GM. This is Milk Road, the battlefield of crypto news. We're here to cover the front lines of the digital currency revolution.
Here’s what we got for you today:
- Why you should use a flashbot 🛡️
- Trouble at Binance.US 👀
- Web3 Wednesday! 📝
- Kim Jong-Un signs up for an exchange 🍪
Prices as of 10am EDT
💸 Want to earn $100k+ as an Ethereum developer? Our partner Metaschool can get you there in 6 weeks with their Solidity developer program. They are only accepting 200 more applications! 💸
PROTECT YOURSELF FROM MEV BOTS 🛡️
Everyone in crypto has their eyes on one wallet: jaredfromsubway.eth. Talk about a blast from the past…
Why? Because jaredfromsubway.eth has been printing money with a MEV bot. These bots pay high fees to front run other transactions and secure the best prices.
And since PEPE launched , the MEV bot has made more than $6M. That’s enough for foot long subs for LIFE…
EIGENPHI
The craziest part? Jaredfromsubway.eth has paid ~$30M in total fees across 150K+ transactions. Everyone knows there’s no such thing as free lunch.
EIGENPHI
Jaredfromsubway.eth’s MEV bot is able to spot more opportunities and transact faster than others. And not just anyone can set one up, it takes a lot of knowledge and resources.
Competing with Jared is like trying to compete in an F1 race with a go-kart. But don’t worry, there’s a way to protect yourself from being front-run and save money.
It’s called a flashbot. It hides your transactions from the public, and saves you gas money by not allowing swaps to fail.
Here’s a dope guide we created that helps you set one up:
LEARN SOLIDITY DEVELOPMENT WITH METASCHOOL'S COMPETITIVE COHORT
You’re just one step away from becoming a Solidity Developer.
That baby step starts with our partner, Metaschool. Their Solidity Mastery Fellowship closes applications this Sunday and the competition is so hot, you could call them Metasauna.
What’s all the hype about?
- Initially, they set out to fill 150 seats but have already received an overwhelming response from professional developers - shortlisting will be tough, we assume!
- The Metaschool Fellowship DAO will include 300+ founders from web3 companies, offering an exclusive club to showcase projects, make connections and search for new opportunities
- Applications have come in from the US, UAE, India and Europe with many of them being Milk Road readers 🥛
The course begins on June 2nd, and there are only 4 days left to drop your applications for the Genesis Cohort.
Don’t miss your chance to jumpstart your career and become the newest kid on the block(chain). There’s only room for 200 more people to sign up, so act quickly!
BINANCE.US, YOU GOOD? 👀
There’s new noise coming from Crypto’s Rumor Mill. So break out your saucers, here comes the tea…
Binance.US might be in trouble.
Why? There are two unusual things happening on the third largest exchange in the U.S…
1/ Bitcoin was trading at a $700 premium on Binance.US
If you wanted to buy BTC on Binance.US you’d have to pay ~$28,393. All other exchanges (like Coinbase) had it priced at ~$27,722. First my eggs, now my BTC.
Why? Many think it could be because of low liquidity. AKA the two scariest words for a crypto exchange. There are two theories going around as to why.
Theory A: Market movers know there’s regulation coming so they’re getting the f*ck out.
IF there is some sort of gov action against binance US incoming AND market makers who usually do business there know about it THEN it's possible they left and there isn't enough liquidity & possibilities for arbitraging are diminished http
— few (@fewseethis)10:20 PM • May 8, 2023
Market makers leaving = lower liquidity = price volatility (in this case, a ~2.4% increase)
Dun dun duuun.
Theory B: Fiat withdrawal issues. It’s tricky trying to off-ramp from Binance.US because it doesn’t doesn’t have a wire partner right now.
doesn't currently have a wire partner, so ACH is the only way to off-ramp USD which has a limit of $1k/day no feasible way to close the arb rn i sold some around $29k and just re-bought it now to off-ramp from there
— b.biddles (@thalamu_)1:43 AM • May 9, 2023
2/ Binance.US’s main staking wallet withdrew all its funds from staking pools
Looks like the main staking wallet for BinanceUS has withdrawn from all staking pools (includes $150M of ETH, $2.5M of MATIC, and assets like SKL and T) and sent back all funds to cold storage
— Conor (@jconorgrogan)10:41 PM • May 8, 2023
All the money was sent to the safety of hardware wallets where it could be used to… shore up liquidity perhaps. 👀
The cherry on top? The main Binance exchange was already struggling, for unrelated reasons.
It had to pause withdrawals twice on Sunday because the network was so congested (they’ve resumed since.) That memecoin mania though…
Milk Road Take: Obviously don’t believe everything you read on the internet. But… where there’s smoke, there’s usually fire.
Be safe out there, Roadies.
WEB3 WEDNESDAY 📝
You know what day it is…. Web3 Wednesday!! AKA the day we show you all the cool open Web3 gigs out there.
Here ya go:
- Project Manager, LiveOps, at The Sandbox - Paris, France
- Senior Brand Designer at Kraken - Remote
- Senior Banking Operations Analyst at Coinbase - Remote
- Data Analyst at Aptos - Palo Alto, CA
- Engineering Manager, Web, at Uniswap - New York, NY or Remote
- Senior Technical Program Manager, Data Operations, at Chainalysis - Toronto, Canada
- Senior Engineering Manager at MoonPay - Remote in the UK, EU
- Director of People Operations at Parity - London, England
- Senior Investigator, Compliance Operations, AML, at OpenSea - Remote
P.S. - Are you trying to hire in Web3? Learn how to get your open jobs in front of 250K+ crypto enthusiasts here.
MILK & COOKIES 🍪
Former Coinbase manager sentenced to 2 years for insider trading. Looks like he’ll be swapping his portfolio for a prison jumpsuit.
A well known Twitter user was able to pass Gate.io’s verification process under the name “Kim Jong-Un''. An Un-pleasant surprise for the team at Gate.
Alameda wallets acquired ~$57M worth of Tether + $300K from OKX. Not the billions they were hoping for, but still good news for FTX creditors.
Microsoft and Goldman partner for privacy-enabled blockchain, Canton Network. The who’s who of the corporate world are hopping on the blockchain train - all aboard!
MILKY MEMES 🤣
HIT THE INBOX OF 250K+ CRYPTO INVESTORS
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
and that, ladies & gents, was a spicy meatball http twitter.com/i/web/status/1… p
— Milk Road (@MilkRoadDaily)1:31 PM • May 10, 2023
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.
