Sup, nerds!

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

• 💅 This is cool: DEX's are having their 'App Store moment'

• 🔎 This seems important: Stablecoins are eating the world...

• 🤝 Partner: Meet the most advanced wireless earbuds ever created​

• 🔪 Let's dissect this: The National Bitcoin Reserve Bill is officially introduced

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
DEXs, memecoins, low-cap, stablecoins, blockchain.

💅 This is cool:

DEX's Are Having Their 'App Store Moment'

In one sentence: In Feb, DEXs were responsible for 4.6% of all crypto trading volume — today, it has risen to 7% (marking a 52% increase) — all thanks to improvements in UI, price, and optionality.

In the long and winding list of ‘bad takes’ throughout tech history, Steve Ballmer’s reaction to the launch of the iPhone has gotta be top 10.

(And we will die on this hill).

“$500 fully subsidized with a plan?? I said that is the most expensive phone in the world!

…and it doesn't appeal to business customers because it doesn't have a keyboard.“

As we all now know — none of that mattered.

The iPhone’s touchscreen keyboard worked well enough for email, the user interface was second to none, and its app library was world class.

And now we’re starting to see a similar shift in users between centralized exchanges (CEXs) and decentralized exchanges (DEXs)

For the longest time, DEXs really only had two things going for them:

1. They were permissionless (no having to upload your ID, address, and phone number to some unknown server that will outlast humanity)

2. Self custody came as standard (you held custody of your crypto instead of the exchange)

Outside of that, they were ridiculously hard to navigate for first-time users, and their fees were not competitive.

But of late, that’s started to change across the board — and DEXs are not only competing on ease-of-use and price, but…

They’re also having their ‘App Store moment.’

CEXs can’t/won’t list the majority of new tokens and memecoins right out of the gate because of regulatory restrictions.

So all of the hottest new low-cap coins/tokens that you hear folks making life changing money on, across X (Twitter)? That’s all happening on DEXs.

(Just like all the app development was happening on iPhone circa 2009).

As a result, we’re seeing a massive uptick in DEX usage.

In Feb, DEXs were responsible for 4.6% of all crypto trading volume. Today, it’s 7% — marking a 52% increase.

And sure, a jump from 4.6% to 7% might not feel like a lot…

But neither did the iPhone’s move from 3.5% of smartphone market share, to 5.4% (back in ‘07 / ‘08).

The takeaway:

DEXs are quickly becoming seen as the better option across the board.

🥇 Want the news before anyone else?

🔎 This seems important:

Stablecoins: Boring? Yes. Driving the Mass-Adoption of Crypto? Also Yes.

In one sentence: Tether alone now owns more US government debt than major countries like Germany, the UAE, and Australia — and they’re not only profiting from it, but driving blockchain adoption in the process.

You know those boring businesses you hear about every now and then that absolutely print money?

E.g. Hunt Brothers Pizza — the gas station pizza business that makes $540M a year.

Yeah, well — stablecoins are kinda like that.

The leading stablecoin, Tether, just reported its earnings and have reeled in $5.2 billion of profit so far this year.

(How? By taking a small percentage of the money invested into their coin, and re-investing it to eek out a profit — big bank energy).

Here’s why this is important, and likely to grow:

The US government generates cash by selling IOU’s (typically to other countries) with set interest rates — and to these other countries, it’s a solid deal, cause the US is seen in the same light as the Lannisters (from Game of Thrones):

They always pay their debts.

Problem is…

There’s only so much US debt that other nation states can/are willing to buy — and the US is forever hungry for fresh cash.

Stablecoins are the perfect instrument for extending demand for US debt — they increase the reach of the US dollar by allowing users anywhere/everywhere to buy US dollars, instead of their (often less reliable) local currencies.

And this ain’t some hairbrained theory!

It’s already happening in real-time. Tether alone now owns more US government debt than major countries like Germany, the United Arab Emirates, and Australia.

(Quickly driving blockchain adoption in the process).

We love to see it.

🤝 Partner:

Meet the Most Advanced Wireless Earbuds Ever Created

Brooklyn-based Status Audio changed the earbud game by packing three speakers inside each bud.

Basically, they put insanely expensive pro gear in an accessible-to-all form.

Their distinctive design gives you the best damn fit.

Plus, they offer the longest battery life we’ve ever heard of. Pun very much intended.

🔪Let's dissect this:

The National Bitcoin Reserve Bill is Officially Introduced

In one sentence: Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve, which will have both short and long-term benefits.

Let’s cap things off this week with some news which may impact the crypto world in both the short term, and the long term.

Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve.

She first announced the bill at Bitcoin 2024 in Nashville last weekend but it wasn’t officially introduced until Wednesday.

Here’s why this is exciting in the short term:

Two words: market sentiment.

While there’s still a long way to go for the bill to actually be approved and implemented, the mere introduction of the bill should have some sort of positive impact on investor confidence around Bitcoin.

(And as we know, BTC goes up >> everything goes up 🚀)

And in the long term:

If passed (which would be monumental for BTC), it would surely lead to wider acceptance of crypto in general, and bring us closer to a world where crypto is just another part of the mainstream financial system.

(Not sure that’s what every crypto degen wants, but it’s bound to happen).

Chances are, it would also spur a flurry of other countries also establishing BTC reserves, putting a whole lot more buy pressure on the market.

Whatever timeframe you look at this, it’s huge news.

Now we just need the bill to be reviewed, debated, voting on in both the House and the Senate, and signed in by the President.

Simple 🙃

How a DEX Works