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GM. This is Milk Road, where we dish out crypto news saucier than grandma’s secret spaghetti recipe.
Here’s what we got for you today:
- ✍️ 4 big things to watch out for this week
- ✍️ Top 3 restaking apps in 2024
- 🎙️ The Milk Road Show: Is Restaking The Next Trillion-Dollar Crypto Industry? w/ Karak
- 🍪 Justin Sun teases gasless stablecoin
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
4 BIG THINGS TO WATCH THIS WEEK 👀
Welcome back after an absolute edge-of-seat thriller, first week of July.
Now, let's get into the key events and trends that could shape the market dynamics this week:
1/ Macro data galore 📈
A slew of economic reports are set to be released this week, including the key Consumer Price Index (CPI) and Producer Price Index (PPI).
- FED Chair Powell's testimony: Scheduled for Tuesday, he’s due to talk about the ‘Semi-Annual Monetary Policy Report’ in front of the Senate Banking Committee in D.C.
- OPEC monthly report: Dropping on Wednesday, this report includes data on oil production, demand forecasts, and economic outlooks.
- CPI Data: Out on Thursday, this measures the changes in the price level of a basket of consumer goods and services.
- PPI Data: Dropping on Friday, this tracks the changes in prices from the perspective of the producer (seller of goods).
These indicators are crucial for gauging inflation.
Cooling inflation might push the Fed towards more aggressive rate cuts, affecting the broader market and crypto space.
2/ Earnings reports bonanza 💼
Major companies are releasing their Q2 quarterly earnings this week, including heavyweights like PepsiCo, Delta, and Citibank.
Here’s the lineup:
- Tuesday: Helen of Troy, Smart Global Holdings
- Wednesday: WD-40, PriceSmart, Manchester United
- Thursday: PepsiCo, Delta, Conagra
- Friday: JPMorgan Chase, Wells Fargo, Citibank
Earnings reports provide insights into overall economic health and consumer behavior.
Positive or negative surprises can lead to significant market movements, impacting investor sentiment and potentially the crypto market.
3/ Token unlocks 🔓
Major token unlock events are on the map for Aptos, Xai, and Immutable.
Schedule:
- APT:$67.07M worth unlocking July 12th (2.5% of circulating supply).
- XAI:$65.47M worth unlocking July 9th (71.6% of circulating supply).
- IMX:$41.24M worth unlocking July 12th (2.2% of circulating supply).
Token unlocks can lead to increased volatility as investors decide whether to hold or sell.
These events could be major price movers for the involved tokens.
4/ Ethereum Community Conference (EthCC) 🎤
The largest annual European Ethereum event focused on technology and community, taking place from July 8-11, 2024.
Held in Brussels, Belgium, this four-day event will feature 350+ speakers, including key figures in the Ethereum ecosystem.
If you are in attendance, keep an eye out for the Milk Man’s team members that will be there soaking up as much alpha as possible…
If you’re NOT able to make it then take a peek at our twitter feed for behind the scenes footage and insights.
EthCC is a significant event for the Ethereum community, providing insights into upcoming developments, networking opportunities, and the latest technological advancements. It’s basically the Euro Championship for $ETH Maxi’s and their friends!
There you have it – macro, earnings, unlocks and EthCC! Stay tuned for updates and analyses on these developments throughout the week.
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TOP 3 RESTAKING APPS IN 2024 🥩
Alright Roaders, grab your cow and saddle up! Someone told the Milk Man to dive into the wild world of restaking apps because… 👇
BUT before we get into the top rankings, let’s make sure we understand how staking and restaking work because knowledge is power.
Staking on Ethereum, requires you to lock up your $ETH to help keep the network secure.
There are two ways to do this:
- The difficult way: Run a validator (Lots of $ETH needed)
- The easy way: Using liquid staking protocols (LSPs) like Lido or RocketPool
The Milk Man likes to keep things simple, so we’re not going to get into running your own validator.
When you stake the easy way, you get a special token called a Liquid Staking Token (LST).
This LST shows you’ve staked your $ETH and earns you some extra rewards—like 3% more $ETH each year.
Restaking takes this to the next level.
It uses those LST tokens to help secure other cool projects, like oracles (which fetch real-world data) and bridges (which connect different networks).
Turning your yield into… even more yield! 🚀
When you restake, you get a special token called a Liquid Restaking Token (LRT), representing your restaked $ETH.
In short, with restaking you get:
- Extra Rewards: More $ETH for you.
