🫣 FTX + LUNA + Celsius combined

Gm, this is the doodhwala, we’re like the perfect paani poori. A little teekha for the spicy news, meetha for the sweet memes. 🧆

Here’s what we got for today:

• 🌊 Worst WAVES eva

• 💰 Big $BLUR Drop

• 👀 Keep your eyes on LENS

• 🤣 Milky Meme of the Day

We’re changing the PAANI POORI recipe 🫣

🌊 Insider WAVES

LUNA. Celsius. FTX.

We just brought back bad memories huh?

Sorry about that 😢

Each of those 👆 is the worst example of:

• how not to operate an algo stablecoin

• how not to operate a crypto lending company

• how not to operate a crypto exchange and hedge fund

But what if I told you one company in crypto is worse than these 3️⃣ at –

algo stablecoins + crypto lending + crypto exchange.

And all of these ☝️ companies are on their own blockchain.

And they’re BROKE AF 🤌 but they’re moving money around to show that they’re doing OKAY 👌

Hold on to the sails, we’re in for a WAVY ride. 🌊

Enter Waves. 🌊

Waves is an EVM-compatible blockchain with close to $130 million in total value locked, that’s more than:

• Ronin

• Hedera

• Terra 2.0

• Doodhchain

But it’s got a problem. 😬

Specifically an insider problem. 😯

On-chain data alleges insiders are moving money between 3️⃣ parties all on Waves platform to show that there’s activity going on + the protocols are not totally 💣ing.

Here are the 🧩 of the puzzle:

1️⃣ Algo stablecoin: USDN

2️⃣ Lending platform: Vires Finance

3️⃣ DEX: Waves Exchange

The centrepiece of the entire thing is – USDN or called Neutrino Index, it’s just like a crypto company to rename its coin from a stablecoin to an index after a dump 🤣 🤣 🤣

Basically, on-chain data suggests that Waves was inspired a little bit by — Terra, Celsius, and FTX — while allegedly manipulating the price of their tokens.

Here’s what happened:

• Waves insiders burned a ton of USDN for WAVES

• They took $WAVES and dumped it for USD on Binance

• They used the USD to buy LP tokens on Vires Finance

These include Liquidity Pools for:

🔹 ETH

🟠 Bitcoin

💰 Stablecoins like – USDT, DAI, BUSD, etc.

This allowed them to show that Vires Finance was doing 👌 when in fact it was held up by the team’s funds.

Funds that it got from dumping its stablecoin. Their own stablecoin!!

A STABLECOIN THAT’S LOST ITS PEG BY 80%!!

Bruh, do you even Rug Pull if you don’t rug pull like Waves. 🤣

Doodhwala’s take:

See man, all of this ☝️ is what on-chain data points at. Beyond that, we don’t know 💩

We just know that what WAVE is doing ain’t right, but, at least it’s learning from all the scamsters before it. 👍

But right now –

🚰 It looks like Waves is gonna sink

🌊 It looks like rough waters for Waves

🚣‍♀️ It looks like Waves has lost its paddle

👋 It looks like Waves is waving goodbye to their users

Reply with your best WAVE joke and we’ll send you something WAAAYYY cooler. 😎

🎮 Gameswala: Cinema Chokra

India’s John Cena bathing in doodh🥛

Can’t get more iconic than this!

Guess the movie that’s been played 120934384 times on Sony🇸

(answer at the 👇 bottom 👇 of the email)

💰 BLUR Airdrop Complete. Now what?

Yesterday was the day of the big $BLUR airdrop.

And the doodhwala has been covering Blur quite a bit in the past week!

We wrote about what this airdrop means 👉 here.

We also wrote about how this airdrop might not really matter to the platform ‘cuz they have already done the hard part right 👉 here.

But yesterday, it finally happened.

$250 million worth of liquidity was dropped into the market. 🤯

So what happened after?

No mo bear market, eh? 😎

Sadly no HUGE market upturn, at least yet. ☹️

But all hope is not lost.

