GM. This is the Milk Road, where we cut up your sandwich into little triangles for you.
The stock market and crypto market continue to drawdown. After a 10+ year bull run with prices going up and up, it seems safe to say we have entered a bear market.
Most people will just curl into a ball, and give up.
But the reality is that some of the best projects and investments happen in a downturn.
After the Dot Com crash (2000), you could have invested in tech stocks like Amazon at $7 per share. And tech companies like Facebook & LinkedIn came out of the crash.
And after the 2008 Recession, the founders of Slack, Uber, and Airbnb were building the next wave of giants.
If we enter a recession now, I will be looking for the blue chip assets at a discount, and new projects that are being built by real builders who aren’t scared off by price dips.
Alright - enough from me. Let’s get to the big crypto news of the day:
Estimated read time: 3 minutes and 26 seconds
- 🧐 A $37M typo
- 🤑 Coinbase Chief Product Officer makes bank
- 💸 Funding Friday
- 🤣 Meme of the day
A $37M TYPO
This story features one small mistake and one huge mistake.
The small mistake → there’s a project called Juno (built on Cosmos). Someone recently gamed their airdrop and got $37M worth of value. A small whoops for it being exploitable.
Then… the big mistake.
The community voted to seize back the $37M from the guy (Takumi Asano, a Japanese investor with a lotta money).
But after they seized it, they accidentally sent the $37M to the wrong wallet because of a typo.
A $37M typo. Only in crypto baby! Yeeeee hawwww.
What did the head of protocols have to say after the double mess up? “We f*cked up big time”.
Yeah bud, you did.
COINBASE CHIEF PRODUCT OFFICER MAKES BANK?
Disclosure, I’m very long Coinbase.
This tweet went semi-viral yesterday:
$646M?! Hot damn!
I know it doesn’t matter…but I can’t resist. Who’s down for some over-the-top research on this?
Who the heck is this guy? Surojit was a VP of Product at Google, leading their shopping team.
VP at Google, is that a big deal?
The food chain goes CEO → SVP → VP. It looks like there were about ~200-360 VPs at Google. He worked at Google for 11 years.
How much do VPs make?
Digging around, it looks like a typical VP will bring home ~$1M-$5M per year.
Levels.FYI shows the same:
So how did that jump to $600M+?
He joined Coinbase 2 years ago (just before the IPO) as Chief Product Officer.
In 2020, he earned $15.8M:
On top of that, he got a stock grant giving him 2M shares
OK so let’s do some math.
He got 2,000,000 shares. Today, with a share price of $118, those shares are worth $236M (not all upfront, they vest over 5 years)
At the stock price peak, those shares were worth over $600m… Mama mia!
I gotta say - this is my favorite “holy shit” tech money story since the graffiti artist painted a wall at Facebook’s office and his shares ended up being worth $200M.
Every Friday we recap all the web3 startups that got funding. This week we saw $270M invested in crypto companies and $290m into funds. Who got the money this time?
Poolsuite - the NFT project launches ManorDAO to buy a giant Manor. One of our favorite NFT projects. It’s fun, and the brand is awesome.
Stakes got $5.3M for their sports betting NFTs. Make a prediction, people wager against your prediction, and the winning bet gets minted as an NFT. Aka “Digital bragging rights”.
Americana got $6.9M for their chip that turns luxury items into digital NFTs. Our prediction of the week: in the next 30 years, we’re going to see every asset (real estate, art, wine, shoes, etc..) sold & stored digitally.
Syndicate got $6M to create web3 investment clubs.
Kinetix got $11M for their no-code platform that turns any of your videos into animated 3D avatars.
LootRush got $12M for their play-to-earn NFT marketplace. Pick a game, choose your NFTs and start playing. You can withdraw your tokens into your wallet or use them to keep playing more.
Zora got $50M to build out their NFT marketplace. The round was led by Katie Haun, the former federal prosecutor on the Silk Road case that turned VC. Badass story.
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MEME OF THE DAY
CONGRATS TO OUR CEREAL WINNERS
Yesterday, we asked what your favorite cereal is and the answers came in waves.
Nick, you deserve a box of the Captain for this answer: "Some days I cheat on my true love and get a box of Capitan Crunch"
Adnan, Flakes are headed your way: "Frosted Flakes, bitches."
Scott, we see you with the 2% milk, even though Raisin Bran isn't our jam, we got you: "Raisin brain crunch. Emphasis on the crunch. 2% milk (always)."
Wilfrid, we'll try to work our magic, but no promises: "One time at my aunt’s house (early 90’s) I ate almost the whole box of a “new” cereal she had, Kellogg's Cinnamon Mini Buns. It was discontinued but it left enough of an impression that I remember it almost 30 years later. "
And guess what...we're picking 3 more winners who hit reply to this email with their favorite cereal and we might even send some milk with it!
A Review from the Road...
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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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