🥛 The real winner of last week's crash 📉

GM. This is Milk Road, the crypto newsletter that finds the real MVPs in a market full of benchwarmers.

Here’s what we’ve got for you today:

✍️ The real winner of last week's crash.
🎙️ The Milk Road Show: The Catalysts That Could Trigger the Next Bitcoin Breakout w/ Matt Hougan.
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EarnPark is a yield-focused crypto platform that offers strategies across multiple risk profiles. Explore various yield strategies with EarnPark.

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THE REAL WINNER OF LAST WEEK'S CRASH 📉

The real winner of last week's market chaos wasn't the traders who timed the bottom.

It was DeFi.

I know this sounds crazy when everyone's focused on liquidation carnage and portfolio damage.

But hear me out…

Last Thursday we witnessed one of the highest volatility days in crypto history - billions in liquidations, chaos across exchanges, prices bleeding out… 👇

Source: @BullTheoryio

In moments like this in the past, traditional finance has seen circuit breakers firing, trading desks going dark, phone lines jamming, withdrawals being delayed…

When DeFi faced the same moment? It just kept running:

No halted trades.
No frozen withdrawals.
No "we're experiencing technical difficulties" messages.
No emergency interventions from some centralized authority.

Just DeFi infrastructure doing its job.

(24/7. Permissionless. Unstoppable.)

Source: Gifdb

And I get it.

The crypto pessimists will point to the losses, while the mainstream crowd will focus on the volatility.

That’s totally fair! It can be hard to see this as a win when prices are tanking.

But don’t let that cloud your perception of the trajectory we’re on.

Because the more ‘decentralized finance’ grows over time, the closer it gets to becoming plain old ‘finance’.

… at which point, many of the DeFi products/platforms will start to decouple from the whipsaw effects of crypto.

(And even show strength throughout these bleeds.)

Don’t believe me? It’s already happening over at Sky.

Check this out…

THERE IS NO “BEST” YIELD

Here’s a hot take:

There’s no single best way to earn yield.

The right strategy depends on market conditions and your risk tolerance.

That’s where EarnPark comes in.

EarnPark is a yield-focused crypto platform that offers strategies across multiple risk profiles.

What sets EarnPark apart:

Strategies are executed with professional market-making expertise
Focuses on sustainable returns, not flashy APYs
Offers a zero-fee wallet to move assets across networks

Earn yield your way.

Explore various yield strategies with EarnPark.

THE REAL WINNER OF LAST WEEK'S CRASH (P2) 📉

Throughout last Thursday’s market nuke, Sky grew its stablecoin supply, kept printing revenue, and continued buying back its token.

(Yuh. That decoupling effect we mentioned earlier? Sky embodies it.)

Whether you’re looking at its 7-day, 1-month, 3-month, or 1-year price performance on CoinGecko - it’s all green baaaby!

Source: Coingecko

The mechanics at work here?

During bullish momentum: More Sky borrowing activity = higher lending fees = increased revenue = more buybacks.

During bearish momentum: New lending can slow, but the protocol's existing reserves continue generating yield → buybacks continue, helping to support price.

Point is: unlike pure-play crypto projects, Sky's revenue doesn't go to near zero in downturns.

It has steady income from traditional investments (Treasuries, RWAs, etc.) backing its reserves, plus ongoing fees from its existing ~$9.5B of circulating stables.

(All of which helps it to decouple from the madness of the rest of the crypto market.)

This is a big part of why our PRO team loves the project.

And it’s not just Sky showing strength in the face of recent sell-offs - you’ve already heard us harp on about HYPE’s outperformance within the same time frame…

The takeaway?

Crypto is maturing right in front of us and creating products that not only work under extreme pressure, but can even outperform!

The train bringing the world's assets onchain isn't slowing down.

We’re getting greater access, better products, and more yield opportunities with every month that passes.

All delivered through code that doesn't take days off or make emotional decisions.

That's *checks notes*…

Bullish!