Table of Contents
Introduction
In Q3 2025, SwapKit’s primary strategic objective was to grow our monthly active users (MAU), measured by unique wallet addresses, in order to increase our market share in the cross-chain swap ecosystem.
We recognized that expanding our user base would naturally drive higher swap volumes and establish SwapKit as a leading aggregation platform across multiple blockchains.
Our execution against this goal proved highly successful. Through strategic partnerships with major wallets like Trust Wallet, ELLIPAL, and Keystone, expansion into high-volume chains including TRON, Polygon, and Optimism, and the integration of powerful new providers like Jupiter on Solana, we achieved substantial growth in both user adoption and transaction volume.
The launch of NEAR Intents through Trust Wallet in August was particularly transformative, contributing to a 25% increase in SwapKit swap volume from August to September and a 149% growth in transaction count.
This growth trajectory validated our thesis that focusing on user acquisition and providing seamless multi-chain swapping experiences would organically drive volume increases, positioning SwapKit for continued expansion in Q4 and beyond.
Growth Highlights
This quarter, we paid close attention to three main metrics:
- Total Volume – Our most important metric, as it directly relates to revenue for SwapKit.
- Unique Addresses – How we measure monthly (unique) active users, validate demand for our service, and growth in mind share.
- Number of Transactions – How we measure how competitive our service is and the retention for end users.
Activation of high-volume, popular and trendy chains for large clients contributed to a big increase in unique wallet addresses using SwapKit services.
Swap Volume
| Month | Total Swap Volume (USD) | MoM Growth |
|---|---|---|
| April | $957,954,09.1 | — |
| May | $166,416,128.5 | +74% |
| June | $208,333,674.4 | +25% |
| July | $175,482,661.1 | -16% |
| August | $250,405,514.3 | +43% |
| September | $265,327,236.2 | +6% |
Unique Wallet Addresses (MAU)
| Month | Unique Addresses (MAU) | MoM Growth |
|---|---|---|
| April | 4,611 | — |
| May | 5,911 | +28% |
| June | 9,164 | +55% |
| July | 16,361 | +79% |
| August | 50,763 | +210% |
| September | 101,906 | +101% |
Number of Transactions
| Month | Total Transactions | MoM Growth |
|---|---|---|
| April | 7,318 | — |
| May | 10,075 | +38% |
| June | 13,085 | +30% |
| July | 22,327 | +71% |
| August | 72,537 | +225% |
| September | 164,190 | +126% |
New Integrators
CoinEx Wallet
A decentralized, self-custody wallet supporting multiple blockchains, integrated swaps, staking, and dApp access. Part of the CoinEx ecosystem with 100k+ users and $1B+ in total transaction volume.
Ellipal
A hardware cold wallet with fully air-gapped security using QR codes only (no USB, Bluetooth, WiFi, or NFC). Supports 40+ blockchains and 10,000+ tokens with a tamper-proof design. Average trade size: 2,600 USDT.
Keystone
A hardware cold wallet with a 100% air-gapped design using QR code transaction signing. Supports thousands of tokens, integrates with MetaMask and other wallets, and features secure element chips, fingerprint authentication, and open-source firmware.
New Chains
TRON (July 2025)
Market Daily Volume: $700M+
SwapKit Monthly Volume: $34.7M+
TRON is a high-throughput, low-cost blockchain platform launched in 2018 to support decentralized applications, smart contracts, and token issuance. It uses Delegated Proof-of-Stake (DPoS) for fast and energy-efficient consensus, enabling thousands of transactions per second with near-zero fees. Its native token, TRX, powers governance, staking, and network resources like bandwidth and energy. Originally issued as an ERC-20 token, TRON now operates on its own mainnet and has become one of the largest networks for stablecoin transfers.
Polygon (August 2025)
Market Daily Volume: $150M+
SwapKit Monthly Volume: $4.7M+
Polygon is a modular, Ethereum-compatible scaling and multi-chain ecosystem designed to improve Ethereum’s scalability, lower transaction fees, and enable developers to build interconnected blockchains. It operates using Proof-of-Stake consensus and aggregates transaction data into Ethereum via checkpoints to benefit from Ethereum’s security. Polygon supports EVM-compatible smart contracts, dApps, DeFi, NFTs, and has a broader architecture for sidechains, rollups, and layer-2 chains under its umbrella.
