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GM. This is Milk Road, where we bring you the crypto news that matters – no detours, straight to the destination.
Here’s what we got for you today:
- Crypto’s getting a new stablecoin 👀
- Milk Road is launching a podcast 🎙️
- Solana’s BIG problem right now 🧐
- BTC ETF flows just turned positive again 🍪
Prices as of 1:30 PM ET. Click here for our Fear & Greed Index
CRYPTO’S GETTING A NEW STABLECOIN 👀
Say hello to crypto’s new stablecoin… the Ripple stablecoin*.
*P.S. - The token doesn’t have a name yet. It’s like a celebrity baby awaiting the reveal of its unique, headline-worthy name.
Here’s everything we do know so far:
- The stablecoin will be pegged to the U.S. dollar.
- It will be backed 100% by USD deposits, short-term U.S. Treasurys, and other cash equivalents.
- The reserves will be audited by a third-party accounting firm and Ripple will publish monthly attestations.
- The Ripple stablecoin will be available on XRP Ledger and Ethereum later this year, with plans to expand to other blockchains and protocols in the future.
This isn’t Ripple’s first crypto rodeo either. It already has a token ($XRP), a blockchain (XRP Ledger) and now, it’s going for the trifecta… a new stablecoin.
But the Ripple stablecoin will have its hands full as it tries to compete with…
- Tether ($USDT): currently has a $106B market cap and dominates 69% (giggity) of the stablecoin market.
- Circle ($USDC): currently the 2nd largest stablecoin with a $32B market cap and 22% market share.
We’ll see if the no-name rookie can compete with the rest of the vets.
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INTRODUCING MILK ROAD RADIO 🎙️
The Milk Man believes in 3 things:
1/ The whole world will move onchain—that’ll bring massive opportunities for early investors like you.
The Milk Man wants to make sure you don’t mess it up!
2/ 99% of this industry is trash but 1% is gold—each cycle comes with a new narrative: ICOs in 2017, NFTs in 2021, AI in 2024 etc…
Once the narrative stops, 99% of projects disappear, while 1% reshape industries forever.
The Milk Man wants to guide you to that golden 1%.
3/ Crypto needs to be more fun—this needs no introduction. The Milk Man’s been doing this for years, every day.
Now it’s time to level it up with Milk Road Radio—the podcast you need as a founder, investor, or user, to capitalize on this massive opportunity called crypto!
What to expect:
🎙️ Weekly podcast published 3x/week.
💡 Hosting crypto’s greatest minds.
📊 Technical and macro analysis to make sense of the market.
🗞️ Keeping you updated with the latest in crypto.
So grab a glass of milk, and watch our first special episode—we’re introducing Milk Road Radio, our beliefs, our mission, and, most importantly, our hosts.
Help us grow by subscribing/following us on your favorite podcast platform. 🙏
You can check out the latest episode on any of our platforms:
YouTube | Spotify | Apple Podcasts
P.S. - Early Milk Road Radio listeners get a discount on Milk Road PRO. We’re also giving away some swag and free PRO memberships, so tune in!
SOLANA’S BIG PROBLEM RIGHT NOW 🧐
Earlier this week, a good friend of mine embarked on his first journey into the Solana ecosystem.
It was like watching a kid before his first day of school. He was buzzing with excitement...
- Crypto wallet: Downloaded ✅
- Funds: Deposited ✅
- He even carefully picked out his outfit before his first day of trading.
Well, yesterday, he sent me his first update. 3 simple words…“What. The. F*ck”
Turns out it was a rough first couple of days at crypto school.
His transaction log? Looked like a digital graveyard. All his transactions were failing.
His laptop? Has been turned into a piece of ‘abstract art’. Just look for yourself…
If you’ve been using Solana recently, you’ve probably had a similar experience. Transactions are failing left and right.
In fact, according to our researchers, only about 30% of ‘non-vote transactions’ have been successful this week.
Now, there’s a lot of chatter that this is because “Solana is failing”. But there’s a bit more nuance to this…
- It’s not that the chain itself is failing and Solana can’t actually settle/execute the transactions…
- The problem is that things are moving so fast that the price/thing you were trying to do is simply no longer available.
P.S. - If you wanna nerd out some more, this is a great Twitter thread that breaks down what’s happening.
Either way, this is becoming a big problem and it seems like everyone and their momma are experiencing it.
So we got curious…
What % of your transactions have failed on Solana over the last week?
Login or Subscribe to participate in polls.
Click on your answer above and we’ll share the results tomorrow!
BITE-SIZED COOKIES FOR THE ROAD 🍪
ZKX, the OG Starknet perp exchange, is focused on delivering a smooth trading experience — and they recently announced another feature: Paymaster! Users can now direct deposits to OG Trade and Pro Trade, minimizing gas fees and optimizing trading experience.*
We’re hiring! The Milk Man is searching for a talented and driven crypto-native Finance Analyst and Writer to help contribute to Milk Road PRO research. If you have expertise in financial analysis and a deep understanding of the crypto space, you might be a great fit! Reach out by filling out this form.
BTC ETF flows just turned positive for the week. Wednesday’s $113.5M in net inflows, following the $40.3M added on Tuesday, were enough to surpass the $87.5M in net outflows on Monday.
Galaxy Digital is launching a new $100M crypto fund for early-stage startups. The 9-figure fund will bankroll as many as 30 companies in the next three years.
Coachella launched a new Avalanche-powered game for festival-goers, called Coachella Quests. As fans complete Quests, from engaging with the festival’s Discord to completing on-site scavenger hunts, they will earn digital Stamps (NFTs) and associated Points (XP) that can unlock access to exclusive prizes and festival experiences.
Bitfinex Derivatives launched perpetual futures tied to BTC and ETH volatility indices. This means users can now place bets on the top 2 cryptocurrencies’ volatility. (Degens gonna degen)
Vana launched a new DAO called Reddit Data DAO. It rewards users for contributing their Reddit data and lets users vote on what to do with the collective data (i.e. selling it to A.I. companies for model training).
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
when you try Solana for the first time and your first 8 txs all fail...
— Milk Road Images (@MilkRoadImages)5:46 PM • Apr 4, 2024
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.
