# Q1 2026 Ecosystem Report *A lot happened in Q1. Here's where we are.* By [Spectra](https://paragraph.com/@spectra) ยท 2026-04-03 --- **MetaVaults** The biggest infrastructure milestone of Q1. MetaVaults went live in February, introducing curated vault infrastructure to the yield-tokenization space. This is a new primitive: a vault layer purpose-built for the yield tokenization lifecycle, handling pool allocation, maturity rollovers, and cross-protocol coordination. MetaVaults crossed a $10M TVL milestone across 3 active deployments, with more curators in the pipeline. **Cross-protocol MetaVault capabilities** ----------------------------------------- MetaVault architecture is set to support cross-protocol liquidity coordination. A significant integration is in its final stages, expanding the range of yield opportunities accessible through Spectra MetaVaults. More details coming early Q2. **Protocol Activity** --------------------- DEX volume across the protocol reached $98M in Q1, a 2.4x increase compared to Q4 2025. Notably, since its inception, Spectra has processed over $700M in protocol inflows and outflows. ![](https://storage.googleapis.com/papyrus_images/ee29a14046891b1540ee639b7b43d223f50670dd2d02ecc75de36f9965c70c4b.png) _Spectra DEX Volume by Chain (weekly), Q4 2025 and Q1 2026_ **XRP Finance on Flare** ------------------------ Spectra has become one of the leading platforms for XRP Finance on EVM thanks to its deployment on Flare Network. stXRP pools alone generated $25M in DEX volume during Q1, with highly organic, balanced participation from both PT and YT traders. This has been one of Q1's standout stories. **Network highlights (Q1)** --------------------------- Katana deployment reached a peak of $10M in TVL, with pools generating $20M in DEX volume. Spectra has been the primary yield tokenization venue on the network since its earliest days and supported the KAT TGE. Avalanche volumes crossed $30M with TVL exceeding $7M. A notable share of inflows toward Avalanche pools has been flowing via the MetaVault deployment on Base. MetaVault's cross-chain nature allows teams to source liquidity for their pools from other networks through a single entry point. Flare deployment surpassed $12M TVL and led all networks with $37M in DEX volume, led by stXRP and sFLR pools. **App and product** ------------------- The Spectra App is continuously evolving. A major focus this quarter has been MetaVault transparency: allocation destinations, pool technicalities, and vault boundaries are all surfaced directly in the interface so participants can verify everything at a glance. Below is a bird's-eye view of the transparency panels one can find across MetaVault deployments that help users make informed decisions: ![](https://storage.googleapis.com/papyrus_images/86c31463ca631793642b78cd1e6ea85d94baafee1b72e9f1e494fd459cea1e20.png) Looking ahead, the App's trading environment is undergoing a revamp to accommodate trading professionals, equipping them with precise tools for position creation, management, and tracking. The goal is a trading experience that resembles the precision of platforms like Binance or Hyperliquid, preparing the ground for what comes next. **Governance** -------------- The Reduce Emissions gauge option is now in motion following SGP-17, splitting redirected emissions between the DAO and locked veSPECTRA rewards for voters. This strengthens the DAO's reserves and strategic capabilities. SGP-18 passed, authorizing a one-year manual migration path for remaining APW holders at the original 1:20 ratio. **What's next** --------------- The Spectra Orderbook is in the pipeline. Its scope extends well beyond MetaVaults in terms of engineering complexity, and we're currently in the audit preparation phase. The orderbook will fundamentally expand how yield is traded on Spectra. The App's trading environment revamp mentioned above is being built in anticipation of this. Spectra is extending to new ecosystems, with Sei now live in the App (SGP-16). The team is also developing the infrastructure for the first strategic non-EVM deployment, with a governance proposal to follow on the forum. MetaVault growth remains a core focus: elevating existing partnerships to the MV layer, onboarding new curators, and expanding its cross-protocol capabilities. As Spectra grows through a multi-layered protocol approach, we are preparing a tokenomic upgrade that aims to re-align stakeholder incentives and strengthen protocol revenue capture. More details will be shared through the governance forum. **Q1 in perspective** --------------------- * Spectra's infrastructure is proven to scale pool and network deployments * Spectra AMM handled significant volumes throughout Q1 * New network deployments are gaining organic traction * MetaVaults are live and growing, with the curator model for yield tokenization taking shape Q2 priorities are clear: orderbook, new network deployments, MetaVault expansion, and evolving veSPECTRA governance to capture value from all protocol layers. Explore the Spectra Ecosystem: Explore the Spectra Ecosystem: ------------------------------ Community: [https://discord.com/invite/spectrafinance](https://discord.com/invite/spectrafinance) Forum: [https://gov.spectra.finance/](https://gov.spectra.finance/) Governance: [https://snapshot.org/#/s:spectradao.eth/](https://snapshot.org/#/s:spectradao.eth/) X/Twitter: [https://x.com/spectra\_finance](https://x.com/spectra_finance) Website: [https://www.spectra.finance/](https://www.spectra.finance/) Docs: [https://docs.spectra.finance/](https://docs.spectra.finance/) --- *Originally published on [Spectra](https://paragraph.com/@spectra/q1-2026-ecosystem-report)*