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GM. This is Milk Road. Call us ‘the England of crypto newsletters’ – ‘cause we've got all the tea.

Here’s what we got for you today:

THE DATA AVAILABILITY THESIS 🔍

👉 Where is revenue going to accumulate in the future?

👉 Who is going to capture the most of that revenue?

If you can answer these two questions, you can make money in crypto.

It’s simple, but not easy.

That said – I’ve figured out a way to make it both simple AND easy: I steal the answers from our PRO team and report them to you here.

Because recently, the PRO team laid out a thesis that tries to answer each of those questions on The Milk Road Show 👈 and it got me so hyped up I needed to write about it here!

Here’s the thesis in a nutshell…

Where is revenue going to accumulate? Data Availability (DA)

Who is going to capture most of that revenue? Right now, the two big names in the Data Availability space are: Ethereum DA ($ETH) and Celestia ($TIA).

That last answer could (and likely will) change over time as demand for DA increases – but right now, I want to dig into what Data Availability is, why it’s important, and most importantly…

How you can capitalize on it!

1/ What is Data Availability?

In crypto, transactions are processed, then their records are publicly stored/listed.

Blockspace demand = demand for transaction processing.
DA demand (aka: ‘blobspace’ demand) = demand for transaction records to be stored.

2/ How is DA going to accumulate revenue?

Think of each blockchain like a hot new night club – blockspace is the entry fee paid by attendees, DA fees are the rent paid by club promoters (blockchains) to the venue (DA providers). 

An increase in attendees (blockchain transactions) will require a larger venue (more data storage).

As transaction volumes grow over time → so will demand for DA → increasing DA fees.

3/ What’s the edge?

In a word: concentration.

More and more crypto apps are building their own chains, so they can capture transaction fees (e.g. Uniswap’s ‘Unichain', Coinbase's ‘Base’, and Kraken’s ‘Ink’).

But they’re not going to do the same with data storage…

Instead, they’ll outsource – why? Because when chains use the same DA provider, they become more interoperable – making the user experience way smoother!

…which means there’s a good chance there will be a high concentration of data storage on a select few DA providers.

(Kind of like how every major company in the US outsources their accounting to one of the ‘Big 4’ firms: Deloitte, Ernst & Young, KPMG, or PricewaterhouseCoopers.)

4/ How to capitalize on all of this

As demand for DA grows, we’ll eventually hit an ‘inflection point’ – where all of the chains within each ecosystem will need to make a decision: which DA provider are we all going with?

And herein lies the opportunity: 

Identify which DA provider will be the ‘winner that takes most’ before the inflection point is hit → increase your likelihood of returns. 👇

So let’s zoom out, and put a bow on this thing…

👉 The amount of new chains is increasing → with that, will come an increase in transactions and demand for DA.

👉 Right now, the two big names in the DA space are: Ethereum DA and Celestia → putting them in the lead as potential future winners!

Want the full breakdown on Data Availability and how to capitalize on it? 

I stole a whooole bunch of insights from this PRO Report, along with another one that’s set to be released the weekend after next.

(If you want to get it sent to you once it’s live, go PRO here.)

TOP 5 MOST MEMORABLE CRYPTO ADS 📢

If you haven’t been on Crypto Twitter in the past 24hrs, lemme catch you up real quick:

EVERYONE IS MAD AT SOLANA.

That’s it. That’s the headline.

Why all the anger? 

‘Cause they released an ad for their upcoming Accelerate conference that gave off big “High school teacher rapping ‘cause they thought that’s what the kids were into” energy.

(Big swing. Big miss. Very cringey.)

And with that, we figured it was high time to bring back an OG Milk Road article format: Top 5 Most Memorable Crypto Ads, starting with…

1/ Solana’s Accelerate Ad

“How do you do, fellow kids”

2/ Coinbase’s ‘It’s time to update the system’ series

This is what I send to my family/friends when they ask “What’s all this crypto stuff about? Seems like it's trying to create solutions that already exist”. 

3/ Agglayer’s ‘Crypto Therapy’ Ad

Great concept, well executed – we give it two chef’s kisses and a ‘molto bene’.

4/ Bitwise’s TradFi vs. DeFi ad

Apple’s ‘Mac vs. PC’ ads, reimagined for crypto.

(SPOILER: DeFi is better than TradFi. I was in my undies buying $SOL on Milk Road Swap at 1:00 am last night — can’t do that on TradFi).

5/ Solana’s ‘Ethmaximysis’ ad

Fun, playful, well executed…what happened between then and now?

Did we miss one of your favorites?

Reply to this email and lettuce know – we want to see them!

MILK ROAD PRO PORTFOLIO UPDATES 📊

Stethoscope ✅

Thermometer ✅

Gown that’s a little too small so your butt peeks out the back of it ✅

Alright, we’ve got all of our tools – now…it’s time to run our weekly health check up on the Milk Road PRO Portfolio! 

Wanna know how it’s holding up/if we’re making any changes? 

Go PRO and keep scrolling to find out. 👇

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw a slight decrease over the past 7 days. Our portfolio value is at $75.3K, down 0.47% since last week.

Last week, the market held steady—a welcome pause after a tough stretch of losses.

Looking ahead, we expect a period of sideways movement over the next few months before the next leg up.

For deeper insights, catch Kyle on his most recent flash update, or dive into the newest PRO report for a detailed market update.

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Looking to get exposure to $BNB on TradFi rails? Check out $OBNB! It’s the first tradable ticker for a security that provides exposure to $BNB on the US stock market.*

Bear whale makes big profits. Remember yesterday’s edition where CT was hunting a 40X short trader? Well, that short trader cashed out $9M in profits.

159 countries are ready to switch to “BRICS Pay” — a blockchain-based payments system. If this happens, it could be some great PR for the space.

We’ve got yet another crypto ETF filing. This time, it’s Polkadot. Seems like these crypto ETF filings are popping up like memecoins now.

If you’re looking to explore leverage trading, Bybit is a top choice. If leverage is not your thing, Bybit is still a sweet spot to invest. It’s got a little bit of everything.**

*this is sponsored content.

**this is partner content.

MILKY MEMES 🤣

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ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY

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.