Token Terminal

1) Executive summary
Pendle $PENDLE is a yield-trading project that enables users to tokenize and trade onchain yield via principal tokens (PTs) and yield tokens (YTs). This lets users access fixed-rate yield through PTs, take leveraged exposure to future yield through YTs, provide liquidity, and trade yield across different assets, chains, and maturities.
Since launching in 2021, Pendle has expanded from its core yield tokenization product into a broader suite that includes an order-book-based Limit Order system and Boros. The core Pendle app is organized around yield markets such as stablecoins, synthetic dollars, BTC, ETH, RWAs, and ecosystem-specific assets, while Boros extends the model into margin-based rate trading across crypto and non-crypto assets.
Q1 2026 extended the normalization that began in Q4 2025, but with a sharper decline in capital, monetization, and active users. Notional trading volume was more resilient than fees and revenue, and the product mix shifted materially toward Boros, Pendle's margin-based rate trading platform. The quarter also marked a transition from Q4's announced roadmap to execution, with sPENDLE live, USDG added to Pendle's stablecoin market set, issuer-led stablecoin markets becoming a more visible growth theme, and Boros becoming Pendle's largest product by volume.
🔑 Key metrics (Q1 2026)
Total value locked: $2.57 billion (-48.08% QoQ, -45.55% YoY)Notional trading volume: $10.66 billion (-33.62% QoQ, +26.95% YoY)Fees: $2.93 million (-63.58% QoQ, -74.22% YoY)Revenue: $2.91 million (-62.93% QoQ, -73.72% YoY)Monthly active users: 12.1 thousand (-71.53% QoQ, -62.88% YoY)
📌 Highlights (Q1 2026)
Pendle introduced sPENDLE in January 2026, moving the Q4-announced vePENDLE replacement into production.USDG launched on Pendle in March 2026, adding a regulated stablecoin issued by Paxos to Pendle's stablecoin yield markesPendle continued to expand Boros beyond crypto-native funding rates, with market coverage extending into commodity-linked, metals, and equity-index-linked rate categories.Boros accounted for the majority of Q1 notional trading volume, becoming Pendle's largest product by volume.
👥 Pendle team commentary
"RWA has been the dominant story of the quarter for both V2 and Boros.
For V2, RWA has been the biggest driver of liquidity and volume. USDG, for instance, was a successful showcase of how institutional, regulated assets can grow with Pendle. The pool is now at $230M+ TVL on Pendle, with Pendle holding ~40% of their total supply on Ethereum. PT looping remains one of the best risk/reward plays in crypto, offering the only large-scale leveraged fixed yield exposure in DeFi, bringing up USDG’s modest 4-5% APY to upwards of 20%.
Another big RWA story was STRC yield coins, with this category now totalling close to $500M at time of writing. The 2 biggest protocols, APYX and Saturn, have Pendle as the main driver for their growth. Pendle holds >$76% of APYX’s TVL and >52% of Saturn’s. Most users are also onboarded via Pendle, with there being more users holding Pendle-derivative of STRC assets, than the underlying APYX and Saturn assets themselves. Interestingly, Pendle now holds ~3% of total STRC market cap through our STRC markets.
For Boros, RWAs also dominated the story, with crude oil markets in particular forming an essential part of many users’ strategy looking to run the backwardation arbitrage strategy as a result of the war and massive supply shock, with Boros offering an avenue for them to fix their funding rate payment. This was a display of how Boros and Pendle could fit into the wider global financial economy, with users straddling strategies across Boros, Hyperliquid and CME/Robinhood."
2) Total value locked
Total value locked (TVL) measures the total USD value of yield-bearing assets deposited into Pendle's markets across all chains. Q1 TVL averaged $2.57 billion, down 48.08% from Q4's $4.95 billion and down 45.55% from Q1 2025's $4.72 billion.
The decline followed a volatile 2025 in which TVL averaged $8.48 billion in Q3 before falling to $4.95 billion in Q4. Q1 represented a further contraction in capital deployed to Pendle markets, with average TVL moving below every prior quarter over the past year. Within that lower aggregate base, new stablecoin and synthetic-dollar markets remained strategically important because they connect Pendle's fixed-yield products to issuer distribution and treasury-use cases.
Ethereum remained the largest chain by TVL, accounting for 45.57% of Q1 TVL. Plasma accounted for 37.49%, up from 17.88% in Q4, while Arbitrum One accounted for 12.27%, up from 8.73%. HyperEVM's share fell to 2.93% from 11.37% in Q4.
