PLUS: Funding Friday is BACK! ð¤ May 17, 2024 | [Read Online]( ð¥ El Salvador's strategy for stacking sats ð PLUS: Funding Friday is BACK! ð¤ [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9B%20El%20Salvador%27s%20strategy%20for%20stacking%20sats%20%F0%9F%8C%8B%3A%20PLUS%3A%20Funding%20Friday%20is%20BACK%21%20%F0%9F%A4%91%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fel-salvadors-strategy-stacking-sats) Todayâs edition is brought to you by [Gryphon Digital Mining]( â a fast-growing Bitcoin miner led by a team of industry veterans. [Read a free report on Gryphonâs unique strategy today.]( [breaker] GM. This is Milk Road, weâre your crypto weather man. We bring you the forecast every day, rain or shine. Hereâs whatâs on the radar today: - Bitcoinâs impact on El Salvador ð - Another Vitalik proposal, WTF is EIP-7706? ð§ - Funding Friday is BACK ð¤ - Whoâs buying all the Bitcoin? Institutions vs. Retail âï¸
[Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] BITCOINâS IMPACT ON EL SALVADOR ð Being able to make money with crypto is cool, but you know what's even better? Redefining a nation's economy. That's right. Crypto has revolutionized economies and reshaped financial landscapes in various parts of the world. One of those places is El Salvador. Now in case you havenât been keeping up⦠- In 2021, El Salvador became the first country in the world to adopt [$BTC]( as legal tender. - Since November 17, 2022, they've started buying one Bitcoin every day like clockwork. You know what they say, a Bitcoin a day keeps the doctor away ð And here's the chef's kiss to top it all off: They're using free, eco-friendly volcanic energy to mine even more Bitcoin. With 20 active volcanoes, El Salvador is practically sitting on a buffet of geothermal power. El Salvador has used this excess energy to mine 474 BTC (worth ~$32M) over the last 3 years. This brings the country's total BTC stash to⦠checks notes... 5,752 BTC (worth ~$373M). El Salvador has opened its crypto books and made its wallets public. You can check them out [here](. (Remember, kids⦠donât trust, verify).
[Source: Nayib Tracker]( Whatâs even better? El Salvador is sitting on $66M in unrealized profit. The country's BTC position is up 52% all-time. And like MicroStrategy, El Salvador has been creative with how they raise funds to buy $BTC. El Salvador uses public funds, including tax revenue and other government income where as MicroStrategy issues debt to fund their Bitcoin purchases. The country is considering using funding tools like selling Bitcoin bonds to stack more Bitcoin and develop related infrastructure projects. And with the current âBuy-1-BTC-a dayâ strategy, we can estimate what El Salvadorâs future bags will look like⦠At the current rate, El Salvador will have 7,815 $BTC (worth ~$510M at current prices) in 5 years.â¦.*whistles*.... not too shabby. Sitting on these attractive gains, some are speculating the country could soon pay off its loans to the International Monetary Fund (if $BTC hits $100K). 𤯠[THE BITCOIN MINER PERFECTLY POSITIONED FOR A CRYPTO BOOM]( Over the past four months, a unique combination of events has set the stage for a potentially long-term crypto bull market. The first domino to fall was the approval of Bitcoin ETFs in January 2024. Then, in April 2024, Bitcoinâs halving event, typically a catalyst for significant bull runs, occurred. This âperfect stormâ is exactly what [Gryphon Digital Mining]( has been preparing for. With a mining cost of $44,989 per Bitcoin, Gryphon boasts one of the lowest breakeven costs in the industry. And the kicker? Itâs powered by 28 megawatts of hydropower and was certified as 100% renewable in 2024 - making it one of the greenest and most efficient Bitcoin miners in the world. [Find out more in this new report about one of the most exciting miners in the industry.]