🥛 The War On DeFi Has Begun ⚔️
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GM. This is Milk Road, the newsletter that gives you the same exhilarating feeling as popping your head out of a limo’s sunroof.
Here’s what we got for you today:
The ‘War on DeFi’ has begun ⚔️
Chart of the Day: GBTC outflows are slowing down! 📊
Help the Milk Man deliver 🥛
Introducing… tokenized debt 🍪
THE WAR ON DEFI HAS BEGUN ⚔️
The Securities and Exchange Commission (SEC) has been working overtime against crypto.
In fact, there were 46 enforcement actions against crypto companies in 2023 – an all-time high.
Now the SEC is back and has a new target…Uniswap.
A Wells Notice is a warning from the SEC that it has identified violations of securities laws and is often followed by legal charges.
Turns out, it’s a notice that things are NOT well. Could’ve fooled me.
Uniswaps native token ($UNI) is down 18% on the news.
Milk Road Take: We need regulation and clear rules to invest in crypto, but Gary Gensler and the rest of the SEC are stricter than a 5th-grade hall monitor.
If the top players in the space are forced to pay huge figure fines, suspend projects, etc, it’ll only cause companies and VCs to invest less money into crypto and/or flee the U.S. markets entirely.
And it looks like this is just the beginning. The SEC warned everyone back in September that it had more in store for the crypto industry – specifically DeFi projects.
Buckle up folks, the War on DeFi is here.
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*Valuable Public Notice: testnet is not available in the US or Canada. More information about the testnet can be accessed by using a VPN or directly on the CrossFi website here: Users & Developers
CHART OF THE DAY: GBTC OUTFLOWS ARE SLOWING DOWN! 📊
I was doing my normal morning routine…
Wake up and make coffee
Check prices, hoping my portfolio 1000x’d overnight (today’s status: ‘still broke’)
Look at some interesting graphs/charts
… when I saw something that made me spit my coffee all over my screen.
The stains are still there and I can barely see what I’m typing, but I needed to let you know…Grayscale’s Bitcoin ETF (GBTC) outflows are slowing down!
GBTC only saw $17.5M in sell-offs yesterday – a new record low.
Source: Farside
Why this matters: Over the last 3 months, Grayscale’s Bitcoin ETF has seen 15,981 BTC (worth $15B+) in net outflows.
There were times in March it was hitting $600M in outflows, daily.
The result? BTC has been facing some selling pressure.
But it looks like the tables are turning…
4 of the last 7 trading days have seen less than $100M in outflows. And Grayscale’s CEO had this to say in an interview with Reuters yesterday:
Translation: Nature is healing.
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BITE-SIZED COOKIES FOR THE ROAD 🍪
To the moon — Honeyland adds officially licensed NASA gear to their in-game bees. The game announces STEPN as its next integrated brand partner.*
Bitfinex Securities is launching a tokenized debt issue to develop a new hotel in El Salvador. The issuance aims to raise $6.25M for the 4,484-square-meter development. The token will be issued on the Liquid Network (a Bitcoin sidechain) under the ticker ‘HILSV’.
MarginFi has seen $200M+ in withdrawals since its CEO, Edgar Pavlovsky, resigned yesterday. Pavlovsky says he had disagreements with “Marginfi's internal and external practices” and then did the most ‘2024’ thing one could do… tweet that you quit.
Google Cloud and Coinbase have joined EigenLayer as operators after its mainnet launch. Several other firms including Deutsche Telekom MMS, P2P, Nethermind, Figment, Swell, and Kiln have also become EigenLayer operators.
A London mayoral candidate plans to give every person in the city £100 worth of a new crypto token if he wins. The plan is to make the new cryptocurrency accepted across London's transport network and usable for paying council bills, parking charges, and other expenses.
MetaMask now lets users check if they are eligible for airdrops and NFT claims. It also suggests unique NFT recommendations per user based on "a variety of social factors" – such as if they are on an allowlist or hold a related token.
*This is sponsored content
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Apr 11, 2024
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.
