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  • 😱 Binance "controls" WRX tokens

😱 Binance "controls" WRX tokens

PLUS: DRC-20 is taking DOGE to the moon 🌖

Namaste, this is the doodhwala, the only crypto newsletter that feels as good as listening to the UEFA Champion’s League Anthem. 🤌 

Here’s the anthem for the day:

  • 🐕 Bark no Bite: DOGE Barks Loud and Clear

  • ❤️‍🔥 Binance vs WazirX: Please Burn Me

  • 📈 BTC Ordinals: Already at 60%!

  • 🛠 Resourcewala: Wtf are AMMs?

  • 🍼 Shh, it’s a Secret: NFT Project

Sing it with us! 🔉

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DOGE Barks Loud and Clear 🐕

So, you thought Dogecoin was all about memes and laughs?

Think again! (not too much, or else you’re gonna need that another glass of doodh).

Here’s why DOGE’s been barking so loud:

  • DRC-20 launched 🚀

  • Daily transactions surged by 1,714% 📈

  • Peaked at nearly 720,000 transactions (ATH) 🔥

And all this without a tweet from Dogecoin’s chief ambassador! (you know who 😉)

We know you’ve got questions, and we’ve got answers!

1️⃣ Wtf is a DRC-20 now?

DRC-20 is Dogecoin's way of saying "Hey, we can do tokens too!"

Inspired by Bitcoin's BRC-20 and Ethereum's ERC-20, this standard allows developers to issue tokens on the Dogecoin blockchain.

Here’s the fun part → The smallest unit of DOGE is called an "ELON".

1 DOGE = 100 million ELON!

With DRC-20, users can inscribe different digital stuff on Elons like:

👉 Text
👉 Audio
👉 Images
👉 Timestamps

The inscribed Elons then can be used to create Dogecoin-native NFTs.

2️⃣ The Boom

With the introduction of DRC-20, the Dogecoin transaction volume skyrocketed, even surpassing Bitcoin.

Just when you thought this underdog (or should I say under-Doge) had run out of plays!

Look at these crazy numbers:

👑 Bitcoin transactions → 682,000 (FYI, that’s the ATH figure for Bitcoin)

🐕 Dogecoin transactions → 720,000 (Doge's not just barking, it's biting)

Have a look👇

3️⃣ The Criticism

Just like that overactive doodhwala who insists on delivering milk at 5 AM, DRC-20 is not everyone's cup of doodh.

Some argue that the influx of DRC-20 might lead to network congestion, moving Dogecoin away from its original purpose → being the “people’s currency” and the “people’s meme.”

I guess, as the old saying goes, "Every dog(e) has its day, and every coin has its haters!" 🤷‍♂️

4️⃣ Why Tokens for Every Coin? 💰

Token standards like:

👉 BRC-20

👉 DRC-20

👉 LTC-20

Aim to increase the functionality of their respective cryptocurrencies.

Doodhwala’s take:

By allowing the creation of fungible + non-fungible tokens on blockchains, these coins become more versatile + more attractive to developers + users.

Rn Dogecoin is barking loud with its recent transaction volume spike.

But we dk if it can keep up the pace or if it's just temporary!

Time will tell. ⏰ 

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❤️‍🔥 Hey CZ, Please Burn Me

Have you ever had a bad breakup? 💔

But she still has your hoodie and you want it back? 🧥

That’s kinda like the case with WazirX and Binance,

They’re just a couple who won’t admit that they broke up.

And keep saying “We were on a break!”

Alright, let’s spill some T! ☕️

1️⃣ History of their Feud

The beef between Binance and WazirX has been happening for several months now. And there doesn’t seem to be any light at the end of the tunnel.💡

However, it wasn’t always like this:

Binance was an early investor and had a huge stake in WazirX. 🔼

It was Binance’s way of expanding into the Indian market, and having WazirX as its entry ticket. 🎫

I mean, look at the smiles on their faces 👇, they look like they chugged a whole jug of Doodh.🥛

Things began to go south tho when Nischal Shetty (co-founder of Wazirx) realized that Binance didn’t actually acquire WazirX. 🥴

(we wrote about it WAAAAAY BACCCK here)

So Nischal said publicly that Binance has access to WazirX’s reserves, and that they had acquired the entity.

