📈 BIG Week for Ethereum, thanks to...

Today’s newsletter is brought to you by Kana Labs, a web3 infrastructure layer. Read below to find out what DApps they power.

Gm, this is doodhwala, the crypto newsletter that both Barbie AND Oppenheimer would LOVE to read. 😎

Versatility is in our DNA. 🤷‍♂️

Here’s what we got for you today—

• 🎒 Pack & Leave: DeLabs is packing up and leaving for a new chain. Again.

• 💸 New Money Printer: Coinbase has a new money printer. And that’s BASE.

• 📈 Cheese and Charts: Who’s bridging?

• 🛠️ Resourcewala: Skin-In-The-Game coins.

• 🍼 Doodhshots: India’s new crypto browser.

From Solana ➡️ Polygon ➡️ now?

DeLabs is packing its bags...AGAIN! 😲

Where? Yep, you guessed it — Ethereum.

All the way starting from Solana then Polygon and now Ethereum.

Looks like DeLabs loves chain-hopping. 🚀

Just like we love dooodhhh🥛

So, what’s really happening?

DeLabs’ profile picture (PFP) project, y00ts, that started on Solana, made a pitstop at Polygon is now moving to Ethereum right next to their sibling project, DeGods. 🌌

y00ts, say Ethhhhh!

The announcement dropped like a surprise Beyoncé album, just in time for DeGods' "Season 3" release.

And talking about Season 3, the trading volume of DeGods has increased 197% to 1359 ETH ($2.5M) after its reveal.👇

DeLabs founder, Rohun “Frank” Vora, took a moment to shower some love on Polygon Labs, saying they've been absolute legends for y00ts. 🤝

But as Selena Gomez said - The heart wants what it wants. ❤️

y00ts' heart seems to be beating for Ethereum, wanting to be with DeGods. 🏠

Basically, Frank thinks that it's time to unite the DeGods’ & y00ts’ communities.👇

A cool backstory:

DeLabs received a cool $3 million from Polygon Labs (these guys support and push projects on the Polygon blockchain) when they decided to shift from Solana.

That money was all about growing the DeLabs fam and giving other Polygon projects a leg up. 🌱

BUT NOW? 🤔

DeLabs is packing those millions and giving them back to Polygon Labs.

No strings attached. 👋

Polygon Labs? They’re taking $1 million from that returned $3 million and shower it on “Polygon-native builders and creators.”

What they’ll exactly do? Well, they’ll tell us...someday! 🕰

(Pssst, more juicy details on this coming soon!) 🧐

And now, the BIG question we’re all thinking 🤔

With all this chain-hopping and Ethereum seemingly becoming the "it" place for NFTs, one's gotta wonder... is Ethereum gonna be the ultimate place for NFTs? 🤔⛓

There are also mixed feelings in the community about this migration move.

Some love it, some don't.

And some are thinking about what this means for Polygon's NFT space.👇

Guess we’ll have to wait and see.

But till then, keep those pixels fresh and your NFT game strong! 🎨🎤

Catch ya later, from your fav newsletter!🥛

💧Bringing DeFi and GameFi Together

DeFi and GameFi.

They’re the two biggest niches in crypto right now.

DeFi’s current TVL is over $40 billion and the GameFi market is worth over $10 billion.

🤯 THOSE ARE BIG NUMBERS. 🤯

But building DeFi and GameFi apps are hella complex!

That’s where – Kana Labs – comes in. 😲

Kana Labs is a web3 infrastructure company that is building tools to reduce entry barriers for DeFi and GameFi users.

Their products can be used by – 👤 Users and 👨🏽‍💻 Developers.

👤 Users:

• Smart wallets

• DeFi Dashboard

👨🏽‍💻 Developers:

• Web3 Middleware SDK

• Account Abstraction SDK

Check out our frens at – Kana Labs – to know more about their products.

🤔 BASE = Money printer for Coinbase?

BASE is finally out! 🎉

This makes Coinbase the first listed entity to have a distributed blockchain network. 🌐

The chain that we all discovered coz of a certain $BALD token—

Could now possibly be a major source of revenue for Coinbase. 🤑

How the hell is Coinbase going to print money from BASE? 🤔

And how will it affect their business model from now on?

COIN’s era has begun, and they’ve got the MONEY! 💸

1️⃣ Understanding COIN’s current business model.

You see, unlike other exchanges like Binance and Kraken—

Coinbase is a publicly listed company. 👥

This makes them liable to find new ways of gaining revenue to increase shareholder value. 🫢

We drank some Mountain Dew-infused doodh to analyze what their current sources of revenue were. 🥤

Here's what we found—

👉 Transaction rewards is their biggest source of revenue. (~ 45% of revenue)

👉 Comparing YoY revenue, there's been a significant decrease in total ARR.

