🐸 Dawn of the Frogs on Bitcoin

Namaste, this is the doodhwala, your favourite source of entertainment on weekdays. 🔥

Everyone’s got you lookin’ forward to the weekend but us…we got you lookin’ ahead for Mondays. 😎

Here’s what we cookin’ this weekday:

• 🐸 Frogs > Dogs: Frog supremacy continues with a new frog-based NFT collection

• 💰 Money Back? Voyager’s going for liquidation. What does that mean?

• 📈 Gas x $PEPE: The BIG reason behind Ethereum Gas fee rise

• 🛠 Resourcewala: Depth of Mining Pools

• 🍼 Coinbase Subscription: Coinbase One’s new plan in action

🐸 Dawn of the Dogs Frogs

Frogs. 🐸

Bengalurians have seen them in Cubbon park, others have seen them on Nat Geo. 📺

But hell, it took a crypto project with an amphibian to finally overtake the number of dog based ones out there! 🐕

Bitcoin Frogs, a new NFT project on ordinals, now literally asking Doggo projects to step their game. 🆙

1️⃣ WTF are Bitcoin Frogs?

Ohh you thought it would end with Pepe huh? No can do ser.👎

➡️ Enter Bitcoin Frogs, an NFT collection inscribed on the Bitcoin Network-

They might look hideous,but after having a glass of Doodh, we think they’re kinda cool lookin. 👇 

There’s no denying tho that it’s a joke at this point. 🤦

Even their own website has a quote-

“One fine day I woke up and wanted to put 10,000 frogs on the Bitcoin blockchain at all costs.” - Frogtoshi Nakamoto

The Doodh-sanity is beyond comprehension at this point. 🥛

The timing of this project comes apt with the rising adoption of Bitcoin ordinals. 🎨

2️⃣ Breaking down the hype in numbers:

Over the last 24 hours, Frogs has been trending on the #️⃣1️⃣ spot on the NFT marketplace, Magic Eden.

Even beating the OG NFT project → Bored Ape Yacht Club (BAYC). 🤯

Here’s what it looks like 👇

👉 Over $2 million in total volume in 24hrs

👉 Total sales up by 179%

👉 Top sold frog cost - $50,817.10

And there absolutely is a reason why Frogs is able to gain such traction, so fast. ⏱️

In case you didn’t notice the trend over the past month… 🗓️

Bitcoin ordinals are seeing more adoption than a doodhwala delivering milk on a unicycle. 🚴

3️⃣ Where are Ordinals headed then?

We’ve already seen the adoption of Ordinals increasing fees for sending transactions on BTC network. 📈

This has already caused a huge debate amongst the community on where it can lead to.

We wrote about it here.

As professional milk experts, we have no clue how this 💩 is going to unfold.

However, our job has always been to look beyond the hype of ongoing trends.

For every NFT trader who thinks they’re making great investments based on a project’s looks…

We wish a Doodhwala reader tells them to STFU. 🤡

Doodhwala’s Take:

We’re hopeful about the future of ordinals. Do we need the frogs tho? We have them here at cubbon park. 

💰 You will ONLY get 36%

Voyager Digital.

This is the company that was all about making your crypto work for you → earning interest on deposits...until the music stopped. 🛑

On Wednesday, Voyager Digital is calling it quits, wrapping up shop, and heading for liquidation!

1️⃣ What really happened?

Remember how there's always that one kid who's super excited about the school trip but then ends up throwing up in the bus? 🤷‍♂️

That's Voyager for ya.

It's a crypto lender that bit off more than it could chew. 🤦‍♂️

Voyager filed for bankruptcy last July.

Why?

Sudden market volatility and a massive loan default to a crypto hedge fund named Three Arrows Capital aka 3AC. 📉

Last year was pretty rough for crypto lenders like

👉 BlockFi

👉 Voyager

👉 Celsius Network

👉 Genesis Global Capital

They had big loans that went south.

The borrowers defaulted, and these companies were left in the lurch.

2️⃣ Failed Buyouts

Now, it's not like Voyager didn't try to save itself.

Ever tried selling something on OLX only for the buyer to ghost you at the last minute?

That's what happened to Voyager - not once, but twice! 🥴

👉 First, they tried to sell assets worth $1.42 billion to FTX, but the deal fizzled out when FTX burst its own bubble and went into bankruptcy. 🤷‍♂️

👉 Then Binance came along with a $1.3 billion offer but the deal got tangled up in the hostile regulatory climate and ultimately crashed. 😵

And what happens when the buyout deals don't work out? Self-liquidation.

So, how did that turn out?

• Buyout Attempts → 2 (both failed)

• Bankruptcy Filing → July 2022

  

3️⃣ Customers Get the Short End of the Stick

Now, the one thing about these big shipwrecks is that the small guys (that’s you and me, bro) often get left behind.

In this case, they’re getting back only 36% of their cryptocurrency deposits. 📉

Just imagine, your doodhwala saying, "I can only give you 35% of the milk you paid for." 😅

Here's what it looks like:

• Customer deposits → 36% recovery ❤️‍🩹

• Withdrawals → possibly by June 1 📅

• Crypto assets returning → $1.33 billion 💰

Wait, there's some good news too!

Voyager's tussle with FTX is still on.

If Voyager wins the lawsuit with FTX (yup, the same guys who failed to buy them), the customer recovery might just shoot up to 63.74%.

Let's keep our fingers crossed! 🤞

The catch? They're repaying customers with the same type of crypto they held.

If you've got unsupported crypto that can’t be withdrawn from Voyager's platform or if you own their VGX token, they're gonna pay you back in USDC.

Like a doodhwala delivering skimmed milk when full cream isn't available.👌

What does this mean for the crypto market? 🤔

When the news broke out about Voyager's liquidation, it undoubtedly brought up a couple of questions.

→ Is my money safe?

→ How could this happen?

→ Could this happen to other lenders too?

And guess what these questions lead to? You got it - uncertainty.

And who knows what kind of new regulations could follow? More uncertainty!

Doodhwala’s Take:

No Lambos were bought in the making of this disaster... as far as we know! 🏎️

📈 Cheese and Charts: PEPE’s Gas-lighting

The frog meme and coin, we all love and adore! 😍

The gas fees on Ethereum 💨, not so much.

Ever since $PEPE launched on the Ethereum Mainnet, there has been an constant surge in gas. 🔺

(Happens when I eat a lot of Chole Bhature as well)

Gas prices on Ethereum increase when there is a high congestion in the network, i.e.,

Too many transactions are being processed. 😵‍💫

In this scenario, a bidding system decides the price for users.

The one who offers higher gas prices are prioritized by miners for validation. ✔️

Here’s what it looks like 🔻

👉 PEPE surge spiked the average transaction cost close to $30

👉 Average transaction spiked over $600 million at it’s high

👉 Baseline rates averaged at around $5-$10 before $PEPE

All this has driven gas fees on Eth to new highs for 2023. Take a look 👇

🛠 Resourcewala: Unveiling the Depth of Mining Pools

Ever heard of a 'Mining Pool'? No, it's not where miners go for a swim, silly. 🏊‍♂️

It's a super cool way for crypto miners to join forces and win rewards faster than you can say 'blockchain'. 🦸‍♂️

But hey, there's a catch! (There always is, innit?)

Instead of enjoying the full, juicy fruit of their mining, they gotta split the rewards. Bummer, right

Well, not necessarily... 🤷‍♂️

Today's resource gotcha covered on:

• What the heck is a Mining Pool? 🤷‍♀️

• How does a Mining Pool work? 🧐

• The pros and cons of joining a Mining Pool. 🎭

🍼 Doodhshots: Coinbase One’s Call

• 🔐 Ledger Ledge: Ledger staunchly defends recovery system, asserting that users' keys are always 'technically' extractable. A safety net or a trapdoor?

• 🇵🇰 Paki Pullback: Pakistan drops the crypto ban hammer again, but the locals still can't resist the digital gold rush. Ban or no ban, crypto wins?

• 🦍 ApeCoin's APEssault: ApeCoin DAO gives a thumbs up to a proposal boosting Bored Ape NFTs and APE ecosystem growth. King Kong ain't got nothing on them!

• 💸 Coinbase's Freebie: Coinbase One unveils subscriptions for fee-free trades. Hail to the fee-free trading spree!

• 🌊 Ripple Ripples: Ripple initiates platform for Central Banks to birth their own CBDCs. Wave hello to the future of digital currency!

🤣 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

Edited by: Arvind Krishna and Aakash Athawasya