Rango recorded $509 million in swap volume during Q2 2025, down 5.4% QoQ following a record-setting Q1. Despite a normalization from the prior quarter’s memecoin-driven surge, volumes remained historically elevated, with Rango closing the quarter as the top bridge aggregator on Bitcoin and Solana.
Rango processed approximately 1.1 million transactions in Q2, a 24% QoQ increase from around 914,000 in Q1. Solana accounted for 40.7% of all transactions, with about 461,000.
Bitcoin emerged as Rango’s third-largest source chain by volume, with transactions increasing 410.9% QoQ to $103 million in Q2. Solana retained its position as Rango’s leading source chain, generating about $160 million in volume during the quarter.
Rango expanded its integration footprint through the addition of multiple L1s, L2s, DEXs, DEX aggregators, wallets, and bridges. New network integrations included Sui, BeraChain, Doge Chain, and White Shark Blockchain, alongside bridge integrations such as Starknet’s StarkGate.
Rango launched the Rango Learning Center to provide technical and educational content for onboarding users and developers, and executed targeted incentive campaigns like the Rango x Linea program and a Zealy Sprint to increase user engagement.
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.
Transaction activity softened slightly in Q2 2025 following a strong start to the year. Aggregate transaction volumes declined marginally, and Rango Exchange recorded a 5.4% QoQ decrease in total volume to $509 million. While the decline contrasts with the 73.6% QoQ growth seen in Q1, volumes remained elevated relative to historical baselines, indicating sustained user engagement despite lower overall market volatility compared to the previous quarter’s memecoin-driven surge.
Solana maintained its position as Rango’s largest source chain, generating approximately $160 million in swap volume for the quarter. Bitcoin emerged as a notable outlier, with transaction volumes increasing 410.9% QoQ from roughly $20.4 million in Q1 to $103 million in Q2. This spike was driven by BTC’s nearly 31.0% increase in circulating market capitalization during the quarter, following a reversal of a dip in early April, which made it a more attractive trading asset. Notably, Rango closed the quarter as top cross-chain aggregator on both Solana and Bitcoin.
Cumulative Transaction Volume
Since launching in 2021, Rango has processed over $4.3 billion in cumulative transaction volume across its supported chains. Cumulative volume increased 13.4% QoQ in Q2 2025, with the average daily volume decreasing 6.5% QoQ to approximately $5.6 million. The steadier flow of activity was supported by sustained volumes on Solana, alongside notable increases from Bitcoin, Ethereum, Base, and Polygon. Growth in these networks helped offset softer activity on BNB Smart Chain and Arbitrum.
Transaction Activity
Daily Transactions by Source Chain
Rango processed approximately 1.1 million transactions in Q2 2025, a 24.0% QoQ increase from around 914,000 in Q1. Average daily transactions increased at a similar rate, from around 10,200 in Q1 to 12,600 in Q2.
Solana remained the leading source chain for transactions with over 461,000 total transactions during the quarter, accounting for 40.7% of all activity. Other leading chains included BNB Smart Chain (17.4%), Ethereum (9.9%), Base (9.5%), Polygon (4.0%), Arbitrum (3.3%), and Bitcoin (2.7%). The remaining 12.6% was distributed across other supported chains, whose collective share rose 5.5% QoQ. This shift was contributed to by declining activity on BNB Smart Chain and Arbitrum, which together represented 27.3% of transactions in the prior quarter.
Daily Transactions via Supported Protocols
Average daily transactions routed through Rango’s supported protocols increased by approximately 20.0% QoQ, rising from about 10,200 in Q1 to 12,400 in Q2. Total routed transactions increased by roughly the same percentage and reached about 1.12 million in Q2.
Jupiter accounted for the largest share of routed activity with about 320,000 routed transactions, or 28.6% of the total amount among supported protocols. It was followed by Across (4.2%), Mayan Finance (4.1%), Stargate (3.7%), and Uniswap Router V3 (2.4%). The remaining 57.0% of routed transactions were distributed among numerous other integrated protocols, reflecting the broad diversity of routing paths within Rango’s multichain infrastructure.
Daily Active Addresses
An average of over 7,600 active addresses interacted with Rango Exchange per day during the quarter. This represents a QoQ increase of about 7.3%, up from approximately 7,100 in Q1 2025. Notably, these figures do not account for the potential overlap of users with multiple addresses across different chains.
Continuing the trend from prior quarters, Solana dominated with 2,598 average daily active addresses and comprised 33.9% of daily address activity. It was followed by BNB Smart Chain, which recorded approximately 1,763 average daily active addresses and comprised 23.0% of average daily active address activity. A breakdown of QoQ changes in activity across the remaining top chains where user activity took place is as follows:
Ethereum – 1,019 average daily active addresses
Base – 781 average daily active addresses
Polygon – 379 average daily active addresses
Arbitrum – 338 average daily active addresses
Bitcoin – 309 average daily active addresses
Growth in activity on Ethereum was notable, with average daily active addresses increasing 33.9% QoQ from about 761 in Q1. This was supported by ETH’s price appreciation, as the asset’s price rose over 30.0% during the quarter from about $1,907 at the start of April to more than $2,488 by the end of June. Outside of these seven networks, all other integrated networks made up about 6.2% of the average daily active address activity during the quarter, with about 476.
Qualitative Analysis
Partnerships and Integrations
In Q2 2025, Rango Exchange continued to expand its footprint through integrations across wallets, L1 and L2 networks, DEXs, and more. These efforts reflect a continued emphasis on cross-chain accessibility and interoperability across ecosystems to create a more seamless and convenient experience for users.
DEXs and DEX Aggregators
LayerOneX – a DEX aiming to create more seamless cross-chain experiences for users that integrated Rango’s Router SDK to enable cross-chain swaps that do not require users to connect their wallets.
Neurobro – an AI-powered trading platform that integrated Rango’s API to enable more seamless cross-chain swaps through its NeuroDEX interface.
Voltrade – a DEX trading competition platform that embedded the Rango widget to support cross-chain swaps directly within its trading page.
Polaris – a smart routing protocol focused on multichain abstraction that added Rango as a route provider to power cross-chain swaps.
Wallets
Slush Wallet – a self-custodial wallet created by Mysten Labs to support the Sui network. Slush wallet integrated Rango to enable swaps from Sui to other blockchains, benefit from Rango’s smart routing feature, and utilize transaction metrics directly within the application’s interface.
Enkrypt Wallet – a multichain self-custodial wallet. It added support for BTC cross-chain swaps using Rango’s infrastructure so users can seamlessly bridge between Bitcoin and EVM chains within Enkrypt’s wallet.
L1 and L2 Networks
Several L1 and L2 networks joined the Rango ecosystem during Q2 2025:
Sui Network – a high-performance L1 that integrated into Rango’s routing engine to enable more seamless bridging and swapping to and from Sui and other chains that are supported by Rango.
Doge Chain – a Proof-of-Work (PoW) chain built around the DOGE memecoin that joined Rango’s supported networks in May by integrating its routing engine.
BeraChain – an EVM-compatible L1 that integrates liquidity provisioning directly into its consensus mechanism to address liquidity and security challenges in DeFi. Berachain integrated with Rango to enhance cross-chain swaps within its ecosystem.
White Shark Blockchain – An L2 built around the White Shark memecoin that integrated Rango’s widget to support in-protocol bridging and swaps.
Bridges
StarkGate – Starknet’s official bridge to transfer ERC-20 tokens to and from Ethereum and Starknet. Rango was integrated into StarGate during the quarter to expand cross-chain functionality by supporting Solana and Bitcoin.
Relay Protocol – Rango integrated the Relay Protocol Bridge to improve routing between Bitcoin, Solana, and EVM chains like Ethereum, Base, and Arbitrum.
Developer Tooling
Notus – a developer toolkit for building with smart accounts that integrated Rango’s API to enable cross-chain swaps and account abstraction features like gasless transactions within applications.
Reputation Protocol
Nomis Protocol – a reputation protocol that utilizes users’ onchain data to assign reputation scores to their wallets. Nomis integrated Rango’s widget to enable “wallet refueling” on its Score page directly within users’ wallets.
Rango Learning Center Launch
Rango Exchange launched the Rango Learning Center during the quarter as a content hub to support the onboarding of users and developers in the crypto industry. Articles span foundational topics like multichain infrastructure, protocol standards, Web3 security, and tips for understanding market trends.
Several publications during the quarter included:
“ERC-7683, Technically Explained” – A technical review of a proposed Ethereum standard for cross-chain intents, with implications for dApp composability and smart routing.
“EIP-7623: Increase Calldata Cost” – An article on Ethereum’s EIP-7623, describing how it raised call data gas costs for certain data-heavy transactions to reduce block size variance, encourage the use of cheaper “blob” storage, and improve network stability while setting the stage for future scalability.
"EIP-2537 Upgrade, Technically Explained" – An overview of EIP-2537, which introduced native BLS12-381 precompiles to Ethereum, bringing 128-bit security and more efficient cryptographic verification to support more scalable, secure, and cost-effective zk-based applications.
Rango Exchange executed two campaigns in Q2 2025 to increase user activity and adoption across supported Layer-2 networks and community platforms.
Rango x Linea Campaign
Rango partnered with Linea to run a campaign between May 12 and May 26 to incentivize users to complete cross-chain transactions from any supported chain to Linea. The initiative recorded over 60,000 transactions from approximately 2,800 unique participants. A $10,000 prize pool was distributed to top users based on transaction volume, with contributors and randomly selected users receiving rewards.
Zealy Sprint
Rango conducted a Zealy Sprint between June 16 and 20, where users completed quests and competed for a $1,500 USDT prize pool. The campaign included quest-based tasks organized into modules requiring users to complete onchain and offchain tasks to earn experience points (XP) that contribute to their position on a public leaderboard. A total of 33 winners were selected based on task completion and leaderboard ranking.
Closing Summary
Rango maintained its position as the leading cross-chain aggregator on Bitcoin and Solana in Q2 2025, despite a modest 5.4% QoQ decline in swap volume to $509 million. Transaction activity rose 24% to approximately 1.1 million, with Solana retaining its lead by transaction share and Bitcoin emerging as the third-largest source chain by volume following a 410.9% QoQ increase. Growth in Ethereum, Base, and Polygon activity, combined with a broader distribution of transactions across smaller networks, highlighted Rango’s expanding footprint. Average daily active addresses increased 7.3% QoQ to over 7,600 with steady adoption across key ecosystems.
Ecosystem growth continued at a steady pace through the addition of new integrations, including Sui, BeraChain, Doge Chain, StarkGate, and Relay Protocol. The launch of the Rango Learning Center broadened educational outreach, while targeted incentive campaigns such as the Rango x Linea initiative and Zealy Sprint drove transaction growth and user participation.
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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