Compared with Q1 2025, Pendle's TVL distribution became materially less Ethereum-concentrated. Ethereum's share declined from 92.63% to 45.57%, while Plasma and Arbitrum One became the largest non-Ethereum contributors.
USDG launched on Pendle in March and reached $94.97 million in TVL by March 31. Its TVL continued to grow in Q2, moving above $125 million in late April, highlighting issuer-led stablecoin markets as a growth area within Pendle's broader TVL base.
👥 Pendle team commentary
"TVL contracted across Q1 against a difficult external backdrop. Deteriorating macroeconomic conditions tied to the ongoing conflict, combined with several high-profile DeFi hacks, dampened risk appetite broadly and reduced inflows into leveraged yield strategies. The Kelp compromise in particular drove Aave borrow rates higher, making PT looping less attractive on a net basis and compressing demand from one of the protocol's most active user segments. These were largely external headwinds rather than signals of weakening product-market fit. What the quarter demonstrated was Pendle's ability to find new PMF even in adverse market conditions. Boros became the primary venue for users seeking to fix their funding rate exposure on crude oil as the supply shock drove backwardation, attracting a category of participants that had no prior on-chain yield trading relationship. On the V2 side, USDG and the STRC ecosystem both gained meaningful ground in the latter part of the quarter, with institutional RWA assets increasingly treating Pendle as their primary liquidity and distribution layer. These are proof points rather than outliers, and the path forward for TVL recovery runs through continuing to onboard institutional-grade assets that bring sticky, less volatile capital with them.
Arbitrum's TVL share growth in Q1 is primarily V2-driven, reflecting continued cross-chain PT activity rather than Boros margin collateral, which does not contribute directly to TVL figures. Volume on Arbitrum, however, will increasingly come from both. Boros is built natively on Arbitrum, and as the market roster expands to cover RWA commodities, equities, and broader macro rates, Arbitrum becomes the only venue in DeFi where users can fix their funding rate exposure across this range of assets. On the V2 side, the roadmap toward one-click cross-chain PT looping will allow PTs native to one chain to be used as collateral on Arbitrum money markets directly, turning Pendle PTs into universal yield assets unconstrained by their chain of origin and deepening Arbitrum's role as a hub for both yield tokenization and rates trading."
3) Notional trading volume
Notional trading volume measures the total USD value of all trading activity across Pendle's AMM, Limit Order, and Boros products. Q1 notional trading volume totaled $10.66 billion, down 33.62% from Q4's $16.06 billion but up 26.95% from Q1 2025's $8.40 billion.
Volume declined from the Q3 2025 peak of $24.17 billion and from Q4, but remained above the year-ago period. This made trading volume more resilient than TVL, fees, revenue, and monthly active users on a YoY basis.
Boros accounted for 70.31% of Q1 notional trading volume, up from 31.60% in Q4. Pendle AMM accounted for 16.38%, down from 42.92%, while Pendle Limit Order accounted for 13.32%, down from 25.48%.
Over the past year, this was Pendle's most significant product mix shift. Boros moved from a 7.71% share in Q3 2025, to 31.60% in Q4, to 70.31% in Q1 2026.
Boros notional trading volume measures the total USD value of trades executed through Pendle's margin-based rate trading product. Boros volume totaled $7.50 billion in Q1, up 47.71% from Q4's $5.08 billion. All-time cumulative Boros volume since launch reached $14.44 billion by the end of Q1.
Boros is organized around rate views rather than spot asset exposure. Users can express long or short views on implied versus underlying rates across assets, exchanges, and maturities, with the product experience guiding users toward strategy selection rather than simply listing markets. This positioning helps explain why Boros can expand from crypto funding rates into broader rate categories such as oil, metals, and equity-index-linked markets without changing the core user job: pricing, hedging, or speculating on a rate.
Oil is a useful example of the broader Boros thesis: rate markets do not need to be limited to crypto-native funding rates, particularly where macro or geopolitical events create demand for hedging and directional exposure.
👥 Pendle team commentary
"Boros' growth reflects a broadening of the user base as more participants discover what the platform can do. The crude oil backwardation trade was the most visible example of this in Q1. Events like this accelerate adoption because they demonstrate a concrete, real-money use case to a category of participants who might never have been aware of such a function.
