June 12, 2024

🥛 The most undervalued asset in crypto is… (Answer is inside) 👀

GM. This is Milk Road, where we serve crypto so fresh it makes mint jealous.

Here’s what’s on the menu today:

  • What’s the most undervalued asset in crypto? 🤔

  • Lido introduces restaking 🥩

  • Chart of the day: Weekly crypto funds flows 📊

  • US inflation drops to 3.3% 🍪 



Today, we’re diving into the buzz around MakerDAO ($MKR).

The MakerDAO protocol, of which $MKR is a key part, has been raking in serious revenue. Yet, the token’s valuation doesn’t seem to reflect its success.

It’s like $MKR is the nerdy kid in class who’s secretly a genius, but no one’s noticed yet.

Could this be the most undervalued asset in crypto right now? Let’s break it down.

📊 The Numbers: Despite the market's doom and gloom, Maker's revenue is holding strong. Check out the chart below – MakerDAO is generating $25M-$35M per month in revenue.

And if we look at Maker’s annualized revenue of $408M, we see they’re outpacing most Layer 1 and Layer 2 networks (by a lot).

But the best part of this chart is the Revenue Multiple. Maker is trading at an extremely low multiple compared to those networks.

NOTE: A Revenue Multiple is calculated by dividing a protocol's FDV (Fully Diluted Value) by its total sales over a designated period, usually twelve months. The lower the multiple, the better the asset is assumed to be.

Also, $MKR is snagging nearly 40% of all DeFi profits on Ethereum. Quite impressive coming from the mastermind behind the decentralized stablecoin $DAI.

But wait, there's more…

Their upcoming Endgame is set to tackle high token unit bias, introduce Maker SubDAO farming opportunities, and even rename the ecosystem’s tokens.

Looks like the crypto stars might finally be aligning for $MKR to shine bright with the next bullish wave in the market.

🥛 The Milk Road Take: MakerDAO is a sleeping giant, quietly making moves under everyone’s radar, and it’s only a matter of time before people realize Maker’s true potential and it takes off.

In today's fast-moving market, finding undervalued gems is like striking gold. 

That's why you DON'T want to miss the latest episode of Milk Road Radio featuring Kyle Reidhead, who makes a BOLD claim: MakerDAO ($MKR) might 20x!

Tune in to learn the investment thesis, catalysts and timeframe of this massive opportunity. 👀

We want to know, do you think Maker will hit the $40B mark this cycle?

A/ Yes, it's going to the moon!

B/ Maybe, it has potential.

C/ No, I don't see it happening.

Hit reply and let us know why!



The decentralized liquid staking platform Lido is stepping up its game and launching 'Restaking Vaults' in collaboration with Mellow Finance and Symbiotic

This fresh-off-the-press strategy, announced just yesterday, gives stETH holders a VIP pass to the Ethereum restaking world.

Could stETH be the next big DeFi play? Let’s break it down.

But first, how is restaking different from staking? 

Liquid staking on Ethereum involves locking up your $ETH to validate transactions and maintain the network’s integrity. 

In return, protocols like Lido give you a Liquid Staking Token (LST) that represents your staked $ETH plus an extra yield (~3% APY).

Restaking goes a step further. It uses those LST tokens to additionally secure other operators running validator nodes on different platforms like L2s and oracles. 

In return, you get a Liquid Restaking Token (LRT) representing your restaked $ETH.

Basically, restaking maximizes your LST’s utility, providing extra earning potential.

Lido’s new collaboration allows stETH holders to restake their assets in four different vaults, each designed to maximize returns through curated strategies.

These vaults give stETH holders extra yield and points, making their stETH more productive.

What is Lido? It’s the largest DeFi protocol in the industry, managing a jaw-dropping $33B in TVL. Its liquid staked token, stETH, is the sixth biggest asset in the crypto world.

This is a demonstration of the Lido Alliance power who, like the Avengers of DeFi, are dedicated to protecting stETH's dominant role in Ethereum.

Plus, Lido backs both Symbiotic (similar to EigenLayer) and Mellow Finance (yield-generating vaults like Ether.fi) as part of their alliance.

And there you have it, folks. Lido is making moves, and it's all about turning your stETH into an even tastier treat. So, are you ready to double dip in the DeFi pool?

Let the restaking games begin! 🍦

A message from the Milk Road PRO team:

You've just learned about two heavy-hitting protocols within the Ethereum and broader crypto ecosystems.

Both $MKR and $LDO are part of the Milk Road PRO Portfolio because they're battle-tested with a rock-solid user base, impressive TVL, and steady revenue streams.

We believe both of these assets can perform extremely well this cycle.

Curious about the other assets in our portfolio? Want to see how they stack up in our $125,000 portfolio? Check it out here!

FYI: You'll need to be a PRO member to view the entire portfolio. If you want to make the most of this cycle, there's no better way than going PRO today.

See you on the inside!



The weekly fund flows are in! Last week we saw a mind-blowing inflow of $2 billion, kicking off June with a bang. 💥

This five-week inflow streak has now hit a total of $4.3 billion

Let’s check out the numbers:

Here’s the scoop:

  • Bitcoin ($BTC): The undisputed king of crypto led the charge with an eye-popping $1.97 billion in inflows.

  • Ethereum ($ETH): Our favorite decentralized powerhouse saw its best week since March, raking in $69 million. 

  • Altcoins: While the spotlight was on the big players, Fantom and XRP made their mark with $1.4 million and $1.2 million in inflows, respectively.

Looks like the crypto fund market is continuing to heat up, with Bitcoin leading the charge and Ethereum making a strong comeback. 

Keep your eyes on the prize, Roaders, we just may have lift off!



Glassnode says institutional cash and carry trades are influencing US spot Bitcoin ETF flows. Institutions are using these trades to make bank and boost ETF activity. WOWZA! Maybe they read the Milk Man’s cash and carry bit from Monday…

US inflation drops to 3.3%, and the crypto market is turning bullish. Lower inflation is giving the markets a much-needed boost. Looks like even inflation is taking a summer vacation!

ZkSync is set to airdrop $3.675 billion in zkTokens. Get ready for one of the largest airdrops in crypto history. Hope your digital wallets are ready for a workout.

A new Senate bill could open crypto to US sanctions, but the industry is fighting back. The proposed legislation aims to crack down on crypto, sparking concerns across the sector. Looks like crypto might need a shield and a sword for this one…

Fortune 500 companies are moving onchain, according to Coinbase. Big players are embracing blockchain for real-world applications. It’s like your grandma discovering the wonders of online shopping!








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.