Optimism (August 2025)
Market Daily Volume: $150M+
SwapKit Monthly Volume: $1.1M+
Optimism is a Layer-2 scaling network for Ethereum that uses optimistic rollups to batch transactions off-chain and post them to Ethereum for security, enabling faster, low-cost transactions while preserving decentralization. Built on the OP Stack and part of the broader “Superchain” vision, it supports dApps, DeFi, and governance through the OP token, which also funds public goods.
ZCash (Late September 2025)
Market Daily Volume: $200M+
SwapKit Monthly Volume: $5.6K+
Zcash (ZEC) is a privacy-focused blockchain launched in 2016 as a fork of Bitcoin, designed to provide users with the option of shielded transactions that hide sender, receiver, and amount using zero-knowledge proofs called zk-SNARKs. It maintains Bitcoin’s capped supply of 21 million coins and Proof-of-Work consensus, while enhancing fungibility and confidentiality, and still supports transparent transactions for compliance needs. Its native cryptocurrency, ZEC, is used for payments, fees, and private value transfer.
SwapKit finished the technical implementation to support ZCash in September using both Mayachain and NearIntents providers. Different swapping options help activating the chain integration with more SwapKit clients since multiple flows are supported. Full rollout and activation to be seen in Q4.
New Providers
Jupiter Dex Aggregation
SwapKit Supported Chains: Solana
Jupiter is a Solana-based decentralized exchange (DEX) aggregator that connects to many AMMs and liquidity pools to route trades via optimal paths, minimizing slippage and fees. It supports both simple token swaps and more advanced trading tools, leveraging multiple hops across liquidity sources to get users the best rates.
As of mid-2024, it had processed over US$210 billion in total transaction volume. On high-activity days (such as around its JUP token launch or airdrops), Jupiter has recorded daily trading volumes exceeding US$1.2–1.4 billion. Its user base has also grown rapidly: at one point over 2 million unique wallets were interacting with Jupiter in a recent 30-day span.
Highlights – Trust Wallet enabled NEAR Intents
Trust Wallet’s integration of NEAR Intents in August drove remarkable growth throughout Q3. After launching NEAR Intents swaps in August, the total processed by NEAR Intents volume grew by 25% in September.
User Retention and Engagement
Since the launch of NEAR Intents, approximately 29% of users completed 2+ transactions and 12.8% completed 3+ transactions, demonstrating meaningful platform engagement. When analyzing activity with a 4-hour gap between sessions to identify genuine returning users, over 20% returned for separate trading sessions.
These retention metrics indicate that the platform successfully converts first-time users into repeat customers, with a solid base of engaged traders who return multiple times.
Product Updates
- SwapKit SDK v4 Release: improves developer experience for integrators and allows SwapKit engineers to add chains more efficiently.
- BigQuery Integration: Google BigQuery integration allows us to identify trends and opportunities much more efficiently.
- Admin panel v2: improved protocol and chain management with better granularity. Empowers more team members to take pro-active actions (e.g. protocol maintenance) and cover all timezones.
- Fast quotes: allows us to return Thorchain quotes much faster in competitive integrations and reduce the load on infrastructure.
Other updates
In Q3 2025, SwapKit actively participated in major blockchain and crypto conferences across Asia and Europe, including:
- EthCC (Cannes)
- GM Vietnam (Hanoi)
- Conviction (Ho Chi Minh City)
- Coinfest (Bali)
- WebX Asia (Tokyo)
- Korea Blockchain Week (Seoul)
- Token2049 (Singapore)
About SwapKit
SwapKit develops technologies and operates services enabling non-custodial, permissionless cross-chain trading for wallets, dApps, and crypto platforms. Through its API and SDK, SwapKit enables seamless swaps across multiple chains – including Bitcoin — to let users trade native assets in a single transaction without handling the underlying complexity.
SwapKit integrators benefit from a unified API to get access to multiple providers, abstracting away integration complexities. Integrators can monetize their SwapKit integration using tailor-made tools to easily configure and collect swap fees. SwapKit supports address AML checks, transaction status tracking, and multi-chain wallet interaction. With fully open-source smart contracts and a continuously expanding chain / asset coverage, SwapKit empowers projects to embed composable cross-chain DeFi capabilities efficiently.
For media enquiries, please contact: contact@swapkit.dev
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