🇨🇦 Binance is Leaving Canada. Here's Why.

Gm, this is the doodhwala, the only crypto newsletter with a BDE. 😎

BIG DOODH ENERGY! 🥛

Here’s what cookin’ today:

• 🇨🇦 Binance is Leaving

• 🔥 Call Of Duty: Bitcoin Wars

• 📈 Outperforming $ETH, in Style

• 🛠 The Lowdown on Crypto Staking

• 🍼 Twitter loves Dogs

🇨🇦 Binance is Leaving

Canada. 🇨🇦

The country known for its:

• BEAUTIFUL Niagara Falls 🌊

• Scenic Rocky Mountains ⛰️

• Tasty Maple Syrup 🍯

I think we’re missing something. 🤔

Ohh that’s right, 💩 Crypto Regulations.

Over the weekend, Binance - the world’s largest cryptocurrency exchange…

…decided to follow the path of other exchanges and say goodbye to Canada. 🫂

What’s cookin’? 🍲

Binance, after months of back and forth with Canadian regulators,

Decided to wind up operations from the Canadian market. ⏩

This news comes after other prominent exchanges such as:

• OKX

• dYdX

• Paxos

• Bittrex

…have been exiting since 2022 citing regulations. 🗓️

Binance, in its statement on Twitter, said:

Does Canada hate crypto? 😡

Not really…but kinda yes.

This is Canada’s crypto regulations in a nutshell. 👇

Although the exact reasons for Binance’s exit aren’t clear as of now,

The regulations itself have 3️⃣ problems that could’ve been the cause:

1️⃣ Laundry list of pre-registration requirements 📝

2️⃣ Extremely tight operational hurdles and rules (No leverage, No Stablecoins) 📉

3️⃣ 30-day deadline to submit records, failure to meet requirements would mean to cease operations 🗓️

Although Canada wasn’t the biggest market for crypto exchanges to make 💰,

…there was a bright possible future based on its adoption rates! 🔢

What will happen to Canadian users now?

It’s not like everything’s done for the Canadian folks, there are still glimmers of hope!

There are a few ways in which users can still have exposure to crypto / remove exposure:

👉 Users can switch to other CEXs (Centralized Exchanges), where, although liquidity is low, can still offramp any crypto they have.

👉 Trading on DEXs (De-centralized Exchanges) which involve direct interaction through your Decentralized Wallet.

👉 P2P platforms for Off-ramping to Fiat currencies.

But we will admit, it will be weird to trade with low liquidity exchanges-

It’s like saying your doodhwala is good but delivers milk only once in 2 days. 🥛

Where else can this happen?

We’ve already seen regulations and restrictions shut down crypto in China. 🇨🇳

Regulations have always been sketchy around crypto everywhere. 🌏

But that shouldn’t mean that you formulate laws that make it impossible to innovate and thrive. 💯

Strict laws are being discussed in a few places: 👇

👉 The European Union

👉 Asian countries like India & Bangladesh

👉 Bunch of African countries, including Egypt & Morocco

How will this unfold?

We can only wait and watch. ⌛

🔥 Call Of Duty: Bitcoin Wars

Bitcoin.

The OG crypto that can make you as rich as Ambani…

or

leave you as broke as a college student after a Goa trip. 🥲

It just ignited its most heated developer debate. 🔥

Yes, folks. This isn't your everyday Bangalore discussion meetup.

It's a full-on debate where the Bitcoin network's future might be at stake. 💀

Opinions are as divided as Mumbai and Delhi over Vada Pav and Chole Bhature.

The debate is on → BRC-20 token Ordinals protocol. ✅

👉 Wtf is a BRC-20 token, tho?

❌ BRC - Big Rich Chaiwala (we wish!)

✅ BRC - Bitcoin Request for Comment

It's like scribbling your name on a grain of rice, but the grain is a BRC-20 and the name is data. 🌾✍️

Anyone can mint these tokens.

All thanks to the 'Ordinals' protocol.

Think of it like a Bitcoin token factory. 🏭

1️⃣ The BRC-20 Surge

Remember when the Bitcoin network was a quiet place with low transaction fees?

