TVL is $36.8M with a -10.36% 24h change, while spot activity is $6.5M (24h), $27.6M (7d), $124.4M (30d). 24h volume surged +195.02%, suggesting a short-term spike in flow relative to the TVL base.

Capital turnover (Volume/TVL) is 0.177x daily ($6.5M / $36.8M), 0.75x over 7d, and 3.38x over 30d—solid usage for a mid-sized DEX, but sensitive to TVL volatility (given the -10.36% 24h TVL move). Fee take-rate is ~16.2 bps ($10.5K / $6.5M).

The venue lists 45 coins across 73 pairs (≈1.62 pairs/coin), implying a relatively tight listing graph versus large multi-chain DEXs. Implied averages: ~$0.50M TVL per pair ($36.8M/73) and ~$89K 24h volume per pair ($6.5M/73), pointing to likely liquidity concentration in a subset of pairs.

TVL deployment is 100% on Berachain ($36.8M), creating clear chain product-market fit but high ecosystem concentration risk. Notably, CoinGecko-reported TVL is $81.5M, about 2.21x the $36.8M figure (a $44.7M gap), which can affect cross-source comparisons and perceived depth.

Monetization is measurable: $10.5K fees (24h), $215.0K fees (30d), and $3.7K revenue (24h) / $75.3K (30d), with revenue capture at ~35.2% of fees ($3.7K/$10.5K). Fee yield on TVL is ~0.0285%/day (≈10.4% annualized), while revenue yield is ~0.0101%/day (≈3.7% annualized). Valuation looks low vs locked capital (MCap/TVL 0.04, FDV/TVL 0.3) but token overhang exists (circulating 14.8M of 100.0M; price ~47.4% below ATH). With 2 audits and Trust Score N/A, the metrics show growing usage but maturity is constrained by single-chain exposure and recent TVL drawdown.