Trading volume on Rango increased 84.9% QoQ to $942.5 million. The rise was supported by increased activity across Ethereum, Solana, and BNB Smart Chain.
Solana maintained its position as the leading source chain by transaction count, contributing over 50% of all swap activity. Ethereum led in transaction volume with $287.1 million, and Rango dominated Bitcoin bridge aggregation volume with a 90% market share.
Rango processed 1.8 million transactions during the quarter, a 57.1% QoQ increase, with average daily active addresses growing 53.8% to approximately 11,800, showing broader user engagement across supported chains.
The protocol expanded its ecosystem through integrations with Unichain, LeoDex, Tychi Wallet, and the zkSync Partner Hub and added support for tokenized equity swaps via xStocks on Solana.
Rango launched several infrastructure and UX upgrades, including Rango Refuel for acquiring destination chain gas in a single transaction and a routing update to Stargate v2, which improved price execution and reliability.
Primer
Rango 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 to source liquidity from a wide range of options.
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.
Trading activity on Rango rebounded in Q3 2025, with total trading volume reaching $942.5 million, an 84.9% QoQ increase from Q2’s $509.8 million. Ethereum reclaimed its position as the leading source chain, surpassing Solana and contributing $287.1 million in volume, a 157.3% increase QoQ. Solana followed closely with $226.7 million, up 41.7% QoQ. Bitcoin volume rose 43.1% QoQ to $150.2 million, continuing a two-quarter uptrend driven by expanding tokenized BTC use cases and DeFi and more accessible bridging pathways. Rango was also the largest aggregator on Bitcoin, representing almost 90% of Bitcoin’s bridge aggregator volume.
BNB Smart Chain recorded $113.4 million, up 144.7% QoQ, while Arbitrum and Base posted the strongest relative gains, with volumes increasing 280.5% and 67.0%, respectively.
Polygon also saw significant growth, growing 75.0% QoQ to $16.7 million.
Since launching in 2021, Rango has processed over $5.3 billion in cumulative transaction volume across its supported chains. Cumulative volume increased 21.8% QoQ in Q3 2025, with the average daily volume increasing 82.9% QoQ to approximately $10.2 million. The steadier flow of activity was driven by increased volumes across Rango’s supported chains, most notably Ethereum, which showed the largest nominal growth.
Transaction Activity
Rango processed 1.8 million transactions in Q3 2025, marking a 57.1% QoQ increase from the 1.15 million transactions recorded in Q2. Average daily transactions rose in tandem, reflecting higher user activity across most supported chains.
Solana extended its lead as the dominant transaction source chain, generating over 914,900 transactions (50.8% of total volume), up 96.8% QoQ. BNB Smart Chain maintained its position as the second most active chain with 326,800 transactions, accounting for 18.1% of activity and growing 63.4% QoQ.
Ethereum and Base followed closely, with 165,500 (up 44% QoQ) and 163,700 (up 51.8% QoQ) transactions, respectively, as cross-chain routing through L2s continued to expand. Bitcoin also saw growth, rising 69.9% QoQ, and contributing over 53,100 transactions, or 2.95% of the total.
Polygon and Arbitrum experienced more modest growth of 33.2% and 31.9% QoQ, respectively, but continued to lose market share as higher-throughput chains gained traction. The “Others” category was the only group to decline, falling 53.5% QoQ as volumes consolidated toward major chains.
An average of 11,800 daily active addresses interacted with Rango per day in Q3 2025, marking a 53.8% QoQ increase from 7,663 in Q2. This uptick reflects broader market activity and increased adoption across nearly all major chains supported by the protocol. Notably, these figures do not account for the potential overlap of users with multiple addresses across different chains.
Solana remained the dominant source of user activity, with 4,441 average daily active addresses, representing 37.7% of total addresses. This figure grew 71% QoQ, reinforcing Solana’s position as Rango’s primary source chain.
BNB Smart Chain followed with 2,699 addresses per day (22.9% share), increasing 53.1% QoQ, while Ethereum came in third with 1,450 addresses (12.3% share), up 42.2% QoQ. Base also posted strong growth of 53.5% QoQ, reaching 1,199 daily users.
Polygon and Bitcoin posted similar levels of activity at 535 and 516 daily addresses, respectively, both up over 40% QoQ, with Bitcoin specifically seeing a 67.2% increase driven by growing integration into multichain swaps. Arbitrum saw slower growth, with addresses rising 28.4% QoQ to 434 per day, the smallest increase among top chains.
Outside the top seven, other networks contributed 512 daily active addresses, a modest 7.6% QoQ increase, and represented a smaller share of activity as user attention concentrated around more liquid and performant ecosystems.
