RCIF II - Five bullet Friday - Issue # 11

     Crypto markets seemed to be gaining strength. Our proof-of-stake mining coins are generating substantial income. In the short term, our goal is to provide steady income. If the choices we make in the short-term are right, we will make a lot of capital gains in the long-term which is over 3 years. 

  1. This week Coinbase launched a direct listing on NASDAQ exchange. It started trading directly at a market valuation of $60 billion dollars. It is a major turning point for the crypto market. It enables a lot of early investors in the coinbase to cash out their investment. This will bring new recognition and more capital to the industry. These are the top searches done on Charles Schwab platform.

2. One of our old favorites, YFI has launched many new vaults on their version 2 of the platform. The total value locked in YFI protocol currently is $3 billion. YFI is paying their contributors by buying back YFI tokens with its profits and using them to pay people who contribute to the protocol growth. I can easily see YFI's value to be at least 2 BTC if they continue down this path.

3. KLONX introduced a new stable coin called, KXUSD. It started with a supply of 50,000 tokens. Its supply has already risen to 723,000. KXUSD managed to trade above $1 for almost 4 days. So far we have received staking rewards of $48,179 worth of KXUSD tokens in one week.

4. We are also mining KXUSD on uniswap in order to receive KLONX tokens as our reward. This is also generating a good amount of income in the short-term. KXUSD market cap is only $800,000, but the stabilization fund already collected $730,000 in DAI. This stabilization fund is a thing of pure beauty. It protects the KXUSD price from dropping below $1. Many stablecoins that launched previously failed due to their inability to hold the peg. But so far, I am pleased with KLONX.

5. I continue to be impressed with the OHM community. In the last one week, I have only added to our OHM position. We are the 3rd largest wallet on the chain with 2329 tokens. It is remarkable that only 1 month into the launch, it has already 90% of the wallets are staking the tokens and the protocol controls 50% of the liquidity on Sushiswap. It is jaw-dropping progress for a project which is not even a month old.

I continue to be bullish on OHM.

Have a wonderful weekend!

warm regards,

Sam Ikkurty

Managing Partner