Messari Monthly: July 2025

Key Insights

• LetsBonk is rapidly gaining market share from pump.fun by redirecting platform fees toward BONK buybacks and positioning itself as a community-centric alternative, raising questions about the sustainability of pump.fun’s dominance and PUMP’s projected valuation.
• Aave’s persistently low USDT lending rates, sitting below Treasury yields, highlight weak demand for leverage and inefficient capital deployment on Ethereum, creating an opportunity for tokenized yield products or alternative onchain strategies to attract undercompensated stablecoin deposits.
• Ether.fi is leveraging its dominant restaking position to build a broader crypto neobank, with its Cash product showing strong early growth driven by generous subsidies and integrated DeFi yields.
• BNB Chain’s record DEX volumes are being fueled by wash trading strategies to farm Binance Alpha Points, illustrating how incentive programs can dramatically inflate onchain activity without reflecting genuine user demand or sustainable economic value.
• Monero has quietly become the top-performing major crypto asset in 2025, as rising financial repression and capital controls drive organic demand for true financial privacy. This highlights a structural tailwind for privacy coins that the broader market continues to overlook.

This monthly report showcases 5 distinct perspectives from the Enterprise team for July. Each section features a unique chart or graphic, accompanied by in-depth analysis that contextualizes the data and examines its broader implications for the crypto industry.