🤫 Insider trading at this bridge

Gm, this is the doodhwala, the crypto newsletter that just can’t STOP winning! 🔥

Just like Manchester United against Chelsea yesterday. 🤷‍♂️

Here’s how we winning today:

• 😫 Feel the Pain: Insider trades at this bridge

• 🪄 Back with Magic: Big changes at Magic Eden

• 📈 The GameFi winner: It’s not an L1 or an L2

• 🛠️ Resourcewala: The reason PoW exists

• 🍼 Doodhshots: From OpenAI to Worldcoin

⛓️ Multi-chain Pain

There are 2 things that should never be combined in a Bangalorian’s life.

Traffic And Bridges. 🚦

Everything after that follows to be chaos. 😱

And Multichain, a cross-chain bridge, is going through a ton of pain.

The bridge is unable to process transactions due to high traffic. Allow us to handle the traffic for today and direct you through this event. 👇

1️⃣ Wait, what is Multichain?

A bridge allows users to swap tokens between blockchains in a – safe and secure way

2️⃣ What’s happening with Multichain?

On Sunday, 🗓️ May 21:

• users complained about pending transactions

• transactions hadn’t been confirmed for hours

• the team said a routing bridge was affected

This seems normal for bridges. But what happened after this was 🌶️:

Here’s what the rumors of Crypto Twitter suggest:

👉 Insider trades that are exploiting token pools.

👉 The Multichain team is under arrest by Chinese officials

👉 They’re getting financial advice from the doodhwala

One of those ☝️ is probably wrong.

It’s been over 72 hours and this is the only statement that the team has put out so far. 👇

3️⃣ What can happen?

If it turns out that there is some sort of insider manipulation, this can have a ripple effect on 3 chains that have a ton of value locked with Multichain.

👉 Fantom

👉 Optimism

👉 Binance Smart Chain

Other chains that could have a lot of effects due to this congestion are – Kava, Avalanche, and Ethereum.

As of now, Binance has suspended deposits on pairs that have exposure to Multichain. 👇

Unless there is some solid reconstruction and the server (RPC node) is up and running, and transactions are processing — It’s better to stay outta this 💩.

Doodhwala’s take:

Don’t use a bridge when there’s too much traffic. Whether that’s in crypto or in Bangalore city. 🌉

💰Get paid to Buy and Sell

Magic Eden.

The multi-chain NFT marketplace just switched gears in a BIG way.

It’s like they just traded their old Honda for a snazzy Lambo.

Introducing:

👉 “Chapter II” initiative 👈

This new approach addresses the long-standing criticism of Magic Eden.

Before, they were under fire for using:

• closed-source code

• limiting opportunities with other platforms

But not anymore!

Magic Eden is like👇

Let's break it down:

1️⃣ Shopping Simplified

Magic Eden is bridging the gap between them and their competitors.

How?

By aggregating listings from rival marketplaces → they're providing a single destination to manage all listings across platforms.

Now, traders can scan prices and listings across the entire Solana NFT market, all from one spot. 👀

Convenient, ain't it? 🎯

2️⃣ Smart Contracts Opening Up

Next up, the smart contract for Magic Eden's marketplace is going open-source.

What does this mean?

In simple terms, the coding + functionality of the platform will become publicly available. Anyone can – review, use, or modify it.

3️⃣ Co-Sign Feature? Say Bye-Bye!

Magic Eden had this "co-sign" feature, which…well…didn’t let its listings get aggregated by other NFT marketplaces.

Not cool, right? 🙅‍♂️ Well, that's going away!

Think of it as removing the bouncer from the nightclub's door. 🚪

Here's where it gets juicy.

Magic Eden plans to temporarily alter its “maker fee” to 0.25% for certain trades.

Translation? They'll pay you to trade NFTs!

Imagine this:

➡️ When selling an NFT:

• You list an NFT for 100 SOL.

• If it sells → you get 100.25 SOL.

⬅️ When buying an NFT:

• You make an offer on a Solana NFT.

• If it’s accepted, you get a 0.25% refund on the purchase price. 💰

Like a coupon from your doodhwala for being a loyal customer! 🎫

Now, you may ask, why all these moves? 👀

Well, it seems they’re feeling the heat from a rising competitor, Tensor, that has nabbed a big chunk of the Solana NFT market share at times.

Market share for Solana NFTs (in the past month):

👉 Magic Eden – 44%

👉 Tensor – 40%

Market share for Solana NFTs (in the past 24 hours):

👉 Magic Eden – 51%

👉 Tensor – 35%

That's a tougher competition than two doodhwalas fighting over whose milk is thicker! 😂

Doodhwala’s Take:

With this new "Chapter II" strategy, Magic Eden is like the prodigal doodhwala who returned, ready to conquer the market.

So, let's sit back, enjoy our doodh and watch this exciting NFT saga unfold! 🎬

📈 Cheese and Charts: Polygon's Play in GameFi

Polygon.

The only sidechain that’s winning in the game of GameFi.

But wtf is a sidechain-blockchain?

Here are the stats:

📊 Out of 3.5 million active GameFi wallets in the last 90 days.

🔵 35% have set up camp on Polygon.

Yes, you heard right!

This isn't just any win.

It’s a sidechain outperforming all the Layer-1s in the GameFi wallet race!

Why is this happening, you ask? 🤔

Polygon's like that cool kid at school who knows all the latest cheats (remember GTA Vice City?!?).

It's – speedy, efficient, and doesn't empty your coin pouch with pesky gas fees.

Just what our GameFi die-hards want! 🕷️

Plus, it's been popping out successful projects faster than you could spam the 'B' button in Contra. A real crowd-puller for gamers! 🕹️

The big question though: Can Polygon keep up the power play or will another Layer-1 nab the power-up pack? 🍄

What do you think? Hit REPLY and let us in on your gaming strategy!

🛠 Resourcewala: WTF is Proof of Work anyway? 🤔

POW!💥 No, we ain't talking superheroes here.

We're talkin’ Proof of Work (POW)!

This bad boy has been a crypto lingo mainstay since like, FOREVER, yet still makes people go "ummmm" when it pops up.😅

Well, that's what we're gonna break down for you today!

We’re talking:

• Understanding Proof of Work (POW)

• Why POW is important for blockchain

• The future of POW in crypto

🍼 Doodhshots: Blending the way ahead

• 🎨 Ordinal Pumps: Inscriptions on Bitcoin ordinals are now at an all time high. Just a passing FAD? Or future?

• 👔 Official Disclosures: South Korean officials now have to disclose their crypto holdings by law. K-Pop to end soon?

• 📈 Blurry Growth: Blend by Blur now controls over 82% of the NFT lending market. Keep an eye on this, no blurry visions.

• 🌎 Worldcoin Growth: Sam Altman has raised a series C worth over $115 million for Worldcoin. What’s gonna happen?

• 🇺🇸 Debt Ceiling: BTC and ETH can react to a US debt default. No more money printer then?

🤣 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