June 7, 2022

🥛 Why a Bear Market is a gift


GM. This is the Milk Road, where we take the best of crypto and burn you the best CD you’ve ever had. Lucky for you that means a lot of Outkast.

We've got a good one for ya today:

  • 🐻 Why the bear is a gift

  • 👀 Big brands entering web3

  • 📈 Chart of the day

  • 🤣 Meme of the day

Estimated read time: 2 minutes & 47 seconds


“All of the best ideas really happen in the bear” – Vance Spencer 

Vance is:

  • The Co-founder of Framework Ventures (They were big winners from the previous bear run in 2018)

  • Raised a $400M fund earlier this year

  • A DeFi OG

He was recently on the Bankless podcast to talk about the current bear market.

Here’s what he had to say:

1/ The bear market is a gift

Vance says crypto is exactly where it needs to be right now – washing out the excesses, building things people want to use, and very much alive (contrary to what the media says),

That's why it's a gift, it's when the best products are built and best investments are made.

2/ A few lessons from the last cycle

On Layer 1s: It’s easy to make a copy of something and call it a competitor or an “Ethereum-killer”, but the reality is it’s much harder to actually get adoption for it.

Ethereum is here to stay. So don't jump on the next "ETH-killer" hype train.

On Gaming: The gaming industry is broken and is in need of disruption… but a game takes longer to develop than pictures of apes (aka NFTs).

Vance says it's a game of patience but thinks the next 9-12 months will be huge for crypto gaming. The adoption for it will be bigger than anything we've ever seen.

3/ Layer 2s are going to explode soon

Layer 2's are a cheaper & faster way to do transactions.

If Ethereum is like Main Street (the main road people use) then L2s are like the subway system. Sure it's not as prestigious, but you'll get there quicker and not burn a hole in your pocket.

As they become easier to create through forking and incentives (tokens), they'll explode in popularity.

4/ "ETH is a Veblen money-good"

A Veblen good is something that as the price goes up, demand goes up.

ETH so far looks like a Veblen money-good.

Back in December when ETH was over $4k, there was actually more usage and demand than right now.

The Milk Road’s Take: Framework put out some big, bold predictions a few months back and now they’re back again.

They think by 2030:

  • P2E games will become the largest employer of human beings globally

  • 10 DAOs will manage over $100Bn each

  • DeFi will still be the largest vertical by revenue and profit share. It will also have $10T in Total Value Locked (TVL)

Vance, say the words and you can guest post in the Milk Road whenever. We’re drinking the Framework content kool-aid.


We’ve recently seen a lot of crypto companies sponsor for everything we watch on TV.

From Algorand sponsoring he World Cup to Coinbase sponsoring the NBA to FTX being everywhere…you practically can’t watch tv without seeing crypto ads.

This time the tables have turned…

Budweiser is now the official beer for Zed Run, an NFT horse racing game where you breed digital horses and race them to win real money.

While Budweiser is experimenting with web3 sponsorships, a bunch of other big companies are doing what big companies do – get trademarks….to own their IP in the metaverse.

Here are just a few:

Let's hope we see more and more of the Budweiser style experiments and less lawyers just getting trademarks!


Do you like free stuff? Well, we're back with another question. Answer it and you might win some free ETH (btw, last time we sent a few lucky readers some Bitcoin Pizza)

This time we want to know one thing… open up Spotify and tell us what’s the last song you listened to?

Just hit reply to this email with an answer and we’ll pick 5 random answers to win some ETH. On the house!


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Simply put, FTX gets it and makes crypto exposure accessible, easy, and secure.

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CoinShares released their Weekly Crypto Fund Report: there was an inflow (aka more buying than selling) of $100M last week.

Clearly, Investors are loving the dip! There’s been more buying than selling for 4 of the last 5 weeks.


I can only imagine what my grandkids will be doing with NFTs in 30 years.

That's all for today folks, see ya tomorrow!

Shaan aka “Elon’s chocolate milk” & Ben "2% Milk" Levy

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