Sup, nerds!

Quick one before we jump in - the W3D team is taking a few days off for our mid-year 4th July break. We’ll be back in your inbox next week!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: This new Robinhood update is bigger than it seems

• 🔎 This seems important: Crypto is slumping. Here's why...

• 🤝 Partner: Fortune favors the bold​

• 🔪 Let's dissect this: Telegram’s new feature -> millions more in crypto

• 💡 Bellwethers in Web3: Michael Heinrich, 0G Labs

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Crypto wallet.

💅 This is cool:

This New Robinhood Update Is Bigger Than It Seems

In one sentence: Robinhood opened up trading to all 50 US states, so we now have an app with ~23M funded users, with a clear intent to invest, who now have a familiar, low friction way to invest in crypto.

Right, so Robinhood just opened up crypto trading on its app to all 50 US states (plus Puerto Rico and the US Virgin Islands).

We know, we know — total snooze fest!

But there’s insight to be found here…

You know those ‘Round up for charity?’ prompts you see at the supermarket?

In 2016, only 16% of charity campaigns used them. By 2022, 67% of all major charitable drives were using them, and in that year, those ~5-10c round up donations raised $749M dollars!

They work so well because:

1. They take technology/processes that consumers are already very familiar with (paying electronically at retail locations)

2. Interact with them at their point of ‘peak intention’ (the intention being: to pay for something)

3. They lower friction and make the decision easy, by making a small ask (1-99c donation)

Robinhood now hits those same points for retail crypto investors, across the US.

Cause here’s the thing:

Most retail investors use Robinhood to invest (because it’s easy to use, and takes no fees). When they use the app — their intention is typically: find opportunities and invest.

So we now have an app with roughly 23M funded users, with a clear intent to invest, who now have a familiar, low friction way to invest in crypto.

(No new interface to learn, no seed phrases to write down, no googling ‘what is a crypto wallet and why do I need one?’).

🥇 Want the news before anyone else?

🔎 This seems important:

Crypto is Slumping. Here’s Why…

In one sentence: Bitcoin volatility is down and prices are slumping across the board, but this is par for the course in summer — investors tend to ‘sell in May and go away.’

Can you feel that?

It’s eery, right? The calm we’re experiencing.

We didn’t know Bitcoin had a ‘calm’ setting.

We’re used to it being almost permanently stuck on ‘erratic as a five year old that just chugged a gallon of Coke’ mode — bouncing up and down, adding/wiping billions from its total value each day.

But right now, the DVOL chart (which measures Bitcoin’s day-to-day volatility) is at the bottom end of a four month slide downwards — a time in which BTC’s price has moved from ~$73k to ~$56.5k, and bounced significantly between those two points in the meantime.

Here’s what that indicates:

Investors are less panicked, and with that, less inclined to seek out protective hedged investments — e.g. buying options that allow them to either buy or sell Bitcoin at a certain price in the future (which tends to increase volatility).

Good news:
Violent moves to the downside are less common in these moments.

Bad news:
Violent moves to the upside are less common in these moments.

Better news:
This is par for the course in financial markets. Investors tend to ‘sell in May and go away’ for the summer.

So we can all enjoy this calm without worrying that the sky is falling.

🤝 Partner:

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🔪 Let's dissect this:

Telegram’s New Feature May Onboard Millions More to Crypto

In one sentence: Telegram’s latest release lets users flip between mini-apps within Telegram, which improves the experience for users who play crypto tap-to-earn ‘mini-app’ games like Hamster Kombat.

If ya haven’t heard, Telegram is on a tear right now.

Mostly because of crypto tap-to-earn ‘mini-app’ games like Hamster Kombat and Notcoin, which have accrued hundreds of millions of players (literally!).

So, what do you do when you’re winning? Win some more of course.

Their latest release lets users flip between mini-apps within Telegram, meaning users can now bounce between a game, a chat and their TG wallet (for example).

Why does this matter?

Think about our biggest gripe with the metaverse…

It’s cool and all, but once you’ve explored a virtual world, or been to whatever team building event you’re attending, there’s usually no real reason to come back.

There’s too much friction in the user experience, and not enough value for the time you spend to get back there.

Telegram on the other hand is kind of like the opposite of that.

Open your app > play a fun game > earn crypto.

And that slick, no-learning-curve, fun experience just got even better.

(All while continuing to onboard more people into the crypto world who may or may not even know it).

So, while the ‘flip between mini-apps’ on Telegram isn’t the craziest of new features, anything that improves the user experience and onboards more of the world into crypto at the same time…

That’s a beautiful thing.

💡 Bellwethers in Web3

"Bellwether's in Web3," is a daily profile series recorded live with Nolcha Shows and Movement Labs in collaboration with Bellwether Culture. Check out the latest video below.

Interview: Michael Heinrich Co-Founder & CEO of 0G Labs

Michael is the co-founder & CEO of 0G Labs (0g.ai), the first modular AI chain. In the past he has generated over $200 million in revenue and secured $200 million in venture capital. His strategic leadership has guided over 650 employees through volatile markets and achieved remarkable customer satisfaction. Michael previously worked at Microsoft, SAP Labs, Bain, and Bridgewater Associates. He has been named a top technologist, top YC company, and top entrepreneur, being featured in many esteemed media outlets. Educated at Stanford, Harvard and UC Berkeley.

@mheinrich (Twitter), @0G_labs (Twitter), Michael Heinrich (LinkedIn)