dHEDGE First Half 2025 Update

At dHEDGE we believe crypto is more than just markets and money. It’s a fundamental shift toward a financial system that is more open and resilient. That belief has shaped everything we’ve built.

We laid out this vision in more depth in our 2024 report, which set the foundation for much of what followed.

Today, the dHEDGE team operates four protocols: dHEDGE, Toros Finance, mStable, and Flat Money. Together they cover asset management, leverage tokens, and yield strategies, all unified by a shared mission to build a smarter financial stack that moves finance forward.

Treasury and Runway

There was a 6 month net gain of $400k to the dHEDGE treasury, with a liquid total of $8.9M. With $900K in H1 expenditures, dHEDGE earned $1.3M. Of that, over $400k came from fees collected, with the rest in treasury asset appreciation including yields earned.

dHEDGE is profitable with a healthy liquid treasury, leaving no runway concerns as we continue building and innovating in DeFi.

DHT Market Value

• Half 1 close: $7.7 M
• Treasury value (ex-DHT): $8.9 M

DHT currently trades at a discount to treasury value, an opportunity the market hasn’t fully priced in.

TVL and Revenue

dHEDGE TVL started at $48M and fell to $33M, following broader market pullbacks after the US election.

The dHEDGE team also manages via Toros, converting its vaults into structured products.

Toros TVL went from $34M to $19M. Even as TVL dropped, trading activity stayed strong, driving fee growth across Q2. Toros racked up $430k in fees across H1, mostly entry and exit fees into tokens. 

Key takeaway: steady revenue growth into Q2, led by leverage tokens which are gaining traction.

Flat Money grew from $3M to $4.3M, boosted by the April launch of V2. The new version added protocol fees for the first time.

Toros Will Focus Solely on Leverage Tokens

Toros is on the cutting edge of leveraged tokens within DeFi. This past year Toros has added the following:

New Tokens on Arbitrum

• SUI: 2×
• SOL: 2× and 3×
• DOGE: 2×
• BTC / ETH: 4× leveraged tokens
• 1× tokens via GMX: Get spot-like exposure to DOGE, XRP, and SUI on Arbitrum—no bridging or CEX required

New features

• DEX integration + offchain quotes: Lower slippage on deposits and withdrawals
• Stop-loss & take-profit orders: Still the only DeFi platform offering this for leverage tokens
• Email alerts: Optional PnL and order execution notifications—no need to keep the app open
• Advanced PnL tracking: View returns by token and time held (monthly, quarterly, yearly)
• Trading leaderboard + weekly competitions: USDC rewards for top PnL performers using Toros tokens
• EIP-7702 support: One-click deposits (approve + deposit combined)

Leverage tokens now drive the majority of revenue within Toros. With key features live and trading activity growing, Toros is narrowing its focus to what performs best. Yield products will be phased out as part of this shift.

Yield Vaults Move to mStable

Yield isn’t going away, it’s simply moving. mStable will become the new home for yield strategies.

• All existing Toros yield vaults can be withdrawn via mStable
• Future yield strategies will be powered by Pendle Finance
• Focus will shift to Ethereum mainnet, where the deepest yield liquidity exists
• Legacy vaults will be deprecated as we consolidate

dHEDGE will Rebrand as Chamber

Over the years, much of the core team’s focus has shifted toward building TVL and revenue through Toros. That work has paid off—Toros has become dHEDGE’s most successful revenue and growth engine to date.

Alongside what we’ve learned from Toros and Flat Money, a new idea has taken shape. Built on the existing vault infrastructure, it points toward something much bigger. We see this as a monumental pivot—not just in what dHEDGE is, but in what DeFi can become. That shift calls for a new name.

dHEDGE will rebrand to Chamber. The name fits. A chamber is a vault, built to hold assets and strategies. That’s what the new protocol will deliver.

More details on the rebrand, token swap, and new staking mechanics will follow in a dedicated post.

Onwards and forwards.