👋 Gary Gensler is FINALLY resigning??

Gm, this is doodhwala, the only crypto newsletter that’ll make you go “LMAOOOOOOOOOOO 🤣”

Here’s what you’re LMAOing for today—

• 👋 Gary Is Resigning! The current head of the SEC and public enemy #1, Gary Gensler is finally resigning?

• 🤯 SOL > ETH: Here’s something for you to think about → Ethereum as Solana’s L2

• 📈 Crypto VC is DED? Is no one investing in crypto projects anymore?

• 🛠️ Resourcewala: Understanding Arbitrum’s Secret Sauce

• 🍼 Doodhshots: Dawn of the lending bans

👋 Gary is resigning?

Gary Gensler.

The current head of SEC (boring intro, right?).

He’s the man who once applied for a job in Binance and recently sued Binance. 🤷‍♂️

Basically, he turned from a crypto lover to a crypto hater.

We wrote all about Gary’s hypocritical thoughts on crypto here.

And believe me, while reading it you’ll be like👇

Back to Gary’s resignation.

So, rumour has it that Gary’s calling it quits... again! 🤨

But hold up! This isn't your average "he-said, she-said" sort of gossip.

This rumour was started by an AI! 😲

This all started with a news article that suddenly popped up on a newborn website called CryptoAlert. 🚨

It was as fresh as a daisy, the first post dating back to June 22.

Each article seemed to be a creation of AI, with an average AI score of around 70%.

Plus, the website’s domain name was freshly minted on June 24, 4:47 pm UTC. 🕟

I mean, if that doesn't scream "I'm fishy!", what does? 😂

The article talked about Gensler submitting his resignation after an internal investigation.

But… the article was mostly generated by AI, scoring a whopping 96.8% on a tool that sniffs out AI-generated text. 🐶

Nevertheless, the rumour found its way to Twitter.

Now, what did our crypto bros do with this hot news? They put it on blast! 💥

The tweet attracted a cool 1.4 million views.👇

But here's a reality check. 🔍

Charles Gasparino from Fox Business Network, comes to the rescue on July 3, saying he heard back from the SEC, and Gensler ain't going anywhere. 🛑

The SEC confirmed it.

I know it’s disappointing to us crypto bros but it is what it is.

Though, this ain't the first time Gensler's been in the resignation rumour. 🔄

Remember April 20? Those whispers about Gensler prepping to be "fired"?

Yeah, same old, same old. 🤦‍♂️

Oh, and how can we forget June 12? U.S. lawmakers introduced a new shiny bill in the House of Representatives, called the "SEC Stabilization Act". 🔖

Bill’s motive? They want to show Gensler the exit door, labelling him as a "tyrannical Chairman". 😅

Doodwala’s Take:

Whether it's AI-generated or a human's wild imagination, rumours always add some extra spice to life.

But remember people, don't trust everything you read online - unless it's about doodh being the best thing in the world.

That's always true! 🥛

🤔 ETH as a Layer 2 for Solana?

Solana.

A chain most people thought would disappear within a few months of its introduction. 🤡

Solana is here to stay.

And the people behind the project are making sure that it stays that way. 💯

Although the project overtime has seen—

• A drop in users.

• A drop in active transactions and on-chain activity.

• A drop from Sam Bankman-Fried coz he basically was everything Solana. 🤣

But the co-founder of Solana is writing weird poems about how he wants to make an L2 for Solana on Ethereum.

Seems astronomical, but we just wanna know what the hell homie is spouting.💀

All of this makes us want to ask Anatoly one simple question.👇

1️⃣ What is Anatoly even saying?

After using the Doodhwala patented Anatoly → English language tool translator—

Here’s what we understood. 😮

Layer 2 solutions are built on top of a chain to help solve a lot of inefficiencies of the underlying chain.

What Toly is saying → Is that it is theoretically possible for Ethereum to be an L2 for Solana.

Just…don’t ask us why anyone would actually want that.💀

2️⃣ How will he make ETH a Layer 2 for Solana?

We hope you have some compassion towards the Doodhwala. 🥲

We had to read through his weird-ass 2 AM texts.👇

Simply put, what he’s trying to say is that Solana users would have the edge with such a solution.⚡

Here’s how he says he can make it happen—

👉 Submit all Ethereum transactions to→ Solana.

👉 Submit a Simple Payment Verification (SPV) to validate the submission.

👉 Have a bridge timeout which would allow for any fault to be proven within a set timeframe.

Sounds fancy, innit?

Well not completely true. 🙅

There’s a catch.

And the catch is bad.

The system for an L2 proposed by Anatoly does a good thing for SOL users.

Not so much for the ETH bois out there.🥴

Many of the key functions of ETH such as lending and borrowing would become a nightmare.

And not just that.

IF (and we hope not) there is a fault in ETH in the future—

Then ETH would automatically be un-forked.🍴

What that means is → SOL users can get their assets back.

But not someone who bridged from ETH.🌉

Is all of this worth a gamble for an ETH L2? We don’t know.

We’ll just continue to deliver the highest quality cow milk. 🐄🥛

📈 Cheese and Charts: Crypto VC Funds, we have a Problem! 😟

June, usually a month of sunshine and smiles, is looking more like a cold shower for crypto startups.

Sure, the Crypto VC world had its fair share of glory days.

Big money flying around, high risk, high returns.

Those were the days, right? 💸

Remember June 2022? 149 projects raked in a colossal $1.81 billion in VC investment - big money was all over the crypto market.

Fast forward to June 2023, and we're humming a different tune.

We're down to 83 projects and only $520 million.

That's a shivering 70% drop in VC investment in just one year. 🥶💸

Though we had September 2022 high with $1.85 billion, now the parties are less wild and the bottles less bubbly.

Are VCs losing their nerve or just waiting for the next big thing? 🤔

Let's hope this trend is just a phase. 💭

Let us know what you think! (REPLY below👇)

🛠 Resourcewala: Understanding Arbitrum’s Secret Sauce

Your crypto is on L1 but your heart on L2? That’s coz Layer-2 solutions are the rockstars of crypto scalability! 🎸

And in the world of Layer-2s, there's one that rules them all: Arbitrum. 👑

Over the last 12 months, they've shot up like a SpaceX rocket - nearly 1,000% growth. (yes, you read that right!) 🚀

Wondering how they're stealing the show?

Let’s break down in this heavy-duty resource:

• WTF is Arbitrum?

• The secret sauce to its unique success

• How Arbitrum is playing a vital role in the crypto market

🍼 Doodhshots: Dawn of the lending bans

• 🏢 Institutions Rise: The demand for Bitcoin from Institutions still prevails despite SEC allegations, thanks to whale activity. Extreme big money energy.

• 🇸🇬 Singapore Bans: The Monetary Authority of Singapore (MAS) bans retail customers from lending or staking any cryptocurrencies. Let the bans begin!

• 📈 ETF Likelihood: According to a recent report, the probability for a Bitcoin ETF to be approved is fairly high. It’s gamblin’ time!

• 🐳 Whale Exits: A whale withdrew over $90 million worth of ETH from Binance in one month. Hope he settles down in the Bahamas with all that dough.

• 🇹🇭 Thailand Bans: Following Singapore, Thailand has also banned crypto exchanges from offering retail lending services. Let the bans end! Please.

🤣 Milky Meme Of The Day

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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