State of Rango Q4 2025

Key Insights

• Average daily volume on Rango increased 42.4% QoQ to $14.6 million, driven by expanded usage on Ethereum and BNB Chain, which grew 40.1% QoQ and 74.6% QoQ respectively.
• Average daily transactions on Rango increased 11.9% QoQ to 21,995, while average daily active addresses rose 19.2% QoQ to 14,102. BNB Chain and Solana together accounted for over 60% of user activity.
• Rango expanded its infrastructure integrations with XRPL, ZetaChain, Monad, CCTP, and Garden Finance, extending support for native BTC bridging, omnichain smart contracts, and more efficient USDC routing.
• Rango’s 2026 roadmap introduces a phased rollout of core features aimed at simplifying DeFi UX and automating cross-chain execution. With plans to launch gasless swaps, AI-assisted intent routing, and a fully integrated trading terminal, Rango is evolving from an aggregator into a comprehensive access layer for multichain financial applications.

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 same-chain DEXs and cross-chain bridges. The platform operates through an API, SDK, and widget interface that abstracts complexity for end-users.

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. 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. 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.

Rango’s modular architecture is built on the EIP-2535 Diamond standard, allowing smart contracts to be split into upgradable facets. 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.

For a full primer on Rango, refer to our Initiation of Coverage report.

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Key Metrics

Performance Analysis

Transaction Volume

Ethereum led all source chains in daily volume, averaging $5.2 million per day, a 66.2% increase from the prior quarter. Ethereum accounted for 35.8% of Rango’s daily volume, up from 30.7% in Q3, and remained the dominant source of liquidity throughout the quarter. Volume on Ethereum spiked was loosely correlated with the ETH token price, which spiked on December 10, leading to a quarterly high of $44.4 million in a single day.

Solana averaged $2.9 million per day, representing 19.7% of total daily volume, though its share declined from 24.2% in Q3. BNB Chain saw significant growth, rising 73.1% QoQ to $2.1 million in daily volume. Bitcoin followed with $1.8 million per day, up 9.1% QoQ. Despite the increase, Bitcoin's relative share fell from 16.0% to 12.2% as other chains grew faster. Rango remained the leading aggregator for Bitcoin and Solana swaps.

Arbitrum showed the largest increase in relative volume, climbed 106.0% QoQ to $1.3 million daily, while Base rose 41.7% to $803,900. The increases in volume was tied to integrations within Ethereum’s ecosystem, such as the strengthening of Rango’s Metamask partnership on December 8, which boosted Rango’s usage across Ethereum layer-2s. Avalanche saw a decline in activity, with average daily volume falling 28.3% to $133,000. Other chains, including Polygon and Tron, averaged $373,100 daily, down 5.4% from Q3.

Since launching in 2021, Rango has processed over $7.5 billion in cumulative transaction volume across its supported chains. Cumulative volume increased 25.6% QoQ in Q4 2025, with the average daily volume increasing 42.4% QoQ to approximately $14.6 million. On a yearly basis, Rango increased its average daily volume by 436%, up from $2.7 million in Q4 2024. The steady increase in volume represents growing usage across Rango’s supported chains, most notably Ethereum, which saw its DeFi TVL grow 4.1% YoY.

Transaction Activity

Rango processed an average of 21,995 daily transactions in Q4 2025, up 11.9% QoQ from 19,654 in Q3, and up 283.9% YoY from 5,730 in Q4 2024. The increase correlates with Rango’s overall volume, indicating increased usage and increased average transaction size. Growth was uneven across ecosystems, with some chains gaining significant traction while others saw usage declines.

Solana remained the leading source chain by transaction count, averaging 8,261 daily transactions, or 37.6% of total activity. However, this marked a 17.3% decline from the previous quarter, when it contributed over half of all Rango transactions. Despite the drop, Solana remained the most active chain on the platform.

