Five bullet Friday - issue #118

Dear Partners,

     Some of you have not received the distributions for the month of October. These distributions were sent out on November 15th and were already deducted from our account.  We have been following up with Silvergate bank to trace these payments.

  1. This legacy financial world is utterly inefficient, siloed centralized databases. Something as simple as an ACH transfer is taking this long to transfer, shows how decrepit this crumbling infrastructure is. For the privilege of sending this money via ACH, we still pay close to $6 for the transaction.

2. It is interesting to see that the narrative from the politicians is changing about prices rising. In the beginning, it was as if inflation was transitory. It is magically going to disappear. Now, I am hearing mainstream politicians deflect it on 'greedy corporations'. Dollar tree has not suddenly become greedy this year for them to raise prices by 25% to all items in their store. It only shows that the real inflation is probably closer to 25%. It is convenient to blame it on someone else, when they know that the Federal Reserve doubled the money supply in a year.

This comes directly from the Federal Reserve's own site.

3. We continue to add to our KLIMA position slowly. Please note that our Zapper portfolio is not showing Polygon network transactions. Recently the KLIMA price dropped a lot but I view this as a buying opportunity. All the metrics I track are growing steadily. KLIMA is planning to reduce the current high APY once the supply crosses 1 million tokens. The following graphic shows this trend

4.   We have not added to OHM recently. OHM protocol is expected to launch its version 2 very soon. This will enable OHM to be moved to Layer 2 protocols like Polygon, Avalanche and Arbitrum etc. This is a net positive for OHM and allows OlympusDAO protocol to compete with their forks on other chains as well. Our OHM tollbooth is earning 180 tokens per rebase, which makes it 540 OHM tokens per day. Based on the current market price of $743 , we are earning $401,220 per day.

5. I wish all of you a wonderful Thanksgiving weekend. I feel truly blessed to have partners like you who think long-term and see the potential for this asset class. In the beginning I used to think that crypto markets are a subset of finance. Now, with the advent of NFTs, DAOs it is evident that finance is only a tiny subset of crypto. Blockchains enable this human coordination to scale to global level with projects like Klima.

Have a wonderful weekend!

Sam Ikkurty