Messari Monthly: June 2025

Key Insights

• Axiom is generating high fees, but at a lower effective take rate, driven by incentives like rebates and referrals. This reduces net costs for users, potentially helping it steal marketshare from other trading interfaces.
• A wave of new launchpads briefly challenged Pump.fun, attempting to compete through differentiated value accrual mechanisms. However, none have yet to succeed in capturing meaningful market share, demonstrating the defensibility of Pump’s position driven by the strength of its brand and early network effects.
• The HyperEVM has managed to cross $1 billion in TVL in May, largely led by a grassroots effort from retail DeFi farmers and users looking to capture upside from a suite of Hyperliquid native protocols.
• Helium Mobile’s $4.98 million in annualized Data Credit burns significantly underrepresents its true economic scale, with newly revealed annualized revenue reaching $33.2 million. Gross margins on the cost of coverage likely exceeds 85% for the Helium Mobile MVNO. However, only Data Credit burns are accruing to HNT holders at this point.
• Alkanes is pushing the boundaries of Bitcoin’s utility by introducing WASM-based smart contracts, marking a significant evolution from static token protocols like Ordinals and Runes to dynamic application deployment.

This monthly report showcases 5 distinct perspectives from the Enterprise team for June. 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.