Vesper Performance Report:September 2025

Introduction

Although the crypto markets had a red month in September, Vesper still managed to achieve strong growth in TVL across all networks. Protocol revenue also grew considerably compared with August, keeping pace with the expansion in deposits and usage. However, the VSP token lost some value, with large sales from several long-time holders contributing to the move.

VSP indicators

VSP traded down during the month and market cap moved in step with price. Importantly, this did not stop TVL growth. If revenue remains solid, that trend could potentiallyturn around once market conditions improve.

VSP locking (esVSP)

Locking activity stayed healthy at around 17.6% of the total VSP supply. Average lock length points to holders committing for longer periods, which reduces the amount of VSP available to trade and aligns incentives over a longer horizon.

TVL by network

In USD terms, TVL increased month over month across all supported networks even though ETH’s price declined. This indicates that the rise came from net deposits. Ethereum mainnet contributed the largest dollar increase because it holds the biggest share of deposits, while Base and Optimism added smaller but solid gains.

TVL by network (ETH)

In ETH terms, deposits also increased across all networks. Viewing TVL this way strips out ETH’s price effects and highlights net inflows. Because ETH fell in September, the month-over-month increases appear slightly larger in this view.

Protocol revenue and token-holder income

Revenue accelerated in September, supported by the larger TVL. Token-holder income also ticked higher.

Treasury allocations

Vesper’s treasury is simple by design. Roughly half sits in Vesper positions that earn yield on Ethereum, Base, Optimism, and Avalanche. These are the same pools visible in the app and include assets like USDC, WETH, msETH, WBTC, and LINK. The other half is held as direct wallet balances, mainly stablecoins and majors, which preserves flexibility for operations and future deployment.

Conclusion

September was a solid month for Vesper. Deposits increased across all networks, and revenue rose. While VSP underperformed the market, locking continued to grow steadily, and TVL momentum carried through the month.