GM. This is Milk Road, the daily newsletter that collects crypto insights like your mid-western aunt collects decorative tchotchkes.
Here’s what we got for you today:
- ✍️ Top 5 revenue generating apps
- ✍️ $ETH buried $BTC last month
- 🎙️ The Milk Road Show: How This Hyperliquid Project Is Changing the Game for Retail Investors w/ Alvin Hsia
- 🍪 Gemini targets $317M raise at $2.22B IPO valuation
Biela.dev lets you build and deploy full-stack crypto apps in minutes using simple natural-language prompts. Explore biela.dev today.
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

AUGUST’S TOP 5 REVENUE-GENERATING ONCHAIN APPS (W/ TOKENS YOU CAN BUY) 📊
You know the deal:
More use of a crypto app = more revenue = more value accrual over time.
(Follow the revenue → find strong tokens.)
With that in mind, here are the Top 5 Token-Backed Revenue-Generating Onchain Apps for August:

1/ Hyperliquid ($HYPE) $106.41M
The money printing machine known as Hyperliquid takes the number 1 spot…again, and with ease.
Hyperliquid grew its revenues 23% in August, breaking the $100M revenue mark for the first time in its history, thanks in part to its almost $400B in perpetual trading volume.
That’s ~2x more volume than Robinhood did in June (its last publicly reported month).
Bonkers!
2/ Ethena ($ENA) $60.35M
“23% month-on-month revenue growth? That’s cute. Hold my beer, little guy” – Ethena
Ethena grew its revenue 495% in August, from $10.14M to $60.35M!
And that’s not even the most impressive part – check out the first bullet point in this tweet and compare Ethena’s current 7-day revenue numbers to those of August. 🤯

Note: while Ethena’s profits also increased in August, it was not nearly as much as its revenue (+16% vs. +495%).
👉 Trade $ENA on Milk Road Swap here.
3/ Pump ($PUMP) $46.11M
Remember when PumpFun was getting smoked by LetsBONKFun and we made the case that they still had a bunch of levers to pull in order to regain revenue dominance?
Yeah, well…consider those levers pulled. 👇

👉 Trade $PUMP on Milk Road Swap here.
4/ Jupiter ($JUP) $26.79M
No surprise here. The product tentacles of the ‘Jupiter octopus’ spread wide and far:
DEX, liquid staking protocol, launchpad, and as of last week: Jupiter now has its own lending platform.
That’s a whole lot of revenue sources – and solid ones at that!
👉 Trade $JUP on Milk Road Swap here.
5/ Sky ($SKY) $18.7M
Month-on-month, Sky increased its revenue 60%, from $11.69M to $18.7M – nice!
Though, that’s only half the story – Sky recently cut all of its core costs, causing its net-profits to absolutely rip over the past two days (from $890k on Aug 31, to $11.88M so far today).

Netting a profit while also paying out staking rewards and running buybacks is a TOUGH needle to thread — most projects can’t pull it off.
This shows Sky’s fundamentals are STRONG!
👉 Trade $SKY on Milk Road Swap here.
Alright, that’s the leaderboard for August.
Honestly, we’re pretty stoked with the results – we hold 4 out of the 5 top tokens in the Milk Road PRO Portfolio.
If you want to know what they are, what they’ve returned so far, and get a deep dive on what makes each of them so valuable (in our opinion):
FROM IDEA TO A LIVE FULL-STACK APP. TONIGHT.
We’re huuuuuge fans of vibecoding here at Milk Road. No exaggeration.
That’s why we’ve been playing around with biela.dev.
It lets you build anything from trackers, to dashboards, & community hubs, just by prompting what you want.
Here’s what it can do:
- One-click app deployment
- Build anything from token trackers to NFT dashboards, trading bots, meme launchpads, or community hubs
- Seamless integrations with Supabase
What used to require months of work (and a whole bunch of VC backing) now just requires an idea and a few hours of spare time.

ETHEREUM BURIED BITCOIN LAST MONTH 🪦
TL;DR: Ethereum absolutely man-handled Bitcoin over the month of August.
NLE;WTR (not long enough; want to read):
1/ The $ETH ETFs powered through August, while the $BTC ETFs bled
The US spot Ethereum ETFs closed out August with net flows of $3.87B:

…meanwhile the Bitcoin ETFs ended up leaking $751.12M in the same time frame:

2/ $ETH dominated public treasury accumulation
Of the $7.4B worth of public crypto treasury purchases made across $BTC and $ETH last month, Ethereum accounted for 94% of it ($6.97B).

3/ $ETH returns outperformed
The disparities above were also reflected in August’s percentage returns:
$ETH: +25.97% → $BTC: -2.1%.
Ouch!

Ok, but August is behind us…what does September hold for each asset?
As we covered yesterday, if history is anything to go by – probably very little.
(September is historically a terrible month for crypto – to the extent that it’s earned the nickname ‘Rektember’.)
Good news is: once October hits, we enter Q4 – and the fourth quarter is typically the strongest of the year for digital assets.
Until then, we’ll be meditating in a dark room and listening to ocean sounds in an attempt to stay calm and stop ourselves from making any rash decisions (i.e. selling too soon).
Namaste. 🧘♂️

PRO ALL ACCESS PORTFOLIO UPDATES 📊
Wanna know if we’re shifting any of our portfolio allocations around this week?
Go PRO All Access to find out what we buy, when we buy it! 👇
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.
The Milk Road PRO All Access Portfolio is exclusive to PRO All Access members.
Already a PRO All Access member? Log in here.
GO ALL ACCESS AND UNLOCK:
- The Milk Road PRO All Access Portfolio — See what we’re investing in, how we’re allocating capital, and what actions we’re taking each week (buy, sell, hold, watchlist) ✅
- Weekly “Where Are We In The Cycle?” Indicators — Signals that help you spot the market top before it’s too late 📈
- Weekly Reports Across Crypto, Macro & Degen — Deep dives, token breakdowns, market analysis, and investing frameworks that give you the edge 🧠
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PRO REVIEW OF THE WEEK


BITE-SIZED COOKIES FOR THE ROAD 🍪
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Trump's tariffs ruled ‘illegal’. Now what? (And what does it mean for markets?)
That’s a lot of money. Coinbase and OKX are trying to offer digital asset investments to Australia’s $2.8T pension system.
We got a number! Gemini has announced it will seek to raise as much as $317M at a $2.22B valuation when it IPOs.
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*this is sponsored content. **this is partner content.

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