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GM. This is Milk Road, the crypto newsletter that's as smooth as a well-aged whiskey, minus the hangover.

Here’s what we got for you today:

WE TRIED LSD…FI 👀

I kept hearing all the cool kids in crypto talk about one thing… LSD.

I was too afraid to Google it at first. (I thought the Drug Enforcement Agency might kick down my door)

But then I learned LSD in crypto = Liquid Staking Derivatives.

These are tokenized IOUs that allow investors to stake ETH and continue to maintain liquidity.

It kinda works like a vending machine. You put in quarters (aka stake your ETH) and in return, you get snacks (aka liquid tokens).

And according to Messari, LSDs are becoming the prime form of DeFi collateral across major lending protocols like Aave, Solend, and Burrow.

This new phenomenon is being dubbed LSD-Fi. And instead of just staring at graphs and reading about it, we decided to try it out.

(Milk Road Rule #33: Watching is for wussies, go play)

So we grabbed the Milk Road Public Wallet, took some LSD tokens, and went down the rabbit hole.

We:

It was a wild ride. And like we promised, we wrote a Guide to LSD-Fi here.

We’ve got a few ideas on what we’ll do in LSD-Fi next, but we’re curious…

Have you ever tried LSD-Fi?

Hit “reply” to this email and tell us a simple Yes or No!

EXPLORE THE CROSS-CHAIN WORLD

Picking the right crypto bridge can be more difficult than finding the right outfit to wear on the first day of school. It’s all about making a good impression without breaking the bank.

And while the Milk Man is a white tee and jeans kinda guy, everyone has their own taste. Just like everyone has their own needs when it comes to crypto bridges.

So why pick? Introducing MetaMask Portfolio’s bridge aggregator.

MetaMask Portfolio’s bridge:

Save money bridging and be the coolest kid in school.

EVERYTHING YOU NEED TO KEEP YOUR EYES ON THIS WEEK 🗓️

There’s never a dull moment in crypto, and this upcoming week is no different.

It’s packed with token unlocks, speeches from members of the Federal Reserve, and macroeconomic data.

It might seem like Boring Stuff™, but there are a few key events you need to keep your eyes on:

The make-or-break event this week: Jerome Powell’s speech at the Jackson Hole Economic Symposium. (aka the Super Bowl of Economics)

It’s ​​one of the longest-standing central banking conferences in the world and brings together economists, central bankers, U.S. government representatives, etc., to talk about policies.

And Jerome Powell’s speech had a big effect on the market last year.

Powell warned more interest rate hikes were coming and ended his 30-minute speech in 8 minutes. It was short and [not] sweet.

As a result, crypto prices crashed.

All eyes will be on Jerome “MoneyMan” Powell later this week to see if history repeats.

BITE-SIZED COOKIES 🍪

Stader Labs is helping to decentralize Ethereum’s blockchain. They scored a 4.3-star rating from the Milk Man due to their ease of use, attractive rewards, and clean user interface.*

Yuga Labs announced it will move away from OpenSea’s NFT trading platform. The move comes after OpenSea announced it would stop enforcing mandatory creator royalties.

Bitget will implement new KYC requirements for users starting next month. New users will need to complete a level 1 KYC verification, while existing users have until October 2023 to complete the level 1 KYC verification.

Recur announced it will be shutting down. The NFT platform raised $50M+ from investors and had partnerships with major brands like Nickelodeon and Hello Kitty. (**takes a moment of silence**)

*This is sponsored content.

MILKY MEMES 🤣

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.