BNB Chain posted the strongest growth among top chains, averaging 6,234 daily transactions, a 74.6% increase QoQ. This elevated its market share from 18.2% to 28.3%, overtaking Ethereum to become the second-largest chain by transaction count.

Ethereum saw healthy growth, rising 40.1% QoQ to 2,530 average daily transactions and capturing 11.5% of overall activity. Polygon also expanded its share, averaging 967 daily transactions (up 46.9% QoQ), while Optimism nearly doubled, growing 100.6% to 482 daily transactions. These gains reflect a broader trend toward increased L2 and multichain usage.

Base and Bitcoin saw marginal declines, with Base slipping 0.9% QoQ to 1,768 daily transactions, and Bitcoin falling 0.5% to 576. Both chains lost market share as activity concentrated on faster or lower-cost alternatives. The “Others” category, representing long-tail networks, grew 14.5% QoQ to 1,179 daily transactions, though its relative share remained modest at 5.4%.

An average of 14,102 daily active addresses interacted with Rango in Q4 2025, reflecting a 19.2% QoQ increase from 11,833 in Q3. This growth suggests expanding adoption of cross-chain swaps and improved user engagement across most integrated networks. These figures represent unique address counts by chain and may include overlap across multiple ecosystems.

BNB Chain emerged as the top chain by user activity, averaging 4,369 daily active addresses, an increase of 61.1% QoQ, and accounting for 31.0% of total address activity. Solana followed closely with 4,306 addresses per day (30.5% share), though it saw a slight 3.4% decline from Q3. Despite the drop, Solana remained a core routing hub for multichain swaps on Rango.

Ethereum saw continued growth in user participation, averaging 2,020 daily active addresses, up 38.8% QoQ. Its share rose to 14.3%, driven by strong market activity and improved interoperability across L1s and L2s.

Base and Arbitrum also posted gains. Base grew 3.3% to 1,243 addresses per day, while Arbitrum increased 13.4% to 493 addresses. Both networks benefited from deeper integrations and increased L2 swap routing through Rango.

Polygon averaged 617 daily addresses (up 14.9% QoQ), while Bitcoin activity remained stable at 514 daily users, down marginally by 0.5%. The “Others” category, which includes Tron, Sui, Ton, and emerging networks, contributed 540 daily addresses, rising 5.2% QoQ, but declining slightly in relative share.

Qualitative Analysis

In Q4 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.

