💀 This Hyped Crypto App Is Dead

Gm, this is doodhwala, the crypto newsletter that’ll give you the feeling of scoring a goal in the final minute of extra time. ⏱️

Here’s what we got for you today:

• 🔪 Time to Kill Your Friends: Friend Tech Gone Bad?!

• 🤝 Big Money Partnership: Blackrock Teams Up With Indian Billionaire

• 📈 Cheese and Charts: This L2 Hit 100k Users In One Month

• 🛠️ Resourcewala: Coding A Decentralized Hotel System

• 🍼 Doodhshots: Is Crypto Halal? Or Haram?

AGUEROOOOOOOOOOOOOOOOOOOO

🔪 Kill Your Friends

Friendship is tough guys. 😔

And sometimes, you need to take drastic measures and end it. 🙌

Confused?

We’re NOT asking you to commit a crime. 🔪

But rather letting you know that the latest social media app of the crypto world Friend.tech is kinda dead. 💀

The crypto project that rose to the top of the ranks in terms of revenue – Is now making less revenue than that “Entrepreneur” friend of yours. (He sells Oat milk, we presume?)

What happened to the social media killer app? And where are all my friends?😢

1️⃣ Friend.tech Revenue = Rekt.

“Pump it will soon, drop sooner it shall” - Master Yoda from an alternate crypto universe.

Friend tech made headlines earlier this month for collecting record-breaking fees and generating revenue on the top 3 leaderboards. 🥇🥈🥉

But some things don’t exactly last very long. (my ex-girlfriend said the same, COPE)

And those numbers? 🔢

• Fees —

🗓️ August 21st - $1.7 million → Today- $215,000 (87% drop!)

• Transactions—

🗓️ August 21st - 525,000 → Today- 51,000 (90% drop)

• Revenue—

🗓️ August 21st - $840,000 → Today- $80,500 (95% drop!)

Just look at that chart 👇. It looks like a slide from a rollercoaster! 🎢👇

2️⃣ Hype Down, Not Dead Yet.

As much as people hate to hear this — But Friend Tech is not dead (yet) . ⚰️

The project right now is literally Rose from Titanic, blowing the whistle, hoping that someone will rescue her soon. 📯

Let’s just do a quick health check of the app rn:

• Fees - 📉

• Revenue - 📉

• Transactions - 📉

• Unique Buyers and Sellers - 📈

That’s right. No matter how bad the down baddery - New users are still flocking onto the app. 🫂

In fact, a new surge of…Onlyfans accounts flooded into the application to…well…umm…Display their assets? 🤔

Either way, there are new users logging into the platform every day.

How well do they use it? → That’s a question for another day. 🤡

3️⃣ Was it all planned from the start?

Goodbye Numbers. 👋

Hello Conspiracy Theory. 🙋

There is a rumor that is going around about the plans for the platform.

Some are saying that it was all a heist from the beginning — Built only for creators to shill their profiles on the app and then dump the value on the retail audiences.🧐

And in a way…they could be right. 🤐

A huge surge followed by every third creator on Twitter hopping onto Friend Tech and reaching out to their audiences to follow them. 💀

And when those audiences saw that their creators simply wanted to shill?

They left.

And that’s why the revenue and fees look so bad rn. 🔻

There’s a theory for everything nowadays, only that there is nothing to explain why she left me.😭

Doodhwala’s Take: “Pain is temporary, and suffering is permanent.” - Every bear market survivor ever.

💰 Ambanis x BlackRock

Mukesh Ambani.

The richest man in Asia.

Yup, the man owns this big-ass house aka Antilia in Mumbai.👇

After disrupting the telecom industry through Jio, he’s now interested in CRYPTO.

And when this tycoon talks, everyone listens.

Ambani's company, Reliance Industries (yea that company that’s in everything from petroleum to clothing), seems pretty interested in blockchain and central bank digital currencies (CBDCs).

Wait...what's a CBDC? 🤔

Reliance's fresh entry into the finance world comes via Jio Financial Services (JFS), which was launched recently.

And guess who joined them as a partner? TWO WORDS – Black. Rock.

Yes – Reliance 🤝 Blackrock, sounds like the worst super villain combo ever.

This can be a deadly combination for India’s future in crypto.

We all know about Reliance's Annual General Meeting, right?

Yeah, the one that’s like the Oscars for business nerds and even took place in the metaverse.

This announcement about blockchain and CBDCs was dropped right there. 🎤

The gist of the announcement:

👉 JFS will make paying stuff even cooler.

👉 They’ll use new things like blockchain and digital money.

👉 And they promise to keep things safe and follow all regulations.🛡

The interesting thing is that Reliance Retail already started trying out CBDCs earlier this year.

And this announcement? Well, it just shows they're REALLY interested. 😏

India as a country has also been working on this digital rupee thing, making steady progress in both wholesale and retail versions of CBDCs.

Doodhwala’s Take:

Bitcoin and Ethereum, your chance can come anytime. Just be with us. 💪

📈 Cheese and Charts: Base-ing on Speed

Speed.

You might think of a Lamborghini or Supra. 🏎️

But right now speed = Base (yea the infamous Layer 2 chain from Coinbase).

In just 56 days after its launch, Base has a massive 100,000 users.

That’s the fastest for any Layer 2 chain ever. 🔥

🗓️ Day 1 → Launch day vibes 🚀

🗓️ Day 28 → Big jump in numbers 📈

🗓️ Day 56 → And... 100k users! 🎉

But it’s ironic that Base is gaining so many users even after what’s been happening on it — scams, rug pulls, scams again.

We wrote about it here (in case you wanna read Base’s shitty happenings).

Maybe people like to get scammed (you never know what crypto people like).

Whatever the reason, Base is growing FAST!

If you have any reasons about Base's success then REPLY and tell us! 👇

🛠 Resourcewala: Wanna Code a Decentralized Hotel System? Here's How!

Look, everyone and their grandma wants to ride the web3 wave these days.

Some wanna sell their pixelated bananas 🍌 and others? They're coding the NEXT BIG decentralized app! 🚀

Decentralized Hotel Booking? Yeah, sounds niche...but think about it.

You skip the middleman, have transparent deals, and yeah, NO sneaky fees!

So, if you're itching to add a sexy web3 project to your portfolio, you’re IN LUCK.

Today's resource gives you the 411 on:

1. Why a decentralized hotel booking system?

2. The architecture of such a beast.

3. The code – sweet lines of solidity (or whatever's cool these days).

Plus: Challenges and pitfalls – because hey, no one said revolutionizing the hotel industry would be easy!

READ TIME: Shorter than it takes to find a good hotel deal during peak season! ⏱️

🍼 Doodhshots: Is Crypto Halal? Or Haram?

• 🔒 Balancer Hacked: Decentralized exchange Balancer got hit with an exploit, losing over $900,000 in funds. We should just have awards for exploits at this point.

• 🇭🇰 Hong Kong’s License: Hashkey just launched their first licensed crypto exchange for retail trading with BTC and ETH. Brb, omw to Hong Kong.

• 🇴🇲 Crypto Halal? : Islamic scholars in Oman are debating whether crypto is halal or haram, even after $800 million of inflows. BNB = Halal. FTT = Haram.

• 👙 Onlyfans’ Investment: A recent financial report shows that Onlyfans had invested over $20 million into Ethereum in 2021 & 2022. Tendies and Tiddies on one app now?

• 🏖️ SBF’s Vacation: Sam Bankman Fried’s legal team is seeking a temporary release before his upcoming trial in October. Man is asking for a Diwali vacation wtf?

🤣 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