👋 Hey Coinswitch. We took a peek!

Gm, this is the doodhwala, the only crypto newsletter that’s as easy to read and as tasty as a piece of cake. 🍰

Why not start the week with our desserts:

• 🫣 CoinSwtich, we took a peek at your reserves

• Solana users are back…but wait a minute 👀

• 📢 BIG ANNOUNCEMENT 😯

• 📈 Chaach and Charts: Ethereum is STILL GOING STRONG

• Milky Meme of the day 😂

GOT THE POWER?!?!

CoinSwtich, we took a 🫣 at your reserves

On Friday, we were headed for the first weekend of 2023, but CoinSwitch dropped a 💣.

After 2 months of asking the billion-dollar exchange for their wallets (like we wanted pocked money 😭 from them), their CEO finally said “aight”:

We’re not falling for this again, Ashish. 😒

The last time CoinSwitch did this, this is what we got:

And we did the BIGGEST facepalm since Alia Bhatt’s Koffee with Karan episode.

But this time, CoinSwitch didn’t pull any PR-stunt, they actually gave out their wallet addresses (65 addresses to be exact, just 4 short of our fav number!).

So, first off — we gotta give credit where credit is due:

I boiled the milk perfectly today!!!Kudos CoinSwitch for being transparent. 👏

But there’s still a big problem!!

CoinSwitch’s #ProofOfReseves is like a bad Subway Sandwich 🥪

It’s got lettuce, cheese, tomatoes, jalapenos, olives, extra ranch dressing, and that mayonnaise you LOVE. ✅

But it’s got NO meat. ❌

What’s the point when THE most important thing is missing?!?!

So, let’s look at:

• 🥬 Veggies: What did the #ProofOfReserves have?

• 🍖 Meat: What did the #ProofOfReserves miss?

(whateva you like, remember to wash it down with a glass of 🥛)

🥬 Veggies: What did the #ProofOfReserves have?

3 things.

1️⃣ Custodied hodling

• 85% of users’ assets are in CoinSwitch’s wallets

• 15% of users’ assets are spread between Binance, CoinDCX, WazirX, and CoinSwitch PRO

This means when you put crypto into CoinSwitch, they’re holding most of it.

(but they still didn’t mention how much is in cold storage versus in their hot wallets 🤷‍♀️)

2️⃣ Crypto-backing

CoinSwitch maintains a 1:1 ratio for crypto held on its platform. For BTC and ETH, the ratio is higher than 1.

(but about 15% of this ☝️ is custodied outside CoinSwitch)

3️⃣ INR-backing

CoinSwitch holds 7x more INR than its users’ INR holding.This is a very healthy ratio but quite useless tbh.

(users can deposit INR but because of 💩 govt tax regulations, deposits and volume are falling fast, so what's the point?)

🍖 Meat: What did the #ProofOfReserves miss?

Oh, there’s one teeny tiny thing CoinSwitch missed.

No big deal, tbh Ashish. It’s just a minor detail. 🤏

HOW MUCH ARE YOUR RESERVES?!?! we need a number

Sure, they listed the addresses, 65 addresses to be precides.

But someone still has to go through SIXTY-FIVE addresses from OVER 15 BLOCKCHAINs and consolidate everything!

so we did it lol

We’ve compiled all the:

🔷 EVM addresses (Ethereum, Polygon, Avalanche, etc.)🐐 Bitcoin addresses🛑 Solana addresses🌖 Terra and Terra 2.0 addresses🤡 Ripple addresses

On our Nansen dashboard (unfortunately, we can’t give a shareable link 😭 but we’ve got all the info below 👇)

Here’s the BIG number:

CoinSwitch holds ~$90 MILLION in cryptocurrencies on the above blockchains.

(but this isn’t their entire proof of reserves YET!)

How is this divided?

🐐 Bitcoin: $25 MILLION or 28.8%

🔷 ETH: $12.2 MILLION or 13.6%

🐶 SHIB: $8.1 MILLION or 9.1%

Others → ADA, USDT, BNB, GALA, etc.: $34 MILLION or 38%.

Here’s the allocation:

Now, you may be asking:

“Doesn’t CoinSwitch support other blockchains like Dogecoin?”

“Where is DOGE?!?!?”

“Is the doodhwala running for President?”

Yes, CoinSwitch supports hella more blockchains like Algorand, Dogecoin, Stellar Lumen, DoodhChainMax, etc.

