😭 Is Binance laying off people?

Gm, this is the doodhwala, the only crypto newsletter that gives you the same feeling of waking up and finding out it’s a holiday. 😍

Here’s what we got planned for this holiday:

• 🤬 Hire or fire: Is Binance’s layoffs here?

• 🤳 Steps → selfie: Stepn makes a BIG move

• 🔥 NFT switch-up: Blend just bet EVERYONE

• 🛠️ Resourcewala: Let us show you how to DeFi

• 🍼 Doodhshots: One tweet. One million. No coin.

School’s out! 📢📢📢

✅ Binance is firing hiring

The biggest crypto exchange in the world is dealing with a ton of 💩 right now.

A combination of:

👉 Bear markets

👉 Lower trade volumes

👉 Bad economic conditions

We’re talking about the Big B. No not Batman. We’re talking about Binance!

These conditions 👆️ is forcing Binance to lay off employees and cut down spending!

So – What's happening at Binance? And are the rumours true?

Put on your Sherlock hats and grab those magnifying glasses because we must investigate! 🧐

Understanding layoff rumors

The layoff rumors at Binance seem to have some truth to them. ✊

Binance + CZ have been at the forefront of hiring employees at a time when Fortune 100 companies were firing employees.

CZ himself bragged about hiring at a time when companies were cutting down their workforce. And he did this photoshopping a picture with his face.👇 🤣

Today, however, Binance is potentially RE-EVALUATING a lot of the roles that they hired for over the past couple of years. 💀

According to a recent report: Binance wants to “focus on talent density across its organization”.

🚨 Talent Density?!

🚨 WTF is Talent Densiy?!?

Like wtf is it with big companies using buzzwords to describe lives getting Rekt? 🥲

Binance currently has around 8,000 employees, and is on track to potentially layoff around 20% of its workforce per an independent report.

THAT’S 1,600 PEOPLE!! 🤯

What’s been the response?

CZ himself has DENIED that the reports are rumors, and in fact, went out to tell that they are still hiring at Binance.

Seriously CZ? How? 😮

The doodhwala doesn’t concern itself with Twitter arguments. That’s for the soy-milk drinkers.

We dug deep to find some truth about their hiring roles.

Here’s what we found:

👉 Binance is hiring for about 300+ roles

👉 But they could potentially ‘reevaluate’ a lot of their hires

👉 Binance could be the brand ambassador for the Doodhwala in the future

2 out of 3 ☝️ things are true.

Long story short – Binance isn’t doing all that well.

It’s easy for people to come to the conclusion that Binance, the largest exchange in the world is laying off a ton of employees.

Simply because → That’s literally what every company is doing right now!

Binance isn’t quite doing all that well.👎

There has been a consecutive drop in trading volumes over the past year.📉

These are due to a ton of reasons (bear market, volume moving to DEXes, etc.) many of which would cause any business to cut down on employees and spending.

Just take a look at their spot trading volumes over the past year.👇

Doodhwala’s take: 

As professional milk deliverers, we might not have the best opinions on cutting business costs and managing workforces. Because bull or bear market, everyone wants the doodh. 🥛

But hey, don’t brag about hiring when you could be on the same firing train soon. 🤷

 📸 STEPN is back…with selfies

Another day, another innovation.

This one's gonna leave you like 🤯

This one is about – Find Satoshi Labs (FSL) – the company behind the famous web3 game on Solana STEPN.

Wait, what’s STEPN?

Just a few months back, Find Satoshi Labs launched → MOOAR (a native marketplace for STEPN players to trade their NFT sneakers that they need for playing the game). 👟

And now, they are putting out a fresh tool that’s:

👉 powered by AI

👉 can turn selfies into NFT gold

Meet → GNT v3 (sounds like it could pass for a sci-fi spaceship)

GNT – Generative NFT Tool

It’s an AI-powered NFT generator. 🎨

Translation: You can now turn your selfies into a digital Mona Lisa on the blockchain. 😎💰

And we thought doodhwala was a tough gig, trying not to spill the milk while racing on a rusty bicycle. 🚴‍♂️

But how GNT v3 is different from its previous versions?

↓ v1: all about single NFTs.

↓ v2: stepped it up, letting you have whole NFT collections

↓ v3: a game changer – you can now put in your own portraits!

🤔 How does it work?

It’s simple.

1. you click a selfie 🤳

2. feed it into GNT v3

3. your face turns into an AI-created piece of art

And? Your art gets minted on the Solana blockchain as NFTs. ⛓️

But here's the kicker → You can crank out a whopping 1,000 NFTs in one go with GNT.

Then, you're all set to trade them on the MOOAR marketplace. Cool, huh?

Doodhwala's Take:

I’ve got 311 selfies of myself with a bottle of plain milk, chocolate milk, fat-free milk, I’ve even oat milk 🤢.

Now, I can finally turn it into NFTs.

But will anyone buy it? 😔

📈 Cheese and Charts: Blend changes the NFT Lending Scene

One month in, and Blend is turning heads.

Wait, WTF is Blend?

You know, like that cool kid in school who just showed up one day and instantly became the talk of the town (just like Stefan in The Vampire Diaries though he was 171 years old).

Blend, Blur's lending platform is doing just that in the NFT lending space.

It passed all other NFT lending platforms in weekly volume.

EVERY. SINGLE. ONE.

Check the stats:

• A whopping volume of 171,948 $ETH 🚀

• It's seen 21,962 loans to buy NFTs (that's the number of Netflix shows we've binged this year)

• And a cool 1,526 borrowers walked into its marketplace

But here's the real kicker 👇

Blend is now responsible for a cool ~50% of Blur's total volume.

Now, that's a product launch done right.

A successful first month indeed for Blur and Blend.

But as we know, crypto's a marathon, not a sprint.

So what's your take on Blend's debut month? Is it just a flash in the pan or the beginning of a long feast?

Hit REPLY and let us know your thoughts!

🛠 Resourcewala: The Art of Lending & Borrowing in DeFi 🔥

The world of finance is vast.

And DeFi? It's just like the wild west, full of opportunity and...complexity. 😓

DON'T FRET! We got your back. 🚀

In today's explainer, we break down:

• How do lending and borrowing work in DeFi? 👀

• The mystical forces that decide supply and borrow rates! 🔮

• The implications of these rates for your DeFi strategy. 🧠

LFG! 🔥🔥🔥

🍼 Doodhshots: Another project goes missing?

• 🎭 Celebrity Scams: Elon Musk, Jeff Bezos, and a bunch of celebrity deepfakes is the new Scam hub. AI getting outta hand soon?

• ❌ Trust Not: Trust Reserve, the company behind the Chinese stablecoins, has their team gone missing. What was their social credit score?

• 🤡 Stupidity Max: Crypto influencer Pauly0x collects over 600 ETH from his followers while telling them he won’t return anything. What’s wrong with people?

• ✈️ Crypto Shift: Brian Armstrong says that gloomy crypto regulations in the US will push firms to 8 potential places. What are they?

• 🇦🇪 AML Guidelines: UAE Central Bank formulates Anti Money Laundering Laws for crypto. Safety first!

🤣 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