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GM. This is Milk Road, the crypto newsletter that's like a punchline with perfect timing—always leaving you wanting more.

Here’s what we got for you today:

TOP 5 APPS GENERATING REVENUE FOR JULY 💰️ 

Everyone likes to make money, but not everyone is good at it.

And blockchain apps are no different, so today we’re going to spotlight the top 5 crypto apps killing it in the earnings game.

Here’s the deal: sustainable revenue is the key to crypto's long-term success.

We need apps that rake in the big bucks through real use cases. By pinpointing the top performers, we can see which use cases have staying power.

Plus, these apps have the potential to buy back tokens or share revenues with holders. 💸

That's the future we’re all rooting for!

Despite what current prices might suggest 😉, the crypto economy is on fire.

We've scoured the blockchain to uncover the top 5 revenue-generating apps in July. ⬇️

1/ Maker: $25.9M

Maker, the OG of DeFi since 2014, stands tall as the bank of the Ethereum ecosystem. It gobbles up your collateral and spits out loans in $DAI, a decentralized stablecoin.

And Maker is a revenue beast, raking in an average of about $830K a day. 

That's some serious cash flow…. 🖨️

With $DAI being used in over 400 DeFi projects, Maker has navigated through the crypto rollercoaster—bear markets, depegs, collapses, you name it—without breaking a sweat.

We dug into Maker's potential in a past PRO Report, so take a look for all the juicy details.

2/ Aerodrome: $14.8M

Aerodrome, the rising star of DeFi, is the go-to trading and liquidity hub on the Base blockchain, which is buzzing with massive onchain activity. 

With Slipstream pools that offer high-efficiency, low-slippage trading and attract major liquidity, Aerodrome has managed to capture 64% of the trading volume on Base from Uniswap V3. 🤯

In July, Aerodrome hit $680M in trading volume. They convert this impressive volume into revenue by charging a fee on every trade.

Only time will tell if Aerodrome can keep beating King Uniswap at its own game on Base.

3/ Ethena: $12.9M

Ethena is a synthetic dollar protocol on Ethereum, offering a crypto alternative and easy access to dollar-based rewards.

Ethena is the new kid on the block, launching in February 2024. 

Since then, Ethena has become the 9th largest app in crypto by TVL ($3.2B) and its stablecoin $USDe is the 4th biggest stablecoin by total supply. 🏆

In fact, $USDe has been the fastest-growing stablecoin in the entire crypto market year to date.

For a deep dive on Ethena and tips on how to capitalize on its growth, check out our PRO report!

Fun fact: Yesterday, Ethena shook things up by adding Solana support and bringing their USDe along for the ride! 💥

4/ Lido: $8.8M

Lido is the top dog in liquid staking on Ethereum, letting users stake their $ETH and earn daily rewards without losing liquidity. 

It generates revenue by taking a 10% cut of the staking rewards from user deposits.

Lido controls over 29% of all staked $ETH and represents 72% of all liquid staked tokens (LSTs), making it the BIGGEST app by TVL with $24.5B. 🤯

Over 9.8M $ETH are staked through Lido, spread across ~320k unique addresses. Talk about staking domination!

We covered Lido's mechanics in a past newsletter, so check that out for more details. 

5/ Uniswap: $6.7M

Uniswap is the OG DEX on Ethereum, enabling users to swap tokens directly from their self-custody wallets. 

It generates revenue primarily through trading fees, collecting a small percentage of each transaction made on the platform.

Uniswap dominated the DEX scene in July, processing a whopping $54B in volume. That’s a staggering 77% of all trading on decentralized exchanges.

Fun fact: Since its inception in November 2018, Uniswap has now facilitated trading volumes exceeding $2.3T across various blockchains. 💪

🥛 Milk Road Take: Crypto is the most volatile asset class humans have encountered. 🐎

In the end, revenue-generating apps claim to show real and sustainable use cases, but their true test is enduring huge market fluctuations and consistently delivering value.

Investing in these apps could mean backing winners that are here to stay and boost the industry as a whole, potentially making them attractive for every investor’s portfolio. 👀

Of course, many once-thriving businesses generating serious revenue have fumbled the ball and ended up dead (looking at you, Myspace 👀), so nothing is certain.

But last month, these apps were the best at bringing home that cheddar.

INSTITUTIONS FEAST ON THE DIP: RETAIL, TAKE NOTE! 🐋

When the market recently took a nosedive, retail investors were running for cover, selling off their holdings in a frenzy. 😨

Meanwhile, institutional investors were quietly buying up risk assets like Bitcoin at bargain prices. 🤑

Check out how it went down in the stock market:

The crypto market was no different, after a $230B market correction, the big boys capitalized on the golden opportunity that even Bob Barker would appreciate. 🥇

It's clear the smart money saw something in the dip that retail investors might’ve been missing.

So what did they see? It’s simple: institutions have a positive outlook on crypto’s medium and long-term potential. 

Just check out this $BTC whale accumulation:

And even though $ETH has been lagging so far, the whales were gobbling it up too! 

So, should you follow the smart money strategy next dip? 

Here are the Milk Man’s thoughts:

If you’re in it for the long haul, don’t let short-term dips shake you out. 

Use these dips to reassess your thesis of why you hold an asset and ensure its still intact. If it is and you have some extra cash, you might want to top up and buy some more.

Otherwise, just sit on your hands and Don’t F**k This Up!

As part of reevaluating your thesis, it’s always good to look at the flip side of the coin and that’s exactly what today’s episode of The Milk Road Show explores. 

Asking the tough questions like: what if the bull market is actually over? Are you ready for what’s next? 

Today we give insight on:

And much more! So tune in 👇

YouTube | Spotify | Apple Podcasts

MILK ROAD PRO PORTFOLIO UPDATES 📊

Look! Up in the sky! It’s a bird! It’s a plane! It’s… the Milk Man sharing his latest portfolio changes.

Like clockwork, every Thursday, we’re here to share our updated list of investments from the Milk Road PRO Portfolio. 

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “how to build a crypto portfolio in 2024” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw quite a drop over the past 7 days. Our portfolio value is at $88.8K, down 17.6% since last week.

What a week it's been!📉 

Markets took a significant hit, driven by fears of a potential recession in the USA and Japan's unexpected rate hike after years of near-zero interest rates.

This caused quite a stir in the financial world. 🌀

There's a lot to unpack, so stay tuned for our PRO report on it this Saturday. 

We'll dive into the main reasons behind the market drop, share our insights from this turbulence, highlight where we see opportunities, and offer guidance on how to navigate this situation.

Don't miss it! 🎯 

Portfolio changes 👀

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Ripple fined $125M, but claims victory over SEC. The fine was far less than the SEC's $2B demand. XRP price surged 17% after the news, jumping from $0.4942 to $0.6035. Ripple's CEO called it a win for the industry.

Franklin Templeton launches onchain money market fund on arbitrum.
They launched their “OnChain U.S. Government Money Fund” on Arbitrum, using the BENJI token for investor access via digital wallets.

Robinhood's Q2 2024 earnings dropped yesterday. The company’s assets under custody hit a record $140B, up 57% YoY, despite a 40% drop in crypto trading volume. During Q2 they launched crypto staking in Europe and agreed to acquire Bitstamp.

Brazil regulator approves first spot $SOL ETF. The country’s SEC has approved the launch of the world's first Solana spot ETF in partnership with CME Group. The fund is in the pre-operational phase and will go live within 90 days.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.