Out of 65 addresses, 23 are NOT in the Nansen dashboard.

These 23 addresses are in THIS SHEET, with their:

• address (obvi!)

• blockchain explorer link

• dollar amount based on crypto held

Copy the sheet and check out the addresses for yourself. (click the pic to open the sheet)👇

In total, it’s about $19 MILLION.

So, that’s ~$109 MILLION in total reserves (based on prices of January 8).

Now that you’ve had the 🥬 Veggies and the 🍖 Meat, it’s time for the 🥛 Doodh.

Doodhwala’s take:

Is $109 million in reserves good or bad for a crypto exchange the size of CoinSwitch?

Yeah, for now, it’s pretty alright.

But Indian crypto exchanges are losing big volume to foreign exchanges. In 2022, Indian exchanges lost $3.8 billion in trading volume to foreign exchanges.

CoinDCX published their reserves 2 months ago, and it’s been falling fast!

🗓 November: $125 million🗓 January: $79 million

That’s because of: Fall in crypto prices 🤝 Outflow into foreign exchanges

Our guess is → The same thing is happening with CoinSwitch.

So, that $109 million could fall as quickly as KL Rahul against big teams. 😬

What do you think of CoinSwitch’s reserves?

Let us know. 👀

🎮 Gameswala: Who Said It?

Given below are a few super iconic quotes from the crypto world.

All you have to do is, guess who said (or tweeted) it!

Easy peasy! Lesss gooo! 🔥

1. “Jail is not so bad.”

2. “1) WHAT”

3. “6 outta 7 days of this week we in your inboxes.”

(answers at the end of the email 👇)

Solana users are back…but wait a minute 👀

Solana right now is like the gym 🏋️‍♂️

Everyone is signing up for the gym, they’re paying monthly subscriptions, and buying workout gear, but will they continue in February?

Probably not.

In the same way, everyone is on Solana right now. But will they conitnue?

Probably not.

The blockchain’s daily active wallets is going 🚀

Take a look:

🗓 November: 30,000 daily active wallets🗓 December: 20,000 daily active wallets🗓 January: 80,000 daily active wallets

🤯

Okay, seriously! What’s happening?

Are people really coming back to use Solana?

Lol, nope.

This spike is caused by — $BONK, the meme coin on Solana with no utility.

We wrote about it last week when Bonk just dropped, and now it’s taken over Solana.

The 3 protocols that contributed most to the rise in daily active wallets:

1️⃣ Raydium, a DEX on Solana2️⃣ Orca, a DEX on Solana3️⃣ Jupiter Aggregator, a DEX aggregator on Solana

Hey, we’re no Sherlock Holmes or anything (I mean, it’s doodhwala, not detectivewala) but it kinda looks like all DEXes are seeing 🚀 wallet activity because they’re trading BONK.

Uhh👇

So, are new users really JUMPING BACK into Solana because of the blockchain’s innvotive new Dapps and NFT projects — probably not? 🤷‍♂️

Are they just APEING back in to 100X on a dog coin that was launched a month ago — probably yes? 🤦‍♂️

Ahh, we deserve this bear market don’t we? 😭

BIG ANNOUNCEMENT 😯

🗓 Mark your calendars⏰ Set your Alarms👨‍👩‍👧 Tell your mummy and daddy

Because we're dropping something BIG on Wednesday, January 11.

So, keep your eyes but most importantly your EARS open 👂

Even our COWS are excited 👇

📈 Chaach and Charts: Ethereum is STILL GOING STRONG

Guess who stayed on top despite the bear market blues?

ETH, baby! ETH! ❤️

Ethereum still maintains dominance in:

• active users

• transactions

The active users have stayed consistent with > 5 million every month. 🔥

And the transactions have also remained well > 30 million every month! 💰

Will these numbers continue to hold or does the market have some different plans?

🛠 Resourcewala: TF are NFTs?!?

Wtf is an NFT? Who tf is an NFT? Why tf an NFT?

These were the EXACT questions we asked ourselves before learning about NFTs.

Before…we found this AMAZING resource!

If you ever had any questions NFTs like:

• why are some NFTs sooo valuable?

• can’t I just right-click and save this NFT?

• wait..what does NFT even stand for??

All these questions and MORE will be answered when you click on this resource below! 👇

And if you still have questions, then…you can always give your favourite doodhwala a call. 😉

🥛 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.