GM. This is the Milk Road, the crypto newsletter that’s as crisp and flavorful as that ONE Dorito in the bag that got overloaded with seasoning.
If you tell me you can’t taste that picture right there - you’re lying.
Here's what we got cooking for ya today:
- Introducing CreatorDAO
- FTX and Reddit team up
- The Tornado ban aftermath
- Bite-sized treats
- Meme of the day
DAOs are the hottest trend since hoverboards. Wasn't my thing, to be honest. I'm more of a "2-feet-on-the-ground" kinda guy. Didn't wanna end up looking like this...
The number of DAOs has gone from 700 —> 6,000+... over the last year. That’s an 8.5x growth.
A new one just dropped: CreatorDAO.
CreatorDAO invests $$ in content creators.
- Creators get capital, access to networks, and mentorship
- Investors get a cut of future earnings
CreatorDAO raised $20m with backing from big names like a16z, Initialized Capital, Paris Hilton, Garry Tan, and the Chainsmokers.
This is interesting because it gives DAO members an opportunity to invest early in the next Mr. Beast or Ninja. We'll be keeping an eye on this for sure.
QUESTION OF THE DAY: DAOs have been all the rage, so we're curious. How do you feel about 'em?
- A/ I'm in one right now
- B/ I haven't joined one yet, but am interested
- C/ I have 0 interest. Call me a DAOubter
Reply below with your answer and we'll share the results!
TODAY'S EDITION IS BROUGHT TO YOU BY DELTA
Crypto investing is hard. It's even harder when you're looking at 10+ charts and spreadsheets to keep track of your investments and how they perform.
That's why we use Delta.App to track everything happening with the Milk Road Public Wallet (where we hold ETH and a Punk right now)...even when it's in the red.
Delta's tracking app lets us manage and track our live performance, all in one place so we can focus on other things.
FTX AND REDDIT TEAM UP
A new Crypto Duo just hit the block[chain]... FTX and Reddit.
How big is this? ...*Checks notes*...
1 Big crypto exchange ($30b+ valuation)
+ 1 Big social media platform ($10b+ valuation)
1 Big ass duo
Why’d they team up? Reddit has been playing with a new feature called Community Points. Basically, tokens you earn inside a subreddit.
More points = more street cred in your subreddit.
In theory, users can use these Community Points to vote on key decisions in their community (like an HOA gone wild). But just like anything on the blockchain, there are fees.
That's where FTX Pay comes in...it lets users pay Ethereum gas fees using fiat currency. Right now, Community Points are only live in 2 subreddits r/cryptocurrency and r/fortnite. But more are coming soon.
One cool thing is now developers can create their own dApps that use Reddits' Community Points - i.e someone can launch a new game and make it the in-game currency.
The MilkMan Take: I haven’t seen so many people experimenting together since freshman year of college.
THE TORNADO BAN AFTERMATH
It’s been 24 hours since Tornado Cash was added to the U.S Specially Designated Nationals (SDN) list. Which sounds like a presale list for a token airdrop, but in reality, it means they’re banned. Fooled me…
Here are 3 things that have happened since:
1/ Vitalik admitted he’s used Tornado Cash. No, he isn’t laundering money.
He used it to make donations to Ukraine. This protected the recipients from the Russian Government if they tried to track the donations.
2/ Celebrities got sent Tornado’d ETH, which is now illegal. Once the news was announced, someone started using Tornado to send money to people like Shaq, Randi Zuckerburg, Jimmy Fallon, Brian Armstrong, and more.
Why? Well, have you ever seen the movie Billy Madison? (hang with me here).
There’s a scene where a kid pees his pants and is embarrassed. But Adam Sandler pours water on his jeans to make it look like he peed his pants too, so the kid wouldn’t be alone.
That’s kind of what’s going on here. Someone saw that the government was labeling users of Tornado Cash as “bad guys”, so they started using Tornado to send cash to all kinds of famous people to muddy the waters and make everyone equally guilty.
To be continued..
3/ Tornado Cash hit new yearly highs for usage… after being sanctioned.
Iran makes the first crypto-funded import. The Iranian PM believes that crypto & smart contracts will be widespread in foreign trades by the end of next month.
Coinbase released their Q2 earnings: they had a net loss of $1.1b and trading volume was down 29%. Ouch. Bear markets!
Polygon launches Gnosis Bridge - a bridge that lets you transfer valuable assets from Ethereum to Polygon securely. Polygon is back at it again with some more news.. they’re on fire.
Portal Ventures has launched a new $35m crypto fund. It will be focused on the “picks and shovels” of crypto. Aka web3 infrastructure and software.
MEME OF THE DAY
That's a wrap for today ladies & gents. See ya tomorrow!
If you want more, be sure to follow our Twitter! (@MilkRoadDaily)
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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