Contango | Crypto

In Q1, Contango showed varied performance across its metrics. Total open interest declined 3% to $303.6 million, while trading volume declined $1.2 billion, with Ethereum holding a 69% volume share. TVL rose 34% to 17,500 ETH, though TVL declined 54% to $31.7 million in USD terms due to ETH’s 45% QoQ decline. Stablecoin open interest rose, and stablecoin pairs traded more frequently relative to ETH pairs. Optimism also saw increased activity due to a 100,000 OP token incentive program. While overall metrics in USD terms declined in sync with the market, the same cannot be said for ETH terms. Launched in November 2024, the TANGO token closed Q1 at $0.02, with a $2.6 million market cap, while the oTANGO mechanism facilitated airdrops with a discount structure tied to token price. These efforts to enhance the protocol’s functionality bode well for its future utility regardless of market conditions.