Partnerships and Integrations

• Metamask: Since December, Rango has expanded Bitcoin swaps for MetaMask, helping MetaMask roll out swaps simultaneously with the launch of Bitcoin in MetaMask.
• LeoDEX: On October 3, Rango’s API was integrated by LeoDEX, a multichain DEX interface. The partnership gave LeoDEX users access to Rango’s routing layer for swaps and bridging.
• Tominance AI: On October 6, Rango's routing API was adopted by Tominance AI, an autonomous DeFi trading agent. This backend integration enabled Tominance’s agents to execute optimized multichain trades across Rango’s supported networks, and improved UX by allowing users to swap assets without leaving the Tominance interface.
• Garden Finance: On October 14, Rango integrated with Garden Finance to enhance cross-chain Bitcoin liquidity through native BTC bridging. Garden Finance’s DEX enables fast swaps between BTC, WBTC, and USDC with minimal fees and confirmation times of roughly 30 seconds. The integration strengthens interoperability across Bitcoin, Ethereum, BNB Chain, Arbitrum, Base, and Unichain, reinforcing Rango’s role as a core routing layer for cross-chain Bitcoin activity.
• XRPL (XRP Ledger): On October 16, Rango announced a partnership that enabled access to XRPL’s stablecoin ecosystem across all Rango-supported chains. The integration marked a step forward in unifying the liquidity of XRP Ledger with broader DeFi ecosystems and expanding Rango’s non-EVM support.
• Soneium: On October 24, Rango integrated with Soneium, Sony’s entertainment-focused Ethereum Layer-2, to enable cross-chain asset mobility within the Soneium ecosystem. Rango joins other integrations such as Stargate, Uniswap, and Aave to improve Soneium’s cross chain compatibility and DeFi ecosystem.
• Monad: On November 14, Rango added support for Monad from day one, an EVM-compatible chain optimized for parallel execution and low latency. Monad, which launched its mainnet on November 24, ended the year with over $246 million in TVL and $88.8 million in average daily DEX volume, making it a substantial market for Rango to expand into.
• CCTP (Circle’s Cross-Chain Transfer Protocol): On December 5, Rango integrated CCTP to support native USDC bridging across supported chains. This improved the efficiency and reliability of USDC swaps, which represent a large portion of the trading activity on Rango. In October, the Ethereum to Arbitrum USDC route moved $85 million in volume, making it the largest single route. By making USDC routing more efficient, Rango positions itself as a leader in the stablecoin swapping market.
• ZetaChain: On December 15, Rango integrated support for ZetaChain, an omnichain Layer-1 designed for cross-chain smart contracts that can natively read from and write to multiple blockchains. The integration enables developers to orchestrate multichain actions from a single contract, while users benefit from fewer transaction hops, simpler UX, and native value transfer rather than wrapped assets. As part of the launch, Zuno DEX, a core liquidity venue on ZetaChain, was added as a routing source within Rango’s engine and now competes alongside liquidity from Ethereum, Base, Avalanche, Polygon, BNB Chain, and Arbitrum to deliver improved pricing and execution. The partnership strengthens Rango’s ability to connect Bitcoin, EVM networks, and emerging L1s into cohesive cross-chain DeFi flows.

Incentive Programs

Rango continued to support ecosystem growth through targeted incentive programs designed to drive user activity, deepen integrations, and onboard new participants. In Q4 2025, Rango launched two major campaigns, run in partnership with ZetaChain and Soneium, to incentivize growth.

• ZetaChain Holiday Campaign: From December 15 to December 29, Rango partnered with ZetaChain to launch a $10,000 incentive campaign focused on swaps routed through Zuno. The program featured a dual-track rewards structure: an $8,000 volume-based leaderboard and a $2,000 raffle pool for participants executing $20–$70 in total volume. Leaderboard prizes ranged from $1,000 for the top trader to proportional rewards for the top 50 participants. In total, the campaign drove over $11.8 million in swap volume across Ethereum, Base, Avalanche, BNB Chain, Polygon, and Arbitrum.
• Soneium Season 5: Rango supported Soneium’s Season 5 campaign by offering users an easy on-ramp into the ecosystem through cross-chain swaps. Between December 18 and January 13, users who swapped at least $100 in assets to the Soneium chain via Rango were awarded an exclusive NFT badge which provided a bonus score within Soneium’s point-based reward system. Unlike traditional incentive programs, this campaign required no additional steps beyond the swap itself, simplifying user participation. The partnership highlighted Rango’s value as an access point for emerging ecosystems and reinforced its role in helping new networks bootstrap liquidity and user engagement.

2026 Roadmap

On December 24, Rango published its 2025 Annual Report, which included key stats and milestones from 2025 and also included a short primer on the team’s 2026 roadmap.

Looking ahead, Rango’s 2026 roadmap focuses on improving its user experience and providing gasless transactions. Broken down by quarter, the protocol’s roadmap is as follows:

