💰 3AC is back...as VCs

GM, this is Doodhwala. The only crypto newsletter that starts your day off with an LFG. 🔥

LFG = LET’S [censored] GOOOO!!

Here’s what we got for you today:

• 🫵 Your Karma: 3AC has a plan to return stolen money. And it involves your karma.

• 🤑 Developer's Printin’: Developers in crypto are making hella money. But with a catch.

• 📈 Cheese and Charts: LSDs (not the drugs) are dominating

• 🛠️ Resourcewala: What's a hash function?

• 🍼 Doodhshots: Credit Suisse + Football NFTs?

🏹 3AC’s “Karma” Strategy

If you thought 3ACs story was done and dusted, you are so wrong doodh.🙅

In classic Desi movie style —

The founders are back with a “lucrative” way of returning their creditor’s money.

How? → New business called 3AC ventures.

Why? → To embrace the true spirit of Karma.

When? → When they have money.

🤷

It’s to take a look at how 3AC will embrace Karma from now.👇

1️⃣ 3ACs Donation Drive to creditors

Guess what - we didn’t even have to write jokes for this one.

Kyle Davies, the co-founder of 3 Arrows Capital, has tagged along with Su Zhu to open ✌️ new businesses.

👉 OPNX Exchange.

👉 3AC Ventures.

Together with the profit from these businesses - they plan to DONATE the money that creditors lost due to 3AC getting rekt.

This is the same level of assurance with which I told my 4th-grade teacher, “Yes ma’am, I left the homework at home.“ 🤡

2️⃣ Wait, isn’t 3AC - Bankrupt?

Yup, just in case you forgot, 3AC is frikkin Bankrupt. 💀

They owe about $2.8 Billion to their creditors that include a bunch of big crypto firms as well. (like Voyager and Genesis Trading) 😱

And now they’re taking their bankrupt expertise to invest in – bankrupt companies through 3AC Ventures.

🤣 🤣 🤣

3️⃣ How tf will they recover their money?

Don't worry doodhs.

Kyle Davies is a Delusion…Deluxe level doodh drinker. 🥛

He's calling this new recovery stage - a “Shadow Recovery Process”.

How's that going to work?

He wants his creditors to support his new venture made alongside Su Zhu → OPNX.

A business literally no one wants to invest in. 💀💀

They're an exchange that invests in bankruptcy claims. 🤣🤣🤣

We wrote about it here.

And on top of all this.

No one knows where the company is located. 🌎

Is 3AC on the run again?

Are they partying in Bali?

Or are they serious about OPNX?

Wherever they are they want 🫵 you 🫵 to support them and get good KARMA.

Hell nawww. 🤷

Doodhwala's take: When you have a track record of owing $2.8 billion dollars to liquidators, it does become tough to gain support guys. 😀

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💼 Come to the office tomorrow

Remember how you loved working from your couch, sipping a cuppa ☕, and making millions?

Well, things are changing, and I mean FAST! 💨

Tho some things feel good when done slowly (put context accordingly).

According to a study – DeFi engineers are now earning big bucks. 📈

I'm not talking small change here, I mean the kind of cash that lets you buy a private island! 🏝

But, here comes the bummer → to get that cash, you've got to drag your butt off your couch and into an office.

I know, BUMMER, right? 😭

Wait a minute, didn't DeFi promise us a 'work from wherever you want' lifestyle? 🧐

It seems like that dream is fading faster than my New Year’s resolution to go to the gym! 🏋️‍♀️

Let me give you the 411:

• The smaller firms are more inclined towards making their employees show up at the office. 😱

• For those dreaming of flexibility, the message is clear → "Prove yourself first, then we'll talk about flexibility." 💔

Just a couple of years back, DeFi Engineers were making somewhere between £100,000 and £125,000 annually.

And they jumped to over £140,000 by the end of 2022. 💸

Even though the crypto industry took some blows last year, those left standing found these engineers so critical to their operations, they were willing to pay BIG for them. 💪

Why this sudden spike in pay tho?

Well, the catch is the rarity of these DeFi engineers.

You see, they possess some seriously rare skills (like we do in writing this unfunny content).🥛

👍 That’s why the companies are throwing in big compensation packages. 💼

👎 The catch? Freedom to work from home is off the table! 😨

Not just engineers but traders, technologists, front office are also going to the office.

But who’s driving this change? Crypto trading firms.

And now this trend is slowly sneaking into DeFi as well. 😳

Maybe they believe in making money by being together in the office.

Doodhwala’s Take:

I hope there’s doodh available in the office. Or else it’d be a big disappointment.🥛

📈 Cheese and Charts: LSD Domination

Y’all remember when Gary Gensler and the SEC dropped a bomb on crypto?💣

Yeah, that was 2 weeks ago.🤡

How time flies!

Anyways, ever since then, DeFi volume has gone to 💩.

DeFi TVL fell below $60 Billion after a loooooooong time. (Cue weird FTX noises in the background)

But wait, there’s more to it.

Although TVL has been on a downtrend for a while now — One thing is gaining a lot of momentum in the market.

We’re talking about LSDs.

Not the drug 💊, but rather Liquid Staking Derivatives.

Liquid Staking is dominating the DeFi TVL rn.

Here’s the story in numbers:

👉 Liquid Staking contributes to around $20 billion of DeFi TVL.

👉 LSDs now officially contribute close to 1/3rd of total TVL on DeFi protocols.

👉 A close second is the Lending protocols. (And we know what’s BLENDing there right?)

So, what do you think?

Are LSDs here to stay?

Or are they gonna get rekt the same way that actual LSD does to someone who does it?

Hit reply and let us know your thoughts! 👇

🛠 Resourcewala: How a Cryptographic Hash Function Powers Bitcoin

Yo, HODLers! We all love Bitcoin like Kanye loves Kanye, right? 🤑

But how many of us actually understand the geeky jargon under the hood? 🤔

Today, we're going to dive into one of the unsung heroes of the cryptoverse: Cryptographic Hash Functions.

Sounds like something out of a 'Matrix' movie, right? Well, it kinda is! 🚀

Here's what we'll cover:

1️⃣ WTF is a Cryptographic Hash Function?

2️⃣ How do Cryptographic Hash Functions work?

3️⃣ And how does this affect your Bitcoin?

🍼 Doodhshots: Swiss scores a Goal

• 💼 Just One, Please: Bitcoin products enjoy a staggering $310M inflow, signaling institutional investors' laser focus on this singular digital asset. Choose wisely!

• 🇧🇾 Bye-Bye Belarus: Belarus moves to ban P2P crypto transactions in a bid to combat fraud. Safeguarding or suffocating innovation?

• 🇰🇷 Safety in Seoul: South Korea puts crypto investors first, passing a bill for increased safeguards. A welcoming bill, indeed!

• 🏦 Swiss Kickoff: Credit Suisse teams up with the Swiss Football Association to launch Ethereum NFTs. A goal for the crypto world!

• 🦁 Thai-Singapore Tango: Singapore and Thailand lay the smackdown on crypto staking. Stake your claim elsewhere, folks!

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya