Venus Protocol closed Q1’25 with a moderate contraction in TVL, a rebound in user engagement, and ongoing protocol expansion across multiple chains. TVL declined 9.2% QoQ to $2.28 billion, driven by a pullback in BTC and ETH collateral during a volatile macro environment marked by post-election uncertainty and tariff concerns. Borrowing activity also fell, with total value borrowed (TVB) down 26.1% QoQ to $631.8 million, though stablecoins captured a growing share of market activity.