🐦 The billionaire helping Musk change Twitter

Namaskara Dear Friends! This is your favourite doodhwala, the crypto newsletter that’s almost as good as a plate of idli-vada!

And remember ALWAYS sambhar dip 😉

Here’s what we got for you today

• The billionaire helping Musk change Twitter

• A Ghost is taking over the NFT market

• Still fresh doodh: Only for web3 builders

• Milky Meme of the day

Oh and Happy Karnataka Rajyotsava to our BLR frens 🟡 🔴

The billionaire helping Musk change Twitter

Let’s face it, Twitter is gonna change more than an IPL team after the Mega Auctions.

But this change will see a lot of crypto additions. And a big crypto billionaire is helping Elon Musk with the updates. Who? Continue reading to know 👀

So far, here’s what we know Twitter is adding/working on:

• a $20 (Rs 1,600) per month fee for verification

• ability to make jokes without suspension

• a doodh-delivery service

• a super-app

And this doesn’t even include the massive crypto ambitions of the revamped Twitter.

There are rumors floating around that Twitter could integrate crypto wallets and NFTs, and Musk is all for it.

But he needs a team to do it.

So, he’s calling on the big dawg of crypto.

No, not the doodhwala. We were busy, so he ended up calling our pal.

👉 Binance and its CEO Changpeng Zhao.

Yup, Binance put together a $500 million investment (that’s 1.1% of the $44 billion deal, Binance you cheapskates!!) in the Twitter takeover that Musk eventually won.

And CZ wants to help Elon Musk, “bring Twitter into web3.”

CZ and Musk are like the new Jai and Veeru. ❤️

Binance has already put together an internal team to scale Twitter’s web3 plans.

Here’s what it’ll include:

1. Crypto subscriptions: Pay for Twitter subscriptions using cryptocurrencies through Twitter wallets. Users could pay for Twitter blue (premium service) and the $20 verification service using crypto.

Twitter benefit: Higher revenueWeb3 benefit: More users onboarded

2. On-chain identity: Authenticate a user’s identity while keeping all the data on a public blockchain. This can solve the problem of massive bots commenting and retweeting your crypto tweets and slipping into your DMs.

Twitter benefit: Less botsWeb3 benefit: On-chain identity solution

3. NFT marketplace: Twitter could introduce an entire marketplace so users can buy/sell NFTs while shitposting. Reddit has already done massive things with NFTs, and Twitter could soon follow.

Twitter benefit: More financial activity on the platformWeb3 benefit: A social media 🤝 NFT marketplace

Doodhwala’s take: Having a social media company + the richest/dankest person in the world + the biggest crypto exchange in the world champion crypto is absolute 🔥

The ONLY reason to travel to Whitefield

We get there’s no reason to go travel to Whitefield.

Except one 👉 Metamorphosis 2022.

What is it?

It’s a conclave, conference, exhibition, amusement arcade, and a party, depending on the time and the room you’re in.

But it's all web3 and crypto! Register here 👇

A Ghost is taking over the NFT market

There are a TON of tokens out there in the world.

Some are really promising with real utility and then are a few which are straight-up bhakwaas.

But there are also a few that may be shitcoins masked as real ones.

One token that a lot of people put into this category is…Cardano. (you know what we’re talking about 😉)

It might probably be the one project that gets shit on A LOT! Like a LOT!

I mean…take a look at this tweet. 😂

For the uninitiated, Cardano is a Layer 1 blockchain like Ethereum and Solana.

Here are some other facts about Cardano:

✅ $13.5 billion market cap✅ Daily active addresses at around 67,000✅ One of the top 10 cryptocurrencies in the world✅ Created by the co-founder of Ethereum, Charles Hoskinson

So why do people shit on it then?

One of the biggest criticism Cardano receives is that it’s a so-called “Ghost Protocol”.

This is because the amount of on-chain developer activity is pretty low and it's apparently also a bit hard to write smart contracts and build on it. 😬

But despite the lack of real on-chain activity, the hype around its token, $ADA, is super high. (cuz of all the moon bois)

And that’s why people like to shit on it. They believe that the hype may not be worth it.

Kinda like the movie Bhramastra, which actually turned out to be true. 🤡

But something strange is happening.

In the last few weeks, Cardano’s NFT ecosystem is insanely growing with the transaction volumes reaching new highs.

This spike made it the third biggest NFT ecosystem after Ethereum and Solana! 🤯

In the past 30 days alone, Cardano’s NFT volume reached $191 million.

And this is happening at a time when the rest of the NFT market is down 97% since the record high seen at the beginning of the year.

So what does it all mean?

Sure, there are developments being made with the launch of their Vasil upgrade which makes it easier to deploy smart contracts and build on the chain.

But that is not enough. ⛔️

The total value locked (TVL) for Cardano is at around $70 million according to DeFiLama.

💰 Compare this with:

• Ethereum’s $31 billion

• BSC’s $6 billion

• Solana’s $960 million

Cardano's TVL is about 0.2% of Ethereum's TVL, and Cardano's market capitalization is  7% of Ethereum's market capitalization

It has a long way to go.

Especially in terms of building applications that people can actually use.

Doodhwala's take: Cardano needs to build developer trust and create a thriving ecosystem for them to actually allow them to build great protocols on top of it and not just another NFT marketplace with a lame name. 🤦‍♂️

Still fresh doodh: Only for web3 builders

Our doodh is so nice, you can drink it twice.

And that’s why we’re reminding you what went down last week.

In case you missed out because of your bizzeee bizzeee week, check out these still taaza but still unfunny news from ⏮ week:

✍️ Where are all the crypto scams happening? The answer may surprise you.

✍️ UK got a desi Prime Minister. And he’s GREAT for crypto.

✍️ $8.5 million was raised by selling gold NFTs.

🎙 We spoke with Santosh Panda, the co-founder of Foundership, the largest web3 accelerator program in India.

Milky Meme Of The Day

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.