• Phase 1 (Q1 2026): Rango will expand its Aggregation Engine to support Hyperliquid, Plasma, and Stellar, broadening access to non-EVM ecosystems. Gasless Swaps will go live on Solana and EVM networks, removing a persistent friction point in cross-chain activity. The first wave of Intent-based actions, covering swaps and payments, will be rolled out for TON and EVM chains.
• Phase 2 (Q2 2026): Bridge and DEX integrations will expand to maximize route optionality. Gasless Swaps will expand, and One-Click DeFi will support swap, payment, and lending intents across Solana, Bitcoin, and additional networks. AI-assisted intent execution will debut for core DeFi actions. Rango will also launch its Trading Terminal Mobile App, starting with perpetual contracts, with the vision to become the gateway to all self-custody trading protocols.
• Phase 3 (Q3 2026): Support for new blockchains, alongside Gasless Swap capabilities on emerging ecosystems. Limit Order Intents will launch across all supported chains, with AI-powered execution logic for advanced trading flows. The Trading Terminal will introduce voice control and commands, enabling hands-free trading.
• Phase 4 (Q4 2026): The final phase of the year will focus on DCA (Dollar-Cost Averaging) Intents, including yield-optimized strategies. AI will also enable automated execution of DCA strategies for long-term, low-maintenance investing. Rango’s Trading Terminal will begin supporting Spot Trading, and AI integration will be extended to manage NFT purchases and offchain payments, connecting DeFi to real-world use cases.

Beyond 2026, Rango aims to evolve into a fully-integrated DeFi Trading Terminal, supporting spot, perps, lending, payments, and automated investing across all major networks. Future product development includes expansion into Forex, bonds, and money markets, with AI-powered tools that deliver robo-advisory functionality for automated wealth management. Central to this vision is One-Click DeFi, a universal transaction layer powered by Rango Intents that removes the need for approvals, gas management, or network switching.

Management Commentary for Rango Exchange

The Project Team Commentary section of this report was written by the Rango team and reflects the views, opinions, and forward-looking statements of Rango. This section is included to provide additional context on the project’s strategy, priorities, and outlook and does not necessarily reflect the views or opinions of Messari, Inc.

From Aggregation to Transaction Abstraction

Crypto is entering a phase where execution complexity is compounding faster than user sophistication. More chains, L2s, liquidity venues, and transaction types have created a simple reality: users (and increasingly bots) do not need more options — they need reliable abstraction.

This is how we view Rango’s next year.

Rango has been known for cross-chain aggregation and routing breadth. That remains foundational. But the market is no longer just a bridge-aggregator or DEX-aggregator market. It is becoming an intent-routing market, where the product is not just a quote, but a completed outcome.

Our strategic modeling across onchain trading, bridge/DEX growth, Bitcoin L2s, gas abstraction, AI-driven trading, and real-world intent payments points to one practical conclusion for 2026: even conservative and base-case assumptions support continued growth in the value of routing quality, execution reliability, and UX abstraction.

The Structural Shift We See

Crypto UX is shifting from an interface problem to an execution orchestration problem.

Users increasingly choose outcomes:

• move funds cross-chain,
• swap into a target asset,
• reach a destination app or venue,
• complete multi-step workflows,
• and do it without managing gas across every chain.

That behavior change increases the value of infrastructure that can parse intent, find routes, reduce failure, abstract chain-specific friction, and complete transactions reliably. That is the role we are building Rango to play.

The broader backdrop supports this direction: growth in onchain settlement and stablecoin usage, alongside rising DEX participation and higher DEX share of spot trading, reinforces that onchain execution is becoming a larger part of the market. Chainalysis, the World Economic Forum, and The Block all point in that direction.

How We Are Positioning Rango in 2026

We are treating 2026 as a compounding year for transaction abstraction infrastructure, with three priorities.

1) Better execution across fragmented liquidity

Liquidity is not consolidating in one place. It is fragmenting across chains, DEXs, perp venues, and user cohorts. For Rango, that validates the aggregator model.

Our focus is to keep improving the execution layer:

• broader venue coverage,
• better routing across swaps and bridges,
• stronger handling of chain-specific edge cases,
• and simpler UX despite growing market complexity.

We believe this is especially important as advanced onchain trading venues continue to mature. Public market data and analysis from Dune, Gauntlet, and Chainalysis support this trend toward a more complex and more professionalized DEX market structure.

2) Friction removal as a growth strategy

UX friction remains one of the biggest suppressors of onchain conversion — especially gas friction, chain mismatch, and multi-step flows.

