Mad News: November 2025
Market crash, New Lads and Lassies, Backpack Season 4
November came with its own dose of chaos across the markets, with sharp corrections, rising uncertainty, and a general pullback into the 80K to 90K range that reminded everyone just how volatile this space can be. But as always, this article will walk you through everything you need to know about what happened this month
A single trend does not define a whole month. November still delivered plenty of exciting moments, including the long-awaited Monad Mainnet launch, early access to exclusive rewards through Backpack, continued upgrades to the Backpack Wallet, and the launch of Season 4 after an explosive finish to Season 3
The Mad Lads community continued to make its mark both online and offline. Between creative content on X and strong representation at global events, the Lads proved once again that their presence across the ecosystem is unmatched and that they are truely MAD
Crypto Culture
Mad Lads continue to keep their place in Web3 culture, and this month we got one of the coolest proofs. A full Mad Lads was painted on a wall in Argentina, turning a local street into a piece of real-world crypto art
https://x.com/BasedBuilder007/status/1990929770436071581
Backpack News
New Listing
November was a bit quieter on the listings side for Backpack, but we still saw a few new pairs added, each one arriving with its own quests and rewards to keep traders excited
Wallet Features
Backpack rolled out two solid updates for the wallet this month. The first is a brand-new bridge tab UX, making cross-chain bridging smoother than ever. You can now bridge effortlessly right inside Backpack, view your full bridge history, and even resume paused transactions if anything gets paused
The second update, and honestly the coolest one, is the ability to import multiple seed phrases directly into the Backpack wallet app. This lets you organize all your wallets in one place and manage everything seamlessly from a single interface
S3 Ends, S4 Begins
Season 3 officially ended on November 20th, 2025, closing out with more than $300B in total trading volume. To mark the moment, Armani hosted an AMA in the Backpack Discord, sharing a massive amount of information about Season 4 and the long-term vision for Backpack
Season 3: The Foundation
Armani described Season 3 as the phase where Backpack’s infrastructure finally matured at scale
A few key achievements:
A scalable, battle-tested margin and risk system
Deep integration between the wallet and exchange
Support for new L1s on day one (deposits, withdrawals, perps, spot, lending)
A cross-chain liquidity framework designed for long-term expansion
Backpack’s philosophy remains clear: It’s a complete financial product where users can hold assets long-term, bridge stables, manage risk, and use multiple chains all inside one Backpack
Season 4: Liquidity, Liquidity and Liquidity
Season 4 starts immediately after Season 3, no downtime
One of the biggest lessons from October’s market chaos was simple:
Exchanges need liquidity of last resort
Backpack intentionally avoided reliance on FTX-style market makers. Instead, it built a neutral, invariant-driven system. But when several market makers vanished during volatility, it became clear: Backpack needs its own tools to stabilize liquidity
So here’s what’s coming:
A high-frequency trading platform as a service, exposed by API
User-friendly grid bots so anyone can automate strategies
Vaults powered by Backpack’s infrastructure, generating yield through:
Market making (spread capture)
Liquidations and backstop systems
Cross-collateral yields via BTC, ETH, SOL, HYPE, USDC, USDT, BNB, JUP, and more
Banking, Compliance and the “Money App”
Armani repeated this several times:
Backpack isn’t a perp DEX. Backpack is a money app
Current state:
USD wires with no size limits and zero fees
Fully compliant account structure
Unified collateral for spot, perps, lending, and margin
What’s next:
Support for EUR, then JPY
Global networks of local fiat rails
Remittances, FX, and fast on/off-ramps
Payroll, IBANs, savings accounts
Cards so users can spend BTC/ETH/USDC anywhere
Proof of Reserves & The “Private Chain” Model
Backpack already operates like a private blockchain with a deterministic, verifiable ledger
Today:
Proof of Reserves matching on-chain wallets
Privacy-preserving cryptography (balances are verified, not revealed)
Coming next:
External validators for Backpack Exchange
Continuous real-time PoR
Strong trust minimization
The goal is transparency rivaling a blockchain, while staying compliant and regulated
Community, Tokens, and the bigger mission
Armani emphasized that Backpack’s success depends on two things:
Relentless product execution
A global, unstoppable community
The Mad Lads community already plays a huge role with memes, content, events, IRL meetups, merch, evangelism and more. Tokens, when launched, will expand that energy to millions of new people
On buybacks:
Early-stage projects typically reinvest instead of buying back
Decisions must follow a capital allocation framework, not hype
In short: buybacks aren’t off the table, but they’re not automatic
Five-Year Vision: The Money App
Armani ended the AMA with his long-term vision:
In five years, Backpack shouldn’t feel like a crypto app
It should feel like the default money app
The roadmap includes:
Banking
Savings
Investing
Perps
Stocks
Mortgages
Remittances
Cards
On-chain activity
All inside one Backpack
And for early supporters?