👉 Despite institutional interest in Crypto, Coinbase’s revenue from institutional transactions hasn't picked up.

We know looking at balance sheets makes us question the meaning of life—

But just have a look at the total revenue from Q2’22 in comparison to Q2’23 - That's a $100 million dip in revenue. 🫢

Cheggitout. 👇

2️⃣ BASE brings the 💰.

Over $160 million of tokens have been bridged to BASE.

And every since the official launch of the chain this week, over $10 million has been bridged / deposited to the chain. 🌉

Now BASE is a completely new source of revenue for Coinbase.

Think of it like people discovering that they could pack fresh doodh and store it instead of chugging it raw all the time. 😮

According to our bald boi Brian, this was always the plan for the business.

Here's the official launch of BASE. 👇

3️⃣ Uncertainty of BASE.

There is a teenie-tiny problem tho. We don't exactly know what can go wrong. 💀

You see the usual pattern is —

Step 1- Chain gets launched.

Step 2- The chain gets tested for hacks and vulnerabilities.

Step 3- People realize the value and start bridging and building products.

But this hasn't exactly been the case for

Everyone jumping in on the basis of hype and memes. 🤷

So the uncertainty of moving to new chains exists at the moment.

But hey, here's one glass to COIN’s new revenue stream—

And hopefully, Brian can sleep for a while without worrying about profits. 🥛

📈 Cheese and Charts: Bridgin’ It Right!

You know how express lanes speed up traffic? 🚗💨

In crypto, Layer 2 chains (or L2s) are like those fast lanes. They make things quicker and cheaper!

Just like we make crypto simpler and funnier. You’re welcome! 🥛

Now, recently TVL (total value unlocked) in these L2s have increased a LOT.

We can also say more and more cars are using these lanes.

And here’s where bridges come in: Just like bridges help cars cross rivers, in crypto, bridges help move assets between different chains.

So, more cars (TVL) on the L2 express lane means more action for our bridges.

🔺TVL in L2 chains = 🔺Assets Bridged

So who's winning this bridge game?

• Stargate Finance: moving around $110M worth of assets.

• Synapse Labs: 100% increase in volume, big thanks to Mantle (an L2 chain).

Who's gonna be the king of bridges? 🤴

Let us know what you think! 👇

P.S. Ever wished traffic had a quick fix like crypto?

🛠Resourcewala: The Secret Behind Skin-In-The-Game Coins

Utility tokens and their worth have been a debatable topic since...forever.

Some swear by them, some curse 'em, while some are simply lost. 🤷‍♂️

A solid belief in the space is that most utility tokens are bound to hit the ground - ZERO - 'cause there's really no need to hold onto them for long. 💸

But wait!

Are they really ALL the same? Or are some just "Skin-In-The-Game" coins? 🤔

Let's deep dive into the Skin-In-The-Game coins:

👉 What are these? 🦄

👉 Why are they different from the rest? 💼

👉 How do they secure the value of info network resources? 💾

Plus: The three exciting categories of Skin-In-The-Game coins! 🏺

LFG! 🔥🔥🔥

🍼 Doodhshots: The Indian Vision

• 📉 Short It!: Traders are lining up to short the APTOS token amid an A.I. speculative partnership with Microsoft. Micro-soft. Macro-hard.

• 🇮🇳 India’s Vision: The Indian Ministry of Electronics and IT is planning a new browser to sign documents using crypto tokens. Government has a browser that works?

• 💵 Binance Loan: Binance has committed $5 million to invest in Curve DAO’s token, for which Curve will deploy on the BNB chain. CZ, can we get $5 million to write on BNB chain?

• 💰 Circle’s Bag: Circle, the issuer of USDC stablecoin is sitting with a $1 billion reserve to tackle the new PayPal stablecoin. Let the stable wars…BEGIN!

• 🇬🇧 UK’s Oopsie: A recent study showed that over 1/3rd of UK crypto firms skipped mandatory KYC checks. UK out here admitting to casual identity fraud.

📍Web3 Events Nearby

Another weekend coming up, another meetup to attend. 😎

Check out ➡️ meetupswala.xyz for upcoming Web3 events in your city, whether you're looking for:

• meetups

• hackathons

• conferences

• or just wanna hang

Meetupswala will have something that's right for you.

Here are the top Web 3 events for this week:

1️⃣ BNB Chain Innovation Roadshow - Goa

🗓️ This Sunday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/1012

2️⃣ QuillCon CXO Sunrise Mixer 🏖️

🗓️ This Monday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/1034

3️⃣ ODYSSEY - August Edition, Goa

🗓️ This Sunday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/959

🤣 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