Qualitative Analysis
In Q3 2025, Rango advanced its position as a core piece of the cross-chain infrastructure stack by expanding its partnerships, onboarding new integrations, and enhancing its developer and user tooling. These developments continued to emphasize Rango’s strategic focus on interoperability, composability, and ease of access across the fragmented multichain landscape.
xStocks (via Solana & Jupiter): On July 10, Rango added routing support for tokenized stocks on Solana through Jupiter and Backed Finance, enabling users to convert Bitcoin or other assets into real-world equity tokens such as AAPL, TSLA, and NVDA, each secured by Chainlink Proof-of-Reserve.
Tychi Wallet: On August 9, Tychi integrated Rango for in-app cross-chain swaps across over 20 networks, using Rango’s Unified Gas Fee (UGF) technology. This eliminated the need for bridging gas tokens and supported seamless UX for users navigating multiple ecosystems.
LeoDex: On August 16, LeoDex adopted Rango’s API to facilitate smart routing and multichain swaps across over 30 networks. The integration extended Rango’s backend role as a liquidity and infrastructure provider for Web3 front-ends.
Enkrypt Wallet: Building on their Q2 collaboration, Rango and Enkrypt expanded support for native Bitcoin swaps across Bitcoin, EVM-compatible chains, and Solana. The integration leveraged Rango’s routing engine and enabled frictionless BTC swaps directly within the self-custodial Enkrypt interface, further advancing wallet-native interoperability.
Unichain: Rango added support for Unichain, an OP Stack-based L2 with Uniswap-native liquidity and Flashblock confirmations. Swaps on Unichain were made more efficient via KyberSwap and integrated bridges, deepening Rango’s reach across modular networks.
Ecosystem Campaigns and Tooling
Dune Dashboards: On July 19, Rango launched real-time Dune dashboards covering cross-chain swap volumes, top routes, and user behavior. The dashboards offered enhanced transparency and actionable insights for builders, traders, and analysts exploring Rango’s aggregate metrics across networks.
Zealy Leaderboard Campaign: Rango executed multiple Zealy-based campaigns over the quarter, including a $5,000 prize sprint in August. Participants completed onchain and social quests, with top earners and randomly selected users sharing in the prize pool. These campaigns helped grow brand awareness and engagement through gamified incentives.
Trust Wallet Campaign: On September 24, Rango collaborated with Trust Wallet on a 50,000 TWT giveaway, rewarding users who completed swaps using Rango’s infrastructure. Eligible swaps included transactions between Bitcoin, BSC, Solana, Ethereum, and select tokens like ASTER and TWT. The campaign also incentivized social activity and provided zero protocol fees for participants.
Chainflip: Rango partnered with Chainflip for a joint campaign running from July 22 to August 4, offering over $10,000 in rewards. The initiative incentivized users to swap between Bitcoin, Ethereum, Solana, and Arbitrum via Chainflip on Rango’s interface, delivering fee-free (excluding gas) transactions and reinforcing cross-chain performance.
Product Launches and Infrastructure Upgrades
Rango Refuel: Launched on September 4, Refuel allows users to acquire native gas tokens on any destination chain through a single swap. This feature removes common friction points in multichain navigation by eliminating the need to pre-fund wallets with native tokens on each chain.
Stargate v2 Upgrade: On September 22, Rango integrated Stargate’s latest “Bus” (v2) routing infrastructure, unlocking deeper unified liquidity and more consistent execution. The upgrade improved pricing, reduced slippage, and increased transaction success rates across supported chains.
Closing Summary
Rango reported growth in Q3 2025, with total trading volume rising 84.9% QoQ to $942.5 million and total transactions increasing 57.1% to 1.8 million. Solana remained the leading chain by transaction count, while Ethereum contributed the highest nominal volume. Average daily active addresses rose to approximately 11,800, a 53.8% increase from the previous quarter, with growth distributed across most supported networks.
The protocol expanded its integrations during the quarter, adding support for Tychi Wallet, LeoDex, and Unichain. Rango was listed on the zkSync Partner Hub and enabled routing to xStocks on Solana, allowing access to tokenized equity assets through existing infrastructure.
Rango also launched several user-facing and infrastructure upgrades, including Rango Refuel, which facilitates access to destination chain gas tokens, and an upgrade to Stargate v2, improving routing execution. On the analytics and engagement side, the launch of real-time Dune dashboards and campaign activity through Zealy and Trust Wallet contributed to increased participation.
Overall, Rango’s operational footprint grew across both technical integrations and user activity, with higher transaction volumes and address counts indicating increased usage across supported chains.
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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Alexander is a protocol researcher specializing in Layer-1 and Layer-2 infrastructure, as well as RWA's and Stablecoins. Before Messari, he worked at Jump Trading and Bull-Moose Consulting. He graduated from Northeastern University with a degree in Economics and Data Science, and helped run Northeastern's blockchain club.
Alexander is a protocol researcher specializing in Layer-1 and Layer-2 infrastructure, as well as RWA's and Stablecoins. Before Messari, he worked at Jump Trading and Bull-Moose Consulting. He graduated from Northeastern University with a degree in Economics and Data Science, and helped run Northeastern's blockchain club.
