🥛 The ‘War on DeFi’ continues ⚔️
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GM. This is Milk Road, happy Tuesday and may Tom Brady R.I.P right next to FTX.
Here’s what we got for you today:
- The ‘War on DeFi’ continues ⚔️
- Fantasy Top takes over crypto Twitter 🌟
- PRO “Where are we in the cycle?” indicators 📊
- Revolut’s big move into exchange 🍪
Prices as of 9:30 AM ET. Click here for our Fear & Greed Index
THE ‘WAR ON DEFI’ CONTINUES ⚔️
Crypto firms have been receiving Wells Notices left and right….
Coinbase. Consensys. Uniswap. You name it.
Now, Robinhood has been hit with a Wells Notice. (It’s becoming a badge of honor at this point.)
Here’s what the CEO had to say:
What’s a Wells Notice Anyway?
It’s a notice from the SEC that usually follows with a lawsuit.. It’s their way of saying, “We’ve got our eyes on you”.
The SEC’s ramped up their crypto crackdown—124 defendants felt the heat in 2023 (a 50% increase over the last year)
Milk Road Take: We need regulation for crypto to get to mass adoption.
However unnecessary and uneducated regulation will stifle innovation and handcuff projects and investors. And right now, the SEC is stricter than a 4th-grade hall monitor.
When the top players in the space are forced to pay 8 figure fines, withdraw from markets, and suspend projects, it’ll cause companies and VCs to invest less money into crypto and/or flee the U.S markets entirely.
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FANTASY TOP TAKES OVER CRYPTO TWITTER 🌟
There’s this new app we’re hearing about…Fantasy Top.
*Scrolls through social media*… sees posts about Fantasy Top.
*Hops into Discord*… sees messages about Fantasy Top.
Even the Amazon delivery guy asked me about it yesterday.
So today, we’re gonna talk about. Let’s start with the basics…
What is it?
Players can compete by building lineups of these digital cards, each representing a real-world influencer, and score points based on the influencers’ actual Twitter engagement.
Here’s a quick breakdown of how Fantasy Top works:
- Crypto Influencer Cards: Players collect and trade NFT trading cards that represent various crypto influencers.
- Lineup Creation: Players create lineups, aiming to assemble a team of influencers who they believe will generate the most real-world Twitter engagement.
- Scoring System: Points are awarded based on the actual Twitter engagement of the influencers represented by the cards.
- Trading and Strategy: Players can trade cards on the platform, strategizing to optimize their lineups as influencer popularity and engagement levels change.
- Competitions: Regular competitions or matches are held where players’ lineups are pitted against each other, with rewards for the top-performing lineups.
- Rewards: Winners of these competitions receive rewards, which can include cryptocurrency, more valuable NFTs, or other incentives.
And Fantasy Top has been boomin’ since it launched…
- Total Trading Volume: 6,876 ETH (approximately $21 million USD).
- Fees Generated: 206 ETH ($640,000 USD)
- Player Base: 31,317 active players.
- Treasury: 3,140 ETH ($9.6M)
Fantasy Top is even outpacing Solana in revenue generation…. $1.4M > $1.37M over 24hrs.
Milk Road Take: New cycle, new heroes. The big question is will this succeed or is it crypto’s next flop? Well the numbers look good so far and they have one advantage this cycle….
Prior cycles ETH fees were much higher, limiting the participation. Fees are much lower now. If you have fun using the apps, you might just stick around longer!
How enticing does this new drop sound?
A/ I’m in, say less.
B/ Keeping my eyes on it, let’s see if it sticks.
C/ Nada, not my cup of tea.
Hit “reply” to let us know how Fantasy Top looks to you!
PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 📊
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it’s too late.
Here are the 5 indicators we track, with a color-coded system to show how close they are to signaling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Tuesday, we update these 5 indicators exclusively for PRO members.
Our advice? Don’t wait for all of them to hit 🔴. It’s better to take profits as they get closer to that point.
Let’s dive in and see if we’re anywhere near the top of this bull market. 👇
GO PRO AND UNLOCK:
- Full access to the 5 bull market peak indicators above. 👆
- Our weekly reports that help you invest successfully in crypto. 💰
- Full access to the Milk Road PRO community. 🫂
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
The Gamium platform is now officially open in invite-only Beta. It’s more than just a social token launcher — anyone can launch a social token for themselves or someone else (and trade them). Check out our review here. *
Revolut launches a crypto trading platform for UK retail customers named Revolut X. Looking to be competitive with low fees and capitalize on their current user base.
$130B asset manager jumps into Bitcoin ETFs. Hightower revealed it purchased $68 million worth of Spot Bitcoin ETFs.
GBTC records 2nd positive day of inflows in a row.Barely this time, of $4M. Positive $217M for US Bitcoin ETFs overall.
SEC delays spot Ethereum ETF decision.Not a shocker there. The SEC set its next deadline to July 5, 2024 to approve or disapprove of the proposed spot Ethereum ETF.
Wallet developer Exodus receives approval for NYSE listing. EXOD will be listed on the exchange this Thursday. Exodus recorded $29.1M revenue in Q1.
Wanna team up with the Milk Man? We currently have 5 positions open – check ‘em out and apply here!
*this is sponsored content
MILKY MEMES 🤣
ROADER REVIEW OF THE DAY
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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.
