GM. This is the Milk Road. The daily newsletter you lean on for fresh crypto news and a good laugh.
🎵 Lean on me. When you're not strong...🎵
Here’s what we got for ya today:
- The latest on FTX: NYT Interview, Caroline's Tumblr, and more...
- DEXs had a record week
- Quick Bites: Nike launches an NFT platform and more
- Milky Memes
WHAT'S NEW WITH SAMUEL AND FTX
Samuel has added more letters and words to his cryptic tweets. I feel like we're all playing the world's worst Wheel of Fortune game.
The Samuel cryptic tweet tracker is at “WHAT H-A-P-P-E-N-E-D. [NOT LEGAL ADVICE. NOT FINANCIAL ADVICE. THIS IS ALL AS I REMEMBER IT, BUT MY MEMORY MIGHT BE FAULTY IN PARTS]. I'll get to what happened. But for now, let's talk about where we are today.”
Honestly dude, STFU. Now, back to our regularly scheduled programming.
There are 3 recent developments in the FTX story:
1/ Caroline and Sam were interviewed by the New York Times. Here is what we learned...
- Alameda took out loans and used the cash to fund venture capital investments. Lenders recalled the loans earlier this year but the funds were no longer liquid. Only the top executives knew.
- Samuel has regrets: Wishes we’d bitten off a lot less and been a bit more concentrated, says the venture stuff was probably not worth it, and said his attack on CZ was “not a good strategic move.”
- In his free time he’s playing Storybook Brawl (a video game that, fittingly enough, FTX acquired earlier this year)
The New York Times is known for writing vicious hit pieces on crypto, but this article was as sweet and soft as a marshmallow...
2/ People found Caroline’s Tumblr blog
Is the Milk Man petty for exposing this girl’s blog? Maybe.
Is it called “Fake Charity Nerd Girl”? Yes.
Is it better than Samuel’s blog? Absolutely.
- Caroline believes in “Imperial Chinese Harems” - everyone should have a ranking of their partners and there should be vicious power struggles to scale the ranks.
- Her type of guy? Men who control "major world governments" and are responsible for "many important inventions and scientific discoveries".
Talk about high standards! Meanwhile, Samuel on the other hand...
3/ Is trying to raise fresh capital, even after FTX declared bankruptcy
The Wall Street Journal reported Samuel and the few FTX employees left standing spent the weekend calling up investors for fresh capital.
"It's called FXT Capital. VERY huge potential and VERY little downside risks. It's on the cutting edge of cryptocurrency exchanges. Your profit on a mere $1b investment could be up to $0."
DEXs HAD A RECORD WEEK
There could be a Milky Lining from the FTX collapse.
- In the last seven days, DEX trading volume is up 152% and they've collectively done $31 billion in trading volume
- In the last 30 days, 106k BTC has been moved to self-custody. This has only happened 3 other times in Bitcoin’s history.
It seems like with FTX blowing up, more and more people are leaving centralized exchanges for decentralized exchanges.
Remember kids, a DEX is the surest way to protect against unsafe CEXs.
Branding opp of the year for 1inch?
TODAY'S EDITION IS BROUGHT TO YOU BY HELIX
I’ve learned one thing over the last week…
There’s no such thing as safe CEX in crypto. (Centralized exchanges, that is).
Which is exactly why you should check out Helix - a decentralized exchange built on Injective for trading cross-chain crypto assets and derivatives. Some of the pros:
- Fully decentralized. All trades on Helix are fully visible on-chain
- Advanced order types. With stop-loss and take-profit orders
- Easy to use. Helix has zero gas fees and a sleek UI to make the experience as smooth as butter
- Highly interoperable. Users can trade cross-chain assets and connect multiple crypto wallets (i.e. MetaMask, Ledger, Trezor, Cosmostation, etc)
There’s never been a better time to get started on a decentralized exchange. And Helix has everything you need.
Get started here! Just connect your crypto wallet and boom! You’re ready to start trading.
Nike launches an NFT marketplace called .SWOOSH. And they're doing it on Polygon - mark another big win for Polygon.
Oil giant Shell is sponsoring Bitcoin magazine and bringing it's cooling techniques to the Bitcoin mining industry. The goal is to cut carbon emissions and reduce energy costs. Maybe it will save those bankrupt miners too?
Christiano Ronaldo announced that he is launching an NFT collection on Binance. The World Cup is coming, so expect more of these.
Hedge Fund Ikigai had a majority of their funds in FTX. Ikigai now means "all my funds gone" in cryptonese.
HAVE YOU HEARD OF MISO ROBOTICS?
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That's a wrap for today. Stay thirsty & see ya tomorrow!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
VITALIK PIC OF THE DAY
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.
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