Boros is best understood as both an extension of Pendle's yield trading offering, AND a standalone rates venue that attracts participants with no prior V2 relationship. The expansion into oil, metals, and index-linked markets makes concrete how geopolitical events that create sudden supply shocks, such as the Strait of Hormuz crisis, produce immediate funding rate dislocations in commodity perp markets that traders need to manage.
Boros is currently the ONLY venue where they can fix that exposure, and events like these demonstrate in real time why that matters. As the perp market continues to expand into commodities and equities more broadly, Boros benefits structurally. Every new perp market that emerges is a new pool of floating rate exposure that participants will eventually want to manage. The Boros OTC Desk deepens this further, giving institutions the ability to execute large, structured hedges at size that would be difficult to place through the AMM alone. Institutions are already using it regularly to manage their funding rate exposure across multi-leg strategies, and as the asset roster grows to cover a broader range of commodity and equity perps, the OTC Desk becomes an increasingly important on-ramp for participants whose position sizes demand it."
4) Fees
Fees measure the total USD value of fees paid by users across Pendle's products. Q1 fees totaled $2.93 million, down 63.58% from Q4's $8.04m and down 74.22% from Q1 2025's $11.35 million.
The fee decline was sharper than the notional volume decline. Q1 volume was above the year-ago period, while fees were materially below Q1 2025, indicating that the quarter's product and market mix generated less fee capture per unit of notional activity.
Yield Tokenization accounted for 68.82% of Q1 fees, up from 40.84% in Q4. vePendle accounted for 16.69%, down from 36.36%. Boros accounted for 7.54%, up from 2.41%, while Limit Order and AMM accounted for 4.70% and 2.26%, respectively.
The product mix shows that Boros became the largest volume contributor but remained a smaller fee contributor in Q1. Yield Tokenization continued to account for the majority of fees, making stablecoin and RWA fixed-yield markets important to Pendle's monetization even as Boros drove the largest share of notional activity. AMM and Limit Order fees include swap fees, vePENDLE fees capture a fee on YT yield including points, and Boros fees include swap fees, open-interest fees, and operational fees.
👥 Pendle team commentary
"Fee contraction in Q1 followed directly from TVL compression as a direct impact from macro headwinds, with yield fee accrual scaling down alongside. Interestingly since the launch of the Algorithmic Incentive Module (AIM) in Q1, the protocol has averaged 2.05x fee efficiency, rising to 2.73x following the introduction of LO incentives, meaning each dollar of PENDLE incentive deployed is generating an increasing return in fees. Emissions themselves fell from 73,311 PENDLE per week at the sPENDLE launch in January to 37,316 per week by May, while the buyback program removed 99,773 PENDLE from circulating supply per week on average over the same period. The net shift is approximately 135,700 PENDLE per week, or roughly 7 million per year, moving from net issuance to net reduction. The protocol is generating fees more efficiently while simultaneously reducing supply, which means the recovery in TVL and fees will compound into a meaningfully different token dynamic than prior cycles."
5) Revenue
Revenue measures the total USD value of fees retained by Pendle after distributing 20% of AMM fees to liquidity providers. Q1 revenue totaled $2.91 million, down 62.93% from Q4's $7.86 million and down 73.72% from Q1 2025's $11.08 million.
Revenue moved broadly in line with fees during the quarter. Q1 revenue represented 99.52% of fees, compared with 97.77% in Q4 and 97.63% in Q1 2025.
Yield Tokenization accounted for 69.13% of Q1 revenue, up from 41.78% in Q4. vePendle accounted for 16.76%, down from 37.19%. Boros accounted for 7.58%, up from 2.46%, followed by Limit Order at 4.72% and AMM at 1.81%.
The revenue breakdown closely mirrored the fee breakdown. Q1 revenue remained concentrated in Yield Tokenization despite Boros' majority share of trading volume. Following the sPENDLE transition, up to 80% of protocol revenue is used for PENDLE buybacks and distributed to sPENDLE holders.
👥 Pendle team commentary
"Revenue contraction in Q1 followed the same path as fees, with lower TVL compressing yield fee accrual across the protocol. The launch of sPENDLE fundamentally changed who benefits from protocol revenue and how. Under vePENDLE, value accrual was concentrated among sophisticated voters who understood how to optimize their lock positions and voting allocations, creating a system where returns were meaningfully skewed toward those with the time and knowledge to navigate it. sPENDLE socializes that distribution, making fee income and buyback rewards accessible to any holder without requiring them to understand voting mechanics, lock durations, or gauge strategy. The practical effect is that the team can now focus entirely on growing Pendle and improving the product, rather than spending energy educating users on a governance system that was a prerequisite for participation. Revenue growth becomes a simple, shared outcome.
