Messari Releases Q4 2025 State of Avalanche Report

**Pharaoh Exchange** emerged as the only major DeFi protocol to achieve positive growth across both quarterly and yearly metrics in Q4. **Key Performance Metrics:** - Quarter-over-quarter growth: 2.3% - Year-over-year growth: 66.9% - All-time high daily fees: $284,210 (November 21, 2025) While other major DeFi protocols struggled, Pharaoh's ve(3,3) model demonstrated resilience in a challenging market environment. The protocol's concentrated liquidity approach appears to be generating sustainable fee revenue for participants.

**P33 collateralization is on the near-term roadmap**, according to LHB during last week's Pharaoh Happy Hour stream on Blaze. **Key Update:** - P33 collateralization feature confirmed as upcoming priority - Announcement made during weekly community stream **Community Engagement:** The Pharaoh team hosts weekly Happy Hour sessions every Wednesday at 6pm EST on [Blaze.stream](https://blaze.stream/lamehillbilly), featuring LHB and TopGunHatch with alpha insights and giveaways. Tune in to stay updated on protocol developments.

**Pharaoh introduces xPHAR**, a new staking token that gives holders voting power over liquidity pair emissions. **Key benefits for stakers:** - Earn 100% of protocol fees - Receive all vote incentives - Collect penalties from early exits - Direct emissions to preferred LP pairs **Flexible exit options:** - Instant redemption at 1:0.5 ratio (with penalty) - Sell P33 liquid staked version - Convert PHAR to xPHAR at 1:1 ratio **Deflationary mechanism:** Half of PHAR is burned when minting xPHAR, creating scarcity. Unlike traditional ve-models, xPHAR offers governance participation without forced locks while rewarding active voters.

**Pharaoh continues its dominance** in the Avalanche ecosystem, maintaining its position as the leading protocol for real yield generation. - LHBcrypto highlights Pharaoh's **Top 5 Blue-Chip Pools** for the current epoch - The protocol has consistently outperformed competitors on AVAX - Focus remains on **concentrated liquidity** strategies for maximum capital efficiency This marks another successful epoch for Pharaoh's innovative approach to yield farming, combining strategic pool selection with advanced liquidity management.