This is a multi-decade project. We chose the hardest path: regulated, compliant, transparent, and built so no one can run away with the money
Monad Mainnet
Monday, 24th November 2025 marks the official launch of the Monad Mainnet (yes, it’s finally here!)
Monad is massive, but it can feel overwhelming at first. That’s why Backpack is stepping in to make your first steps smooth and effortless. Using Backpack is simply the best way to explore the Monad ecosystem from Day 1
With Backpack, you can:
Swap, bridge, and stake directly
Discover trending memecoins and top dApps
Trade $MON with both spot and perps on launch day
And that’s not all. Early Backpack users will be eligible for exclusive rewards, including:
Points boosts on naddotfun
Free perks from LootGo
20x ChogNFT
30x Lilstarrrs
$10000 in $MON
… and even more
Monad Mainnet is here. Backpack is ready. Let’s explore!
https://x.com/backpack/status/1992872823405375718
NFT Mint Calendar
Get your $MON ready because a flood of new NFT projects is about to hit Monad, and some of them are seriously hyped
@overnads - Nov 25th
@BlockNads - Dec 1st
@skrumpeys - Nov 24th
@mongang_xyz - Nov 26th
@llamao_ - Nov 25th
@molandaks_xyz - Nov 24th
@LaMouchNFT - Nov 24th
@Monshape - Dec 5th
@chads_gg - Nov 28th
@poply_xyz - Nov 25th
@monadverse - Nov 25th
@Chewy_xyz - Nov 24th
@thedaks_png - Nov 26th
@RealNadsClub - Nov 28th
@the10kSquad - Dec 4th
@OctoNads - Nov 25th
@meowwnads - Nov 26th
@sealuminati -Dec 1st
@moyaking_xyz - Nov 24th
@WoollyEggs - Nov 24th
@monochams - Dec 1st
@MonafukuCafe - Nov 24th
@MonadNomadsNFT - Nov 26th
As always, we encourage you to do your own research and make sure you don’t miss anything important
Mad Lads around the world
You probably know since many months that Mad Lads community never rests and never hide. Every month, every week, we see Mad Lads at events, repping their merch or being on stage… and of course this month too (even with some “private jokes” such as KFC meet-up)!
qimei somewhere around the globe
https://x.com/Qimeiluo/status/1985189827789365727
Lads at KFC
https://x.com/Madbenny/status/1985706617690866069
Lads at the pub
https://x.com/konn3cted/status/1984319429203648603
Backpack birthday in Tokyo
https://x.com/Miiiho420/status/1984609955794862264
Lads winning Hackathon
https://x.com/alexana_deva/status/1987817357645889911
Mad Lads 2nd collection concept
Armani dropped an unexpected and absolutely brilliant surprise this month. He shared a sneak peek of the original concept for the Mad Lads second collection, a project that was started long ago but never completed
https://x.com/armaniferrante/status/1985203191382966762
The community instantly went wild when it appeared on the timeline. The hype grew so quickly that Grok’s algorithm detected it and pushed it into X’s trending topics
Breakpoint ‘25
From the 11th to the 13th of December 2025, Solana Breakpoint will take place in Abu Dhabi. This is Solana’s largest annual conference and the gathering point for builders, founders, investors, creators, and ecosystem leaders from all around the world
If you are attending, you will be able to meet a big part of the Backpack team at their booth. For your information, Armani will also be speaking on the second day, so make sure not to miss his session
You may also want to check this out https://luma.com/ihpl3ohr
PODCAST CORNER 🎙️
BTC Echo x Armani Ferrante
https://www.btc-echo.de/news/experte-krypto-markt-verhundertfachen-backpack-ceo-interview-2-218433/
Thanks for taking the time to read this post, we really appreciate it!
If you enjoyed it or found it helpful, feel free to leave a comment and share it with your friends!