Venus Protocol closed Q2 2025 with TVL holding flat at $2.27 billion, as growth in BTC and newer collateral types balanced declines in BNB and stablecoins. Borrowing activity rose modestly to $657.6 million, supported by increased demand for BNB and ETH, while BTC and stablecoin borrowing continued to soften. Daily user activity grew sharply, with DAUs reaching 1,522, up 71.6% QoQ, alongside significant increases in deposits and liquidations. These trends suggest more frequent user interaction despite a conservative lending environment.