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GM. This is Milk Road, your go-to crypto newsletter that’s like finding money in your old jeans—it brightens your day and makes everything better. If you know, you know.
Here’s what we got for you today:
- WTF is EIP-7702? ⚙️
- Crypto in Cupertino 🍎
- ETH gas fees are how much?! ⛽️
- Trump embraces crypto in a big way 🍪
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
NEW VITALIK PROPOSAL, WTF IS EIP-7702? ⚙️
Ethereum has a new proposal, with a twist…
It’s coming from Vitalik Buterin - the Ethereum czar himself.
It’s called EIP-7702.
Here's the low-down on the newest proposal, EIP-7702:
- It allows regular Ethereum accounts to temporarily upgrade to smart contract accounts for a single transaction
- This means you can batch multiple transactions together to save on gas fees
- Or let someone else pay the transaction fee for you (fee sponsorship)
- Basically, it gives your regular account some super smart contract powers, just for a day
This uses existing Ethereum capabilities rather than requiring complicated protocol upgrades. Slick move!
It's like giving everyone a guest pass to the smart contract club for special occasions.
The craziest part: Vitalik came up with this proposal in 22 minutes….
So you may be wondering… “Is ETH still a good investment?” We have you covered here!
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CRYPTO MAKES APPEARANCE IN CUPERTINO 🍎
This week was a big one in the tech world… Apple held their annual iPad event called “Let Loose”… *double checks title*
It’s like the Super Bowl for Apple nerds.
And yesterday, crypto made a halftime appearance in one of the commercials:
Here’s what you need to know:
- Octane X is a rendering software that leverages the power of Render Network's decentralized GPU computing platform.
- You know how we need super powerful computers to make cool 3D animations and games?
- Render connects artists needing rendering power to GPU owners with unused capacity.
- This model creates a new revenue stream for GPU owners.
That’s right. It looks like Apple is jumping on the decentralized compute train.
And it isn’t alone either:
Microsoft and Google are teaming up with them to bring Azure and Microsoft’s NVIDIA GPUs, alongside Google’s A2 instances, into the rendering mix.
🥛 Milk Road Take: The decentralized compute narrative has been on fire lately…. and the Milk Man thinks its a good one to be on top of.
Render has been one of the hottest projects. It’s become the AirBNB of GPUs.
- $RNDR is up 423% over the last year
- Market cap has jumped to $4.05B (FDV at $5.8B)
- Burning 8,000 tokens a month
- Huge monthly emission of 570k tokens
We’ll definitely be keeping a close eye on where this compute narrative goes…
We wanna know… How's apple’s dive into compute striking you?
A/ Bag Holder – "Music to my ears, decentralized compute has been in the bag"
B/ Practical Paul – "Need more metrics before I go crazy."
C/ My GPU Needs Love – "Where do I sign up to share my GPU?"
Hit “reply” to this email and let us know!
ETHEREUM GAS PRICES DOWN: WHAT IT MEANS ⛽️
Ethereum is like Taco Bell – great in theory. But every time I try it, the gas is too high.
Well, hold onto your refried beans folks, because I've got some good news...
Ethereum gas fees are plummeting! Just check out this graph:
Gas prices haven't been this low since 2020, with the median fee recently dipping under 7 gwei.
So why are gas prices down so much? No one knows for sure. But one theory is that transactions are now better distributed throughout the day rather than clustering during "rush hours"... beepbeep preventing fee spikes.
Increased Layer 2 adoption could also be relieving pressure on the base layer.
🥛 Milk Road Take: Is this a good thing or bad thing for Ethereum?
- On one side… fees are down! That’s good for people who want to use Ethereum
- On the other side… low gas prices usually signal reduced network demand and usage
The latter isn’t the case here.
While gas declined, onchain activity (daily transactions and active addresses) has surprisingly remained steady over the past few months…
This leaves the Milk Man convinced it is indeed the reduced congestion from spreading out transactions!
BITE-SIZED COOKIES FOR THE ROAD 🍪
Gamium is an intriguing new take on the web3 social sector, combining social tokens and weaving an immersive element into its MSTs. Gamium provides an experience that goes beyond the simple trading of social tokens. Check out our review here. *
Arbitrum becomes first Layer 2 to cross $150B in total DEX volume. The Ethereum roll-up has now processed over $150 billion in cumulative swap volume on decentralized exchanges deployed on its network. A milestone for Layer 2 scalability solutions.
Robinhood Profit Beats Estimates as Crypto Revenue Surges 232%: Robinhood has $26.2B of crypto under its custody. That number is up 78% from the end of 2023.
Vaneck launches a….memecoin tracker. The asset manager's new index follows the price movements of popular meme coins like DOGE, SHIB, BONK, WIF, FLOKI and PEPE. Only 7% of $2.2T stablecoin volume in April was from real humans. The rest? Bots and big traders providing artificial liquidity in the $150B stablecoin market led by USDT and USDC.
Trump embraces crypto: "I'm good with it." He threw his support behind the industry, contrasting his stance with Biden who he says "doesn't even know what crypto is." Both parties vying for the crypto vote, Trump's pro-crypto pivot could make it a key election issue. – DL News
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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.
