Today’s edition is brought to you by Walrus — a scalable storage network, now live on Mainnet.

Build with Walrus

GM. This is Milk Road, your crypto weather man – helping you navigate the storms, and embrace the sunshine!

Here’s what we got for you today:

• ✍️ US-based Bitcoin bonds

• ✍️ Top 5 revenue generating apps

• 🎙️ The Milk Road Show: Bitwise CIO Says Now Is the Best Time Ever to Buy Bitcoin (On a Risk-Adjusted Basis)

• 🍪 Japan just seems to be getting deeper and deeper into crypto

ARE US-BASED BITCOIN BONDS ABOUT TO BECOME A REALITY?

Try not to freak out…

Nothing is set in stone just yet, but…

‘Bitcoin Bonds’ just took one big step closer to becoming a reality!

Here’s how we got here (and what a ‘Bitcoin Bond’ even is):

The Trump administration has said they want to start buying Bitcoin in a ‘budget-neutral’ way (aka: buy Bitcoin, without using taxpayer money).

The Bitcoin Policy Institute (BPI) heard this and said ‘ok, big-dog – lettuce cook real quick and we’ll get a proposal over to you’. 

(Except they said it in a way more formal/dignified manner.)

And BPI recently came back with the following:

Here’s what that means in simplified terms…

👉 The Bitcoin Policy Institute is suggesting the US government launches 10-year US ‘BitBonds’.

👉 If you were to buy a BitBond for, say, $100 – $90 would go to fund the government, and $10 would go into Bitcoin.

👉 Assuming that $BTC grows over the 10 years (and you hold the bond the entire time) you’d get your $100 back, plus 100% of the $BTC upside until an average of 4.5% compounded interest is hit.

👉 This would mean you’d get $155.30 per BitBond purchased (or a 55.3% return over 10yrs). 

👉 If $BTC has gone up enough for you to make more than an average of 4.5% of compounded interest per year, you split the remaining $BTC profits 50/50 with the government.

👉 This way the government can grow its $BTC bags without actually spending taxpayer money.

👉 And if $BTC goes down over that 10yr time frame, you still get 100% of your initial investment back plus, an estimated 1%/year in interest (actual interest rate TBD).

Yuh, zero-risk $BTC exposure, backed by the US government! 

(This would be like catnip for buttoned up TradFi investors.)

So what’s the likelihood of $BTC actually increasing enough over ten years for the government to reach its ‘50/50 split’ scenario and stack some extra Sats?

Well, $BTC would need to climb more than 55.3% over a decade…

Good news is: over the last 13 years, $BTC has seen an average compound annual growth rate of 98.60%! 

Now, that growth rate probably isn’t sustainable long term. 

But if the US starts acquiring $BTC via BitBonds, this narrative/resulting buying pressure would likely see $BTC surpass the ‘55.3% over a decade’ requirement (and then some)!

Now, here’s the kicker:

The Bitcoin Policy Institute is suggesting the US government launches these BitBonds THIS YEAR!

Although… 👇

Either way – the fact that this policy briefing is even being requested by the US government is making me shake with so much excitement that my nipples are chafing.

(If anyone needs me, I’ll be at CVS buying Neosporin in bulk.)

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

The Milk Road PRO team has a new thesis…

Meaning crypto investors are starting to look for projects that people actually use (weird, right?).

More use = more revenue = more value accrual.

(Follow the revenue → find strong tokens.)

Here are the top 5 revenue generating apps from March, with tokens you can invest in (plus some extra reading material from the PRO team for those of you that are looking for a deeper dive 🤓):

1/ Hyperliquid ($HYPE) $42.05M

Onchain perps allow traders to speculate on the price movements of cryptocurrencies, without actually buying the cryptocurrencies themselves.

And right now, Hyperliquid is dominating the space – making up ~58% of the onchain perp volume in March. 👇

Extra material: Why is $HYPE so strong right now?

2/ PancakeSwap ($CAKE) $22.73M

PancakeSwap’s volumes in March? Nothing to write home about really.

…PancakeSwap’s Q1 volumes? The highest on record! 👇

3/ Jupiter ($JUP) $19.71M

Jupiter just had its first full month of token buybacks in March (where 50% of its revenue goes into buying/locking up its token for 3 years, reducing its circulating supply).

Jupiter made $19.7M in March, which resulted in $9.86M of buy pressure to its token. 💪

4/ Maker/Sky ($MKR) $12.98M

The past couple of months have been rough! 

Yet $MKR is up 20.12% in that time, which is impressive on its own – and even more impressive when you compare it to the performance of the majors (which are down ~18-41%). 💰

Extra material: Time to sell your $MKR?

5/ Uniswap Labs ($UNI) $9.89M

Uniswap allows anyone to build a DEX interface on top of their protocol, without having to pay fees back to Uniswap.

This means Uniswap Labs (who created the protocol) only collect fee revenue from trading that takes place on their DEX interface.

That said – of the $58.93M of fee revenue generated on the Uniswap DEX protocol in March – 17% went to Uniswap Labs. That’s a solid cut! 👇

We’re thinking of adopting this as a running article format – so you can keep up to date with fundamentally strong projects, as the market progresses.

BITE-SIZED COOKIES FOR THE ROAD 🍪

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY