💀 Metaverse is ded

Gm, this is the doodhwala, the crypto newsletter that feels like a breath of fresh air on a Monday morning. 😎

Hmmm…smell that? That’s FRESH! 🔥

Here’s the fresh coverage for today:

• 💀 Metaverse dream over? Land prices in the metaverse are dropping like CRAZY!

• 🪄 Stable Friend: Bitcoin network gets its own stablecoin

• 📈 Worst Layer 1: Which one is it? ETH, SOL or…

• 🛠️ Resourcewala: Wtf are Layer 3s?

• 🍼 Doodhshots: F1 coming at you in style

🔻 Dude, your bungalow just tanked!

Remember the 2008 financial crisis?

Well, this new crisis will make you remember it.

Presenting:

👉 The Metaverse Crisis 👈

If you're like - wtf is metaverse or virtual real estate, lemme help you understand it (but not like those self-help influencers).

So, the metaverse is a collective virtual space created by the convergence of virtually enhanced physical and digital reality.

In simpler terms, it's an online universe where you can live a parallel life.

And virtual real estate? It's like buying property in the metaverse - a pixel plot that you can call your own.

You can build, sell, and rent - just like in the real world.

Here’s how this disaster unfolds:

1️⃣ Once Upon a Time in Metaverse

Back in 2022, everyone was in a frenzy to grab virtual land in metaverses like

👉 Voxels

The current underdog of metaverse properties.

👉 Somnium

Another big shot in the metaverse game. A place where your VR dreams come true.

👉 Otherdeeds

They were the Gucci of metaverse properties!

👉 The Sandbox

A community-driven ecosystem where players can buy, sell, and create virtual experiences. Think Minecraft but with real money.

👉 Decentraland

It's an Ethereum blockchain-powered virtual world. Users can purchase land, build on it, and even monetize it.

The priciest of 'em all? Otherdeeds.

They were selling for a whopping 5 ETH. 👀

Makes you think if the milkman started delivering in the metaverse? 😅

2️⃣ The Fall from Grace 📉

Flash forward to 2023, and things are looking pretty grim.

Imagine paying 5 ETH for a virtual mansion one day, and the next, it's barely worth 1.09 ETH.

That's a 78.2% dip! 😱

Other places? Even worse.

Check out these jaw-dropping numbers 👇

Seems like they're all a bargain...if you're into buying digital ghost towns. 👻

I mean, even Voxels, with its cute lil' plots, sank 93.8%!

Believe me you’d have better luck in a Vegas casino! 🎰

3️⃣ Hope Floats...maybe?

With everything hitting the fan, it's hard to stay positive.

But just like a doodhwala always delivers, some in the metaverse are still hopeful.

Take Voxels, for instance, who tweeted, "We're number 5! We're number 5! (It hurts me too, but winters gonna winter, the only thing to do is to keep building)."

Even the big players are still eager to milk the metaverse for all its worth. 🥛🚀

Enter: Apple

They're gearing up to drop a mixed-reality headset on June 5, which some believe could shake things up and maybe, just maybe, make your virtual property worth something again.👇

Doodhwala’s Take:

Let's hope for a sunny summer after this harsh virtual winter.

And remember, when investing in virtual land, it's as risky as buying milk from a sketchy doodhwala. 🥛😂

🦸 Bitcoin Gets a Stable Sidekick

Batman has Robin.

Sherlock has Watson.

And now Bitcoin has a stablecoin. 😮

The only true sidekick that could potentially change the future of stability.

We’re looking at the new BRC-20 inscribed stablecoin , and seeing if it’s a worthy sidekick. 🦸

🤔 First off, what’s a stablecoin?

With the help of a stablecoin, $1 in fiat currency will always = 1 unit of the stablecoin.

