Resolv Foundation: Q4 2025 Report

Last quarter confirmed that Resolv’s economic model scales under real usage.

During Q4 2025, the protocol:

• generated sustainable revenue,

• continued executing RESOLV buybacks,

• materially expanded TVL through integrations with Lido and EtherFi,

• and extended the staking framework via governance-approved ETHFI rewards.

These components now operate together as a single system: revenue generation, value accrual, and staker incentives are directly linked and transparently observable onchain.

Protocol Revenue

In Q4 2025, Resolv generated $970K in total revenue, up from $898K in Q3, representing an increase of approximately 8% QoQ.

Protocol fees remained the primary revenue driver, reflecting stable utilization of Resolv-powered markets and the growing role of USR as a yield-bearing base asset.

Meanwhile, revenue growth was driven primarily by partnership rewards, reflecting increased utilization of the collateral pool and deeper ecosystem integrations.

Revenue sources during the quarter followed the same structure established in Q3:

$RESOLV Buybacks

The Foundation continued executing RESOLV buyback program throughout Q4 2025, deploying protocol-generated revenue into open market purchases.

During the quarter, the Foundation executed ~$155K in cumulative buybacks, with all acquired RESOLV transferred to long-term treasury.

Compared to the previous quarter, the buyback ratio declined to ~10% of total protocol revenue.

The current shift to lower buyback ratios was highlighted in the previous Foundation report, with a larger share of protocol revenue being reallocated toward TVL growth and ecosystem incentives, such as:

• the launch and scaling of protocol integrations,

• liquidity onboarding, e.g. Lido and EtherFi vaults,

• governance-approved incentive programs.

This capital allocation reflects the Foundation’s adaptive approach:

prioritizing balance sheet growth and durable TVL expansion during periods of high integration momentum, while preserving the buyback mechanism as a long-term value accrual lever.

TVL Growth Driven by Institutional Integrations

Driven by integrations with Lido and EtherFi, protocol TVL grew materially by ~26% QoQ:

$374M at the beginning of the quarter → over $470M by year-end, with continued inflows extending into early 2026.

These integrations positioned Resolv directly inside institutional-grade vaults and strategy stacks, expanding USR distribution through products designed for professional capital.

TVL growth during the quarter was primarily integration-led, rather than incentive-driven, reinforcing the role of Resolv as infrastructure rather than a short-term yield program.

RESOLV Staking and Governance

Staked RESOLV continued to serve as the value-accrual and governance layer of the Resolv ecosystem.

Staking Performance

During Q4, the average staking APR for staked RESOLV was ~35%, depending on reward composition and partner incentives. Following a governance-approved update in December, ETHFI rewards were activated, diversifying staking yield.

Staking rewards in mid-December

• RESOLV rewards APR: ~40%

• ETHFI rewards APR: ~15%

• Total staking APR: ~55%

This marked the first quarter where staking yield was meaningfully supplemented by partner-sourced rewards. In particular, this means:

• optimized total staking yield without increasing inflationary pressure,

• diversifying reward base toward ecosystem-driven incentives,

• strengthened alignment between protocol growth, integrations, and staker returns.

Looking Ahead

In subsequent quarters, the Foundation plans to further expand partner-based incentive streams, gradually increasing the share of staking yield sourced from integrations and protocol activity rather than token emissions alone.

This reinforces RESOLV staking as a mechanism directly linked to protocol usage, partnerships, and economic performance.