🥛 Why is this new project getting so much traction? A peek inside...

  • August 17, 2022
  • 3 Min Read

GM. This is the Milk Road, the crypto newsletter that brings you news, laughs, and spicy takes.

We’re like that 3-in-1 shampoo/conditioner/body wash you buy in college to save $$.

Here's what we got for ya today:

  • Wtf is Sudoswap and why everyone is talking about it
  • Question of the day - what would you do in this situation?
  • Quick bites
  • Meme of the day

WTF IS SUDOSWAP AND WHY EVERYONE IS TALKING ABOUT IT

I've been seeing one thing all over my timeline - Sudoswap. It's the new NFT marketplace being called the "Uniswap of NFTs". 

I know I know. Everyone and their momma are dropping a new marketplace...

So what makes this one different? Well, for one - it's getting traction. Something most new marketplaces can't say.

According to Dune Analytics, Sudoswap..

  • did ~$2m in sales yesterday alone. That's ~14% of the daily market share vs OpenSea
  • added over 10k users
  • traded over 60k NFTs on its platform

All in under a month.  

So, why are people liking it? Well, there are 3 problems with NFTs right now..

  • They’re super illiquid. Meaning the only way to sell it is to have someone on the other end buy it from you
  • Most exchanges like OpenSea and LooksRare aren’t truly decentralized. They have their order books off-chain in a database they’re hosting
  • Listings need to be adjusted manually. i.e I can’t tell OpenSea to raise the price of my listing if others below it are being bought

Sudoswap solves this by letting anyone become their own marketplace.

  • NFT trading is done through liquidity pools. Meaning you can immediately liquidate your NFT by selling it to one of the liquidity pools. No more waiting around for a buyer to take that jpeg of your hands
  • Everything is completely on-chain. All data & transactions are available on the blockchain
  • Users can make their own liquidity pools and set their own rules. You can set different criteria like making it so every time there’s a sale in the collection, your other listings go up in price too
  • On top of it, there are fewer fees on Sudoswap. They only take 0.5% from each transaction and they don't pay out any creator fees (a hot topic recently).

The Milk Road's Take: Sudoswap still has a long way to go to catch up to Opensea, but it's an interesting concept. It provides instant liquidity if you need it and gives a lot more flexibility when it comes to trading NFTs.

Something we'll be keeping our eyes on for sure.

QUESTION OF THE DAY: WHAT WOULD YOU DO?

Ok, hear me out. You’re halfway through reading the Milk Road. You’re laughing, milk’s coming out your nose, and you’re having the time of your life.

Your phone buzzes with a new notification... you just received a $15m offer on a website domain you own - NFT.xyz.

What’s your move?

A/ Is this even a question? Sell that sh*t!

B/ Hodl! It will be worth more when NFTs get bigger

C/ Call mommy for help

Respond to this email below to let us know what you'd do! We’ll pick a few lucky winners to win some of the first ever batch of Milk Road stickers 👀

BTW - yes, someone has to make this decision in real life. Jason Falovitch (co-founder of the NFT Instagram account) is the one that needs to decide. We'll send him your answers too!

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QUICK BITES

Over the last 9 months, 40 of the top 100 public companies have invested ~$6b into web3 companiesGoogle led the way in total funding (~$1.5b). Samsung made the most investments (13).

Report: Celsius’ CEO sold hundreds of millions of dollars worth of BTC and bought it for a loss a day later. Apparently, Alex decided to take over the company's trading strategy and ignored all the experts on his team. 

Coinbase announces they will pause ETH deposits and withdrawals during the Ethereum Merge next month. 

CoinFund is launching a new $300m Web3 fund. The goal is to make larger bets into early-stage web3 companies.

Lil Miquela, a virtual influencer, has inked a partnership deal to become the new face of PacSun. It’s the first big deal for a virtual influencer aka a VR character

XP, Brazil's largest brokerage, has launched a crypto trading platform. Over 3.6m users will now have the ability to trade BTC & ETH.

MEME OF THE DAY

😂

That's a wrap for today. Stay thirsty and see ya tomorrow!

If you want more, be sure to follow our Twitter (@MilkRoadDaily)

A ROADER'S REVIEW

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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    Milk ManWriter

    This dashing dairy expert is not just your average milkman. He's a tri-athlete, a former classmate of Satoshi Nakamoto, and a crypto enthusiast who loves nothing more than delivering the freshest news and insights straight to your inbox.