👋 Binance Is Leaving...Which Country Tho?

Gm, this is the doodhwala, the only crypto newsletter that can be read, snorted, rolled up and smoked or…even injected straight into the veins. 💉

Livin’ life like a DOODH fiend. 😎

Here’s what we injectin’ today:

• 👋 Binance Wrappin’ Up: Binance is saying goodbye in a few countries. But is it their decision or are they being forced to leave?

• 🚀 Inscriptions on Ethereum: Bitcoin Inscriptions were a hit. Now, there are Ether inscriptions. Is it a boom or bust?

• 💰 Are Marketplaces Bad Businesses? Some do well in the bull market but ALL go down during the bear market.

• 🛠️ Resourcewala: Fighting fraud with the blockchain like Uncle Sam!

• 🍼 Doodhshots: Another Bitcoin ETF and it’s NOT BlackRock.

🫂 Binance Begins To Leave

Binance has now become that uncle that is ready to leave the family gathering exactly at 5 PM. 🥴

No reason to stay, no reason to leave, and no entertainment for the other guests.

Binance is struggling to establish a presence in a bunch of places—

• The UK

• Cyprus

• Holland

And there’s even a fake Binance entity that’s leaving Nigeria. 🤣

What’s this new EXIT strategy that they’re doing?

Is it just FUD or is there something happening behind closed doors?🚪

Let’s understand where Binance is leaving. And where regulations are gripping them to pull out.➡️

1️⃣ What’s happening? Spill the doodh already!🥛

Binance has applied to cancel its business in the UK by appealing to the Financial Conduct Authority (FCA). 🙅

The ironic part —

They were trying so long and hard to set up the business in the UK. 🤷

That’s like waiting all morning for Fresh Doodh → Just to end up drinking oat milk in the end. 🤢

And this ain’t just happenin’ in the UK. Over the last week—

👉 Binance announced they were exiting the Netherlands after failing to get regulatory approval.

👉 Binance applied to deregister their entity in Cyprus.

Although all of the above problems more or less have occurred due to regulatory approvals, this pushes things down for Binance, which is currently locking horns with the SEC. 🐂

2️⃣ Allegations…Allegations…Allegations.

Guess what, we’re not even done with the problems of this whole exit strategy. Binance is one of the biggest crypto operators in France.

And they’ve been accused of the classic “Money Laundering” label again. 🤡

Like seriously, can they at least try and come up with something different at this point? 🤷

3️⃣ Will these “Exits” affect Binance?

Well for starters, there is a lot of fake and unverified news that’s rolling out about Binance.

That’s why you should only read the Doodhwala. Trusted news verified with Doodh. 💪🥛

In fact, someone literally accused that Binance was leaving Nigeria, turns out it was a fake Binance account. 🤣👇

Binance has come out with a statement saying that these ‘withdrawals’ from geographies will not harm their operations.

We simply ask → If you do not feed grass to your cow, how will it provide the best doodh? 🐄

(aka, if they don’t got business, how they gon’ make money? 🤑)

I guess we’ll have to allow time to do its job and unveil the unfolding EXIT strategy.⏱️

Doodhwala’s take: To follow or to not follow local geographic regulations is the question for Binance.

The answer for us is to STFU, drink milk, and get back to the weekday grind. 💪

🚀 Boom Goes The Ether!

Something big just happened on the Ethereum main chain. 🤯

Enter Ethscriptions → the new kid on the blockchain that's making serious noise.

Remember Ordinal Inscriptions from Bitcoin? If not, you got to read about it here. 💡

Well, they're cousins, you see. 🤷‍♂️

Inscriptions came from Bitcoin, and now Ethscriptions from Ethereum.

It's like Ethereum got its own version of tattoos. 😎

They let you write any data, financial or otherwise, into Ethereum’s main blockchain. 📝

There's a catch though—it's only images for now. But the future holds more, we hope. 🤞

Basically, they allow you to scribble down any type of file into the Ethereum blockchain, as long as it's less than a family photo (96kb, for you tech nerds). 🤓

All this scribbling uses Ethereum "calldata", that's just a fancy term for the information given when you call a smart contract. 📞💼

The man behind this?

