March 10, 2022

The Crypto Executive Order, Limewire coming back, and Justin Sun

GM, this is the Milk Road.

Hang on, Biden just sent me a new executive order…

Today’s best stuff includes:

  • 🧑‍⚖️ Why the Executive Order is a watershed moment

  • 🎙️ Limewire is coming back as an NFT marketplace

  • 💸 Justin Sun is accused of insider trading and more

#1 – But seriously the EO is a watershed moment for crypto. And here’s why..

Jeremy Allaire is the CEO of Circle, an under the radar giant in crypto.

And Jeremy's saying the EO is the best thing we've had happen.

The TLDR on why is:

This is like 1997 when the government woke up to how powerful the internet is. I’m too young to remember that, but yea, sounds big.

The Executive Order calls for every relevant Federal agency to understand and develop policy positions that understand and address the risks of crypto.

But mostly importantly it calls for every agency to support innovation in the space.

This is huge – no more living in the shadows.

Having clear government guidelines will unlock massive growth and make bigger players comfortable to play bigger games.

#2 – “There are more NFTs today than there were websites back in 2010” – founder of OpenSea

More NFTs than websites?! I know it’s a little apples vs. oranges…but still that’s surprising.

Yes, this is bullish for NFTs.

But here’s 2 downsides to that:

  1. Most websites are worthless and get zero revenue/traffic. Probably true for NFTs too

  2. NFTs are seen as “rare”. But in reality, they are very easy to make. There’s an abundance of scarcity.

#3- What’s that sound…? A stampede of agencies

Chris Cantino started a big deodorant brand called Schmidt's Naturals and sold it for nine figures to Unilever.

Nowadays, he’s gone full web3. His profile picture changed from his face to a CryptoPunk. His name has “.eth” at the end of it. And he launched a pretty awesome NFT project called Club CPG (“Crypto Packaged Goods”).

I own two of the NFTs, they were initially like 2 eth and now the floor is 12.7 eth and they have some of the best NFT art I’ve ever seen.

Anyways – his NFT project is now spinning off an agency to help big companies learn what to do in web3. Bankless recently did the same with their consulting group.

This is cool and a smart extension of two well respected brands in the space.

Side note, remember when Facebook and Twitter first started to become a thing? All of a sudden, your real estate agent was now a “social media guru” and there were thousands of “social media marketing agencies” overnight. That’s starting to happen now in crypto, so be careful out there!

#4 – Limewire is coming back as an NFT marketplace (wtf)

I used to sit in my room and make mixed CDs using Limewire (Usher and 50 Cent on repeat).

Now, the Limewire brand is being revitalized as an NFT marketplace.

I bet we'll see more of this – nostalgic brands returning in web3

#5 – Justin Sun, crypto billionaire, is accused of insider trading & more

Justin Sun is one of the richest people in crypto. Nobody knows exactly how much, but the dude's loaded.

At first, the crypto community sh*t on him because his project (TRON) was useless and basically copy pasted someone else’s whitepaper. But he’s bought back some love, by spending a ton of money in DeFi (hundreds of millions) and spending $100m+ on NFTs.

He even spent $4.6m to get lunch with Warren Buffett to gift him a Bitcoin, knowing what wonders it would do if Buffet converted to BTC.

The Verge broke a story that he committed a bunch of crimes, including stealing from Poloniex. One funny bit from the story. Justin was in a business meeting and called himself “Chairman Mao” and his exec team as “his generals”.

Other Company: “didn’t the generals get killed?”

Justin: “yes.”


#6 – Just because DeFi is complicated today, doesn’t mean it will be in the future

It’s easy to look at crypto today and write it off because it’s too complicated and think that's what it will always be.

DeFi today is like calculus was in high school. It's unnecessarily complicated and confusing (atleast for us, it was!)

But if you believe in the principles, the talent, and the yield, you know it’s gonna get adoption.

#7 – The talent exodus to crypto continues

This time it's a top engineer from Snap headed to Uniswap.

Remember what Ryan Zurrer said, follow the nerds!

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Chart of the Day 📊

Check this chart out…it shows the protocols with the most revenue in the last 30 days.

LooksRare is leading the pack (after Eth) with $70.1m in revenue. From what we can tell this is because they have great tokenomics that enable things like wash trading to boost revenue, since all revenue is shared with the users. Still…impressive to see it in the #2 spot behind Ethereum.

Metamask did $16m in revenue in the past 30 days. does this free wallet make money? They take a small fee on every swap a user makes and they're quietly big from a revenue and user perspective.

Solana and Avalanche combined for $20.5m in revenue in the past 30 days. While they're both growing fast, ETH is doing 24x the revenue of both of them combined.

If you wanna check out the full chart, click here.

Alright, see ya tomorrow to close out the week!

Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy

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