Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

Crypto markets started gaining momentum. Currently there is a bitcoin conference happening in Miami. Miami is growing to be the hub of crypto activities. The mayor of Miami is very pro-innovation and helping to remove the regulations that are hampering growth. I request all of you to file for extension in case K-1s are delayed.

1. The US government intentionally understates inflation numbers systematically. By specifying the inflation as an accurate figure down to the second decimal point, like 7.92% is just phony. Coinbase ex-CTO, Balaji Srinivasan has challenged people to come up with a decentralized censorship-resistant price feed that calculates the inflation. Truflation has won this challenge using Chainlink oracles. This site is now measuring inflation at 13.2%.

2. Our tyrants across the Atlantic have signed a law that subjects individual bitcoin users to anti-money laundering requirements for payments over 1,000 euros. This means that your average citizen who is sending or receiving more than 1,000 euros in a peer-to-peer fashion will be expected to collect and store sensitive personal identifying information of their counterpart. Not only is this incredibly invasive, but it is extremely reckless.

3. Things are about to get very exciting for YFI, with the passage of the YIP-66 governance proposal. This will initiate a massive buyback of tokens of YFI. So far Yearn has been able to defend its position in DeFi as the dominant yield aggregator. This is evidenced by its ability to command an industry-leading 2/20 fee model which has generated the fourth largest DeFi protocol revenue in the last 180 days without any liquidity incentives.

4. OlympusDAO continues to build despite the negative price action. When we purchased OHM first, its marketcap was close to $50 million. It ran up to $4 billion and dropped back now to $450 million. There were hundreds of OHM, but none of them survived. We like to focus on projects with a multi-year horizon and potential for a 100x returns. Steady compounding effects of staking income will get us there.

5. KLIMA has been delivering on their promise consistently. Recently it was discussed in a panel at Harvard. KLIMA has added 2 different carbon bridges to bring more carbon into its treasury. It is a massive victory, considering that this project is only 6 months old. Recently the SEC has proposed that all the listed companies in the US have to report their carbon emissions with their SEC filings. This is massively bullish for KLIMA.

Have a wonderful weekend!

Sam Ikkurty

RCIF II - Five bullet Friday - issue #56