Boros at 7.58% of revenue reflects where the product is in its adoption curve rather than its ceiling. The team is actively working to onboard more institutional participants through the OTC Desk, and the pipeline of new markets across commodities, equities, and broader macro rates means Boros is positioned to grow alongside the perp market itself. As institutional flow through the OTC Desk increases and the asset roster deepens, Boros' share of protocol revenue should grow materially. The potential TAM is categorically larger than V2, ultimately addressable to any rate or yield in the world, including RWA rates directly. Interest rates on tokenized treasuries, financing rates on real-world equity, commodity carry, and on-chain credit yields are all within scope as the infrastructure matures. The vision is for Boros to become the default venue for anyone who needs to manage and speculate floating rate exposure, regardless of where that rate originates, on-chain or off."
6) Monthly active users
Monthly active users (MAU) measures unique wallet addresses that interacted with Pendle products within a 30-day rolling window. Q1 MAU averaged 12.1 thousand, down 71.53% from Q4's 42.5 thousand and down 62.88% from Q1 2025's 32.6 thousand.
MAU was Pendle's steepest declining headline metric in Q1. Activity fell below every prior quarter over the past year, after Q4 2025 had reached the period high at 42.5 thousand. The decline gives added importance to product work that reduces market-selection friction, including cross-chain PT access, Limit Order workflows, and AI-native interfaces for yield discovery and trade construction.
Ethereum accounted for 39.08% of Q1 MAU, followed by Arbitrum One at 20.67%, Plasma at 18.87%, HyperEVM at 12.87%, Base at 6.51%, BNB Chain at 1.62%, Berachain at 0.23%, and Sonic at 0.16%.
Compared with Q4, Plasma's MAU share increased from 12.60% to 18.87%, and Base increased from 4.71% to 6.51%. Ethereum, Arbitrum One, and HyperEVM each lost share.
👥 Pendle team commentary
"PT looping and fixed yield positioning have always been the domain of institutions and larger allocators, for whom a reliable fixed return is evergreen regardless of market conditions. Retail users, who tend to gravitate toward higher-risk yield speculation strategies, naturally pull back during adverse macro environments, and Q1 provided plenty of reason to do so.
The more interesting question is how to make that fixed yield proposition compelling to retail across all market conditions. A 4-8% fixed APY in isolation is a hard sell to a retail user with higher return expectations, but one-click access to a leveraged fixed yield position generating 20% APY with minimal ongoing maintenance is a different conversation entirely. That is what the one-click PT looping roadmap is designed to unlock, collapsing a multi-step strategy that currently requires technical fluency into a single accessible action. AI compounds this further. Even in a bear market, there are always favorable risk-reward scenarios on Pendle for users who know where to look, and an AI layer that can surface those opportunities, size them correctly, and execute without requiring the user to navigate the product manually changes the calculus for retail participation significantly. The combination of simpler product features and intelligent automation is what makes retail resilience through the next downturn a realistic outcome rather than an aspiration. "
7) Outlook
Pendle's next phase will likely be shaped by how effectively it expands the market surface for tradable yield. RWA and institutional-grade assets became a more important part of that story in Q1, with USDG showing how regulated stablecoin issuers can use Pendle as a liquidity and distribution venue, and STRC-linked yield coins extending the same pattern into tokenized treasury exposure. The path to TVL recovery is therefore less about restoring the same risk-on flows that drove earlier cycles, and more about onboarding assets that can bring stickier capital and recurring fixed-yield demand.
Boros is the clearest expression of Pendle's expansion beyond spot yield tokenization. Q1 showed that the product can serve users who want to manage floating-rate exposure in markets that are not purely crypto-native, with crude oil standing out as a practical example of how commodity supply shocks can create demand for fixed funding-rate exposure. As more perp markets emerge across commodities, equities, and broader macro rates, Boros can grow as a rates venue alongside them, while the OTC Desk gives larger participants a path to execute structured hedges that are difficult to place through an AMM alone.