That is why we view gas abstraction and workflow abstraction as strategic infrastructure, not just UX improvements.

As gasless and sponsored transaction patterns expand, the winning transaction layer will be the one that removes “I don’t have the right gas token” from the journey. The same applies to multi-step intents: users should not have to manually coordinate bridge + swap + destination actions across multiple apps.

In 2026, we are prioritizing product and integration work that reduces this friction and improves completion rates.

3) Building for both humans and agents

A major shift is underway between:

• human-facing AI assistance (LLM-guided UX, natural-language intents), and
• machine-facing execution demand (agents, bots, automated strategies).

We are building for both.

For users, AI can simplify complex cross-chain actions by translating intent into executable transaction paths. For agents, the requirement is structured access: reliable execution primitives and routing rails that can be called programmatically.

This is why agent-readiness is an infrastructure priority for us in 2026. Interfaces will evolve quickly, but execution quality compounds.

What We Are Watching Closely

Advanced DEX market structure

As more volume moves through advanced onchain venues, aggregators that unify access and abstract venue complexity become more valuable. We see this as a core routing opportunity.

Bitcoin L2s as a strategic frontier

We view Bitcoin L2s and BTC-native DeFi rails as an important long-term unlock for cross-chain liquidity. In 2026, our focus is readiness and selective support, not short-term volume assumptions.

We are monitoring ecosystem progress around BitVM and broader Bitcoin bridge/L2 market development, including research and market tracking from VanEck and DefiLlama.

Real-world intent payments

We also see AI-agent-assisted real-world payments as a credible long-term adjacency. For 2026, this is an incubation and partnership area rather than a core volume pillar.

Why We Plan Around Conservative and Base Scenarios

Our research includes aggressive cases, but for planning we rely on conservative and moderate assumptions. Even under restrained scenarios, transaction complexity rises, cross-chain workflows remain fragmented, and users need better abstraction.

That gives us confidence that our 2026 priorities are durable across multiple market outcomes.

What Comes Next

We believe the next phase of onchain growth will be defined by execution layers that translate intent into outcomes.

Users will expect fewer steps, better defaults, and less chain-specific complexity. Agents will require structured, reliable execution infrastructure.

Rango is building for both. Our goal this period is to keep compounding the parts of the stack we control: routing quality, integration breadth, abstraction UX, and infrastructure for machine-native flows.

The market is not getting simpler — and that is exactly why transaction abstraction is becoming a category of its own. We intend for Rango to be one of the foundational layers in that category.

Closing Summary

Rango closed Q4 2025 with strong momentum across core usage metrics, ecosystem integrations, and infrastructure expansion. Daily transaction volume grew 43.2% QoQ, reaching an average of $14.6 million, while daily transaction counts and active addresses rose 12.4% and 19.6%, respectively. Arbitrum and Ethereum posted the strongest gains in usage, while Solana maintained its lead in transaction count despite a slight decline. Bitcoin usage remained stable, with Rango continuing to lead in BTC and Solana bridge aggregation. On a year-over-year basis, average daily volume increased 436.4%, reflecting broad adoption of cross-chain routing infrastructure and deeper integration into DeFi workflows.

Ecosystem activity also expanded during the quarter. Rango executed integrations with XRPL, Monad, CCTP, Garden Finance, and ZetaChain, while deepening its role as backend infrastructure for Trust Wallet, Metamask, LeoDEX, and Tominance AI. These partnerships extended Rango’s presence across EVM, non-EVM, and emerging intent-based execution layers.

Looking ahead, Rango’s 2026 roadmap outlines a multi-phase strategy focused on simplifying DeFi through gasless transactions, AI-assisted execution, and intent-based UX. Key product launches include support for Hyperliquid, Plasma, and Stellar, the debut of a Trading Terminal, expansion of gasless swaps to additional chains, and rollout of One-Click DeFi across staking, lending, payments, and DCA strategies.