GM. This is Milk Road Degen, the newsletter that farms opportunity in dips like your uncle farms Facebook likes during election season.
Here’s what we got for you today:
- ✍️ What bear market? I’m farming HyperEVM
- 🎙️ Milk Road Degen Podcast: The Two Best Opportunities in Crypto Right Now w/ BCheque
- 🍪 Phantom launches Phantom Cash
Want yield strategies that feel like they're passive, but deliver like they're active? Check out EarnPark!
Prices as of 8:00 AM ET.
WHAT BEAR MARKET? I’M FARMING HYPEREVM
Alright degen, listen up.
The market is kinda ugly. And so are our portfolios (well, compared to a few months ago).
Everyone’s preaching a massive “melt up” coming in Q4 - but that’s hard to imagine on the first day of October, when everything looks uncertain.
For degens, it’s normal to sit this week out. $ASTER, $XPL, $PUMP - they’re all down. So it’s tempting to go touch some grass.
But if you’ve been following old LG, you know I show up every day, even in down markets. In fact, this is when it's best to farm.
Today, we’re diving into one of those buckets: HyperLiquid.
HyperLiquid farming 2.0: The thesis
I’ve been promising a second farming guide - this is it. But if you’re new here, start with the original 101 guide from July. It still holds up!
But since then, a lot has changed:
- HyperEVM grew fast: TVL jumped from $1.9B to $2.8B
- TVL retraced, as capital rotated into Aster (Binance-backed perp DEX)
- Aster and Lighter flipped Hyperliquid in 24h volume - largely due to heavy airdrop farming. The Perp DEX meta is here to stay (for a bit!).
Naturally, all eyes are now on Hyperliquid’s 38% unallocated token supply, earmarked for “Community Rewards”. But Jeff and the team haven’t said a word.
They could easily move up the emissions timeline to win back liquidity - but clearly, they’re playing a long game. They’re unbothered by CZ and the world’s biggest exchange.
In fact, Jon Charbonneau dropped a spicy proposal last week: burn the remaining 38%, and the 7% already bought back by the team. That would reduce the supply by 45%.
So while we wait for the market to determine $HYPE’s future, we’re going to focus on the advantage Hyperliquid has over any of these other Perp players: its ecosystem, and by proxy, its community.
We just saw a glimpse of how powerful this community really is: Hypurr, one of the OG protocols on Hyperliquid, dropped their genesis NFTs last week and they’re already trading for $52,000 each (1100 $HYPE).
And for good reason! There are rumours that holders of these NFTs will be eligible for many ecosystem airdrops to come; including those listed below.
So today, we’re diving into four tokenless protocols you can farm right now.
HyperUnit - The bridge
This is as simple as it comes: HyperUnit is the primary bridge for bringing major assets like Bitcoin and Ethereum onto Hyperliquid.
How to farm:
- Deposit $BTC or $ETH on HyperUnit
- Lend it on HyperLend
- OR trade it as spot on Hypercore
- Repeat this process; make the volume look organic
No point system or confirmed airdrop yet, but tons of activity on X.
ACTIVE YIELD: AUTOMATED
If you’ve ever dabbled in active yield strategies, you’ll know how much grunt work they often require.
…but what if you could outsource that active management?
EarnPark’s marketplace of strategies helps you take your yield strategies from ‘active’ to ‘passive’ – within a few clicks.
Here’s how it works:
- You select your preferred risk-adjust strategies (e.g. Bonds, Algo Trends, DeFi)
- EarnPark automates their execution
- You get daily or monthly payouts
Yuh. It’s that simple!
👉 Explore EarnPark Strategies.
WHAT BEAR MARKET? I’M FARMING HYPEREVM (P2)
Kinetiq - The liquid staking champ
Kinetiq brought liquid staking to Hyperliquid, and it’s been on fire. TVL is now $1.5B, triple that of Hypercore.
Just this week, they announced their current points program ends Oct 16, which means TGE could be around the corner.
How to farm:
- Stake your $HYPE for $kHYPE
- Deposit $kHYPE into their vault, earn 6% APY
- Earn points for doing other things with $kHYPE (like adding liquidity on PRJX)
Speculation pegs the future token value per point anywhere between $5-$30, depending on FDV and supply.
Liminal - The delta neutral bet
Liminal runs delta-neutral yield strategies using perps and spot. You deposit USDC, they handle the hedging, and you earn the funding rate.
It’s one of the more innovative protocols - and with TVL at just $63M, it’s still early for retail farmers.
For example, you can earn 10% with a HYPE strategy.
How to farm:
- Sign up for Liminal
- Deposit USDC from Hypercore or HyperEVM
- Pick an asset with a juicy APY (I went with $HYPE and $BTC)
- Chill
No airdrop or point system yet. But again, that’s how you know it’s early.
PRJX - The marketing masterclass
PRJX is run by the same team that built Pacmoon (shoutout Blast 2024). They’ve launched a cross-chain DEX with juicy LP incentives and an active points system.
This team knows how to reward community, so the upside here is that their token will be well deployed and marketed. And similar to Liminal, the TVL here is quite low and it won’t be too hard to net a top 5k placement on the points leaderboard.
How to farm:
- Sign up for PRJX
- Choose an LP pair you’re comfy with (I like USDC/HYPE, which has an APY of over 100%)
- Set your LP, accumulate fees
- Accumulate points.
If you’re looking to learn a little bit more about Liquidity farming, this could be a good first start.
Wrapping up
We’re entering an aggressive airdrop season.
Q4 is here, and every team that’s been quietly building for years is now racing to ship tokens - both to pay themselves, and to reward communities.
HyperEVM is one of the richest ecosystems for this right now. The farming’s still frictionless.
The narratives are intact. The community is active.
So get to it, degen.
VC-STYLE ALPHA ONLY 💰
In today’s episode, we sat down with BCheque to talk about where the real money is being made in crypto right now.
Here’s what you’ll hear:
- Why pre-sales like Plasma and Pump are printing… even without product-market fit
- How BCheque treats airdrop farming like early-stage investing
- The angel investing mindset that helped him back REKT, Orange Cap Games, and more
- Why the Hyperliquid ecosystem is the one to watch (and how he’s positioning)
Tune in and see for yourself 👇
YouTube | Spotify | Apple Podcasts
BITE-SIZED COOKIES FOR THE ROAD 🍪
Phantom launches Phantom Cash, blending crypto with everyday payments. The new stablecoin CASH enables instant funding, fee-free trading, and tap-to-pay via Visa and Stripe.
Tether partners with Rumble to promote its new USAT stablecoin. The deal targets Rumble's 51M users ahead of a dedicated wallet launch focused on U.S. adoption.
Bridge unveils Open Issuance to help businesses launch custom stablecoins. Issuers keep full control while tapping into shared liquidity, compliance, and reward rails.
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