If you look at the previous BIG airdrops like:

• ENS

• ApeCoin

• LooksRare

The market took some time but it eventually went up! 📈

So here are the BIG numbers from the $BLUR airdrop 👇

1️⃣ $2.4 BILLION

This is now the estimated market cap of the Blur NFT marketplace. 💰

It is significantly bigger when compared to other NFT marketplaces like:

• LooksRare ($285 million MC)

• X2Y2 ($170 million MC)

Blur is almost 10 times BIGGER than them. (and Blur only launched in October 2022 🤯)

2️⃣ 93%

93% of the wallets that received the airdrop got less than 10k BLUR. (i.e. less than $8000)

It’s the top 1% that got over a MILLION tokens airdropped to them. 😬

Damn! How much would they have traded to receive that many tokens. 😅

3️⃣ 3 MILLION

The top wallet was airdropped 3 MILLION in $BLUR tokens. 🔥

That’s close to $2.4 million! 🤯

To get these many tokens, the dude would have had to trade over $20 MILLION worth of NFTs on the platform. 😅

Given that this was just 12% of the token supply that was airdropped yesterday, there’s A LOT more opportunities for the community to be rewarded.

BLUR has allocated 50% of the total supply to the community. 👏

But it will all be gradually unlocked.

So, this wasn’t a bad token launch at all. It kinda worked out. 🤷‍♂️

📲 Read the doodhwala: ON THE GO!

Picture this.

You open your inbox to read the doodhwala.

But you get weird emails like:

“We deliver FASTER than you last”

“Prices LOWER than your dating standards”

“Book your SOLO trip to Paris because no one will go with you.”

(wait, am I the only one who gets these emails? 😭 😭 😭)

Inboxes are full of 🗑️ so why not read the doodhwala on an app that’s designed for newsletters? Not just any newsletter. Cool and exclusive newsletter. Like us (we cool right? 🥺)

Check out MECO 👉 a Newsletter Reader.

1️⃣ Integrate your email → 2️⃣ Read the doodhwala → 3️⃣ Regret your decision 🙃

👉 Seekho from Meco.

📢 REFER AND WIN some doodhwala merch 📢

For the first time evaaa, we're giving away the doodhwala merch.

But it's not lame t-shirts with some random company name, but super cool stuff like:

😜 stickers – for your 💻, 📱 and 🚽📘 notebooks – to write your crush's name🍺 mugs – for your doodh, and NOT your beer!!👕 t-shirts – with totally non-controversial things (promise 😉)🧥 hoodies – because we wanna keep you warm in the crypto 🥶 winter🎁 mystery box – with some super cool prizes that’s worth more than 1 Bitcoin

Chegg it 👇

For every confirmed referral (i.e. they confirm their email and drag it to their “Primary” tab from their “Promotions” or “Updates” tab) you’ll get some 🤤 merch.

All you gotta do is share the doodhwala with this link (only available on email, not on web view) 👇

📈 Chaach and Charts: Keep your eyes on LENS

Lens.

Nope, we aren’t talking about Peyush Bansal’s favourite shitcoin.

We’re talking about Lens Protocol, the decentralized social network. You know the same one people barely use but have the Lens domain name on their Twitter. 🤣

Oh the irony. 🤭

Anyway, profiles on Lens are decreasing in the past few months:

🗓️ October 2022: 25k active profiles

🗓️ November 2022: 40k active profiles

🗓️ December 2022: 35k active profiles

🗓️ January 2023: 28k active profiles

The reason – there’s been a slowdown in the number of new profiles created. And the whole FTX fiasco didn’t help people moving outta traditional social media into Lens either.

Chegg it 👇

Oh, and rumours suggest Lens could soon turn into → $LENS with a possible airdrop. 🤫

🛠 Resourcewala: The only thing stable in crypto  

We all love doodh. 🥛

But what do we love more than doodh?

👉 We love making money.

But the volatility of the crypto market can make it difficult to keep a stable income. 💸

Enter stablecoins, the solution to our financial problems. 💰

Some of the topics covered in this Resourcewala are:

• TF are stablecoins

• Types of stablecoins

• Uses of stablecoins

Chegg it 👇

😂 Milky Meme Of The Day

💰Answer💰

Let us know what you think 👇

If you want more doodh then, be sure to follow our Twitter, our LinkedIn, and our Instagram.

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.