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GM. This is Milk Road – we’re like that buddy from high school that worked at Baskin-Robbins: we always hook you up with the extra scoop!

Here’s what we got for you today:

• ✍️ April’s top 5 revenue generators

• ✍️ Hot take: onchain mass-adoption will be boring

• 🥛 Milk Road PRO Portfolio updates

• 🎙️ The Milk Road Show: Are We Back in a Bull Market… or Getting Baited? w/ Jeff Dorman

TOP 5 REVENUE GENERATING TOKEN-BACKED APPS (APRIL ‘25)

Last month we ran the numbers for March’s top 5 revenue generating token-backed apps and asked you if we should make it a regular segment…

Your response was clear: "Run it every month" took 85% of the vote!

So here are the top 5 revenue generating apps for April (with tokens you can invest in):

1/ Hyperliquid ($HYPE) $40.94M

Hyperliquid is still number one baaaaby!

That said, it's worth noting that since our last top 5, Hyperliquid has weakened slightly, with its 30 day revenue going down $1.1M and its perps dominance losing ~1% to Ethereum. 👇

2/ Maker/Sky ($MKR/$SKY) $15.76M 

Maker/Sky has somehow managed to move from #4 to #2 in the list, even though its trailing 30 day revenue only went up $2.76M since we last checked in. Nice!

3/ Jupiter ($JUP) $15.17M

Jupiter’s down $4.53M since our last check-in (dropping from $19.70M to $15.17M)...yet it has somehow held its #3 spot.

The saving grace? PancakeSwap fell faster. 👇

4/ PancakeSwap ($CAKE) $14.44M

PancakeSwap’s trailing 30 day revenue went down $8.26M (dropping from $22.70M to $14.44M) – leapfrogging Jupiter on its way down from #2 to #4.

5/ Aerodrome ($AERO) $8.57M

Aerodrome bumped Uniswap to take the #5 spot this month!

That said – in April, Aerodrome spent $15.4M on incentives – so take all of this with a big grain of salt (they’re spending almost twice what they’re making in revenue).

Alright, now – let’s put a bow on this thing with an honorable mention…

The honorable mention: Axiom (a Solana-based DEX) launched its points program in Feb 2025 (aka: step 1 of running an airdrop), which has attracted a whooole lot of revenue since.

In fact, over the last 7 days – Axiom has brought in $13.34M, putting it in the #1 overall spot for revenue generating apps in the same time frame.

Ok – that’s all well and good – but why are we running this list every month?

Because we believe it will be the crypto applications (e.g. Pump(dot)fun), not the underlying blockchains (e.g. Ethereum) that soak up most of the value in the long term.

Want a closer look at this theory? 

We just dug into it with Jeff Dorman (CIO at Arca) on today’s episode of The Milk Road Show! 👇

YouTube | Spotify | Apple Podcasts

HOT TAKE: ONCHAIN MASS-ADOPTION WILL BE BORING AS HELL 😴

Hey, hi – Chevy here. Look, don’t yell at me but I have a theory – and it’s going to let you down, by design.

Ok, here goes (deep breath):

The more ‘boring’ a form of crypto adoption is, the more likely it is to actually happen.

I.e. It’s not a flashy game or social app that will onboard the world, but an existing web2 app moving onchain (quietly onboarding people without them knowing it).

I don’t want this to be true! But I fear my theory could well be playing out…

1/ Tinder is using WorldID (Worldcoin’s iris scanning tech) to verify Tinder users

This could spread far beyond just Tinder – its owner, Match Group, has a total of 16 dating apps under its umbrella (including Hinge, PlentyOfFish, and OkCupid).

And considering ~50% of adults under 30 use dating apps – the potential for ‘slow n’ quiet mass-adoption of blockchain tech’ feels real here.

2/ Google is planning to support Zero-Knowledge Proofs (aka: zk proofs)

This means you’d prove your age once to a single trusted third-party, then every time a site asked for proof of age, the system would answer ‘yes/no this person is/isn’t over 18’.

(Instead of ‘here’s a full copy of their ID – address, birthday, photo and all’.)

Let’s go to the checklist to see if this fits the theory:

• Existing web2 app (Google Account) ✅

• Potential for quiet mass-adoption (2.5 BILLION active Google account users) ✅

3/ Real World Assets (think: stocks, bonds, commodities) onchain

Right now, two things are true:

First – approximately 58% of households in the US own equities (existing web2 application ✅).

Second – late last year we saw an explosion of onchain equities, seeing their total value move from ~$14M to $500M in a handful of days (potential for quiet mass-adoption ✅).

Hopefully I’m wrong and everyone gets onboarded through an onchain Pokemon-style game that is so addictive that half the world starts playing it.

…but I ain’t holding my breath.

MILK ROAD PRO PORTFOLIO UPDATES 📊

The crypto market was riding high last week…but something changed over the weekend.

The mood shifted and reminded everyone that we’re not out of the woods yet! How is this affecting the Milk Road PRO Portfolio? Go PRO and keep scrolling to find out. 👇

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” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw a minor decrease over the past 7 days. Our portfolio value is at $124.5K, down 1.7% since last week.

The crypto market had a rough week, and it wasn't just our portfolio — losses were seen across the board. The pullback we've been cautiously warning about has finally arrived.

The latest ISM business cycle indicator came in at 48.7 (down from March's 49), remaining below the critical 50 threshold. This signals continued weakness and explains why we're not seeing an altcoin season materialize.

After an explosive recovery rally for Bitcoin and certain altcoins (especially AI Agents and Memecoins) the pullback was to be expected. Our strategy remains the same: no big moves and no unnecessary risk. Better safe than sorry.

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Imagine Aave, Compound and Morpho all rolled into one. Now, stop imagining ‘cause that’s exactly what Rocko has built — and we just reviewed it!

Ding-ding, we have a winner! New Hampshire becomes the first U.S. state to enact a state Bitcoin reserve.

Is $PYUSD the next big stablecoin? We’re seeing some serious growth from PayPal’s stablecoin in the past few months.

We’re hiring! We’re starting something called "Milk Road Macro” and we’re looking for someone to lead this. Check out the role and see if it’s your vibe.

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.**

**this is partner content.

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