Yeah, those were the days.

But then the Ordinals protocol rolled in, and BAM! 💥

Bitcoin network became as jam-packed as Times Square on New Year's Eve. 🎉

And that low transaction fees went! 🔺

See 👇

2️⃣ The Big Bitcoin Brawl 🥊

In the face of all this chaos, Bitcoin devs are split.

The argument is whether to put a leash on the BRC-20 token production.

Some devs are all for it, saying that the Bitcoin network is being misused (like someone using a Ferrari to deliver doodh 🤷‍♂️*).*

They basically want to control the token mints by drafting a

👉 Bitcoin improvement proposal (BIP)

or

👉 changing the Bitcoin Core (the main software to connect to the Bitcoin network)

Other devs?

They believe in → Let the market be, bro.

After all, Bitcoin was made to be a free market, right? 🤷‍♂️

3️⃣ The Aftermath 🌪️

So, what's been the fallout of this BRC-20 surge?

For one, Bitcoin users in Africa are seeking other payment options cuz of HIGH fees.

So much for that joyous feeling of sending money for as cheap as buying a samosa. 🙄

For El Salvador 🇸🇻 👇

And Bitcoin miners?

They're having the best time of their life cuz of the surge in transaction fees. 🤑

I mean why wouldn’t they?

Just see the numbers:

• BRC-20 Tokens minted → 14,300 📈

• Market Cap of these tokens → $1 billion 💰

Doodhwala’s take:

This BRC-20 debate can be a turning point for Bitcoin.

Cuz…

It's not just about the money.

It's about the future of the network.

It's about Bitcoin's founding principles.

It's about devs figuring out what Bitcoin is meant to be. 🧠

📈 Cheese and Charts: Outperforming $ETH, in Style

Gas fees.💨

No one wants to pay it…but everyone has to.😔

With L2s (Layer 2 chains) scaling over ETH, people are just done with gas fees!

This surge has recently helped push projects like Arbitrum and Optimism into the mainstream 🌊

Ever since Arbitrum came out with it’s Airdrop,

Daily transactions on the network have taken off 🚀

It’s almost as if people switched to a different brand of Doodh coz they were getting it for free🥛

Seriously tho,

They’re pullin’ in record daily transactions 👇

1️⃣ Highest peak of 2.75M transactions/day (During Airdrop 🪂)

2️⃣ Average of 1-1.5M daily transactions on Arbitrum 🔼

3️⃣ Marching closely with ETH since March 2023 🚶

In the chart below, we can see that it has also overperformed Optimism, another L2 of $ETH 👇

🛠 Resourcewala: The Lowdown on Crypto Staking

Are you on the crypto plane yet?

Or are you still waving at it from down, thinking "wtf is staking?" 🚂

Chill, we got you.

Staking can seem like rocket science but really, it's easier than trying to understand Christopher Nolan's "Tenet". 😎

In today's resource, we will understand staking in a way that even a five-year-old could understand. (Well, if that five-year-old is into crypto)

• What is staking, anyway?

• How to set it up without losing your mind?

• The benefits that'll make you say "Shut up and take my money!" 💸

So, are you ready to stake like a pro and make that crypto work harder than Dwayne Johnson in a gym? 💪

LFG! 🔥🔥🔥

🥛 Doodhshots: Twitter loves Dogs

• 🌐 Payment Prophecy: Robert Miller of Fuse claims the future of digital payments is in Web3 payment services. Ready to cash in on the future?

• ⚖️ Ripple Rumble: Ripple's top lawyer slams the SEC, saying they were "wrong then, wrong now." Gloves off, it's a legal showdown!

• 🐕 Tweet-a-Doge: New Twitter CEO follows Dogecoin and Shiba Inu, sparking crypto curiosity. Crypto enthusiast or meme lover in disguise?

• 🚫 Bakkt Blacklist: Bakkt mass delists tokens including Aave, Avalanche, Compound, Filecoin, MakerDAO, and Uniswap. Slicing down the crypto salad, eh?

• 🎮 NFT Game Time: Line reveals five 'Gamer First' NFT games releasing in 2023. Get your controllers ready, gamer geeks!

🤣 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