Rango outperformed the broader DEX aggregator market with $538 million in quarterly swap volume. This marks its strongest quarter in absolute volume growth since launch, and demonstrates growing demand for multichain routing infrastructure.
Rango processed approximately 914,300 transactions in Q1. Solana contributed the largest share among source chains, accounting for 41.3% of all transactions and over 377,600 in total.
Rango’s daily active addresses rose by 70.5% QoQ to over 7,100. This was largely driven by an increase in user activity on popular chains like Solana, BNB Smart Chain, and Ethereum.
Rango expanded its integration footprint during the quarter and now supports over 70 chains, 97 DEXs, and 23 cross-chain bridges. New integrations during the quarter included networks such as TON and Taiko, as well as DEXs and aggregators.
Rango launched a public leaderboard in Q1 2025 to track user swap volumes and campaign participation. The platform enables users to monitor their performance against peers and assess eligibility for future incentives, including airdrops and rewards from exclusive campaigns.
Primer
Rango Exchange is a cross-chain decentralized exchange (DEX) and bridge aggregator launched in August 2021. It facilitates asset swaps across a fragmented blockchain ecosystem by integrating with both onchain DEXs and cross-chain bridges. The platform operates through an API, SDK, and widget interface that abstracts complexity for end-users. Furthermore, Rango automatically determines the most efficient swap route based on price, slippage, gas costs, and transaction success probability to enable seamless movement of assets across supported blockchains.
At the core of Rango’s infrastructure is a proprietary routing engine that is chain-agnostic and capable of executing swaps across both EVM and non-EVM chains. Furthermore, the routing engine is able to interact with varying types of protocols such as Request-For-Quote (RFQ), Burn/Mint, Cross-chain Liquidity Pools, IBC, and several others. This enables Rango Exchange to source liquidity from a wide range of options. In addition, Rango has deployed approximately 300 smart contracts across 24 blockchains, which coordinate token custody, transaction execution, and protocol messaging across chains.
Rango’s modular architecture is built on the EIP-2535 Diamond standard, allowing smart contracts to be split into upgradable facets that handle functions like swapping, bridging, and routing. Middleware contracts complement this by orchestrating cross-chain transfers, managing asset flows, and interacting with bridge protocols. This design aims to ensure extensibility, minimize contract size constraints, and simplify the addition of new networks or integrations.
Decentralized exchanges saw a notable uptick in swap volumes during Q1 2025, fueled in part by memecoins like TRUMP and MELANIA that surged in mid-January. DEX aggregators benefited from this increased market activity, with average volumes increasing 46.5% QoQ. Rango Exchange outpaced the broader trend and recorded a 114.7% QoQ increase to over $538 million in total swap volume.
Across DEX aggregators, overall swap activity remained highly concentrated in a few high-traffic chains. Solana led all source chains with $256.0 million in volume, accounting for 47.6% of Rango’s total. Ethereum (24.7%), BNB Smart Chain (9.4%), Base (6.7%), and Arbitrum (3.8%) followed, with these five chains collectively contributing over 92.0% of onchain volume.
Volume by Supported Protocols
Protocol volume refers to the portion of Rango's total transaction volume routed through integrated third-party protocols, including cross-chain bridges and DEX aggregators. In Q1 2025, protocol volume reached approximately $291 million, a 128.4% QoQ increase.
Growth was driven primarily by Mayan Finance, a Solana-based cross-chain protocol, which processed $113.4 million in swaps. In its first full quarter of integration, Mayan alone accounted for nearly 39% of total protocol volume, which reflected surging demand for Solana-native bridging during the quarter and favorable rates on the platform.
Among DEX aggregators, 1inch routed approximately $48.9 million in volume, a 66% QoQ increase, while Solana-native aggregator Jupiter contributed $36.0 million. Cross-chain bridges saw more moderate growth: Across processed $20.0 million in volume (up 26% QoQ), and Stargate handled $18.0 million (up 4% QoQ).
Cumulative Transaction Volume
Since launching in 2021, Rango has processed over $3.5 billion in cumulative swap volume across its supported chains. Cumulative volume grew 16.5% QoQ in Q1 2025, marking the platform’s strongest quarter for absolute volume growth since launch. The growth was supported by increased cross-chain activity on Solana, Ethereum, and Binance Smart Chain, along with broader adoption of Rango’s multichain routing infrastructure.
Transaction Activity
Daily Transactions by Source Chain
Rango saw a significant increase in transaction activity during Q1 2025. Total transactions grew 73.6% QoQ to approximately 914,300. Meanwhile, average daily transactions rose from about 5,700 in Q4 2024 to around 10,200 in Q1. The largest shares of this activity came from Solana (41.3%) and BNB Smart Chain (22.6%), with Solana’s share of total transactions across all chains increasing by 10.6 percentage points.
Daily Transactions via Supported Protocols
In Q1 2025, Rango Exchange routed approximately 608,000 transactions through its integrated protocols, a 77.7% increase from around 342,200 transactions in the previous quarter. The platform currently supports over 60 protocols for cross-chain swaps and DEX routing.
During the quarter, Mayan Finance accounted for the largest share of transactions at 29.1%, totaling over 178,300 transactions. This was followed by Jupiter with 10.9%, Across with 7.3%, and Stargate with 6.7%. Combined, these four protocols contributed to over half of all protocol activity on Rango, with the remaining 45.9% of transactions spread across numerous other protocols.
Daily Active Addresses
During Q1 2025, an average of over 7,100 active addresses interacted with Rango Exchange each day. This represents a 70.5% increase from Q4 2024, when the daily average was approximately 4,200. It is worth noting that these figures do not account for the potential overlap of addresses across chains.
The majority of daily active addresses originated from Solana (31.6%) and Binance Smart Chain (24.5%). A breakdown of QoQ changes shows growth across the top five chains by daily active addresses:
Solana – 2,401 daily active addresses (127.5%)
Binance Smart Chain – 1,862 daily active addresses (112.6%)
Ethereum – 761 daily active addresses (175.6%)
Base – 708 daily active addresses (15.9%)
Arbitrum – 384 daily active addresses (10.8%)
The growth in daily active addresses reflects increased user activity across multiple blockchains, with Solana showing the highest relative growth. This trend corresponds with the platform’s rising transactions and swap volumes on Solana-based protocols.
Qualitative Analysis
Partnerships and Integrations
In Q1 2025, Rango Exchange expanded its ecosystem through a series of targeted partnerships and integrations. These initiatives served multiple strategic objectives, such as enhancing user accessibility through wallet and UI integrations, improving swap efficiency via optimized routing paths, expanding liquidity coverage by connecting to additional DEXs and bridges, and deepening support for emerging blockchain ecosystems.
DEXs and DEX Aggregators
SushiSwap: an established DEX and DeFi protocol built on Ethereum. The integration included support for SushiSwap on Base and Arbitrum, as well as its aggregator on Ethereum, Base, Arbitrum, and BSC. This added deeper liquidity across these chains, improving swap efficiency and pricing for supported assets.
KyberSwap: a multichain DEX aggregator that Rango integrated to improve routing efficiency and liquidity options through KyberSwap’s Uni V3 liquidity pools on Linea.
Gasp: a DEX and optimistic rollup with omnichain connectivity that enables “gas-free” cross-chain swaps. In March 2025, Rango partnered with Gasp to enhance the security and efficiency of same-chain and cross-chain routing. This aims to improve the overall reliability and usability of asset transfers across supported chains.
Empseal: a DEX aggregator that integrated Rango’s API to enable cross-chain swaps and deliver a more seamless user experience via the Rango Exchange interface.
LeoDEX: a DEX aggregator that facilitates cross-chain swaps across ThorChain, Maya Protocol, and Chainflip. In March 2025, it integrated Rango’s SDK to broaden blockchain compatibility and enhance cross-chain trading functionality, improving liquidity access and interoperability for its users.
Layer-1s and Rollups
TON: a Layer-1 blockchain built for mass adoption and closely integrated with Telegram. Rango integrated TON to extend interoperability to the TON ecosystem, incorporating CoffeeSwap for onchain swaps and SWFT Bridge for cross-chain transfers.
Zora: an Ethereum-based SocialFi platform and Layer-2 built on OP Stack. Rango integrated Zora to enhance interoperability by enabling asset transfers to and from the Zora network, with support for bridges like Across, Relay, and Orbiter, as well as Uniswap V3 for onchain swaps.
Taiko: a Type 1 ZK-EVM that offers a decentralized and Ethereum-equivalent ZK-Rollup solution. The integration connects Taiko’s Layer-2 environment to Rango’s cross-chain infrastructure to enable asset swaps between Taiko and other supported chains.
Wallets
Exodus Wallet: a non-custodial wallet supported on both desktop and mobile devices. In Q1 2025, Exodus adopted Rango’s API to receive in-wallet swaps and bridging options through the platform.
Biorbank: a non-custodial wallet and banking app that adopted Rango's SDK to offer direct multichain swaps within its platform.
