🪞 Custody? Only if you have $1 million

Gm, this is the doodhwala, the only crypto newsletter that’s as helpful as Google Maps in an unknown city.

Google Maps lady’s voice: You have arrived at your destination. 📍

Here’s what we touring today:

• 🪞 BINANCE launches a CUSTODY Thing-a-majig

• 🖼 Solana NFTs, you good??

• 💰 This L2 is makin BIG money

• 🤣 Milky Meme of The Day

🪞 BINANCE launches a CUSTODY Thing-a-majig

Binance.

Some say it’s the wrong way to spell “Finance.”

We say it’s the captain of crypto, the things they do people follow. But Binance’s latest thing might get people worked up.

Remember how everyone was scared 💩 less about storing crypto on exchanges?

Yeah, that whole thing.

🚩 Binance saw $12 billion in outflows in the 2 months since the FTX meltdown 🚩

But this got CZ thinking, so he played his favourite song and thought:

“Alexa, play Thinking Out Loud by Ed Sheeran”

💭

So, people don’t wanna custody assets on exchanges, where do they wanna custody it?

With the doodhwala Off exchanges of course i.e. off Binance (but that’s MY company 😭)

I can’t make them custody it on the Binance Smart Chain, because they'd be concerned with the validators:

So, let’s do it on cold storage devices — Answer #1 💡

💭

So, who doesn’t wanna custody their assets on exchanges?

Not retail ❌

Retail doesn't know much about other forms of storage, and they need simple and easy ways to buy + sell crypto. 

They’re probably gonna stick with exchange storage.

Maybe institutions ✅

Institutions have bags of funds and they know all about storage.

So, let’s target institutional investors. — Answer #2 💡

💭

So, what are institutions really doing on Binance?

Degen Trading Normal Trading, especially trading derivative contracts like Futures and Options.

But to trade this ☝️, they’re posting a TON of collateral on-chain.

This makes them vulnerable to hacks and scams.

So, let’s take this collateral and move it somewhere safer — Answer #3 💡

“Alexa, stop play Thinking Out Loud”

Through this deep and dope thought process (which we saw) CZ got his answer:

→ Cold storage custody for institutional investors off the blockchain ←

That’s why, Binance launched → Binance Mirror. 🪞

Binance Mirror → The mirror CZ looks into and says, “you brought down SBF.” ❌

Binance Mirror → The custody solution for institutional investors (trading on Binance ofc) to keep collateral in on cold storage devices. ✅

Ahh 💡

But they don’t allow any ol’ institutional investor only those who have:

💰 minimum $1 million in collateral🇺🇸 no tax obligations in the US🍼 subbed to the doodhwala

😯

Binance also has a neat way to onboard these institutions.

Two months ago, right after CZ pulled the trigger on SBF, Binance acquired NGRAVE (I’m not shouting, that’s the name of the company lol)

NGRAVE makes:

• hot wallets

• cold wallets

• private key backups

Now they’re gonna probably use this ☝️ to make custody solutions for institutions on Binance Mirror.

Doodhwala’s take:

Institutions saw LUNA + 3 Arrows + FTX like they were Race + Race 2 + Race 3.

But institutions still wanna trade crypto (because it’s volatile AF), therefore they’re concerned with the collateral being wiped away with a hack or a drain.

So, they wanna move off-chain, into cold storage devices. And Binance already has a company (NGRAVE) building tool just for this. 😮

And with this, Binance is pretty much leading the way (at the exchange level). They've already got wallets (Trust, NGRAVE) in the bag, now they just need to roll out features to onboard institutions.

Let's hope this v v cool custody solution comes to retail as well. 🤞 

🎮 Gameswala: Token Master

Time for some fun crypto trivia. 🔥

We’ll give you a name of a popular token, and you have to guess the name of the project.

Simple. Lezzz go! 🚀

1. OP

2. ICP

3. ZEC

4. MANA

5. AVAX

(answers at the bottom of the email 👇)

🖼 Solana NFTs, you good??

Solana’s comeback has been more exciting to watch than Manchester United’s 2-1 comeback against City over the weekend. 🤷‍♂️

SOL’s price is up by more than 200% 🔥

And when it comes to its NFT market… things are looking pretty, prettay, prettay good!

1️⃣ Average Trade Size

There has been a good increase in the average trade size of the Solana NFTs.

Although it has not gone back to the peak levels during December, it is definitely much higher than the pre-FTX collapse!

So…that’s something! 🔥

2️⃣ NFT Collections

Last month, two of Solana’s biggest NFT collections, y00ts and DeGods announced that they are migrating to other chains.

Despite that, the sales numbers for these collections on Solana are pretty STRONG! 💪

y00ts still has the second-highest volume while DeGods maintained the top spot.

Clearly, the migrating didn't affect the volume as much! (BIG Connor McGreggor energy here 🔥)

3️⃣ Wash Trading

Wtf is Wash Trading? 🤨

We wrote all about it here.

The wash trading numbers on Solana NFTs have dropped significantly since December! 🚀

All these signs point to a pretty healthy recovery of the Solana NFT ecosystem.

Things may finally be looking up for this ecosystem and this was one of our Web3 Normies predictions as well.

Check it out here 👇

Or watch a quick reel here. 🤷

Sure, things were looking bad with all the FTX and SBF junk but now Solana is on a FULL-ON juice cleanse.

No more junk… it's all about the GREENS rn! 🟢

💰 Chaach and Charts: Arbitrum is making BIG money

Revenue.It’s not a term you hear often in crypto.

Not as often as “apes,” “WAGMI,” “degen” or “rekt.”

Crypto is a weird industry!

But blockchains (like companies) earn revenue too.

How?

And Arbitrum’s (an Ethereum L2) revenue has been going UP like Arsenal’s chances of a Premier League title 😭

Revenue generated (on avg) a day:

🗓️ December: $8,500🗓️ January: $30,000

Look at that massive spike 👇

🛠 Resourcewala: How To Write Well  

We at the doodhwala believe, if you can write well, you can sell A LOT of doodh. 🥛

And it has been true so far…

But maybe you don’t want to sell doodh. (pssh…YOUR LOSS!)

You may just want to:

• think better

• communicate better

• or sell something non-doodh

Either way, one of the best things to do for all of this is to…improve your writing. ✍️

This amazing resource below gives you quick tips on improving your writing:

• Write For One

• Use Simple Sentences

• Use The $.50 Word, Not The $5 Word

So…chegg it out! 💰

😂 Milky Meme Of The Day  

💰Answer💰

Let us know what you think 👇

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.