๐ฅ Market Movers: 2 winners. 1 loser ๐
Todayโs edition is brought to you by Origin Protocol – Their LSDFI Protocol OETH attracted over $23M of TVL in its first month ๐ย
GM. This is Milk Road, the crypto newsletter that's as iconic as the "Macarena" dance. And we got the moves to make your money groove.
Hereโs what we got for you today:
Market movers: winners & losers ๐
2 things to watch this week ๐
The SEC and Binance(US) come to an agreement ๐ช
WEEKLY MARKET MOVERS: WINNERS & LOSERS ๐
Crypto prices are hard to keep track of. Lucky for you, we just upgraded the Milk Manโs work-from-home setupโฆ
6 screens, all the fanciest analytics tools, and unlimited milk.
He said he feels like Batmanโฆ
And this week, he spotted 2 winners and 1 loser. Letโs dive in.
THE WINNERS
1/ Sui ($SUI) is up 16% over the last week.
What is it?ย Sui is a (newer) Layer 1 blockchain that is built to be faster & cheaper than other chains.
It was created by ex-Facebook developers and raised $300M from big-name VCs like a16z.
Whyโs it up? Itโs been an eventful few weeks:
Announced a new proposal that would enable liquid staking (AKA crypto investorsโ two favorite words nowadays.)
Signed a multi-year deal to be the official blockchain partner for the Formula One (F1) Red Bull racing team.
But the biggest win for SUI? It wasnโt one of the tokens named as a security in the SECโs lawsuits against Coinbase and Binance.US last week.
Itโs like back in middle school when the loudspeaker system would randomly turn on and all your friends would get called into the Principalโs office, except you. Big win.
2/ Shiba Inu ($SHIB) is up 9% over the last week.
What is it? $SHIB is a memecoin that turned into a top 20 token.
Itโs the 17th largest cryptocurrency and has a $4B+ market cap.
Whyโs it up? Shiba Inu developers teased an upcoming product launch and a big announcement.
They pulled the oleโ โwe announce that weโll have another announcement soonโ card.
It worked. But be careful, it could be a โbuy the rumor, sell the newsโ event.
And now, forโฆ
THE LOSER
1/ Cardano ($ADA) is down 7% over the last week.
What is it? $ADA is the native token for Cardano – an OG blockchain that launched back in 2017.
It was created by Charles Hoskinson (one of the Ethereum co-founders) and is now the 7th largest cryptocurrency with a $9B+ market cap.
Whyโs it down? Itโs been a rough few weeks:
The SEC named ADA a โsecurityโ in its lawsuits against Coinbase and Binance.US
As a result, platforms like Robinhood and Bakkt delisted the token
But wait, thereโs moreโฆ itโs also been confirmed that the Cardano founder is on the hunt for aliens.
He is currently near the coast of Papua New Guinea in the Pacific Ocean searching for a โUFOโ that recently crashed there.
Some people pivoted away from crypto to things like AI.
Others (like Charles here) went for the fun stuff – alien hunting.
LSDFi PROTOCOL OETH BECOMES A TOP 3 ETH YIELD AGGREGATOR
One narrative has dominated headlines in 2023: Liquid Staking.
Itโs the fastest growing sector of DeFi, with nearly $18B of ETH being staked with liquid staking providers so far this year.
Well, now a new sector has emerged allowing users to boost their staking yield through lending and providing liquidity – we call itโฆ. LSD-Fi.
Like any new sector, the competition is fierce. Thatโs why weโre watching the players who have been impacting the DeFi scene for years – players like Origin.
They established themselves as a DeFi powerhouse in 2017 when they launched Origin Protocol, later creating the first yield-bearing stablecoin, their own native token, and a DAO.
And their LSDFi offering OETH has been doing numbers:
Attracted over $23M in TVL after launching last month
Surpassed yields on stETH, rETH and frxETH with a trailing 30-day APY over 10%
Became a top 3 LSDFi yield aggregator
Since yields are earned passively, users donโt even have to pay gas fees. Thatโs even more earnings on your ETH.
2 THINGS TO WATCH THIS WEEK ๐
After back-to-back weeks of crypto chaos, this weekโs forecast looks to be calmer.
No big Congressional hearings. No big court cases. *phew*
But there are still 2 trends you should keep an eye on this week:
1/ TRADITIONAL FINANCE
Last week, BlackRock dropped a bombโฆ
The worldโs largest asset manager (~$10 trillion in AUM) filed an application for a Bitcoin trust called iShares Bitcoin Trust.
The goal? Give investors exposure to Bitcoin without directly buying it.ย
Now BlackRock just needs to wait and see if its application gets approved.
(Milky Fact: BlackRockโs record of getting approved by the SEC is 575-1. Itโs the Floyd Mayweather of Finance – it doesnโt lose.)
Then over the weekend rumors started circulating that Fidelity is also looking to make a big move in crypto. Itโs the worldโs third largest asset manager and hasโฆ checks notesโฆ $4 trillion in AUM.
The rumor: Fidelity might apply for a Bitcoin ETF of their own or might just buy Grayscale.
So what? If BlackRockโs application gets approved and Fidelity ends up making a move, it could be big for crypto adoption.
It would let investors get easy access to crypto, in a regulated way.
Just check out what happened when GLD launched. Itโs a type of service that lets investors get exposure to gold without directly buying it.
Shown below is when GLD launched, allowing easy access to Gold exposure for investors.
If/when Blackrock’s (who has a 99% ETF approval) Bitcoin ETF launches (very similar structure to GLD), expect similar price action as it unlocks access to Bitcoin exposure for the masses. https://t.co/Bzhn5enI5G
— Will Clemente (@WClementeIII)
Jun 18, 2023
Weโll have to wait and see if history repeats itself.
Either way, looks like the big kahunas of traditional finance are coming to crypto.
2/ NFTS
Itโs been an eventful week for the internetโs favorite jpegs:
An NFT called โThe Gooseโ was sold for $6.2M at a Sothebyโs auction. Itโs Milk Roadโs Big Baller Buy of the Weekโข
Nike and Fornite are collabing on a new digital release and dropped a teaser video that included Nikeโs dot swoosh NFT platform.ย According to Nikeโs creative director, the collab will feature Nike-designed skins, cosmetics, and special rewards for .Swoosh members.
NFTs have had a rough year, but big buys and big partnerships are two things that will make noise and help bring attention to the industry.
Itโs like when you host a party with a banger playlist (AKA Drake on repeat) – the neighbors are bound to come out and see what all the noise is from.
MILK & COOKIES ๐ช
The estate of Three Arrows Capital (3AC) has filed legal documents to impose a $10,000 daily fine against Kyle Davies for ignoring subpoenas. They tried mail, e-mail, text, DMs on social media, pigeons, and no luck – Davies has ignored it all. $10k/day will get anyoneโs attention thoughโฆ
ZachXBT has raised $1M+ from the crypto community after getting sued for exposing a well-known NFT trader. Itโs cryptoโs โall for one, one for allโ moment.
Wyre, a crypto payments platform, announced itโs winding down operations due to market conditions. Pour one out from another fallen soldierโฆ
MILKY MEMES ๐คฃ
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Jun 19, 2023
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.T