🤐 Mark Cuban's BIG Oopsie

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Gm, this is the doodhwala, the Super Saiyan of crypto newsletters. 🔥

Kaa Meee Haaa Mee Doooooodh! 💥

Here’s what we got for you today—

• 🤐 Mark’s Oopsie: Mark Cuban backed project just got shutdown.

• 🤖 FTX’s Bot Attack: Twitter bots, tokens to the moon and $60 million profits. Alamdea’s new scandal.

• 📈 Cheese and Charts: Treasuries take over DeFi.

• 🛠️ Resourcewala: Buidl on Solana, the easy way

• 🍼 Doodhshots: Sui’s pump and dump on transactions

🤐 Mark Cuban’s NFT Oopsie

Let's just put it this way…

People who bought NFTs in 2021 weren't exactly the happiest in 2022. 💀

But when billionaires like Mark Cuban, or institutions like Coinbase back a project—

It tends to make headlines. 📰

That's what happened with Nifty’s, the star-studded NFT project, who is now shutting down.

Where are the stars?

And what kinda oopsie did they do? 🧐

1️⃣ WTF is NIFTYs?

Nifty's was an NFT- powered community project.

They started by building projects on famous Hollywood movies and series.

Movies like-

👉 The Matrix.

👉 Space Jam.

👉 Game of Thrones.

…and many more.

And that's ☝️the reason they started getting massive attention during their start.

Mind you that this project was backed by big names such as—

• Billionaire Mark Cuban.

• Joe Lubin of Consensys.

• Coinbase Ventures.

So, when the project suddenly announced its shutdown this week, everyone wanted to know why. 🧐

Here's their announcement from Twitter. 👇

2️⃣ NIFTYs was…weird.

There are 2 kinds of weirdos in the NFT space.

One is the genuinely weird ones, who buy pictures of rocks.💀

The other, ones are buyers without utility. 🤷

Let's take the Matrix project for example.

That wasn't launched by the Matrix team.

It's just fan-based work that Nifty's was producing. 😂

MAYBE- if the actual Matrix movie team announced it with some utility to its fans, who knows, Nifty’s would've been alive today. 🙄

All of the projects were just BACKED by Warner Bros, the record label for the movies. 👇

3️⃣ Celebrity led NFTs mostly fail.

Here's one of the biggest learnings of Nifty's—

Celebrity and clout based projects, rarely tend to work out in the end. 🤷

Nifty's started out as an NFT project. And when that didn't work out—

They shifted the narrative to Web3 community building.👥

They shut down the website to say that they would build the NFT platform as competitive and on par with Opensea and build the new community.

That platform never got released. 💀

And today, they ran outta resources.🫂💸

Everyone.

Snoop Dogg.

Lana Rhodes.

DJ Khaled.

Almost every celebrity led project, goes to 💩.

And Mark Cuban is no different. 🤷

💧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.

🤖 Twitter Bots and FTX

A new day. A new scathing FTX-related story in the news. 🤦‍♂️

Man! Is this the new normal? 😅

What did they do this time?

• Stole some more customer funds? Nope. Not that we know of at least 🤷‍♂️

• Sell it to Elon Musk to “turn it around”? No

• Make Do Kwon honorary CEO? Lol no

So here’s what’s happening 👇

Alameda Research, that quant trading firm that’s also the sister company of FTX got a bunch of tokens listed on FTX.

A bunch of tokens that they already held in their wallets to actively trade.

Okay…how is this scandalous? 🤔

It’s kinda not.

Here’s the scandalous part tho:

A bunch of Twitter bots were used to create “inauthentic” chatter about these listed tokens on Twitter. 🤖

And it kinda worked. In the past few months, we saw some of these tokens trending on Twitter. 📈

They include:

• SPELL

• BOBA

• RNDR

• GALA

• IMX

So given how Alameda held these tokens, FTX listed them and “someone” ran bots to pump these tokens up…

… it’s all a bit too market manipulate-y. 🤷‍♂️

In fact, going deeper into the numbers you find that:

• 3 million tweets were tweeted mentioning these tokens after FTX publicly listed them

• Alameda made an overall profit of $60 million on most of these tokens

🥛 Doodhwala’s Take:

Organized. Orchestrated. Masterminded. Manipulated.

These are some of the words that are popped up into our heads as we read about it.

But hey! You gotta do what you gotta do to get your nut. 💰

Insider trading, market manipulation, abuse of customer funds, whatever it takes. 💪

Worry about the consequences later. It’s in the FTX DNA. 😉

📈 Cheese and Charts: New Treasure Hunt

Idk if you Chad cow milk drinking doodhs know this—

There are folks out there - Who don’t entirely trust crypto! 🤯🤯🤯

I know! Shocking right? (Huh…wondering what the reason might be 🤔)

Well, those folks still believe in the value that blockchain technology has to bring.

And so—

A trend that started this year was the growth of On-chain RWAs or Real World Assets.🌎

These things include stuff like—

• Precious Metals (Gold, Silver)

• Art (That unemployed friend of yours who paints for a living, yeah that’s a RWA)

• Real Estate

…and a lot more.💯

Well, one of the RWA that’s taking a lot of traction recently is On-chain US Treasuries. 🇺🇸

These are RWAs that have Treasury bills as their underlying asset.

Why the demand?

The US economy is in a pretty bad condition, and US treasures tend to perform pretty well in shit conditions. 👀

That’s the reason US treasury bills-based RWAs have amassed over $600 million in TVL this year!😮

What do you think? Will this be the bridge to traditional finance and DeFi?

Hit reply and let us know what you think! 👇

🛠️ Resourcewala: BUIDL on Solana, The Easy Way!

I’m sure you have heard this before 👇

“Building on Solana is hard. It’s too damn complicated” 😭

And yes, it was a bit complicated and lacked learning resources.

But that’s not the case anymore. ⛔️

There’s a WHOLE ecosystem around learning to build on Solana.

Today’s Resourcewala highlights one such resource:

• Intro to Solana

• Solana DeFi explained

• Building your first program

And so much more.

Oh btw it’s all free on YouTube. Check it out 👇

🍼 Doodhshots: Sui’s Pump And Dump

• 👩‍⚖️ Dismissed! Coinbase will seek to dismiss the SEC’s suit on Aug. 4 which will argue that it never sold securities as the regulator alleged.

• 📈 Pump and Dump: Sui Network's electrifying transaction surge lasted only a few days before it bottomed again.

• 🔥 Up Only: Bitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7% from this time last year.

• 📱Metaverse Soccer: Saturday's Game4Ukraine match will raise money for Ukraine, and if you can't be in London, then you can watch (and donate) in the metaverse.

• 💰 Big Bounty: The Curve exploit on July 30 resulted in the theft of roughly $70 million in crypto. Top DeFi companies are offering 10% ($7 million) of that as bug bounty on the hack.

📍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 DeFi & Zero-Knowledge Meetup + Afterparty

🗓️ This Saturday 📍 BLR

⭐️ Register here → https://www.meetupswala.xyz/events/1004

2️⃣ Odyssey

🗓️ This Sunday 📍 Online

⭐️ Register here → https://www.meetupswala.xyz/events/971

3️⃣ Shardeum Web3 Meetup @ Dewas

🗓️ This Sunday 📍 Dewas

⭐️ Register here → https://www.meetupswala.xyz/events/1020

🤣 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