GM. This is Milk Road, the crypto newsletter as satisfying as catching a perfectly timed buy order.
Here’s what we got for you today:
- ✍️ Top 5 revenue kings of 2025
- ✍️ Crypto vs. TradFi (who won the year?)
- 🎙️ The Milk Road Show: The Liquidity Chart That Could Decide Crypto in 2026 w/ Delphi Digital
- 🍪 That was quick: Caroline Ellison to be released
Bridge helps businesses send, store, accept, and launch stablecoins instantly. Learn how Bridge is powering stablecoin-backed money movement.
Prices as of 2:00 PM ET. Trade today with Milk Road Swap.

TOP 5 TOKEN-BACKED REVENUE-GENERATING ONCHAIN APPS OF 2025 💰
You know the drill!
Increased revenue = increased use. Follow the revenue → find winning tokens.
So without further ado – here are 2025’s top 5 revenue-generating onchain apps, with tokens you can buy:

Couple notes here…
- First: Defi Llama (which we’ve used for previous revenue rankings) was giving us some wonky data, so we switched to a mix of Artemis and Blockworks Research data.
- Second: the revenue data we’re tracking cuts off at Dec 10 2025, so the data is directionally representative, but not fully complete (don’t yell at us!).
Alright, here’s the breakdown:
1. Hyperliquid (HYPE): King of the Perp DEX space
- Total revenue: $787.21M
- Average monthly revenue 2025: $65.60M
- Token value growth (Jan 01 - 2025 Peak): 125.95%
2. PumpFun (PUMP): Lord of the launchpads
- Total revenue: $674.75M
- Average monthly revenue 2025: $56.22M
- Token value growth (July 14 ICO - 2025 Peak): 783.23%
3. Sky (SKY): The Yahweh of yield
- Total revenue: $354M
- Average monthly revenue 2025: $29.5M
- Token value growth (Jan 01 - Peak): 54.61%
4. Aerodrome (AERO): Guardians of the Base DEX galaxy
- Total revenue: $252.9M
- Average monthly revenue 2025: $21.07M
- Token value growth (Jan 01 - Peak): 16.35%
5. Jupiter (JUP): Emperor of the Solana DEX realm
- Total revenue: $166.76M
- Average monthly revenue 2025: $13.89M
- Token value growth (Jan 01 - 2025 Peak): 50.36%
Alright, now – let’s put a bow on this thing by ranking each of these revenue kings by token value growth (opening price, to peak) in 2025…

Now it’s your turn to yap:
Which token are you most bullish on?
STRIPE JUST BET BIG ON STABLECOINS
Stablecoins are arguably the biggest use case in crypto right now.
But let’s be real, using them onchain is still way too complex.
That’s exactly the problem Bridge is solving.
Recently acquired by Stripe (yep, that Stripe), Bridge helps businesses send, store, accept, and launch their own stablecoins instantly.
Here are the three facts about Bridge:
- Users can seamlessly transition between fiat and stablecoins
- Businesses can launch a custom stablecoin in as little as one day
- All Bridge-built stablecoins are interoperable with one another
Stablecoins are going global, Bridge is powering that shift.
👉 Learn how Bridge is powering stablecoin-backed money movement.

CRYPTO VS. TRADFI 2025 RESULTS
1 chart, 4 assets, and ~12 months of data.
The question we’re looking to answer: Who won 2025 – crypto, or traditional assets?
So let’s just have a loo–aaaand we’re screwed.

Oof! Traditional assets mopped the floor with crypto this year:
With that, we would like to formally congratulate renowned Gold bug, Peter Schiff.
This year’s win was well earned.
… and boy did you need it. It’s been a rough 10yrs for Gold and the S&P compared to crypto:

For those who are sans-reading glasses, the 10yr results are:
- ETH +329,400%
- BTC +20,800%
- S&P 500 +302.4%
- Gold +280.5%
Brb, channeling my inner sense of patience. 🧘♂️

BITE-SIZED COOKIES FOR THE ROAD 🍪
Arc is now live on testnet. If you’re looking to build on Circle’s layer 1, now’s your chance to test it out.*
Who really dominated? The 7 fastest-moving stablecoins of 2025.
That was quick: Former Alameda CEO Caroline Ellison is set to be released from federal custody next month.
Stay vigilant: a handful of Trust Wallet users just lost $7M thanks to a hacked Chrome extension.
Wanna buy the dip? Milk Road Swap lets you trade across Ethereum and Solana tokens in one clean interface.
*this is sponsored content.

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