🤦‍♂️ A Stablecoin That Doesn't Care About it's Peg

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’s always a step ahead. 😎

Be it in crypto, in life or on a cliff. 🫡

Here’s what we got for you today—

• 🥃 Peg Problems: GHO isn't maintaining its peg, and the founder doesn't care.

• 🐕 Hello Shibarium! : Shibarium is here! With problems!

• 🛢️ Oil Volatility: BTC = ETH= Oil in terms of volatility.

• 📈 Cheese and Charts: VC funding down bad.

• 🛠️ Resourcewala: A new way to classify tokens.

• 🍼 Doodhshots: We have a job for you!

🥃 Peg? Who Needs That For a Stablecoin?

GHO—A stablecoin that nobody cares about right now. 💀

Last time, we hoped to never scribble about GHO again.

And yet, here we are again - back to complain about a stablecoins peg. 🤦

Ever since the launch of GHO over a month ago—

The stablecoin hasn’t been able to maintain its peg with the dollar. 🙅‍♂️

It’s like those times when doodh refuses to turn neither into Curd nor Cheese. 🤷

And the funniest part?

The founder of AAVE and GHO came out and said -

“We prolly not gonna focus on the pegging of our stablecoin rn”

Bro really said keeping the stablecoin STABLE isn’t their biggest concern. 💀

Here’s what the frick he said 👇

GHO has been trading between $0.99 and $0.97 ever since its launch. 😦

It even hit a low of $0.94 last week! 📉

So, the question really is - How long until the founder realizes that its too late to peg it back? (Laughs in Terra UST)

Let’s hope there isn’t another stablecoin bruh moment. 🛐

💧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

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• Web3 Middleware SDK

• Account Abstraction SDK

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

🐶 Shibarium: Every Dog Has Its Chain

Shiba Inu. 🐕

The meme coin that everyone bought it thinking it’d make them a billionaire. 🐱

Well, it definitely made everyone… an illionaire. Wtf is that? Nothing.

Then why the hell are we talkin’ about it?

Cuz they did a thing → launched their shiny new Shibarium Layer-2 network. 🚀

Is it good? Um, not really. (I can see that disappointment on your face).

Let me break it down for you:

Right after Shibarium launched, there was an issue.

What issue? There's this technical thing called a bridge contract that's supposed to move money from Ethereum to Shibarium.

But now, $1.7 million of Ethereum is stuck in Shibarium.

Beosin, a group that knows a lot about blockchain security, looked at the problem.

They confirmed that the funds are LOCKED, and can't be moved right now. 🔒

They're suggesting that maybe people shouldn't use Shibarium until the issue is sorted out. 🛑

Also, $762k of a token called BONE (that's a Shibarium governance token) got sent to that same tricky contract.

Our blockchain expert → ZachXBT pointed it out.

For the past few hours, nothing new has been happening on Shibarium. It's like everything paused.

Users also spotted some funky stuff with the RPC system, the thing that lets a network's server node chat with the blockchain.

But here's some interesting news:

Shytoshi Kusama, a pseudonymous developer from Shiba Inu, jumped in to explain.

They said the problem isn’t with the bridge.

Instead, so many people tried to use Shibarium all at once that it got overwhelmed. They promised they’re working on it. 😅

On Discord, the Shibarium moderators are being extra careful.

They’ve limited access to some discussion channels because there were false stories and fake websites being shared.

And there's hope! 🌈

Shytoshi, in a recent newsletter, assures us: "It's not Shibarium’s fault! It's just that EVERYONE wanted in. At the SAME time."

If people want to join the conversation again, they need to connect their wallets.

Lastly, here's the not-so-great news:

The value of Shiba Inu has dropped quite a bit.

So, ShibArmy, hang in there!

Let's see how things turn out. 🌟🌈

✨ The Spark Fades

The volatility twins are no longer famous for that title anymore. 😔

We’re talking about Bitcoin and Ethereum—once the wild west of the investing world, are now merely an easily trade-able asset. 😭

What's volatility you ask?

From over 100% volatility last year—

• Bitcoin is now at 35% volatility.

• Ethereum is at 37% volatility.

There was a time before crypto boomed when Oil used to be the most volatile asset to trade. 🕰️

I guess now that BTC= ETH= Oil for some reason. 🤷

Here’s the move that Bitcoin and ETH pulled tho → They're outperforming the market with low volatility. 💪

Bitcoin literally said 👇

With Bitcoin giving 74.5% returns YTD, and Ethereum giving 51.2% returns YTD—

The markets seemed to have moved a lot higher with lesser participation. 😮

What do you guys think?

Is volatility an important measure for price movement? 🤔

📈 Cheese and Charts: VC Funding, Where You At?

You know how they say, "What goes up, must come down?"

Well, someone clearly took it too literally with VC funding rates. 😅

Wtf are VC funding rates?

So, VC funding rates for July? Hold onto your doodh, cause it's spillin'!

📉 July: A lowly $94.2m

And wait for it... that’s the lowest we’ve seen since...

🗓 January 2017

I mean, 2017? Bro, I still had embarrassing hairstyles back then! 😂

Now the real question is... 🧐

Market hitting rock bottom or just gearing up for another bull run?

What do y'all think? (REPLY and tell us your thoughts 👇)

P.S. It's cool if you don’t know any VC, they just look for doodh in your startups. So, make sure you have it in yours. 😉

🛠 Resourcewala: The Token Classification Framework

Wading through the crypto jungle, you've probably come across zillions of tokens and thought, “Bruh, how the heck do I even classify these?” 🤔💭

Well, for the crypto-curious peeps like you, enter the ‘Token Classification Framework’.

This ain't your regular spreadsheet, but a HOT, multi-dimensional tool ready to change the game. 🚀

Today, we break it down:

1. WTF is the Token Classification Framework?

2. How does this framework stand out?

3. Practical uses of this magic tool. ✨

Get ready to have your mind blown in 3... 2... 1...

🍼 Doodhshots: Bitcoin ETF Hiring

• 📉 Token Plunge: A new token from the SEI blockchain has plunged over 24% after bad implementation of an airdrop. Bro lost token value after a frikkin airdrop.

• 🙋‍♂️ ETF Hiring: Grayscale Investments said that they’re already hiring a team to handle their Bitcoin ETF. Is Grayscale having more confidence than Michael Saylor now?

• ⛱️ Middle Ground: Bankrupt bois FTX and Genesis reach an agreement of $175 million, down from the $4 billion they initially quoted. Finding middle ground. Nice!

• 🇺🇸 Trump’s Wallet: Former President Donald Trump’s wallet is now under the radar of professional doxxing company Arkham Intelligence. President’s getting doxxed? Wtf?

• ✈️ Vacation Rules: The Financial Conduct Authority of the UK says that crypto firms must take reasonable steps to comply with the crypto travel rule. Brb, getting my tezor wallet.

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🤣 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