Gm. Ok time to gas me up.

ACQUISITIONS

Discord buys Gas

5 years ago, Nikita Bier sold TBH to Facebook, the world's largest consumer app. Yesterday, Bier sold Gas to Discord for an undisclosed amount.

It's probably a lot because teens absolutely love this thing.

What is Gas?

It's funny, just a few months ago, I was writing about gas fees and crypto.

Now, the only gas we talk about is Bier's app Gas. The app allows teens to answer anonymous polls about their classmates — and gas each other up.

It has 1 million daily active users and is adding 30,000 additional users per hour. The Wall Street Journal named it "the hottest app right now" after it beat out TikTok in the app store charts.

Future of Gas

In 2020, Discord raised $100 million to expand beyond the gamer community.

Since then, they've added a bigger focus on apps and bots, a YouTube integration, the $2.99 Nitro Basic subscription, and more ways for users to monetize their servers.

Gas's tiny four-person team will be joining Discord to keep the app running. According to the Verge, Gas will stay as its own standalone project.

And hopefully, unlike Facebook did with TBH, Discord won't kill it and send Nikita back into hiding for another 5 years — and I say this mostly because Nikita's product insights on Twitter are pretty 🔥, 10/10 follow.

CRYPTO

3AC Is Back

Disgraced 3AC co-founders Su Zhu and Kyle Davies are back.

Despite half the team being wanted by police in Singapore and their current location being unknown, the 3AC boys are trying out a new project.

Their new venture? A crypto exchange. Welp, that's promising.

GTX

Details on the new exchange are scarce, but a leaked pitch deck gives us some ideas on what it'll look like:

• Mark Lamb and Sudhu Arumugam, co-founders of crypto investment firm CoinFLEX, are part of the founding team.

• They are looking to raise $25 million.

• They want to dominate the $20 billion crypto bankruptcy claims market.

• They want to "fill the void" left by FTX.

• The exchange's name is GTX, a placeholder until they find a new name (and a poke at fallen crypto leader SBF's FTX)

Last but not least, Kyle Davies and Su Zhu's slide is absolutely hilarious.

The reaction from Crypto Twitter was predictably hostile considering that the 3AC boys put many of their comrades into poverty.

In reality, nobody has any idea if GTX will work out. Like everything in crypto, the only thing that is certain is the unexpected.

Queue the 3AC redemption arc?

QUICK HITS

Seed Round

Stat: $60/month: The price of Hinge's new premium subscription. As if dating wasn't expensive enough already.

Story we're watching: The U.S. is due to hit its debt ceiling on Thursday. The U.S. has never defaulted on its debt, and fights over the debt limit have become pure political theater, but this is still something we'll be watching this week.

Rabbit hole: On The Road To Recap (Bill Gurley)

WHAT ELSE IS GOING ON

• A Judge has ordered the laid-off Twitter employees to drop their class action suit and file individually through private arbitration instead.

• Apple unveiled the new MacBook Pro, the first with M2 Pro and M2 Max chips.

• You will soon be able to DoorDash Starbucks from all 50 states.

• The new electrified Corvette is the fastest Corvette ever.

THREE LIES AND A HEADLINE

News is so weird these days. Three of these headline are fake stories from The Onion while one is actually true. Can you spot the truth amongst the fakes?

A. Amtrak Passengers Stranded For 29 Hours Feared They Had Been Kidnapped

B. Field Sobriety Test Asks Driver Whether Calling Ex Sounds Like Good Idea

C. Logan Paul Challenges Abandoned Pet Pig To Boxing Match

D. Study Finds Early Humans Selectively Bred Corn To Be Less Aggressive

FOUNDERS CORNER

The best resources we came across that will help you become a better founder, builder, or investor.

🛠 Tips on product building: The Department of Product Briefing. Very well executed, recommended by lots of VCs and founders.

💻 If you run a SaaS company, you need to check out SaaS Swipe Files by Corey Haines. The best marketing tips for SaaS businesses.

🏃‍♂️ Balaji Srinivasan explains the idea of Exit vs Voice below.

FRESH POWDER

Looking at three startups that recently topped up their coffers. Congrats!

THREE HEADLINES ANSWER

A