🥛 3 new 'Hyperliquid killers' 🔪

GM. This is Milk Road. No thesaurus? No calculator? No worries. We deliver daily crypto insights in plain old English.

Here’s what we got for you today:

✍️ They’re coming for the king
✍️ Why tokenization matters
🎙️ The Milk Road Show: Tether Co-Founder Warns of 75% Crash Despite Bullish Outlook
🍪 Will we see another red September?

Houdini Swap is a DEX aggregator that just launched a brand-new, one-of-a-kind incentive program. Join their Telegram channel to get first hand information about Pointless.

Prices as of 12:00 PM ET, provided by CoinGecko.

THE PERP DEX WARS 🔫

A recurring comment made in our weekly PRO meetings is:

“Someone’s going to try to eat Hyperliquid’s lunch…it’s just a matter of when”

Hyperliquid is the largest onchain perp DEX (aka: an exchange where you can take out loans to increase your crypto trade sizes) and it absolutely prints cash.

So it makes sense that someone will eventually try to compete with them.

And over the past week, it’s all kind of happened at once – there are now multiple bullies roaming the playground, looking to steal Hyperliquid’s lunch money. 👇

1/ The BNB Competitor: Aster ($ASTER)

This is the perp DEX token that’s absolutely dominating our Twitter feed at the moment, and for good reason!

Aster launched last Thursday and has already become a top 10 revenue generator in that time:

Source: DeFiLlama

The token has ~3.5x’d since its launch – and there may still be some juice left to squeeze from the current narrative…

$ASTER is backed by CZ (founder of Binance) and is yet to be listed on Binance’s centralized exchange (which typically leads to a fresh influx of trading).

2/ The Base Competitor: Avantis ($AVNT)

Avantis’ competitive edge is their asset offering. They let traders use up to 500x leverage across a greater number of assets than Hyperliquid – including plain old equities (e.g. Tesla).

And so far, investors seem to be liking what they’re putting down – the token has 5x’d since its launch 2 weeks ago. 👇

Source: Coingecko

3/ The Native L2 competitor: Lighter (No token yet)

On Monday, Lighter not only flipped Aster in 24h trading volume – it came at the king (Hyperliquid) and did not miss:

Source: @TheDeFinvestor

Now – this isn’t to say Hyperliquid’s days are numbered – it’s still the biggest dog in the yard, with a solid head start against the competition.

The difference is: there’s actually competition now.

If you want insight on all of the projects battling it out in the Perp DEX War (there’s more than the three we listed above), along with potential price catalysts and where to buy the underlying tokens:

Check out yesterday’s edition of Milk Road Degen.

It’ll give you everything you need and more. 🤝

SWAP & GET INSTANT USDC REWARDS

Most DeFi incentive programs are total scams.

You often spend 6 months farming protocols to earn “pointless” points.

But Houdini Swap’s incentive program is different: It gives you fresh $USDC every month.

No farming. No waiting. Just real rewards.

Here’s how it works:

Swap on Houdini Swap
Choose from Private or DEX swaps
Earn $USDC

Simple enough, huh?

Oh, and bonus: if you hold $LOCK, you can unlock higher reward tiers of the incentive program.

Join Telegram now.

COTD: WHY TOKENIZATION MATTERS 🤝

We get it…

The effect that tokenization of traditional assets like stocks and dollars can have on a blockchain can feel hand-wavey at best.

Let’s look at it through the lens of Ethereum for example:

More trading of assets on Ethereum means more $ETH is required to pay for transaction fees, which increases demand and grows the token’s price…

But it’s not a clean formula – tokenized assets can be at all-time highs, while $ETH’s price is tanking.

So why is everyone so bullish about tokenization?

The common answer: while there’s not a perfect correlation between tokenization and $ETH’s price – it is directionally correct.

(I.e. While it’s often a choppy ride up – over longer periods of time, greater tokenization tends to lead to higher prices.)

The not-so-common answer:

The total value of tokenized assets acts as a floor to the total value of $ETH.

Over the past 5yrs or so, every time Ethereum’s market cap has fallen inline with the total market cap of the assets tokenized on the chain, it has bounced off it. 👇

Source: TokenTerminal

And while the promise of downside protection isn’t nearly as sexy as the promise of upside appreciation – it’s an awesome feature to have.

‘Cause as long as the correlation exists, history has shown us that when the two market caps align, it doubles as an easy ‘buy’ signal for Ethereum.

File this one under:

“Didn’t think I was going to find this valuable, but here we are…”

PRO ALL ACCESS PORTFOLIO UPDATES 📊

Getting the urge to tinker with your portfolio?

Before you make any big decisions, why not steal a few insights from our PRO team?

The Milk Road PRO All Access Portfolio is an active feed of our holdings, percentage allocations, and average entry prices — with real-time buy/sell/swap alerts that go out via our Discord.

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.

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