Today’s edition is brought to you by Stader Labs - a liquid staking solution that is keeping Ethereum decentralized and offering $1M+ in staking and DeFi rewards.
GM. This is Milk Road, dishing out crypto news saucier than grandma’s secret spaghetti recipe.
It’s Friday. Let’s get it:
- Weekly Market Movers: 2 winners. 1 loser 📊
- Coinbase debuts its new blockchain 🧐
- y00ts are moving to Ethereum 👀
- India is launching a new web browser with crypto tokens 🍪
Prices as of 10:30 AM ET. Click here for our Fear & Greed Index
WEEKLY MARKET MOVERS: 2 WINNERS. 1 LOSER 📊
Crypto prices have more swings than your local playground. Luckily, the Milk Man kept track of all the action this week.
We just received his weekly Market Movers report. He also added a small note: “Crazy week. New tokens pumped every day. (Btw - send more Uncrustables)”
This week, there were 2 big winners and 1 huge loser. Let’s dive in…
THE WINNERS
1/ Rollbit ($RLB) is up 76% over the last 7d
What it is: Rollbit is a crypto-gambling platform.
It lets users place bets on casino games (i.e. roulette), sporting events, and future prices of NFT collections and tokens.
The craziest part? It offers up to 1000x leverage. It’s the Ultimate Clash of Degeneracy.
Why it’s up: There’s a famous saying… “Birds fly, fish swim, and degens degen.”
Which is why the gambling platform has been all the rave this week.
Plus, the Rollbit team recently switched up the tokenomics for RLB:
- A new buy-and-burn feature was introduced
- Every day, the team will use part of its revenue to buy RLB tokens and then burn them (i.e. destroy them forever)
- 10% of the Casino revenue, 20% of the Sportsbook revenue, and 30% of the 1000x Futures revenue will be used to buy and burn tokens
In theory, this adds daily buying pressure for RLB as adoption grows.
2/ Shiba Inu ($SHIB) is up 20% over the last 7d
What it is: A token that went from memecoin → $5.9B market cap.
(It all starts with a meme and a dream)
Why it’s up: There are 2 big reasons…
- Shibarium (Shiba Inu’s new blockchain) is set to launch later this month, so investors could be stacking up on tokens ahead of the release
- Developer activity is up big since July 1st
#SHIB is no joke. The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network.
— Kaiko (@KaikoData)2:08 PM • Aug 9, 2023
Milk Road Radar: Btw, the Milk Man tells us that Dogecoin ($DOGE) could be the next token to see some action.
Here’s why: Shiba Inu and Dogecoin have historically had a strong positive price correlation. Right now, it’s at 0.74 - which means that whenever Shib’s price moves, Doge follows in the same direction.
And with rumors Doge could be integrated into Twitter, it’s worth keeping an eye on.
Without further adieu, let’s introduce…
THE LOSER
1/ Worldcoin ($WLD) is down 25% over the last 7d
What it is: It’s a crypto project that developed a “privacy-preserving digital identity” that can be used to verify humans. It’s like a digital passport.
But it comes with a twist: you need to scan your eyeball into one of “The Orbs”.
Why it’s down: Apart from users being freaked out about scanning their retinas, the project has also gotten the attention of governments around the world.
- Kenyan police raided one of Worldcoins’ warehouses earlier this week.
- Argentine regulators are investigating the legality of its data collection practices.
- The U.K., Germany, and a handful of other nations are all investigating the crypto project
At this point, Worldcoin is more worldwide than Taylor Swift. (and not in a good way)
FUD + government investigations = a recipe for disaster.
ETHX - KEEPING ETHEREUM DECENTRALIZED
The liquid staking battle is heating up like the Milk Man’s oven on Turkey Day. But just like turkey, not all liquid staking providers are created equal.
One liquid staking provider just emerged and is already making a splash with its top-tier user experience and juicy rewards.
I’m talking about Stader Labs - they just launched ETHx. And not only are the rewards flowing, but Stader Labs also offers the lowest ETH requirement for node operators with a 4 ETH bond.
Here’s why stakers are choosing ETHx:
- Best-in-class ETH staking rewards up to 8% currently
- DeFi rewardsup to 35% with top protocols like Balancer and Pendle
- Slashing protection to user funds with ~$4M in bonded ETH
And with triple-audited smart contracts, you know you’re protected by the best in class.
COINBASE LAUNCHED ITS NEW LAYER 2 🧐
Launching a blockchain is like sending your kid to summer camp for the first time, either:
It goes great - they get nicknamed “King of the Monkeybars” and lead the morning assembly.
It goes terribly - they get kicked out for starting a spitball war and selling “bang snaps” to other kids.
It’s a coin toss. 50/50.
Well, this week a new blockchain launched… Base.
It’s Coinbase’s new Layer 2 and the first to ever be launched by a publicly traded company. (no pressure)
How’s the first week going?
- 100+ dApps and service providers launched on the chain
- ~$20M in trading volume over the last 24 hours (10th most across all chains)
- $161M in total value locked
- Made $242,000from fees over the last 24 (that’s an annual run rate of $85M+)
- Hit 136K+ daily active users
Base is already in the top 5 for all Layer 2s in terms of TVL and has passed other popular ones like StarkNet and ImmutableX.
It’s been one of the better debuts we’ve seen this year. (#1 is still Messi’s MLS debut. Damn that guy is good.)
Plus, Coinbase is partnering with 50 top brands and artists like Coca-Cola, FWB, and Cozomo de Medici to launch Onchain Summer.
It’s a month-long event with limited-edition mints including music NFTs, exclusive art from DeeKay Motion, and more. Check it out here.
Y00TS ARE HEADED TO ETHEREUM 👀
In other big news this week, DeLabs dropped 3 big announcements:
- Y00ts is migrating from Polygon → Ethereum. DeLabs will also be returning the $3M in grant money received from Polygon earlier this year.
- There will be an art “refresh”. 20,000 pieces of art will be added with new backgrounds, traits, and female DeGods. Holders can swap, or keep the OG art.
- A new “points system” is being introduced. Prizes will be given to holders who stake their DeGods/y00ts NFTs.
So what? y00ts is one of the most popular NFT projects ($85M+ in all-time sales) and now it has a new home, again.
Over the last year, y00ts has moved from Solana → Polygon → Ethereum.
As a result, DeGods’ (-27%) and y00ts’ (-19%) floor prices have been in free fall over the last 24 hours.
All eyes will be on any future announcements but DeLabs doing a Tour De Blockchains has them on thin ice.
BITE-SIZED COOKIES 🍪
India is planning to launch a new web browser that uses crypto tokens. Users will be able to use crypto tokens to digitally sign documents in order to bolster security and data privacy.
The SEC announced a settlement with Bittrex. The crypto exchange will need to pay a $24M fine within two months of filing a liquidation plan.
CBS has been granted a trademark for NFTs and crypto collectibles that use Star Trek Continuum. “Beam me up, Scotty!” OR “To boldly go where no man has gone before.”
SoFi Bank revealed it holds $170M in crypto holdings during its Q2 earnings report. The San-Francisco-based bank has been able to attract 500k+ customers to its crypto services.
The crypto gaming industry saw $297M in investment funding last month. Business is boomin’ for crypto gaming projects.
MILKY MEMES 🤣
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— Milk Road Images (@MilkRoadImages)2:10 PM • Aug 11, 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.
