Sup, nerds!

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

• 💅 This is cool: A 12.3% yielding coin is coming to SOL

• 🔎 This seems important: The SEC's latest W is actually an L

• 🤝 Partner: An antidote to analysis paralysis-caused losses…​

• 🔪 Let's dissect this: One final story about FTX for old times sake

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Stablecoin, staked, bull run, wallets, web2/3.

💅 This is cool:

USDe, the 12.3% Yielding Stablecoin, is Coming to Solana

In one sentence: Ethena Labs is integrating with Solana — this kind of multi-chain approach allows for a more even playing field, where the tech speaks for itself.

Picture this: you go to buy something online from a British retailer…

And even though the site lists its prices in your local currency (USD), the final transaction is quietly made using their local currency (GBP).

You throw your laptop at the wall in anger and go to Twitter to complain.

The narrative doesn’t add up, right? But for some reason in crypto, that kind of currency tribalism is totally accepted.

It’s dumb! Which is why we love to see stuff like this:

Ethena Labs — the makers of the Ethereum-based USDe stablecoin that earns a whopping 12.3% yield per year when it’s staked? Yuh, they’re now integrating with Solana — bringing greater optionality to us as users.

It’s a smart move. Cause if you study some of the more enduring projects of the previous bull run (e.g. WalletConnect, Thirdweb, Magic Eden…)

You’ll notice they all play nice with other technologies.

WalletConnect and Magic Eden integrate with a range of wallets from a range of chains, while Thirdweb makes it easy for web2 companies to adopt web3 payments (see: Shopify).

The takeaway:

Multi-chain integrations don’t leech from other crypto projects, they let users make a choice and pick the technology that will serve them best.

As a result, the cream rises to the top and the overall crypto pie continues to grow.

Making your job as an investor that much easier.

Cause you no longer have to figure out who is forcing their (potentially sub-par) technology on people with back door partnerships and zealous tribalism…

You just pick the best tech and call it a day.

🔎 This seems important:

The SEC’s $125M Settlement w/ XRP Isn’t a Win for Them — It’s a Big Ol’ L

In one sentence: The SEC is about to settle w/ Ripple, moving us one step closer to cut-n-dry regulatory acceptance in America, which will have the power to push the market up by trillions over the following decade.

The XRP vs. SEC lawsuit is coming to an end!

But most of Crypto Twitter is treating it like their uncle that just finalized his divorce after years of being separated.

“Wait, I thought that you guys were long done already?”

It sure felt like it was over when the judge ruled the public sale of XRP tokens were not a securities violation — meaning the sale of most other crypto tokens would probably get the same treatment.

(A great thing for everyone’s portfolios, cause it keeps Garry Gensler’s war on crypto in a chokehold of legal precedence).

The final piece of the puzzle was settling the private sale of XRP tokens, which was seen as a crime. The BIG question was, what’d be the punishment?

Was XRP going to be…

• Put up for adoption (sued out of existence).

• Or lose their allowance for a few weeks (fined, but still allowed to exist).

Well, we now know it was the latter — Ripple’s paying a $125M settlement (pocket change for them).

Here’s what that means for you and your portfolio:

Whether or not you hold XRP, this adds further momentum to the shifting approach to crypto regulation in the US.

If any lawsuit was going to be a slam dunk in the SEC’s favor, it was this one.

For a solid four years, the impression was we were about to see a prime Jordan (the SEC) go up against a benched G-League wash out (Ripple).

But it turned out to be one of the famed 9000 shots that Jordan missed in his career.

And once we see cut-n-dry regulatory acceptance in America, it’ll have the power to push the market up by trillions over the following decade.

🤝 Partner:

An Antidote to Analysis Paralysis-Caused Losses

Unlike that fight your partner had with you in their dream last night:

Information overload is a very real thing.

And in crypto, an excess of conflicting information can point you in a million different directions, leading to painful losses - whether it’s dollars or opportunities.

(Like the one we had on Monday — BTC has added $10k to its price singe then!)

Point is: it’s super important to craft your information diet from trusted sources with proven track records.

And that’s exactly what Milk Road PRO offers - vetted information, with a track record of success.

We’re talking:

• Access to the Milk Road PRO Portfolio to see their exact investments with % allocations and live updates.

• Weekly PRO reports that help you spot early trends, navigate macro and crypto markets and analyze specific investment opportunities.

• Weekly “Where Are We In The Cycle?” indicators to help you spot the bull market top before it’s too late.

• And access to the PRO Community, where the Milk Road PRO research team & 100s of fellow PROs talk crypto.

And their Milk Road PRO team’s track record speaks for itself.

These folks called the Q4 2023 rally weeks before it started. Bitcoin was at $30k at that time.

They also called $SOL at $25, before it skyrocketed past $200.

And they deliver these kinds of reports (and more alpha) every freaking week!

What’s better is, as part of our merger, the team is giving any existing Web3 Daily readers 35% off Milk Road PRO!

But don’t sleep on it, this code expires on Monday.

Click the big red button below to join Milk Road PRO now 👇

🔪Let's dissect this:

One Final Story About FTX for Old Times Sake

In one sentence: On Wednesday this week, a judge formally ordered FTX and it’s sister company, Alameda Research, to pay $12.7 Billion USD to creditors, ending a 20-month-long lawsuit with the Commodity Futures Trading Commission (CFTC).

For our final ever Web3 Daily news article (we’ll say a proper goodbye on Sunday), it feels fitting to write about FTX.

(The company that both made us and broke us in many ways - because people love reading about crazy news; but FTX also crippled the crypto industry along with the advertising budgets for many web3 companies).

On Wednesday this week, a judge formally ordered FTX and it’s sister company, Alameda Research, to pay $12.7 Billion USD to creditors, ending a 20-month-long lawsuit with the Commodity Futures Trading Commission (CFTC).

The order also bans FTX and Alameda from trading digital assets and acting as intermediaries in the market.

(Nipping in the bud even the slightest chance of a comeback for the company).

How in the world can a bankrupt company pay $12.7B to creditors?

Well, when Sam Bankrun-Fraud was sentenced, he was forced to forfeit $11B in assets (and given 25 years in prison for seven counts of fraud, conspiracy, and money laundering).

Plus, Alameda and FTX had significant crypto holdings in tokens other than the FTT token (FTX’s native token which went to zero) like Solana, which, since the crash that they started, has mostly gone up in value.

For now, FTX and Alameda have filed for bankruptcy, with the full restructure being administered by Kroll - who have the fun job of figuring out what assets are still owned, and which creditors should get how much, and in what order.

Alright! Now you know.

What Is Ethena and USDe?