GM. This is Milk Road, the ‘cable bundle’ of crypto newsletters: news, insights, and memes – all in one!

Here’s what we got for you today:

• ✍️ July’s top 5 revenue-generating crypto apps

• ✍️ Ethereum L1 transactions hit ATHs

• 🎙️ The Milk Road Show: Altseason Predictions, Crypto Cycle Breakdown & VirtualBacon’s Top 4 Tokens for the Next Big Run

• 🍪 It’s a comeback…for some

Outskill is hosting the world’s first 16-hour live AI upskilling sprint. Reserve your free seat now.

JULY’S TOP 5 REVENUE-GENERATING ONCHAIN APPS W/ TOKENS 📈

Not everyone that wears expensive running shoes is a world class runner…

But all world class runners wear expensive running shoes.

Same goes for crypto revenues – just because an app has high revenues over the past month doesn’t make it a fundamentally strong long-term play.

But all fundamentally strong, long term crypto apps tend to pull in solid revenues.

(Think of revenue like a volume knob for crypto apps – it allows us to turn down the noise and trim some of the fat.)

With that in mind, here are July’s top 5 revenue-generating onchain apps with tokens you can invest in. 👇

1/ Hyperliquid ($HYPE) $86.61M

Hyperliquid is back baaaaby!

$HYPE grew its revenues ~49.5% month-on-month to flip PancakeSwap’s lead! Speaking of…

2/ PancakeSwap ($CAKE) $28.63M

You know how folks love it when protocols buy back their tokens and burn ‘em, because it shrinks the overall supply?

Yeah, well – $CAKE has a max supply of 450M tokens…and in July alone, they burned 143.9M tokens. That’s 31.97% of the max supply! 👇

3/ Jupiter ($JUP) $23.85M

Everyone thinks of Jupiter as a Solana-based DEX aggregator (and it is) – but it’s also a perpetual exchange, token launchpad, and soon-to-be lending platform. 

No wonder it’s in the top 5.

(BTW, you can buy $JUP on Milk Road Swap, here!)

4/ letsBONKfun ($BONK) $22.95M

You know the story by now:

letsBONKfun hit the scene → offered a bunch of incentives → pulled a ton of market share away from PumpFun.

As a result: letsBONKfun’s revenues shot up 17x throughout July.

(We just wrote a PRO report on the letsBONK vs Pump showdown, here.)

5/ Raydium ($RAY) $17.34M

If you wanted an app that significantly grew its month-on-month revenues, but was a little less degen than letsBONKfun – look no further than Raydium (it ~4.5x’d revenues in July).

Ok…but how did the underlying assets actually perform?? Let’s take a look:

Wow, ok! That kinda flips the script…the app with the weakest revenues saw the greatest token performance?

The thing is: short term performance doesn’t necessarily = long term strength.

ETHEREUM L1 TRANSACTIONS ARE AT ALL-TIME HIGHS 🔥

…why is no one talking about this?

Right now, Ethereum is hitting all-time highs (ATHs) across a bunch of metrics: 

• Stablecoin supply: ATHs

• Daily transactions: ATHs

• Active addresses: ATHs 👇

But the real kicker?

The last time Ethereum was hitting these kinds of numbers – it wasn't powering any L2s.

(You know, the things that were supposed to leech activity away from the Ethereum L1?)

Including L2s, Ethereum is actually powering: 

• $15M more in Stablecoin supply

• 10x the amount of active addresses

• 20x the amount of transactions 

So why is this happening now? 

Well, because Ethereum recently increased its gas limit – which is just a fancy way of saying: they increased the amount of transactions it can process every 12 seconds.

(More on that here.)

Hope the rest of the altcoin ecosystem has a free hand…

They might be about to hold Ethereum’s beer.

BITE-SIZED COOKIES FOR THE ROAD 🍪

The $NIGHT airdrop is set to go live by August 10. If you hold $BTC, $ETH, $SOL, $XRP, $BNB, $AVAX, $ADA, or $BAT, there’s a good chance you’re eligible.*

Pack ‘er up boys! After 12 years, James Howell is calling it a day on the landfill search for his discarded hard drive with 8,000 $BTC on it (~920M).

New cheat code! Buy Base Chain memecoins → wait till they get listed on Coinbase.

It’s a comeback…for some. The Bitcoin ETFs just saw their fourth day in the red, while Ethereum funds have begun to bounce back.

We just dropped a new review: iTrust Capital. A solid, low-cost option for U.S. investors looking to add crypto and precious metals to their retirement plan.

*this is sponsored content.

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MILKY MEMES 🤣

ROADIE REVIEW OF THE DAY 🥛

Today, we’re shining the spotlight on a standout review from Milk Road Macro:

VITALIK PIC OF THE DAY