VeChain Delivers Mixed Q3 2025 Performance While DeFi TVL Skyrockets 800%

VeChain's latest quarterly report lands with thunderous DeFi growth but lingering operational questions.

The DeFi Explosion

Total Value Locked across VeChain's decentralized finance protocols surged over 800% last quarter—a staggering figure that caught even seasoned analysts off guard. The ecosystem's lending protocols and DEXs saw unprecedented capital inflows as institutional players finally warmed to enterprise blockchain solutions.

Operational Headwinds Persist

While DeFi metrics screamed success, VeChain's core enterprise adoption numbers told a more nuanced story. Supply chain implementations grew at a modest pace, leaving some wondering if the technology's real-world utility can match its financial engineering prowess. Because nothing says 'blockchain revolution' like tracking luxury handbags while DeFi eats traditional finance.

The Road Ahead

VeChain now faces the classic crypto conundrum: balancing explosive DeFi speculation against gradual enterprise adoption. The 800% TVL jump proves the protocol can attract capital—but converting that into sustainable business value remains the billion-dollar question. Sometimes the most bullish signals come wrapped in bearish realities.

Network Activity Expands as Addresses and Clauses Surge

VeChainThor’s on-chain data showed an uptick in Q3. VeChainThor experienced more active addresses. This value rose by 85.2% to 62,800 on average per day. New addresses on the VeChainThor network also rose by 54.4% to 40,900 on average per day.

Transaction clauses, an essential component of the multi-function transaction system in VeChain’s platform, improved from previous declines.VeChain’s transaction clauses rose by 32.3% to 370,000 per day.

Higher activity resulted in higher emissions in the network. VeChainThor emitted 4.1 tonnes of CO₂ during Q3. This was 57.7% higher than the previous quarter’s emissions in Q2. EVM-based transfer transactions accounted for 81.5% of the gas used.

EVM network activities rose 50.8% to 57.9 billion gas units per day. This was 38.6 billion gas units per day in the previous period. Intrinsically used gas rose 48.3% to 13.1 billion gas units per day.

VeChain’s DeFi Sector Accelerates Led by VeDelegate’s Dominance

VeChain’s DeFi ecosystem was strengthened. Total Value Locked (TVL) increased by 815.4% to $6.1 million. VeDelegate accounted for the most in the DeFi market of the network. It finished the period with $4.8 million in TVL and 77.8% market dominance in the DeFi market. BetterSwap was the second-largest, surging by 216% to $878,200.

Other chains like Vexchange and VeRocket declined, while TurtleSwap entered the scene with $136,000 in TVL. Avg. daily DEX volume increased to $71,000. Trading was dominated by BetterSwap, albeit being reduced from the previous quarterly period.