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- š„SCIENCE FAIR: How smart contracts work š§Ŗ
š„SCIENCE FAIR: How smart contracts work š§Ŗ
PLUS: The latest in Web3 funding š°
Todayās edition is brought to you by Trezor - stop losing sleep at night and know your digital assets are secure.
GM. This is Milk Road. Weāre like that one classmate thatād actually write a cool note in your yearbook instead of just āHAGS.ā
Hereās what we got for you today:
2 stablecoins to watch šŖ
Smart contracts š¤ Science Fair
Funding Friday š°
Binance gets into NFT lending šŖ
2 STABLECOINS YOU SHOULD KNOW šŖ
There are 2 new stablecoins hitting the block [chain:]
Stably USD
Circleās Euro Coin
Hereās what you need to know about āem:
1/ Stably USD is the first stablecoin on the Bitcoin blockchain
Right now Bitcoin Ordinals traders have to convert their fiat into BTC and then transfer over the Bitcoin blockchain to use. This is clunky, expensive, and BTCs price is volatile af.
Well, the dollar-backed #USD is supposed to make it cheaper/more efficient to trade. Users can easily swap USD for the token, which is backed 1-to-1 via USD held by Prime Trust (crypto custodian.)
Butā¦ record scratch ā¦ the Milk Man sees some red flags. š§
The company also has an Ethereum-based stablecoinā¦ and itās flopped harder than Kanyeās Donda album.
It has a total of 752 holders. sad trombone
And users will have to KYC themselves - thatās a bit of a no-no in decentralized land.
Plus, the company set StablyUSDās maximum supply atā¦ wait for it ā¦ 69,420,000,000,000. -_-
2/ Circleās regulated, euro-backed Euro Coin just launched on Avalanche
Crypto just got easier for the EU šŖšŗ
#EuroCoin, from the USDC creator @circle, is now live on Avalanche--letting protocol participants trade, lend, and get paid directly in Euros.
ā John Wu šŗ (@John1wu)
4:35 PM ā¢ May 25, 2023
So what? 2 things:
1/ Circleās trying to expand EUROC to multiple chains. It launched on Ethereum last year.
2/ Avalanche is known for being a cheaper/faster blockchain. That means transactions are faster & more cost efficient, not to mention borderless.
Easier cross-border payments = more mass adoption
Thereās just one thingā¦itās issued by Circle AKA the company behind USDC. AKA the stablecoin that depegged this year. š
Doesnāt exactly inspire faithā¦
Milk Road Take: Peopleās trust in the stablecoin market isnāt as strong as it once was.
Trading volumeās on the floor, BUSD & USDC have been hit hard. Sh*tās kinda bleak.
Weāll see if these two will help with that.
There are two things I always keep stashed away:
1/ My crypto
2/ An extra pack of Oreos (ya never know when youāll need it)
I wonāt tell you where the Oreos are. But I will tell you where the crypto isā¦
Trezorās Hardware wallets. These are physical devices that keep your private keys and crypto secure. They also give you full control over your assets vs storing it in a centralized exchange.
(Remember - not your keys, not your cheese.)
There are a ton of different hardware wallets - like Trezor, Ledger, and more - so we created a whole guide for you Roadies. Check it out here!
WARNING: Trezorās Hardware wallets might make you feel invincible. Side effects include walking with a swagger and bragging about your āsecurity hygieneā.
THE SMART CONTRACT SCIENCE PROJECT š§Ŗ
The Milk Man dusted off his lab coat and cleaned his test tubes.
You know what time it is, Roadies. Itās time to gather around for the Milk Road Science Fair.
Todayās booth: Smart contracts.
First off, a smart contract is a set of rules that is written into code and can execute on its own, without involving a third party. Thatās what crypto is all about - cutting out the middleman.
In other words, you donāt have to trust anyone. You can just rely on the power of the blockchain to function properly. And after a wild 2022, trust has gone out of the window like that Sugar Ray song.
But smart contracts are only half the battle. People have to find a way to actually use them.
Thatās where front-end websites come in. They allow users to connect with the code on the back end, while getting to engage with a cool and colorful interface instead.
Why are we learning about this? Because weāve seen confusion around this before.
Last year, we saw Tornado Cash get sanctioned by the U.S. govt. for private transactions related to hacks. Their site was shut down and accounts were frozen by Circle and Github.
And recently, Crypto Twitter threw a fit after Uniswap blocked a specific token from being traded:
The takeaway: Uniswap is owned by Uniswap Labs, which is a U.S.-based company.
No matter how decentralized the inner workings are, Uniswap could always adjust their front end or block certain things like a token swap. And at the end of the day, Uniswap canāt really tell the government to take a hike.
But itās not all doom and gloom. Since Uniswapās front end is open-sourced, other developers can step up and create user-friendly ways to trade.
And since the underlying code remains untouched, people can also interact directly with the smart contract. But that may feel a little bit like learning a new language.
FUNDING FRIDAY š°
Itās Funding Friday! This week, $134M+ was raised by crypto companies.
Hereās who got that dough:
Worldcoin got $115M for its decentralized open source protocol. Everyone and their mother are talking about Sam Altmanās new crypto projectā¦
BoomLand got $1M for its blockchain gaming development. Polygon & Magic Eden are among its investors.
Num Finance got $1.5M to build out its stablecoin issuance. In this market? Godspeed.
FastLane got $2.3M for its Polygon-based MEV protocol. Jaredfromsubway, you seeinā this?
Check out the full database of companies that have raised money this week, right here.
MILK & COOKIES šŖ
Pirix has been helping founders boost their presence with top-tier media and rank higher on Google. With the help of Bloomberg US Radio & Podcast, Techcrunch, Forbes & VentureBeat.*
Binance is launching an NFT loan feature. Tipping off with the Big 3: Bored Apes, Azuki, and Doodles.
Stolen funds from crypto hacks fell 70% from Q1 of 2022. With half of the hacked funds being recovered. Are hackers having a change of heart?
Trezor sales have been booming on the back of Ledgerās troubles. Trezorās hardware wallet sales are up 900%. One man's trash is another man's treasure.
Fahrenheit wins the bidding war to acquire Celsiusā assets. A match made in heaven.
* This is sponsored ad content
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What'd you think of today's edition? |
ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
when you join a meeting but it's Friday and this is the best greeting you can do
ā Milk Road Images (@MilkRoadImages)
1:42 PM ā¢ May 26, 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.
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