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GM. This is Milk Road, where Endgame may be the finale for some, but in crypto, it’s just the beginning of something epic!

Here’s what we got for you today:

• ✍️ Fundamentals vs. Pumpamentals 

• ✍️ PayPal’s $PYUSD stablecoin is booming on Solana 

• 🥛 PRO “Where are we in the cycle?” indicators

• 🎙️ The Milk Road Show: Telegram CEO Arrested: $TON Plummets 20% - What’s Next?

• 🍪 BlackRock and Grayscale hold nearly 3% of all circulating Bitcoin via their ETFs

FUNDAMENTALS VS. PUMPAMENTALS 💪

In the 1980’s, Japanese cars were known to be cheap, and reliable (nothing fancy).

…but in 1990, they started to build a new reputation – and this time, in luxury. 💎

That was the year Toyota came out with the Lexus LS 400 – which took the same reliable Japanese manufacturing and stocked it with a range of luxurious appointments.

(Setting two very similar cars apart with a rebrand and a few extra features).

Today, we’re seeing a similar transformation take place over at Maker, issuer of the $DAI stablecoin, with the introduction of a new suite of features (fundamentals) and a glossy new rebrand (pumpamentals).

All wrapped up in an upgrade that Maker (now ‘Sky’) has been calling “The Endgame”:

This is a change we’ve wanted to see for a long time now!

Maker has always had solid fundamentals – but its pumpamentals (aka the sparkly branding and easy to follow naming conventions)? 

They’ve kinda sucked. 👎

The concept of ‘pumpamentals’ seems insignificant, but when you’re trying to bring new users into a space that’s already garbled with jargon and buzzwords – these tweaks and changes can really help a project stand out.

Here’re the two big changes coming to Maker, from a pumpamentals standpoint:

1. The Maker ecosystem is now the ‘Sky’ ecosystem, and all of its features are known as Stars (an ecosystem full of features = a sky full of stars) – where, instead of Maker ($MKR) and its paired stablecoin $DAI, we now have Sky ($SKY) and US Dollar Sky ($USDS).
   

2. 1 $MKR will be exchangeable for 24,000 $SKY, making $SKY = $0.0875 per token, vs. $MKR's $2,065 per token. Think of this like a stock split – the price per unit of $SKY will feel much more accessible at $0.0875 than that of $MKR at $2,065.

We know what you’re about to say – “This is a bunch of fluff!” And, hell – we don’t disagree with you! 

But this kind of hand-holding has a long history of success in the legacy tech industry.

It’s a design process known as ‘skeuomorphism,’ where you attach familiar naming conventions and visuals to yet-to-be-widely-understood concepts (like DeFi).

It’s why our computer home screens are known as ‘desktops,’ compiled computer data sets are called ‘files,’ and why all of the stock apps on the first iPhone reflected their real world counterparts (whereas today they look nothing like it) 👇

Still not sold? Think of it like a list of ingredients within a recipe…

Fundamentals = steak (solid on its own)

Pumpamentals = salt (to be used in moderation, and never on its own)

Fundamentals + Pumpamentals = a mouthwatering dish ready for joyful consumption.

(Brb, making a steak sandwich). 🥪

PAYPAL’S $PYUSD STABLECOIN IS BOOMING ON SOLANA 💥

PayPal is up to something with $PYUSD…

And we think we might have uncovered what it is. 😏

In case you didn’t see it plastered all over Crypto Twitter these past 24hrs, PayPal’s $PYUSD stablecoin recently hit $1B in market cap – just 383 days after launch.

(That’s 2x faster than $USDC and 3x faster than $USDT!)

And most of that recent growth has been thanks to Solana. 🤝

Since $PYUSD launched on the Solana ecosystem in late May, it has increased by 271% in total, with Solana $PYUSD accounting for 88% of that growth!

And it’s starting to eat into $USDT’s market share on Solana, fast:

Ok…but HOW!? 

It’s not like PayPal is some beloved brand in crypto (user’s aren’t going to rush to adopt it because of its name recognition).

Well, we think we’ve found the culprits: Kamino Finance, Drift, and MarginFi.

The generous folks behind these projects are offering an eye-watering 13%+ annual return on staked $PYUSD – that’s better than the S&P500’s average annual return over 10 years (11.02%)! 📈

(This means each week, $1.5M+ in yield is being paid out across Kamino, Drift, and MarginFi).

As a result, the majority of PYUSD’s circulating supply currently lives on those platforms👇

We have no idea who's funding these returns, but an educated guess would say it’s not any of these lending platforms, but either PayPal, Solana, or a combination of the two (likely this).

Alright, we’ve covered the ‘what’ and the ‘but HOW!?’ of it all – now it’s time to ask ‘why?’

Why is PayPal focusing on growing $PYUSD on Solana over Ethereum or Tron (the two biggest markets for stablecoins) – or any other blockchain for that matter?

(Short answer: It’s an easier win).

Ethereum and Tron already have large stablecoin ecosystems (dominated by $USDT and USDC).

Meaning, $USDT and $USDC are already the main stablecoins used as collateral in DeFi or trading pairs on DEX’s. 🔐

Meanwhile, Solana’s stablecoin market is still in its infancy (with a dominant, hard to catch lead yet to be taken by $USDT or $USDC) – and has one of the fastest expanding ecosystems in the space.

Solana is also leaning heavily into the payments space with its Stripe and Visa partnerships – which should create a solid foundation of stablecoin demand.

If PayPal can be the first to really take off on Solana, it can become the backbone of the ecosystem – and if Solana continues its growth dominance, then PayPal may just be making one of the smartest bets in crypto right now!

This is going to be a fun one to keep an eye on! 

Btw, if you want to learn more about the stablecoin wars and how to capitalize on them, check out this report here! 💪

PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔 

Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.

The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.

Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.

Below are the 5 indicators we track, with a color-coded system to show how close they are to signalling the market peak:

🟢 Plenty of room to run 🏄

🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️

🔴 We’ve hit the market top indicator 🚨

Every Tuesday, we update these 5 indicators exclusively for PRO members.

Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.

Let's dive in and see if we're anywhere near the top of this bull market. 👇

BITE-SIZED COOKIES FOR THE ROAD 🍪

Nasdaq is seeking SEC approval to introduce Bitcoin index options, offering institutions a new way to manage crypto risk. The options would be based on a real-time index, potentially further integrating Bitcoin into traditional finance​.

BlackRock and Grayscale now control almost 3% of all circulating Bitcoin through their ETFs. Recent inflows have solidified their dominance, reflecting how traditional financial giants are increasingly capturing the crypto market​.

Celsius has distributed over $2.5 billion to 251,000 creditors amid its ongoing bankruptcy. While many claims have been settled, smaller payouts remain unresolved as the complex process continues​.

Legion raised $2M to create a merit-based ICO platform that gives non-accredited investors access to early fundraising. With a built-in reputation system, it aims to ensure credible participation and build strong crypto communities while adhering to MiCA regulations.

Aave Labs has proposed integrating BlackRock's $509M BUIDL tokenized fund into its GHO Stability Module (GSM). This move aims to boost $GHO stablecoin efficiency by tapping into real-world assets, such as U.S. Treasury bills.

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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.