🤞 Don't fall for the Bored Ape Celeb

Namaskara, this is the doodhwala. The crypto newsletter that’s got less info than other newsletters, fewer jokes than your favv Kanan Gil’s special and less drama than Bigg Boss.

But you read us anyway…cuz we family. 🥺

Here’s what we got for you today fam:

• Don't fall for the Bored Ape Celeb

• The Case of the Not-So-Obvious

• Nimbu Paani and Numbers

• Taaza Tweet Of The Day

LFG! 🔥🔥🔥

Don't fall for the Bored Ape Celeb

What do these artists have in common:

• Snoop Dogg

• Justin Bieber

• Post Malone

• The Weeknd

They’re ☝️ all dying to write a song about the doodhwala.

But we’re like, “Nah boys, not unless you add some desi table beats to it.”

These artists have 2 other things in common.

• They’re Bored Ape Yacht Club NFT owners.

• They’re getting sued.

🙈 💀 🙈

Yup, a bunch of investors in the US (of course it’s the US 🤦‍♀️ ) are suing a bunch of random celebrities for pumping up BAYC.

And how did they pump the NFT project?

→ By going to late-night talk shows and talking about their investments.

→ By changing their profile picture on social media sites.

→ By shitposting about it on Twitter.

Uhh, doesn’t everyone in crypto already do that?

These celebs are getting sued because of the reach they have.

For example, Justin Bieber appeals to 14-year-old girls everywhere, and Post Malone appeals to bois spending every rupee on tattoos. 😭

A tattoo of some random Chinese letter you don't understand is pretty weird, my dude.

But seriously, the doodhwala’s gotta ask — how much of celebrities pumping up an NFT project is promotion vs excitement?

The way we look at it, there are two kinda celebs here.

1️⃣ Paani meh doodh celebrities

These are the celebrities that don’t add any value to the NFT project at all.

There’s just a face, and this is how they work:

• They come in.

• They buy.

• They pump.

• They leave.

They continue to make shitty music.

I’m talking about you Bieber.

2️⃣ Doodh mei paani celebrities

These are celebrities that come into the project and add value to the project based on their fame or talent.

Take Snoop D O double G from the LBC.

That’s Snoop Dogg for you uncultured people. 🤢

Man’s come in hard into NFTs — Title Of Your S*x Tape — and now he’s dropping songs from the BAYC’s Otherside metaverse.

Take Alexis Ohanian, the co-founder of the OG shitposting platform Reddit.

He’s an early-BAYC member, and he's investing in a bunch of blue-chip NFT projects through his venture arm 776 Ventures.

He’s also helping out a bunch of NFT projects and communities.

Another true one. 👊

But we get it, the bear market (for crypto and NFTs) sucks.

Here's a way to make it better.

Check out this rap about NFTs from none other than BAYC #6723 holder using ChatGPT:

Not-so-obvious crypto rollercoaster

What a crazy year this has been for crypto! What stood out for you?

• SBF going from hero to villian

• Russia going after Ukraine

• Morocco going after Beligum, Spain, and Portugal

• SuryaKumar Yadav going after every bowler in the world

For us, it was crypto (because it's our job ffs 😭).

So, today we're looking at 3 things in crypto that went crazy this year

• Chains ⛓

• NFT marketplaces 🖼

• DEXs 🏪

And unlike the normies — we're looking at the obvious and the non-so-obvious. 👀

⛓ Chains

Obvious:

• Daily transactions across the top dawg chains dropped from its ATH of 15m+ in 2021 to around 8-10m this year.

• The top-most dawg (w.r.t daily transactions) BNB, dropped from 60% of overall transactions to 40%.

• Ethereum was growing its overall share like the hare in that story but now it seems like it has lost a little of it to its very own L2s.

Not-so-obvious:

• 2 Chains was not the best rapper this year. Don't think he even dropped a single this year 😭

• L2s are goin’ to the moooon except for Avalanche 🥲

• Avalanche’s overall transaction share dropped from close to 10% to just 2%

• Polygon's overall transactions share went from 25% to close to 35%. Ain’t no stoppin’ Sandeep bhai?

• Same with Arbitrum and Optimism. They went from 1% to frickin’ 10% 🤯

🖼 NFT Marketplaces

Obvious:

• A MILLION more marketplaces came up this year. Okay, that’s an exaggeration but seriously, please stop creating more marketplaces 😭

• Overall NFT volume dropped from the crazy $200 million in April/May to just around $10 million

Not-so-obvious:

• OpenSea was more dominant than Brazil in the World Cup, by capturing more than 95% of the market. But now it seems like the Sea is drying up with their total market share dipping to 50% 😅

• New players like Blur, LooksRare, and X2Y2 are slowly eating away at the market share

We might see the marketplace battle reaching new levels next year. It might even be more interesting than the India-Pakistan match.

Nah. Who we kiddin’. India trashing Pakistan is WAAYYY more fun. 🤷‍♂️

🏪 DEX baby, DEX!

Obvious:

• Overall DEX trading has also gone down steadily since the beginning of the year

• Trading on DEX after big collapses, like LUNA and FTX, went up like SUPER crazy! People were moving funds outta CeFi faster than Akshay Kumar reads a movie script.

• Uniswap is still the king and leading in daily transaction volume 👑

Not-so-obvious:

• Although the number of active DEX traders is going down, the number of NEW USERS coming up has increased significantly 🚀

• But DEXs are still mainly used by bots and degens. Top 10% of the users on DEXs did close to 40% of all the DEX transactions 🤯

• The biggest wallet traded around $93 BILLION, which is like 11% of the overall volume

(Thanks to these amazing Dune dashboards for all the interesting data!)

Clearly, mainstream is yet to adopt to DEXs but with low trust in CeFi right now and also with the number of users rising, not all hope is lost. 😎

We just might need to wait for the market to turn around and that might be a LONG wait. 🥲

Nimbu Paani and Numbers

151- That’s the total number of banned or blacklisted USDC wallets. 🤯

And these wallets have close to $7.5 million collectively which is all currently held up, ofc. 🤷‍♂️

The month of August and November 2022 saw the most amount of blacklists, with close to 63 addresses being blacklisted in November.

With more regulation coming in next year, unfortunately, this number will only increase. 😬

Devs do something?

Taaza Tweet Of The Day

Don’t ditch Web3 for AI yet. 😅

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

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 a 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.