Here’s the golden rule of crypto - If things aren’t clear, they’re probably bad. 🚫

This followed for a while with back and forth on Twitter. 🐤

How did it end?

Binance in a blog post announced that WazirX can no longer use Binance Wallet services.

CZ gave ✌️ choices:

  • Either retract the statements and continue using their services;

  • Or end the partnership. 💔

However, WazirX chose to stand its ground and has maintained that the Binance acquisition went through. 📝

2️⃣ What’s happening now

WazirX came out with a statement on Twitter recently:

The 🇮🇳 exchange said that Binance “controls the WRX token,” and that a quarterly burn has not been conducted for the past 5 quarters (since March 2022) 🤯

🥛 Doodh FACT: Token burns happen when a token is intentionally sent to an unusable wallet address to remove it from circulation. This effectively reduces the total supply of tokens, which decreases the number in circulation. 

Binance apparently has over $2 million worth of $WRX tokens from the Initial Exchange Offer. 💰

3️⃣ The future for Binance and WazirX

How this feud pans out - we have no clue.

We have no Doodh in the game.

However, the parties need to sort out soon about the impact that they will have on associated elements 👇

👉 Are customer funds safe? Especially funds in WRX.

👉 Will there be any clarity on ownership of WazirX?

👉 Can we settle this via a doodh chugging challenge between CZ and Nischal?

They need to sort this out, and soon ⌛

All this comes at a time of financial pain for WazirX, with back-to-back raids from the Enforcement Directorate (ED) in India, and after laying of over 40% of their workforce. 📉

Doodhwala’s take:

They weren’t on a break. 💔

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📈 Cheese and Charts: Ordinals not Ordina-ry 🚀

You know those friends that show up unexpectedly, turn your house upside down but still make the party epic? 😎

That's Ordinals for Bitcoin. 🤦‍♂️

Created by the software whiz, Casey Rodarmor, Ordinals have stormed Bitcoin (just like what The Weeknd’s song does to a car). 🔥

But, really, WTF are Ordinals?

Imagine having a unique identification for every satoshi (the tiniest unit of Bitcoin). They let you track, transfer, and tattoo individual satoshi with unique "inscriptions" or digital assets. 🏷️

🥛 Doodh Fact: 1 Bitcoin can be broken up into 100 million Satoshis. Just like 1 Doodh can be broken up into 100 million Gains.

The big deal?

A whopping 60%+ of total Bitcoin transactions are now because of Ordinals!

They've turned Bitcoin into a bustling marketplace.

But what's the long game here? 🧐 More transactions, more adoption, more fun?

Hit REPLY and let’s get this convo goin’.

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🛠 Resourcewala: Wtf are AMMs?

Automated Market Makers (AMMs), huh?

Sounds like a sophisticated investment banking term. 🎢

In simple terms, it's a decentralized form of exchange mechanism that relies on mathematical formulas to set the price of a token. 🧮

But that's like saying a Supra is just a car. There's so much more! 🏎️

Today's resource is a deep dive into the AMMs. We'll break down:

  • What the heck are Automated Market Makers?

  • The simple math behind AMMs. (Yes, there’s math 🤯)

  • The flip side of AMMs 🌈

Let's dive in! 🔥🔥🔥

🍼 Doodhshots: Secret Service NFT Project

  • 🔺 Solana Surges: Solana sees influx of new users amid a rise in fees on ETH and BTC. Frikkin ordinals folk amirite?

  • ✋ CBDC who?: Florida governor Ron DeSantis bans CBDCs in the state. Good move?

  • 🪢 T ether-ed: Tether USD says they’ll buy Bitcoin with unrealized profits. Glad they’re roping into investments huh?

  • 🕵️ Secret NFT: The Secret Service apparently owns crypto and has its own NFT collection. Flippin scandals and JPEGs at the same time.

  • 💸 Withdrawal Frenzy: More than $800 million BTC has vanished from the market. Where did it go?

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🤣 Milky Meme Of The Day

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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