of market conditions, without compromising on security or execution quality."

4) Fully diluted market cap

Fully diluted market cap (FDV) measures the total value of all LOCK tokens at current prices, assuming full supply is in circulation. Q4 FDV averaged $11.80M, down from $15.85M in Q3, representing a 25.57% decrease quarter over quarter. LOCK price averaged $0.14 in Q4, down from $0.17 in Q3.

👥 Houdini Swap team commentary

"The fully diluted market cap of LOCK moved largely in line with broader market sentiment during Q4. Price action was influenced more by macro conditions and liquidity cycles than by protocol fundamentals.

From a fundamentals perspective, the protocol continued to generate revenue, execute buybacks, and burn tokens as designed. These mechanisms remain directly tied to real usage rather than speculative demand.

We view FDV fluctuations this quarter as cyclical rather than structural, with long-term value driven by sustained protocol usage and expanding utility."

5) Token holders

Token holders measures the number of unique wallet addresses holding LOCK tokens on Ethereum. Q4 token holders totaled 3.30K, unchanged from 3.30K in Q3.

👥 Houdini Swap team commentary

"The number of LOCK holders remained relatively stable throughout Q4, reflecting a holder base that is largely long-term aligned rather than speculative.

Changes in holder distribution were influenced by market-wide liquidity conditions and reduced trading activity across DeFi. There were no signs of structural holder erosion.

As the protocol continues to mature and utility-driven demand increases, we expect holder growth to be gradual and organic rather than driven by short-term incentives."

6) P/F Ratio

P/F ratio (fully diluted) measures Houdini Swap's fully diluted market cap relative to its annualized fees. Q4 P/F ratio averaged 3.27x, down from 4.17x in Q3, representing a 21.58% decrease quarter over quarter. The lower ratio reflects FDV declining faster than fees over the period.

👥 Houdini Swap team commentary

"The P/F ratio compressed to 3.27x in Q4 2025, reflecting broader market-driven valuation contraction rather than a deterioration in protocol fundamentals. As fees and treasury activity moderated alongside overall market conditions, valuation multiples across DeFi adjusted accordingly.

Despite a softer Q4, 2025 was a strong year for Houdini Swap. Platform usage grew meaningfully year over year, and fee generation remained tied to real demand rather than incentives. The current P/F ratio highlights a lower valuation relative to fee output, positioning the protocol favorably as market conditions normalize.

We view this compression as a period of consolidation rather than a signal of structural weakness, with future expansion driven by renewed volume, product rollout, and sustained usage growth."

7) Definitions

Metrics:

  • Fees: measures the total USD value of fees paid by users across Houdini Swap's cross-chain swap and bridging services on Ethereum.

  • Treasury: measures the quarterly average USD value of assets held by Houdini Swap on Ethereum.

  • Fully diluted market cap: measures the total value of all LOCK tokens at current prices, assuming the maximum supply of 100M tokens is in circulation.

  • Token holders: measures the number of unique wallet addresses holding LOCK tokens on Ethereum.

  • P/F ratio (fully diluted): measures Houdini Swap's fully diluted market cap relative to its annualized fees. A lower ratio suggests the market is pricing the token at a lower multiple relative to fee generation.

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 Houdini Swap Q4 2025 Report dashboard on Token Terminal.