Telegram Mini-App
Nomis Protocol: A reputation protocol that utilizes users’ onchain data to assign reputation scores to their wallets. In February 2025, Rango was integrated into Nomis' Telegram mini app (NomisAppBot), which enables users to access cross-chain swaps and bridging functionality directly within the app. As part of the integration, users received a 30-point score boost on Nomis and could mint their multichain score via Nomis’ ScoreFront to unlock a special role in Rango’s Discord community.
Widget Integration
Rango provides a pre-built, customizable, and embeddable widget that enables platforms to easily integrate cross-chain swap functionality. The widget is designed for a seamless user experience and allows projects to incorporate Rango’s multichain infrastructure with minimal development effort. In Q1 2025, Coin360 integrated the Rango Widget to offer cross-chain swaps within its platform.
Rango Ambassador Program
In January 2025, Rango Exchange launched its Ambassador Program to support global community growth and user adoption. Rango Exchange Ambassadors are expected to engage their networks, create educational content, and provide feedback to the core team. In return, ambassadors will receive early access to product updates and events, and are eligible for future rewards based on their contributions. By the end of Q1 2025, Rango had received over 750 applications and was actively reviewing candidates.
Public Leaderboard
In Q1 2025, Rango Exchange introduced a public leaderboard to track users’ swap activity. The leaderboard enables users to monitor their performance relative to others and assess their potential eligibility for future incentive programs like airdrops. Rango’s affiliate program is also integrated into the platform and enables users to earn 50.0% of Rango’s transaction fees from swaps executed by their referred users on supported networks. A separate referral leaderboard tracks top contributors based on the volume and activity of referred transactions. This competitive element is designed to gamify user participation and drive growth of the referral network.
As part of its leaderboard initiative, Rango launched the Scroll Campaign in late March 2025 to incentivize cross-chain activity involving the Scroll network. The campaign ranked participants based on the total volume of swaps either from any chain to Scroll or on Scroll, with each qualifying swap requiring a minimum value of $10. Prizes were allocated based on overall platform transaction volume, with a maximum potential prize pool of $10,000. The campaign concluded on April 8, 2025, with a total of $3,000 distributed among 50 winners, including both top-ranking participants and randomly selected eligible users.
RANGO Tokenomics Update
Rango Exchange plans to launch the RANGO token in 2025, which will function as both a governance mechanism and a community incentive. In Q1 2025, the platform revised its airdrop allocation, increasing it from 5.0% to 8.0% of the total token supply to enhance user rewards. Of this updated allocation, 2.0% is designated for participants in previous campaigns, while the remaining 6.0% will be distributed through ongoing and forthcoming initiatives. More details on RANGO tokenomics are expected to be released closer to the launch date.
Campaigns and Initiatives
Meme Competition
Rango hosted a meme competition in February 2025 as part of its ongoing community engagement efforts. The campaign invited users to create and share Rango-themed memes on social media platforms. To participate, users were required to follow Rango on X, join its Discord server, and post their submissions using designated hashtags and channels. The initiative featured a $5,000 prize pool, with $500 awarded to each of the ten selected participants.
Rango Zealy Quest
In Q1 2025, Rango expanded its presence on quest-based engagement platforms by launching a campaign on Zealy. The initiative was organized into modules, each comprising multiple onchain and offchain tasks. Users earn experience points (XP) that contribute to their position on a public leaderboard and are redeemable for future prizes. The campaign also features “sprints,” which are limited-time challenges with exclusive rewards designed to further increase user participation.
Closing Summary
Rango Exchange strengthened its position as a cross-chain infrastructure provider in Q1 2025, recording its highest quarterly swap volume since launch. The platform processed over $538 million in volume and more than 914,000 transactions, with Solana and BNB Smart Chain contributing a significant share. Integrations with protocols like Mayan Finance, 1inch, and Jupiter supported this growth, and daily active addresses rose 70.5% QoQ to over 7,100.
The quarter also marked continued ecosystem expansion and product-led engagement. Rango introduced a public leaderboard and ran targeted campaigns such as the Scroll incentive program and Zealy Quest to encourage participation and build network effects. It added support for new networks like TON and Taiko, and broadened access through integrations with wallets and Telegram-based applications. With preparations underway for the RANGO token launch, the groundwork laid in Q1 points to a platform evolving in step with the demands of multichain interoperability.
This report was commissioned by Flow Link Limited - Rango Exchange. All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. or the organization that requested the report. The commissioning organization may have input on the content of the report, but Messari maintains editorial control over the final report to retain data accuracy and objectivity. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.
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