Market Overview
Data as of 6:45 AM UTC on November 14, 2025.
Bitcoin (BTC) finished the week down 5.38%, while Ethereum (ETH) underperformed again, down 5.89% in the same period. Total crypto market cap dipped 0.75% to end the week at $3.435T, down from $3.461T in the week prior.
This week’s liquidations climbed across the week, with several days of long liquidations in the $400-500M range, driven by Bitcoin weakness throughout the period. Funding rates continue to remain low, with some cryptocurrency majors seeing funding rates hit the negative ranges.
JP Morgan rolls out their USD-denominated deposit token, JPM Coin, on Base, following a pilot initiated in June this year.
Senators release a draft of their digital assets market structure bill that would give the CFTC oversight in governing crypto regulations.
The UK’s Bank of England proposes new rules governing stablecoins, limiting ownership to £20,000 per individual.
Significance of Market Trends
The crypto market breaks down further, with Bitcoin falling under the strongly protected 100K level, sending most crypto assets down alongside it. The traditional markets did not fare much better, with the S&P 500 retracing the move in the early part of the week to close at 0.62% up. The Nasdaq fared a bit worse, closing at 0.06% up over the past week.
Notable altcoin outperformers this week included Uniswap (UNI), Meteora (MET), StarkNet (STRK), World Liberty Fi (WLFI), and Morpho (MORPHO).
Narrative of the Week
Uniswap proposes to turn on the fee switch after years of anticipation from DeFi power users, sending waves through the DeFi space on proper value accrual under a less restrictive regulatory environment.
Uniswap founder, Hayden Adams, proposes to turn on the fee switch to drive value to the UNI token from protocol fees and Unichain sequencer fees, as well as a burn of 100M UNI tokens.
Lido Finance proposes an automated buyback program for the LDO token, with parameters to manage the timing of trades.
dYdX is set to vote on the distribution of protocol revenues.
Impact on DeFi
The move from Uniswap is pushing other DeFi incumbents to make their move for better tokenomics and value accruals to their respective governance tokens, which could help to create the demand for revenue-generating altcoins.
Major Project Updates
Monad announces a token sale via the first ever token sale on Coinbase, seeking to raise $187.5M by selling 7.5% of the token supply at a valuation of $2.5B.
The Ethereum foundation unveils their decentralized AI (dAI) team’s 2026 roadmap, addressing the adoption of recent developments, in ERC-8004 and x402, which are supporting agentic coordination and payments.
EigenLayer and LayerZero partner up to release EigenZero, a Decentralized Verifier Network, powered by EigenCloud’s slashing infrastructure and a $5M ZRO stake.
Sui unveils USDsui, a native stablecoin issued by Bridge, a company under Stripe. USDsui is GENIUS-compliant, fiat-backed, and yield-sharing.
Analysis of Project Developments
Monad’s token sale drew controversy, after having raised $200M prior to the sale. However, others are curious about the opportunity, with current MON token pre-markets trading at more than 2x the sale price.
DeFi Brief
Data as of 6:45 AM UTC on November 14, 2025.
Aerodrome and Velodrome announce a merge into Aero, with an upcoming deployment coming to Ethereum as well as Circle’s Arc blockchain.
Hyperliquid stablecoin protocol, Felix, launches TSLA-USDH perpetuals on Hyperliquid, powered by Hyperliquid’s HIP-3.
Strategic Mergers and New Offerings
The merger between Velodrome and Aerodrome brings new competition to the DeFi space, with the consolidation of liquidity and governance, improved technology, and an institutional angle.
Fundraises
Perpetual DEX platform, Lighter, raises $68M in a new funding round led by Founders Fund and Ribbit Capital, with other investors including Robinhood and Haun Ventures.
Privacy blockchain, Seismic, raises $10M in a funding round led by a16z, with support from Polychain Capital, Amber Group, and LayerZero Labs, among others.
Open-source development firm, Commonware, raises $25M in a new funding round led by Stripe’s Tempo blockchain.
Zero-knowledge identity protocol, Self Protocol, raises $9M in a funding round, with investors including Greenfield Capital, Spearhead VC, Verda Ventures, SCV x SBI, and a handful of angel investors.
Airdrops Abound
Order flow coordination layer, aPiori, opens their airdrop for claims this week. Users can opt to claim their airdrop now or claim on Monad’s mainnet launch for a larger allocation.
Tweet of the Week
Source: @boldleonidas
Uniswap, we see you! (But a welcome change, no less)