The State of Flow Q2 2025 report shows that the TVL has reached $68 million in Q2 thanks to PayPal’s stablecoin and DeFi growth.
Cryptocurrency research hub Messari released its Q2 2025 report on Flow, underscoring the network’s strongest quarter to date.
Total value locked reached an all-time high of US$68 million, up 46 percent from the previous quarter and more than double the growth rate of Q1.
The increase was driven by strong stablecoin adoption, rising liquid staking activity, and expanding interoperability with Ethereum ecosystems.
Disney Pinnacle, a digital pin platform built on Flow by Dapper Labs, became available to more than 50 million Disney+ subscribers in Q2, marking one of the largest mass onboarding events in Web3 history.
Stablecoins are now playing a central role in Flow’s growth. PayPal’s PYUSD supply on the chain surged 211.9 percent quarter-on-quarter to $26.2 million, making it Flow’s top stablecoin and a key driver of TVL expansion.
DeFi activity also accelerated, with trading hub KittyPunch growing 72 percent to $33 million locked and lending app MORE Markets climbing 327 percent to $16.6 million. Together, they account for the majority of DeFi activity on the network.
Developer activity spiked, with more than 45,000 smart contracts deployed in April, up 473 percent from the previous quarter. This marked Flow’s most active month to date and points to a steady rise in developers choosing Flow as a foundation for scalable, mainstream applications.
Liquid staking is also maturing on the network. ankrFLOW ended Q2 as the dominant staking vehicle, reflecting broader industry trends and raising familiar debates around decentralisation as staking economies evolve.
Messari’s ‘State of Flow Q2’ report captures how stablecoins and household-name brands are converging on Flow to deliver real-world revenue and utility.
Read the full report here.
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