PLUS: Crypto accounting has some new rules ð December 14, 2023 | [Read Online]( Todayâs edition is brought to you by [Uniswap]( - the largest onchain marketplace for digital assets â and now Android and iOS users have the power of Uniswap in their pocket. [Download the Uniswap mobile app today!]( GM. This is Milk Road. Weâre the Home Depot of crypto. We help you build a solid foundation for your crypto journey. Hereâs what we got for you today: - Graphs of the day ð - ð¨WARNING: Crypto dApps are under attack! ð¨ - New accounting rules for crypto ðª
[Prices as of 8:00 AM ET. Click here for our Fear & Greed Index]( GRAPHS OF THE DAY ð Weâve got 3 graphs for you today⦠1/ ETHâS SUPPLY IS DECREASING
[Source: ultrasound.money]( Whatâs happening: [ETHâs]( supply is at its lowest level in 455 days (aka since [the Merge](). This is due to 2 reasons⦠a/ The Merge - a big software update that moved Ethereum from PoW (Proof-of-Work) â> PoS (Proof-Of-Stake) last year. Because of it, Ethereum now uses 99.9% less energy than before and the annual emission of new ETH dropped from over 4% â less than 1%. Less energy to run = less block rewards for stakers = less new ETH coming into the supply. b/ Ethereumâs burn mechanism (EIP-1159) - part of every transaction on the Ethereum network gets âburnedâ and removed from circulation forever. Mix the two together (less annual ETH emission + a burn mechanism) and you get⦠a deflationary asset. As a result: - ETHâs annual supply change is currently -0.21%. Basically, more ETH is being burned than issued. - ETHâs supply has decreased by 315,400. In other words, thereâs ~$725M less ETH in supply than before. Why this matters: While ETH has lacked in price action recently (due to lack of demand vs other tokens), this highlights that once demand returns to Ethereum, the supply mechanics are much stronger than last cycle and could eventually lead to a big rally. 2/ Layer 1 tokens are outperforming the rest
[Source: @ThorHartvigsen]( Whatâs happening: Layer 1 tokens (like [SOL](, [AVAX](, [ADA](, etc.) have been outperforming [Layer 2s]( and DeFi tokens over the last month.  On average, L1âs are up ~50% while L2âs and DeFi tokens are only up ~10%. Why this matters: The Layer 1 rotation from last cycle is making a comeback. You see, during the last bull run, a lot of people moved between different L1âs like Solana, Avalanche, Terra, etc.  Fast forward to today, itâs happening again. Except this time⦠- Terra is gone (R.I.P.) and other L1s like Injective, Celestia, etc. have entered the race. - Solana and Avalanche have stronger ecosystems and more network activity than before (SOL: payments, DePIN, etc.; AVAX: Real World Assets, crypto gaming, etc.). Itâll be interesting to see how the L1 race plays out over the next few months. 3/ Bitcoin had its 3rd worst single-day sell off this year
[Source: @_Checkmatey_]( Whatâs happening: Earlier this week, [Bitcoin]( dropped from $44K â under $41K within 24 hours (-5.75%). It was the 3rd largest sell-off this entire year. Ouchie. Why this matters: If Bitcoinâs price dropped this much a few months back, thereâs a good chance that it couldâve gone even lowerâ¦Â But the fact that Bitcoinâs price held strong (and even recovered a bit) highlights that weâre in a âhealthierâ market now. [UNISWAP FROM THE COMFORT OF YOUR POCKET]( Thereâs one major hurdle standing in between our industry and mass adoption: the user experience of crypto apps. Between navigating different blockchains and storing seed phrases, onboarding newcomers to DeFi gets complicated, so people have been holding off. How can we onboard the next billion users into crypto? Enter [Uniswap]( and their recently launched mobile app: - Create a new wallet, or import an existing wallet - You can now on/off ramp, swap tokens, and auto switch between networks all from one convenient interface - Swaps receive the best prices, all while maintaining self-custody of assets - And tons of built-in features are provided, allowing you to discover tokens, set-up watchlists and even receive push notifications based on your preferences Uniswap is also equipped with the lowest on-ramp fees in DeFi, making it a trailblazer in welcoming the next generation of crypto users. [Download the Uniswap mobile app today!]( ð¨Â WARNING: CRYPTO DAPPS ARE UNDER ATTACK ð¨ PUBLIC SERVICE ANNOUNCEMENT: Rumors are going around that many crypto dApps could be vulnerable to a big exploit. Hereâs what we know so farâ¦
[Source: @nauhcner]( This is a developing story so itâs unclear which dApps were compromised or not. Weâll keep you updated on any findings in our edition tomorrow. Our advice for now: Donât connect your wallet to any dApps or sign any transactions until this is all figured out. Take the day off. Go touch grass. Talk to those strangers in the house you call âfamilyâ. And remember Newtonâs (unofficial) 4th law of motion: Those who f*ck around, will find out. Better safe than sorry. BITE-SIZED COOKIES ðª [Alternative Assets are hot right now.]( Vincent's weekly newsletter Spotlight brings you the latest news and insights. [Subscribe now.](* [Constellation Networkâs Dor Traffic Miner (DTM) just went live for sale.]( DTM is the worldâs first thermal-sensing, people-counting data miner - allowing anyone to passively earn DAG & DOR crypto rewards after setting up their hardware device.* [The FASB published new rules for crypto accounting.]( The updated standards will require firms to use fair-value accounting for crypto held on their balance sheets. [The Depository Trust and Clearing Corporation (DTCC) acquired Securrency for $50M.]( The acquisition adds to the DTCCâs blockchain pilot program and will deliver a post-trade platform catered to institutions. [Coinbase introduced spot trading for international institutions.]( Coinbase expands its presence overseas and institutional interest continues to rise. [The Asian messaging giant, Line, just raised $140M to expand their NFT venture.]( They plan to launch an NFT platform in January named DOSI. *This is sponsored content MILKY MEMES 𤣠RATE TODAYâS EDITION What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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