Messari Monthly: November 2025
Key Insights
- Uniswap’s decision to activate its long-delayed fee switch marks a decisive turn toward explicit value accrual, signaling that regulatory pressure has eased, organic growth has plateaued, and the protocol is now embracing the market’s shift toward revenue-backed tokens.
- Fomo’s rapid traction highlights a new wave of consumer-focused crypto apps that prioritize accessibility over professional tooling. By combining social transparency, seamless cross-chain trading, and an intuitive mobile UX, Fomo is positioning itself as a potential “Robinhood moment” for onchain markets.
- Crypto market breadth remains historically weak, but pockets of strength in privacy, AI, and emerging DeFi names suggest the start of a rotation. With roughly 88% of assets still below key technical levels, conditions remain fragile, yet past cycles show that similar extremes have often marked major turning points.
- Agentic commerce is accelerating, and emerging standards like x402, AP2, and ACP are positioning crypto to power it. As adoption grows, the digital economy is moving toward a future where autonomous agents, not humans, drive most transactions.
- Phantom CASH is quickly becoming one of the most successful defibank launches, combining rapid deposit growth with early DeFi adoption and a unified stablecoin model that reduces liquidity fragmentation.
This monthly report showcases five distinct perspectives from the Enterprise team for November. 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.
Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.
AJC is a Research Manager at Messari for the Enterprise team. His primary focuses are on Bitcoin and Consumer. Prior to joining Messari, AJC wrote an independent crypto blog.
Qorban was previously an analyst at a stablecoin startup. His primary interests are DeFi, stablecoins, and macro finance.
Prior to joining Messari, Chris was the Growth Lead at a Paradigm and a16z-backed gaming startup called LootRush. His primary focus is Consumer Products, Music x Crypto, Gaming, Digital Art, and market buying local tops.