Product simplification is the other major outlook theme. One-click PT looping would make leveraged fixed-yield strategies easier to access, while cross-chain PT collateral could turn Pendle PTs into more portable yield assets across money markets. The January 2026 sPENDLE launch also changed how protocol revenue is distributed, and planned AI-native product improvements could make Pendle's growing market surface easier to navigate by surfacing, sizing, and executing yield opportunities with less manual product knowledge from the user.
8) Definitions
Products
Yield Tokenization: Pendle's core product that splits yield-bearing tokens into principal tokens (PTs) and yield tokens (YTs), enabling users to trade future yield.AMM: Pendle's automated market maker optimized for trading PTs and YTs with minimal slippage.Limit Order: Order-book-based system enabling users to set specific price targets for PT and YT trades.Boros: Pendle's margin-based rate trading platform. Boros enables users to express long or short views on rates, including funding-rate exposures, and is designed to expand to other yield and rate categories.sPENDLE: Staked PENDLE token that replaced vePENDLE. sPENDLE can be unstaked after a 14-day withdrawal period or immediately with an instant redemption fee, and eligible holders can receive protocol rewards.USDG: A stablecoin issued by Paxos, designed for payments, settlement, and treasury use cases and is redeemable 1:1 for US dollars.
Metrics
Total value locked: measures the total USD value of assets deposited in Pendle's liquidity pools across all chains.Notional trading volume: measures the total USD value of trades executed across Pendle's AMM, Limit Order, and Boros products.Fees: measures the total USD value of fees generated across all Pendle products.Revenue: measures the total USD value of fees retained by Pendle and distributed to vePENDLE/sPENDLE holders, treasury, and operations.Monthly active users: measures unique wallet addresses that interacted with Pendle products within a 30-day rolling window.
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 Pendle Q1 2026 Report dashboard on Token Terminal.

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Aave $AAVE es el proyecto de préstamos dominante de DeFi, operando mercados descentralizados donde los usuarios suministran activos para ganar rendimiento y los prestatarios acceden a préstamos sobrecolateralizados. El proyecto gestiona los parámetros de riesgo directamente a través de la gobernanza, ofreciendo un enfoque probado en batalla para el préstamo descentralizado con más de cinco años de historia operativa. Desde su lanzamiento en 2020, Aave ha progresado hacia una mayor eficiencia de capital, segmentación de riesgos y expansión multichain a través de tres versiones principales, con V4 esperada para finales de 2026.

1) Resumen ejecutivo
TRON $TRX es una blockchain de Capa 1 diseñada para transacciones rápidas y de bajo costo. La red utiliza un mecanismo de consenso de Prueba de Participación Delegada, donde 27 Super Representantes elegidos validan transacciones y gobiernan los parámetros de la red a través de propuestas comunitarias. Los usuarios pueden bloquear TRX (el token nativo de TRON) para cubrir los costos de transacción en lugar de pagar tarifas de gas por transacción, lo que hace que la red sea particularmente adecuada para transferencias de alto volumen y bajo valor. TRON alberga uno de los ecosistemas de stablecoin más grandes en cripto y se ha establecido como una capa de liquidación importante para las transferencias de USDT, particularmente para pagos de tamaño minorista.

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Aethir $ATH es un proyecto de infraestructura descentralizada que opera una red de GPU como servicio, conectando proveedores de GPU (Anfitriones en la Nube) con clientes empresariales que necesitan computación de alto rendimiento para entrenamiento de IA, inferencia, gaming y otras cargas de trabajo intensivas en GPU. Las operaciones centrales de la red se ejecutan en Arbitrum, donde los Anfitriones en la Nube apuestan tokens ATH para operar contenedores de GPU y ganar tarifas de contratos de computación empresarial, con ATH también disponible en Ethereum. La infraestructura de Aethir abarca más de 440,000 contenedores de GPU en 94 países, incluyendo hardware NVIDIA H100, H200 y B200. A diferencia de los proveedores de nube tradicionales, el modelo de Aethir es de propiedad comunitaria: los Anfitriones en la Nube independientes suministran y operan el hardware, mientras que el proyecto coordina la búsqueda de coincidencias, aseguramiento de calidad (a través de Nodos Verificadores) y facturación.