( [breaker] ANOTHER VITALIK PROPOSAL? WTF IS EIP-7706 ð§ Ethereum has a fresh proposal, again⦠Similar to [EIP-7702 last week](, this was also crafted by Vitalik himself. Itâs called EIP-7706. Here's the scoop on the latest proposal, EIP-7706: - It introduces a new type of gas fee - This means that costs for transactions can be more accurately assigned - The end result? Lower fees for transactions that are heavy on data It's like having a detailed meter for your gas usage, where you only top up what you need for each part of your transaction. â½ï¸ ð¥Milk Road Take: With these innovations, Ethereum becomes more scalable and ready for a surge of new users, furthering the [bull case for Ethereum](. Are you bullish about Ethereum? Reply to this email with âYesâ or âNoâ and weâll announce the results next week! [breaker] ITâS FUNDING FRIDAY ð¤Â Welcome back to Funding Friday! This week, $119.4M total was [raised by crypto companies](. Here are the biggest ones: 1/ Polymarket Raises $45M [What they do:]( Operating the world's largest prediction market, allowing users to bet on the outcomes of almost ANY real-world events. Who led the round: [Founders Fund](, with participation from notable figures like Vitalik Buterin. Betting on the future has never been so excitingâor it just may make you wish you'd stuck with lottery tickets. 2/ Humanity Protocol raises $30M [What they do:]( Building a decentralized identity and reputation system where you can prove who you are without revealing everything about yourself. Who led the round: [Kingsway Capital]( Finally, a blockchain project that doesn't require you to sell your soulâjust your palm print! Worldcoin has a new rival in town ð 3/ Param Labs Raises $7M [What]([they]([do:]( Creating a platform to simplify the development and management of decentralized applications (dApps). Who led the round: [Animoca Brands]( They are making blockchain development easier than explaining it to your grandmaâ¦Â Honorable mentions: - [Zeta Markets]( Raises $5M to build a DEX for Solana futures contracts, led by [Electric Capital](. - [Raven]( Raises $2.7M to develop a safe, private digital storage solution, led by [Hack VC](. Also, VC firm Aquarius [just launched a $600M liquidity fund]( to bolster blockchain development! We will keep an eye on where that money flows ð [breaker] WHOâS BUYING ALL THE BITCOIN? ð 937 institutions have disclosed holding the Bitcoin ETF â unprecedented adoption, according to Eric Balchunas. But what does this mean for your bags? We talk about this in todayâs Milk Road Radio Weekly Rollup â we also cover: - Roaring Kittyâs return & why memes are pumping ð¼ - Where is the macro scene at? Bullish or Bearish? ð - Blockchain gaming is here â but not how you imagined ð¬ Tune in & get caught up on everything that happened this week. ð [YouTube]( | [Spotify]( | [Apple Podcasts]( [breaker] BITE-SIZED COOKIES FOR THE ROAD ðª [Stryke, formerly Dopex, has partnered with PancakeSwap and SushiSwap to enhance their options offerings and to launch a new governance token, SYK.]( Holders can convert SYK to xSYK for ongoing yields and voting rights on ecosystem decisions. Check out our review of their platform [here](! * [SEC's Crypto Rule Overruled by House and Senate.]( The SEC's rule treating crypto as a liability has enraged banks and Congress - deterring giants from offering custody at scale. All eyes are on Bidenâs veto stamp. [Coinbase Shares Drop 9% as Bitcoin Futures Hit CME.](
Coinbase shares dropped after the CME looks to list Bitcoin spot - adding a big firm friendly gateway for institutional crypto investment. â DL News [Binance Develops Algorithm to Combat Address Poisoning Scams.]( The algorithm identified over 15 million spoofed crypto addresses used in scams. It will alert users before they accidentally pay criminal impersonators. [Synthetix's sUSD Stablecoin Slips Peg to $0.96 After Liquidity Withdrawal.]( Major liquidation event on Curve's sBTC/wBTC pool caused sUSD to briefly depeg under $0.92 before clawing back to $0.96. [Wanna team up with the Milk Man?]( We currently have 4 positions open â check âem out and [apply here](! *this is sponsored content [breaker] MILKY MEMES ð¤£
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