🥛 The final degen newsletter 📰

GM. This is Milk Road Degen, the newsletter that’s been riding the crypto rollercoaster with no seatbelt, just vibes and volatility.

Here’s what we got for you today:

✍️ The final dispatch from the degen saloon
🍪 Stanford-backed Hinkal launches private crypto wallet

Definitive lets you trade EVERY token onchain INSTANTLY in one click - no gas, approvals, or bridging required. It’s time to stop trading in the past, and start trading like the pros.

Prices as of 8:00 AM ET.

THE FINAL DISPATCH FROM THE DEGEN SALOON 💰

Happy Wednesday friends,

I’ve got some bittersweet news.

This is the final edition of the Milk Road Degen newsletter.

As the winds of change blow in, the Milk Road team is shifting gears to ride the next big wave - this little thing called AI. We’re all still VERY bullish on crypto as an industry, but we see massive potential in AI as well and want to make sure none of you miss out on the opportunity.

That means retiring the cowboy and handing the mic to his cousin… the robot. And for me, I’m heading full-time to the podcast team, where I’ll be hosting our daily show from here on out.

If you’ve been following along, you know podcasting has always been my natural lane, way more than sleuthing low-cap memes or hitting refresh on Dexscreener all day. So this move feels right.

Still, the past 6 months building the Degen channel have been a wild ride. From writing this newsletter to hosting livestreams and bantering in the Discord, it’s been one of the most fun chapters of my career. You guys are some of the sharpest, savviest traders I’ve ever met - smarter than you give yourselves credit for.

So first off: thank you. For reading, for trading alongside me, and for occasionally feeding me your best alpha.

If you want to keep up with my thoughts on trends, just follow me on X. But really - I want you tuning into the daily podcast. And don’t forget to sign up for our new AI channel, which drops next week.

But I won’t leave you empty-handed on the degen side.

In true degen fashion, I’m using this final newsletter to give you my outlook for the next few months, and a peek at what I’ll be watching closely, even as I try to sound professional on the daily show.

Let’s get into it.

State of the market

Funny enough, I came up with the idea for the Degen channel last February… during a brutal, multi-week downtrend. And now we’re closing it out in another one.

When we launched in late April, the timing was actually perfect - the market turned, things started cooking again, and a new wave of degen assets came roaring to life.

There was the Virtuals Genesis boom, brand tokens like $REKT and $PENGU, and newer ideas like FootballFun. Base infra tokens like $MAMO and $BNKR also had their moment.

And then there was September - peak Degen energy - with breakout tokens like $ASTER and Punk Strategy melting faces in 1-week windows.

But that top didn’t last. Meme coin season never got the second wind we hoped for. Even PumpFun - which felt destined to be the home of memes - only really had a two-week burst. The hype fizzled fast.

Now? We’re back in goblintown. Majors like $ETH, $SOL, and HyperLiquid are bleeding. Alts are getting smoked. And low-cap Degen tokens? Most are down 60% or more.

So let me say it clearly: if you’re holding heavy Degen bags, and don’t have a strong thesis on why they’ll come back, it’s not the worst time to cut. This downturn could drag into the new year - and the worst feeling in crypto is being broke at the bottom.

Cash is king. Stay liquid. And wait for the signal to go again.

SWAP ANY TOKEN TO ANY TOKEN

What chain am I on? Why do I need a new wallet? How do I get gas? WHY IS THIS SO HARD?

Trading onchain shouldn’t be this ridiculously difficult.

Definitive (built by Coinbase alum) solved ALL of these issues - letting you trade EVERY token across EVERY major chain in just one click.

Definitive lets you:

Trade every token on every major chain in one place (Solana, Base, HyperEVM, BNB & every major chain)
Place advanced order types (Limit, TWAP, Stop Loss & Take Profit)
Swap between ANY token with no gas, no bridging, and no new wallet required

See why every major fund, DAO, and pro trader trusts Definitive to trade onchain.

THE FINAL DISPATCH FROM THE DEGEN SALOON (P2) 💰

How to play your capital

When the bounce comes - and it will - you want to be ready. But don’t expect the same tokens that ran last time to do it again.

The next wave will bring new ideas, new narratives, and new tokens to lead the charge.

So here’s my advice:

Wait for the real reversal. You’ll feel it - the same way we did in April. Narratives will shift, capital will rotate in, and low-cap plays will start running again.
When that happens, don’t get stuck hoping your old bags rebound. Look for new catalysts, new tech, and fresh narratives that have momentum.
Stay curious. Stay liquid. And when the moment comes - be aggressive.

Remember: in the trenches, loyalty kills. Don’t marry your bags. Rotate. Stay nimble. Be early.

My 3 long-term plays

Now let’s zoom out.

There are a lot of short-term games in this space. But when it comes to long-term bets, I still believe in a few ecosystems regardless of market cycle:

1/ Prediction Markets

I’ve been screaming about these for months, way before the current hype. Whether it’s Polymarket, Kalshi, or newer entrants like Noise and Melee; this is what the future of betting looks like. It’s global, accessible, and narrative-driven.

Even if volumes fade post-airdrop (and this will 100% happen), the ability to profit by being early to news trends is timeless. You don’t have to be right all the time, just earlier than the market.

Learn a vertical (like political speeches), bet small, and try to win often.

2/ Hyperliquid

Despite the recent pullback, this platform has proven it has legs. It’s the only one truly bringing tradfi-level trading to DeFi. If $HYPE ever drops to single digits, I’ll be buying with both hands. It reminds me of Solana at $8 in the last bear - high conviction, low price, big upside.

Their chain has very few participants (like sub 20k), and eventual airdrops will reward the long-term users. Just gotta be patient and keep clicking buttons.

3/ MegaETH

This one’s a bit more speculative, but I love the team and the design choices they’ve made. Their chain isn’t live yet, but if it works - and that’s still a big “if” - it could become a major L2 in the next cycle. I’ll be watching their December launch campaign closely. Think of it like the “next Solana”, but on the Ethereum stack.

Wrapping up

We’ll see more airdrops. We’ll see new narratives. But what matters is staying sharp while others get bored or give up.

And you know what? You’re already ahead - because you’ve been showing up.

Thanks again for everything. I’ll see you on the daily show.

Stay liquid. Stay curious.

And stay degen.

- LG

Wanna get in on the next iteration of AI domains, before everyone else? The Singulant just launched .AI4 domain names – check them out here.

Houdini Swap is a DEX aggregator that just launched a brand-new, one-of-a-kind incentive program. Join the POINTLESS incentive program here.

SX Bet is an on-chain prediction market made specifically for sports betting, and the first to launch parlays. Join their $50,000 USDC tournament here.

BITE-SIZED COOKIES FOR THE ROAD 🍪

$BTC and $ETH ETFs just bled $797M in a single day. Fear’s back in the air, and big money’s hitting the eject button while the market searches for a bottom.

ZKsync surged ~170% in two days as it pivots from governance token to real‐utility engine. The upgrade introduces fee revenues, buybacks, burns and staking, and if support at $0.048 holds it could extend the rally.

A Stanford-backed startup dropped a new wallet that scrubs your onchain footprints. Hinkal’s “Invisible Wallet” hides transactions across Ethereum, Arbitrum, Polygon, Base & Optimism using stealth addresses and ZK tech.