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dYdX $DYDX es un intercambio de derivados descentralizado que opera en su propia cadena de bloques de Capa 1 construida a medida (dYdX Chain, V4), construida utilizando la arquitectura del Cosmos SDK. El proyecto ofrece negociaciones de futuros perpetuos con listados de mercado sin permisos, liquidez profunda a través de su sistema MegaVault y tipos de órdenes avanzados diseñados para competir con la infraestructura de intercambios centralizados. dYdX también mantiene un despliegue legado V3 en Ethereum, aunque la mayoría de la actividad se ha migrado a V4.
El cuarto trimestre de 2025 presentó una imagen mixta en las métricas clave de dYdX. El volumen de negociación nominal creció por segundo trimestre consecutivo, con el cuarto trimestre marcando el trimestre más fuerte de 2025. Sin embargo, esta recuperación en la actividad de negociación no se tradujo en una generación proporcional de tarifas, con tarifas que continuaron disminuyendo tanto trimestral como anualmente. El TVL y los usuarios activos mensuales también cayeron tanto en base trimestral como anual, aunque los MAU se mantuvieron relativamente estables durante todo el año.

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Aave $AAVE es el proyecto de préstamos dominante en DeFi, operando mercados descentralizados donde los usuarios proporcionan activos para ganar rendimiento y los prestatarios acceden a préstamos sobrecolateralizados. El proyecto gestiona parámetros de riesgo directamente a través de la gobernanza, ofreciendo un enfoque probado en batalla para el préstamo descentralizado con más de cinco años de historia operativa. Desde su lanzamiento en 2020, Aave ha evolucionado hacia una mayor eficiencia de capital, segmentación de riesgos y expansión multichain a través de tres versiones principales, con V4 esperada para finales de 2026.

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Solv Protocol $SOLV es una reserva de Bitcoin en cadena que permite a los usuarios ganar rendimientos en BTC mientras preservan la liquidez y la composibilidad a través de DeFi, CeFi y carriles institucionales.
Los usuarios depositan BTC y reciben SolvBTC (respaldado 1:1), un activo universal de Bitcoin diseñado para ser componible y utilizado en múltiples ecosistemas. En la práctica, SolvBTC se ha convertido en una capa central de liquidez y colateral, incluso en BNB Chain, donde SolvBTC.BNB está integrado en los principales lugares de DeFi de BNB. Para la exposición a rendimientos, SolvBTC puede convertirse en posiciones generadoras de rendimiento (por ejemplo, xSolvBTC) que se dirigen a estrategias diversificadas en préstamos/mercados DeFi y ecosistemas de seguridad de BTC.

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Euler $EUL es un proyecto de préstamo modular construido alrededor del Kit de Bóveda de Euler (EVK), que permite la creación sin permisos de mercados de préstamo aislados con parámetros de riesgo personalizables. Cada bóveda opera de manera independiente, lo que significa que los riesgos están contenidos en lugar de compartidos a través de un fondo monolítico. La arquitectura actual V2 (lanzada en 2024) conecta bóvedas a través del Conector de Bóveda de Ethereum (EVC), permitiendo a los usuarios usar colateral en una bóveda para pedir prestado de otra mientras se mantienen perfiles de riesgo aislados.

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Ether.fi $ETHFI es un proyecto de staking líquido y DeFi que permite a los usuarios stakear activos, acceder a estrategias de rendimiento automatizadas y gastar contra sus tenencias cripto. Los usuarios pueden stakear ETH, BTC o ETHFI para recibir tokens derivados líquidos que generan rendimientos de staking, depositar en bóvedas líquidas que asignan a protocolos DeFi para optimizar el rendimiento, o usar Ether.fi Cash para pedir prestado contra su colateral cripto para compras del mundo real a través de una tarjeta de crédito Visa liquidada en Scroll.
El cuarto trimestre de 2025 mostró tendencias divergentes en las líneas de productos de Ether.fi. Las métricas de staking central moderaron trimestre tras trimestre, con TVL, tarifas e ingresos todos disminuyendo desde los niveles del tercer trimestre. Sin embargo, las tres métricas crecieron año tras año, con ingresos mostrando el crecimiento anual más fuerte. Ether.fi Cash alcanzó máximos históricos tanto en volumen de gasto como en actividad de usuarios, con el volumen de gasto trimestral más que duplicándose y el volumen acumulado de 2025 superando los $184m al final del año. Los usuarios activos mensuales crecieron drásticamente tanto trimestre tras trimestre como año tras año, aumentando casi 9 veces desde el cuarto trimestre de 2024, impulsados casi en su totalidad por la adopción de Ether.fi Cash.