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Today’s edition is brought to you by MetaMask Portfolio - buy, swap, bridge, and stake from one simple dApp, backed by the most popular crypto wallet. Start bridging now! |
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GM. This is Milk Road, the crypto newsletter that's as smooth as a well-aged whiskey, minus the hangover. |
Here’s what we got for you today: |
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WE TRIED LSD…FI 👀 |
I kept hearing all the cool kids in crypto talk about one thing… LSD. |
I was too afraid to Google it at first. (I thought the Drug Enforcement Agency might kick down my door) |
But then I learned LSD in crypto = Liquid Staking Derivatives. |
These are tokenized IOUs that allow investors to stake ETH and continue to maintain liquidity. |
It kinda works like a vending machine. You put in quarters (aka stake your ETH) and in return, you get snacks (aka liquid tokens). |
And according to Messari, LSDs are becoming the prime form of DeFi collateral across major lending protocols like Aave, Solend, and Burrow. |
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This new phenomenon is being dubbed LSD-Fi. And instead of just staring at graphs and reading about it, we decided to try it out. |
(Milk Road Rule #33: Watching is for wussies, go play) |
So we grabbed the Milk Road Public Wallet, took some LSD tokens, and went down the rabbit hole. |
We: |
Traded yield on Pendle Finance (an up-and-coming protocol used to trade yields) Deposited liquidity into a fixed-rate loan Got ready to restake our ETH for additional yield on Eigenlayer
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It was a wild ride. And like we promised, we wrote a Guide to LSD-Fi here. |
We’ve got a few ideas on what we’ll do in LSD-Fi next, but we’re curious… |
Have you ever tried LSD-Fi? |
Hit “reply” to this email and tell us a simple Yes or No! |
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Picking the right crypto bridge can be more difficult than finding the right outfit to wear on the first day of school. It’s all about making a good impression without breaking the bank. |
And while the Milk Man is a white tee and jeans kinda guy, everyone has their own taste. Just like everyone has their own needs when it comes to crypto bridges. |
So why pick? Introducing MetaMask Portfolio’s bridge aggregator. |
MetaMask Portfolio’s bridge: |
Integrates directly with Socket and LI.FI to support a carefully curated set of bridge providers: Connext, Hop, Celer cBridge, and Polygon Bridge Allows users to compare bridge providers in real-time, ensuring you lock in the cheapest and fastest route on every transfer Supports bridging of up to $50,000 per transfer of major tokens across the six most popular blockchains
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Save money bridging and be the coolest kid in school. |
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EVERYTHING YOU NEED TO KEEP YOUR EYES ON THIS WEEK 🗓️ |
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There’s never a dull moment in crypto, and this upcoming week is no different. |
It’s packed with token unlocks, speeches from members of the Federal Reserve, and macroeconomic data. |
It might seem like Boring Stuff™, but there are a few key events you need to keep your eyes on: |
Macroeconomic data: stuff like the initial jobless claims, U.S. Services PMI, and core durable goods data are all being released. Federal Reserve speeches: 3 members of the Fed are scheduled to speak this week, including Jerome Powell’s annual Jackson Hole speech slated for Friday. Token unlocks: $120M+ worth of tokens are being unlocked throughout the week, including $100M from AVAX and $14M from LDO. Legal battles: The D.C. Court of Appeals is scheduled to decide on the Grayscale v. SEC lawsuit by August 22nd. (unless it gets postponed, again)
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The make-or-break event this week: Jerome Powell’s speech at the Jackson Hole Economic Symposium. (aka the Super Bowl of Economics) |
It’s one of the longest-standing central banking conferences in the world and brings together economists, central bankers, U.S. government representatives, etc., to talk about policies. |
And Jerome Powell’s speech had a big effect on the market last year. |
Powell warned more interest rate hikes were coming and ended his 30-minute speech in 8 minutes. It was short and [not] sweet. |
As a result, crypto prices crashed. |
All eyes will be on Jerome “MoneyMan” Powell later this week to see if history repeats. |
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BITE-SIZED COOKIES 🍪 |
Stader Labs is helping to decentralize Ethereum’s blockchain. They scored a 4.3-star rating from the Milk Man due to their ease of use, attractive rewards, and clean user interface.* |
Yuga Labs announced it will move away from OpenSea’s NFT trading platform. The move comes after OpenSea announced it would stop enforcing mandatory creator royalties. |
Bitget will implement new KYC requirements for users starting next month. New users will need to complete a level 1 KYC verification, while existing users have until October 2023 to complete the level 1 KYC verification. |
Recur announced it will be shutting down. The NFT platform raised $50M+ from investors and had partnerships with major brands like Nickelodeon and Hello Kitty. (**takes a moment of silence**) |
*This is sponsored content. |
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MILKY MEMES 🤣 |
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HIT THE INBOX OF 250K+ CRYPTO INVESTORS |
Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. Get in touch today. |
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What'd you think of today's edition? |
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ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
 | Milk Road Images @MilkRoadImages |  |
| Daily reminder: WAGMI |  | | | Aug 21, 2023 | | |  | | | 0 Likes 0 Retweets 0 Replies |
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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. |
