State of @tezos Q4 2025 Key Update: Etherlink continued to pull ecosystem activity toward the L2, with transactions rising 50% QoQ to 18.6M and daily active addresses nearly doubling. QoQ Metrics 📊 -XTZ price ↓ 26.1% → $0.49 -L1 DeFi TVL ↓ 19.7% → $36.2M -Etherlink DeFi TVL ↓ 30.3% → $68.3M -Stablecoin supply ↓ 0.1% → $54.2M -L1 DAAs ↓ 28.1% → 1.7K -Etherlink DAAs ↑ 96.6% → 9.9K -L1 contract deployments ↓ 24.8% → 2,780(Messari)