Vesper Protocol Shows Resilience with TVL Growth Despite September Market Downturn
**Vesper Protocol delivered solid performance in September** despite broader crypto market weakness.
**Key highlights:**
- **TVL increased across all networks** (Ethereum, Base, Optimism, Avalanche) in both USD and ETH terms
- **Protocol revenue accelerated** alongside TVL growth
- **Token-holder income rose** during the month
**VSP token challenges:**
- VSP price declined due to sales from long-term holders
- Market cap moved in step with price decline
- **17.6% of VSP supply remains locked** in esVSP with longer commitment periods
**Treasury structure:**
- 50% deployed in yield-earning Vesper positions across multiple networks
- 50% held as stablecoins and major assets for operational flexibility
- Assets include USDC, WETH, msETH, WBTC, and LINK
The protocol demonstrated that **strong fundamentals can persist through market volatility**, with net deposits driving TVL growth even as ETH prices fell.