⏪ Doodhwala Weekly Recap: 16th July

Sat Sri Akaal bhaiyo aur bheno!

This is Doodhwala, your number one Indian crypto news sources. We’re like that chill uncle that gives you drinks at every family function. It’s just that our drinks are spiked with Badam Milk and not alcohol.

Every Saturday, we recap the big news of the week because we’re just too lazy to write another newsletter with original content. Jk Jk!

So, what happened this week?

Well, this week was hella slow compared to the previous month. But there were some interesting tid-bits that you might’ve missed. And we’ve got you covered!

First, a look back at the price charts — Bitcoin and Ethereum are holding onto $20k and $1k like I hold onto the last kaju katli during Diwali. We’ve been here for a month, and it doesn’t look like this train is leaving anytime soon.

Monday: 3AC plays the trick

Remember that shop where you buy Lays and Kurkere from and tell the bhaiya, “Paise kal dedunga.” And then you keep avoiding the shop because you don’t have the money.

That’s what the founders of 3 Arrows Capital are doing.

They bough the wrong kind of Kurkure and now it’s causing problems in their stomach and finances.

And the liquidators (aka the shop wala bhaiya) are telling everyone that the 3AC founders have gone missing. The liquidators went to their Singapore office only to find the door locked, a pile of old mail, and no news about them from neighbours.

Fun games being played from a company that held $3 billion in assets as of April. 🫠

Tuesday: Vauld shows their holes

Remember Vauld? The crypto-lending platform offering 12.68% interest on stablecoins?

The one that pulled a Celisus and halted deposits and withdrawals?

Yeah, that’s the one.

They revealed the hole in their balance sheet. And it’s big, really BIG. About $70 million big. The holes in my college socks weren’t that big…

The company is filing for a moratorium with a Singapore court. A moratorium paused as debt payments temporarily so that a company can get its shit together!

It’s tough to see an Indian company with Indian customers going through this. Vauld is a real one! We hope they get out of this and their customers get their crypto back.

We, at Doodhwala, will pour out a cold Lassi for you! 🥛

Wednesday: Indian VCs got the DOUGH!

Indian startups are doing bad in this bear market. Many companies are cutting back spends and even laying off employees. That sucks.

But the VCs funding these start ups aren’t doing too bad.

In fact, they’re raising DOODH like crazy!

This week Lightspeed Venture Partners (backers of ShareChat, Udaan, and even FTX wtf) announced three funds worth $6.6 billion (Rs 52,000 crore). Of this, $500 million (Rs 4,000 crore) will be dedicated towards India.

So, what’s crypto got to do with this?

They want to focus on “blockchain infrastructure projects” and partnered with Sam Harrison, co-founder of one of the OGiest crypto companies Blockchain.com.

Indian VC funding has dried up leaving just the malai. It’s great to see DOODH coming back.

Sidenote: Petition to rename DOUGH to DOODH! Areyain? 😤

Thursday: 5ire turns Unikaun

Remember the unicorn frenzy?

Last year 44 companies turned unicorns, i.e. were valued at over $1 billion. This year the number is already 22.

With a unicorn announcement every day, we’re constantly asking UniKAUN?

Get it get it?

But we don’t care about the unicorn delivery companies or the neo-banks! Give us those crypto UniKAUNs. So far, CoinDCX and CoinSwitch Kuber were the only two Indian crypto unicorns.

Until now…

This week blockchain network 5ire became a unicorn after securing $100 million in series A funding.

Tbh we don’t really know what they do. All we know is they’ve built a “sustainable layer-1 blockchain called 5irechain” mainly for private companies. The doodhwala doesn’t expect them to compete with DApp blockchains like Ethereum or Polygon.

But they’re from 🇮🇳 so they deserve some sweet sweet 🥛 from us!

Friday: The biggest, freshest, and doodhiest newsletter on the planet dropped!

We launched the Doodhwala on July 15 with our first edition on Polygon and Celsius, read it here.

That’s all that happened this week.

Tune into your inboxes on Monday for another fresh drop from the Doodhwalas!

That's it for today!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna