Five bullet Friday - issue #124

Dear Partners,

    Crypto market is currently under the grip of fear. Bitcoin's hashrate dropped recently by 15% due to the civil unrest in Kazakhstan. Our portfolio has taken a hit due to the steep drop in OlympusDAO.

1. Today the city of Rio De Janeiro has pledged to invest 1% of their treasury in Bitcoin and promised to provide discounts on taxes if people pay taxes in bitcoin. This is a big positive step as  the early adopters will have a huge advantage. Both the mayors of Miami and New York have announced that they will take a big portion of their salary in bitcoin.

2. In 2019, most people believe that DeFi markets are a small subset of finance, like a niche market. NFT marketplace, Open Sea is currently raising money at a valuation of $13 billion due to the enormous demand for NFTs on its platform. NFTs expand the crypto markets to Art, music, videos, gaming and identity. It expands the horizons of crypto beyond monetary assets. This graphic shows the major protocols that are linked to NFTs.

3. Despite the negative price action of KLIMA in the last one month, it has performed superbly in growing its treasury assets. It currently owns 14 million tons of carbon in its treasury. For a protocol that is only operating for 2 months, it is a remarkable achievement. It has locked the emissions of many nation states in a matter of 2 months.

4. OlympusDAO protocol is finally migrating to its version 2 of the contracts. This enables the protocol to provide liquidity on other Layer 2 solutions, cementing its position as the reserve currency for the DeFi. OlympusDAO has reduced its APY to the stakers. This is a negative in the short term but hugely positive in the long-term. We continue to generate close to 774 OHM tokens per day as our staking income.

5. KLIMA announced recently that it will add nature-based carbon credits to its treasury. They have implemented the MOSS bonds this week. This is hugely bullish for KLIMA as its treasury value has grown past $150 million. KLIMA was recently talked about in the Wall Street Journal. KLIMA is very illiquid and even buying $10,000 worth of tokens will push the price up by 4%. so we are patiently and constantly acquiring new KLIMA tokens every day.

Have a wonderful weekend!

Sam Ikkurty