State of Tezos Q4 2025

Tezos Q4 2025 saw the Quebec upgrade and strong Etherlink L2 growth capturing 26.4% of ecosystem TVL, but faced significant headwinds with XTZ falling 39.5% and DeFi TVL declining 32.3% in USD terms. The network's transition to an L2-centric architecture accelerated as Etherlink processed 596K daily transactions versus 43.2K on L1.