Tom Lehman, the co-founder and ex-CEO of Genius.com. 🚀

He launched this project last Saturday, and people went so mad over it that 30k Ethscriptions popped up in less than 18 hours! 🤯

He says this makes things cheaper and more decentralized than using smart contract storage. 🌐

Next, Lehman turned his eyes to the famous NFT collection → Crypto Punks. 👀

He wanted them to get "ethscribed."

His call to action stirred the pot, and bam! 10,000 images were ethscribed within hours. 🕑

Remember the Ordinals launch on Bitcoin? 🤔

Ethscriptions feels like déjà vu. 💭

When Ordinals launched something similar on Bitcoin, it caused a stir.

But not the good kind. The Bitcoin maximalists were not thrilled as it make the Bitcoin network really expensive (even more than my monthly doodh bill). 🥛

So, what's different now?

Ethereum fans, they're different.

They welcomed this change with open arms, celebrating the creative energy it brought to the blockchain. 🥳

And as Lehman says, Ethscriptions are not expensive but cheap (like my dating standards).

Was the Ethscription launch smooth? Not really. 🎢

With the sudden rush, the Ethscriptions network faced a bit of downtime. 😅

Lehman was left apologizing to all those pumped-up crypto bros. 🙏

Some say this technology isn’t exactly new, with certain artists already using it in their work. 🎨

But as per a famous NFT archaeologist (yes, that’s a thing), this is the first time it’s caught everyone’s attention. 👏

Is this the new trend or just another passing wave? 🤷‍♂️

Guess we'll have to wait and see. Only the community can decide its fate. 🎲

All we know is, Ethscriptions had one hell of a debut weekend. 🥳

📈 Cheese and Charts: ETH Marketplaces Down Bad

ETH marketplaces have become similar to my dating standards - we down bad. 😔

ETH has been the home to some of the biggest NFT marketplaces, hosting some of the biggest ones such as —

👉 Opensea

👉 Blur

👉 Doodhswap Pro Max Ultra

(Pssst…one of them may or may not be true🤫)

However, with the general sentiments of the markets being down—

There’s been a significant drop in the confidence of NFT investors to get back into JPEGs as well. 📉

SO, what does the data have to say?🤔

1️⃣ The 7-day Moving Average of NFT transactions shows an 80% decline.

2️⃣ The peak was during the bull run, with a dominance of transactions done on Opensea, Sudoswap, and X2Y2. 📈

3️⃣ Could be an indication that people are moving to alternative blockchain marketplaces.➡️

What do you think — Is now the best time to enter into NFTs? Or has that train moved along?

Hit reply and let us know what you think!👇

🛠 Resourcewala: How Uncle Sam Tackled Fraud with Blockchain

Everyone and their aunt knows about Uncle Sam's sassy moves when it comes to rules and regulations.

But when Uncle Sam starts dabbling in blockchain to tackle fraud, you know it's SERIOUS stuff! 💼🔍

Today, we take a deep dive into how the U.S. government is using blockchain to kick fraud to the curb. 🧐

We're going to chat about:

• Why Uncle Sam decided to hop on the blockchain train? 🚂

• How is blockchain being used to fight fraud? 🥊

• And, the million-dollar question: Is it working? 🎯

🍼 Doodhshots: Another Bitcoin ETF

• 📜 British Bull Run: UK's Parliament's Upper House gives the green light to Crypto and Stablecoin laws. God Save the Queen (and crypto)!

• 🎮 Footie in Fortnite: Are Nike NFTs dropping in Fortnite? Apparel titan teases a gaming alliance. Sneakers and skins, ready to win?

• 🎣 Fidelity's Crypto Catch: Whispers suggest Fidelity might buy out Grayscale or file for a Bitcoin spot ETF just like BlackRock did last week. Fishing for profits, anyone?

• ⚖️ Kwon Convicted: Do Kwon slapped with guilt in a Montenegro fake passport hullabaloo. Not so slick now, eh, Kwon?

• 💹 Bearish Streak: Crypto investment goodies record a 9th consecutive week of outflows. Investors playing hard-to-get, or just plain scared?

🤣 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