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GM. This is Milk Road, your daily crypto supplement – easy to swallow and no bitter aftertaste.

Here’s what we got for you today:

• ✍️ May's top 5 revenue generators

• ✍️ What to look out for this month

• 🎙️ The Milk Road Show: The Bitcoin Floodgates Are About to Open w/ Olivier Roussy Newton

• 🍪 Hyperliquid is the talk of the town

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

Huh? 

You want a ranked list of revenue generating crypto applications with tokens you can invest in?

Say no more.

1/ Hyperliquid ($HYPE) $64.3M

Good lord this thing prints money. This marks the third straight month that Hyperliquid has held the #1 spot since we started tracking this in March.

And this strength in revenue is reflected in its token price – $HYPE is up 61.4% over the last 30 days.

2/ PancakeSwap ($CAKE) $32.2M

PancakeSwap is going through a renaissance right now – its DEX volume is back at 2021 levels, after pretty much flat-lining between 2022 and 2025!

3/ Sky ($MKR/$SKY) $16.79M

If you’re looking for consistent revenue – look no further than Sky. It’s pulled in roughly $13M-$16M each month for the past three months.

It’s this kind of consistency that has enabled Sky to start offering some insane perks n’ features…

4/ Raydium ($RAY) $12.42M

January to March was rough for Raydium – it saw a ~94% drop in revenue.

But since then, it has been consistently regaining ground, doubling its revenues from March to April, and tripling them between April and May! 

(To the point that it knocked Jupiter from the top 5 this past month 💪)

5/ Aerodrome ($AERO) $11.49M

Don’t let the ‘5th place’ title fool you – Aerodrome is making moves. It has grown its revenue by 30% for three months straight now!

Ok, enough yapping from us. It’s your turn with the microphone. 👇

WHAT TO LOOK OUT FOR THIS MONTH 📆

Welcome to ‘What To Look Out For’, the segment where we collect and deliver important dates in crypto, like a magpie with shiny objects!

It's the start of a new month, which means we’re not just looking at what’s ahead, but taking a quick look back at what just went down.

Here are 3 milestones for the month of May, alongside 9 dates to watch in June.

May’s milestones

• Ethereum had its Pectra upgrade, which made it faster, cheaper, and easier to use

• Bitcoin hit all-time highs of $111,814 and ended the month of May up 10.99%

• Meanwhile $ETH left $BTC in the dust, notching a whopping 40.84% gain in May (its first green month of the year) 👇

9 dates to watch in June

Here’s everything we’re keeping an eye on this month…

1/ May ISM Manufacturing PMI data – Jun 2 — The numbers are in: ISM came in at 48.5, missing expectations of 49.5. We want to be moving in the opposite direction here – an ISM over 50 is needed in order to enter ‘The Banana Zone.’

2/ Fed Chair Powell Just Spoke – Jun 2 — For some reason, Crypto Twitter was convinced Jerome was going to announce his resignation in this speech. He spoke. That didn’t happen. You didn’t miss anything.

3/ May ADP Nonfarm Employment data – Jun 4 – this measures the change in private sector employment in the US. More jobs = growing economy.

4/ Initial Jobless Claims data – Jun 5 – new jobless claims indicate how many employment filings we may be about to see. A spike in claims = a precursor to a spike in unemployment.

5/ May Jobs Report data – Jun 6 – did US employment grow or shrink over May? This report will give us the answer.

6/ US CPI data drops – Jun 11 – is inflation growing, shrinking, or stagnating? This data will shed some light on what’s happening.

7/ The Fed FOMC meeting – Jun 18 – should we expect a rate cut this month? We’ll find out for sure on June 18th… but for now, the odds are telling us not to expect any changes. 👇

8/ Milk Road NYC Meetup – Jun 23 – We’ll have the three B’s! Beers, banter, and bullying our General Manager, Tyler. (What more could you want?) Sign up here!

9/ Permissionless – Jun 24-26 – This is one of the largest blockchain conferences of the year, watch for big announcements coming from the event! Or join us in person – use code MILK100 for $100 off your tickets!

Alright, that’s the lot of ‘em!

Add them to your calendar and keep your ear to the ground. 🤝

BITE-SIZED COOKIES FOR THE ROAD 🍪

Ethereum just had a massive week for institutional inflows. It pulled in $321M, the biggest weekly inflow since December 2024.

Circle is upping its valuation. Ahead of their much-anticipated IPO, the company is targeting a $7.2B valuation.

Want to trade without gas on HyperEVM? Well, you can do exactly that with Definitive now.

Hyperliquid is the talk of the town. They’ve been performing so well, they’re now being compared to giants like Binance and OKX. - DL News

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