- Boosted Security: Projects get stronger.
- Cost Savings: Apps save money.
Sounds pretty cool right? Might even make you wonder how to take advantage of that juicy yield…
Well you’re in the right place.
Here are the top 3 restaking apps and what makes them stand apart. ⬇️
1/ EigenLayer
EigenLayer, the OG restaker, is like the wise old sage of the group. It’s all about security and trust, baby!
One of the fastest-growing protocols in crypto history, it skyrocketed from under $1 billion to almost $15 billion TVL in just 3 months. 🤯
Pros:
- Rock-Solid Security: If you’re after security and trust, EigenLayer is your jam.
- Largest TVL of the bunch: With 68% in native $ETH and 32% in Liquid Staked Tokens (LST).
Cons:
- Limited Staking Options: Minimal staking choices—no stablecoins, no ERC-20s.
So, if you’re looking for a secure, tried-and-tested protocol, EigenLayer’s got you covered. Just remember, it’s all about $ETH here!
2/ Symbiotic
Symbiotic Finance is the DeFi whiz kid, providing innovative staking solutions and yield optimization strategies.
Most of its $1B TVL is in Liquid Staked Tokens (LSTs), with a small portion in ERC20s and stablecoins.
Pros:
- Maximized Returns: Symbiotic is your go-to for boosting your earnings with sophisticated financial tools.
- Diverse Options: They’ve got it all—LSTs like wstETH, ERC-20s like $ENA, and stablecoins like sUSDe.
Cons:
- Complex Strategies: If you’re not into advanced financial maneuvers, it might seem a bit complicated.
- Collateral Limits: Each asset has a cap on how much can be deposited.
While EigenLayer is the security guru, Symbiotic is all about yield boosting for its users. ☯️
3/ Karak
Karak is the dynamo of restaking, juggling everything from $ETH and liquid staking tokens to stablecoins and even wrapped Bitcoin.
Yep, you heard it right—you can restake your wrapped Bitcoin! 👀
Plus, about 7% of its 800M worth of assets are deposited via K2, an L2 chain cooked up by the Karak team. 🧑🍳
Pros:
- Versatile Options: From $ETH and LSTs to stablecoins and wrapped Bitcoin.
- Multi-Chain Support: Not just Ethereum, but also Arbitrum, Mantle, Binance Smart Chain, and their own K2 chain.
Cons:
- Complexity: With so many options and chains, it might be a bit overwhelming for beginners.
If you’re looking for a restaking platform that plays well across multiple chains and assets, Karak’s got you covered!
🥛 Milk Road Take: Restaking $ETH is like putting your crypto to work instead of letting it lounge around in your wallet.
Although EigenLayer is already ahead with its token generation, Symbiotic and Karak are still tokenless and both are offering some pretty nice points programs.
Perfect for all you yield chasers looking for more than just restaking $ETH. U sing them now could score you some sweet airdrops in the future. 🪂
Check out our guide for all the juicy details and links.
Want to know more about restaking?
Today on The Milk Road Show, we've got Drew Patel, co-founder of Karak Network, here to break things down.
Learn what restaking is, how it works, and why it's set to be crypto's next big thing.
Tune in and get the scoop on the future of crypto security! 🎧 👂️
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD 🍪
The French crypto scene is facing a tax tornado as the left-wing wins. Apparently, taxes are the only thing that gets French crypto enthusiasts’ hearts racing...for all the wrong reasons. Macron’s flat tax rates are headed for the guillotine! — DL News
Golem’s ETH shuffle: 36,000 coins moved to exchanges. Golem transferred $115M worth of $ETH to various exchanges over 37 days. Despite the sell-off, they still hold 157,360 ETH worth $530M.
Crypto funds see big bucks. We’ve seen a windfall with $441M in inflows, largely driven by Bitcoin’s $398M share. Investors are treating this dip like a Black Friday sale—stacking up on $BTC and other cryptos like $SOL despite market jitters!
Justin Sun teases gasless stablecoin. Justin Sun announced a gas-free stablecoin launching on Tron by year-end, with Ethereum and EVM chains next. Soon, you’ll be able to move stablecoins without paying gas fees—because who likes paying for invisible gas?
Taiwan prototyping CBDC. Taiwan’s central bank is rolling out a CBDC prototype with plans for hearings next year. With speeds of 20,000 transactions per second, Taiwan’s CBDC aims to be faster than a cheetah on a skateboard!
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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.