Well, atleast most of the time. ⌛ ($LUNA intensifies)

1️⃣ Understanding Stably —

With the rising adoption of BRC-20 tokens and ordinals, there have been a bunch of new doors that have opened for innovation. 🚪

After a ton of NFTs, Frogs, and tokens,

Stably, a Web 3 On-Off ramp platform, has come out with the first BRC-20-based Stablecoin, inscribed using the ordinals network. 🌐

Stably USD (#USD) ← is the name of the bitcoin-based stablecoin. (Yes, it has a hashtag in its symbol)

Here are the key features 👇

👉 Seamlessly off-ramp and on-ramp from traditional finance to Bit-fi. ⏯️

👉 1:1 collateral held securely with FDIC-insured banks. 🔒

👉 Preferred payment for buying Doodh from your Doodhwala. 🥛

They also announced a wallet collaboration with UniSat Wallet, aiming to become the leader in Ordinals. 🔽

2️⃣ Problems with Stably

Don’t worry, it isn’t all sunshine in this valley. 🌅

Trends can die down over time. So you see, here’s the problem →

Stablecoins are a great way to manage an on-off ramp based platform. However, the token in it’s current iteration doesn’t exactly seem…logical. 🧠

Let’s look at the facts 🔻

👉 Total supply = 69,420,000,000,000 (69.420 trillion, noice), more than double of the US National Debt currently. 💀

👉 Market cap lesser than a Doodh seller’s salary in New York. (<100k at the time of writing)

👉 Sus about the FDIC insurance and issuing company Prime Trust.

All of this happens with debates about the use of ordinals itself being a hot take,

All the supporters of Ordinals are in full-fledged support of the launch of the stablecoin.✅

Others, not so much. ❌

Stably is providing a ton of assurance for this product, especially in terms of enforcing

▶️ Anti-Money Laundering (AML) &

▶️ KYC measures

However, we can only know through ⏱️ about how the adoption of this could unfold.

Until then, keep pushing for buying doodh through stablecoins. 🥛

📈 Cheese and Charts: Any Layer 1s >Eth Layer 2s

Every man lives✌️ lives.

And the second one begins after he realizes he can pay lower gas fees on other chains.

Ethereum was always known for its ridiculously high gas fees. 💨

But now, so are its

EVMs and Layer 2 projects. 💀

That's like you replacing your Doodhwala coz he's expensive and his replacement charges the same amount of money. 💰

Seriously tho, look at the change in numbers on a basic transaction, based on chain →

👉$ETH has the highest, with around $1.5 per transaction

👉 $SOL lowest transaction fees of $0.0001

👉 Avalanche comes second with the low charges of $0.01

Will people shift to other chains? Hit reply and let us know what you think!

🛠 Resourcewala: Unraveling Layer 3 in Blockchain

Blockchains, yeah heard of 'em. Layer 1s and 2s got 'em.

But Layer 3s? Now, that's a head-scratcher. Well, no more!

Your doodhwala is here to get you schooled! 🎓

We're going to demystify:

• Wtf is a Layer 3?

• Why is there a need for Layer 3s?

• Future of Layer 3s – Do they make sense?

🍼 Doodhshots: Coinone in the Court

🇰🇷 Coinone Controversy: Coinone exec humbly nods at 'facts' shared by prosecutors in South Korea's high-profile corruption trial. Truth or dare, crypto style?

🏎️ F1's NFTs: F1 ticket provider Platinum Group is dropping the green flag on NFT tickets for global racing events. Fasten your seatbelts, racers, we're going crypto!

🎮 GTA6 Crypto Craze: The rumor mill is churning again with whispers of Grand Theft Auto 6 having a crypto side to it. What's the deal, Rockstar?

🇳🇬 Naira Nightmare: Nigerian crypto company puts a halt on withdrawals after a worrisome BTC and naira breach. Secure those wallets, peeps!

💸 Jimbos Jacked: Arbitrum's Jimbos Liquidity Protocol is licking its wounds after a jaw-dropping $7.5 million ETH hack. Crypto heists, the sequel nobody asked for!

🤣 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