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- 🔁 From Matic → POL: The Polygon 2.0 Revolution Begins
🔁 From Matic → POL: The Polygon 2.0 Revolution Begins
PLUS: 3AC Founders Hit With A 9 Year Trade Ban
Gm, this is doodhwala, the crypto newsletter that gives you the same kick as drinking Monster Energy and Red Bull first thing in the morning. 🔥
LET’S CONQUER THE DAY! 🤬
Here’s what we got for you today—
🔁 From Matic → POL: The Polygon 2.0 Revolution Begins
🏹 3AC Rekt: 3AC Founders Hit With A 9 Year Trade Ban
📈 Cheese and Charts: Friend Tech Is Retaining It’s Audience
🛠️ Resourcewala: Social Media Moves The Markets?
🍼 Doodhshots: Crypto's American Dream
🚀 Polygon 2.0 Begins
MATIC ❌
POL ✅
Remember when Polygon announced Polygon 2.0?
We wrote all about it here.
Let’s do a recap anyway:
We got you. Always.
Back in June 2023, Polygon shared its big plan for 2.0.
Think of it as a super system with four layers that all work together.
Those 4 layers:
Staking (think of it as investing in the system) 💸
Interop (making different systems work together) 🤖
Execution (making things happen!) 💪
Proving (checking everything's legit) 🕵️♂️
All these layers come together to create a super-fast, info-sharing network. 🌪
Also, 2.0 was about converting MATIC into POL.
So that POL can play multiple functions.
Just like a swiss army knife.
Who's Behind This?
No, it’s not Doodhwala.🥛
It’s Sandeep Nailwal, founder of Polygon.
He talked about how they want to be a big part of the internet.
And they're using zero-knowledge (ZK) tech. Cuz it lets us do things super quickly and without big costs. 🚅
So what now? 🧐
On Sept. 14, Polygon released three Polygon Improvement Proposals (PIPs).
These are basically their game plan for the next phase.
And the cool part? They're letting the community vote on them! 🗳️
Now coming to the PIPs.
1️⃣ PIP-17:
This is all about changing MATIC to POL. 🔄
All MATIC tokens will become POL tokens.
And POL will become the native gas and staking token
2️⃣ PIP-18:
This one dives deep into the technical side of POL tokens and the contracts that will oversee emission and token migrations.
If you've got MATIC tokens, you can swap them for POL at a 1:1 ratio.
And there's gonna be supply of 10 billion of these to start with.
3️⃣ PIP-19:
This is about updating the gas token Polygon PoS from MATIC to POL. ⛽
Nothing more in this one.
So, gear up for Polygon 2.0.
It's not just an upgrade; it's a revolution, promising a future where transactions are
👉 faster,
👉 smoother, and
👉 more interconnected than ever before.
A tiny heads-up! ⚠️
If you've got contracts on Ethereum waiting for MATIC from its native bridge, then they might get a little shake-up with this upgrade.
Catch you next week.
Your favorite newsletter. ❤️
🤭 3AC Founders Get Banned
The hedge fund that blew up is back in the news y'all. 😀
But not for any good news, they just got served a 9-year ban on trading and handling businesses.
These guys are taking one L after another now. 💀
Terra Ecosystem Investment - 📉
3AC Hedge Fund - 📉
And now, 3AC Ventures - 📉
That's some Level 100 pain they're dealing with NGL. 😮💨
☝️ Singapore bans Zhu and Kyle from doing business.
So the MAS (Monetary Authority of Singapore) dug deep into WTF 3AC was doing. 🤔
They realized that the Bois did some stupid stuff last year, but also, failed to report it properly.
Here's what they found:
3AC provided false information to the MAS.
3AC failed to have a risk management framework in place.
3AC did not notify the MAS about the appointment of a certain “Mr. Cheong Jun Yoong Arthur” as portfolio manager.
…and so much more.
Bro, they dug deep into their internet search history to pin the most vile stuff against them. 😭
And what's the result of this?
Well, they've been served with a 9-year ban from trading and being involved in regulated business activities in Singapore.
Can't trade. Can't invest. Can't drink Almond milk. 🤢
Boo hoo.
✌️ No in Dubai. No in Singapore. Where now?
How will Kyle enjoy his food and travel around the world now?
I mean 3AC Ventures is useless at this point. 🤷♂️
The only other thing that they have hopes for is $OPNX, the bankrupt business trading platform.
The advantage that they have with that is that it's set up in Dubai instead of Singapore.
But it ain't all smooth sailing waters there. 😬
They got hit with a $2.8 million fine in Dubai for $OPNX by Dubai's Virtual Assets Regulatory Authority (VARA).
And they haven't even paid that fine yet. 💀
So—
No Singapore.
No Dubai.
India next? Nope, ain’t happening. 🙅♂️
📈 Cheese and Charts: Friend Tech’s Retention
Remember when we wrote about Friend Tech?
Yeah, those doodhs are back in action. 😬
In case you haven’t paid any attention in the last month in the crypto space—
Friend.tech is a social tokenization protocol.
Think Telegram + Twitter + Crypto. 😋
That’s Friend Tech.
In just over a month of its launch, the app has been able to pull in some amazing stats:
Friend tech now has the second-highest weekly revenue of all dApps, ahead of leaders like AAVE and LIDO.
Friend tech consumed more than 20% of all the gas fees on BASE, the native chain it’s built on.
Over 146,000 account owners are present on the application.
Sounds like a growing story right?
Not just that, data from the last month also shows that almost 70% of app users return to use it again the next day. 😮
Trust us, if nothing—
We know the feeling of drinking the same taaza doodh every day.💯
But what do you guys think? Is Friend Tech the next biggest thing in DeFi?
Hit reply and let us know what you think! 👇
Source: Token Terminal
🛠 Resourcewala: How Social Media influence the market?
Okay, fam, let’s spill the chai! 🍵
Everywhere you scroll, there’s talks about the latest meme coin, stock tip, or investment hack.
But who’s REALLY pulling the strings? 🤔
From hypebeast influencers to the FOMO-laden retweets, social media has become the new Wall Street trading floor, but with more GIFs and emojis. 🚀
Dive deep with us as we unwrap:
How social media influences your moves 💸
The Big Players: Who’s benefiting, who’s bluffing? 😎
The legit ways vs the sneaky tricks 🕶️
Plus: How YOU can stay sharp, and not get played. 🧠
🍼 Doodhshots: Crypto's American Dream
🌐 Social Surge: Sui Network rolls out logins for DApps via Google, Twitch, and Facebook. One-click crypto, anyone?
🚫 Timeout: 3AC's Su Zhu and Kyle Davies face a stern 9-year financial ban from the Singapore Monetary Authority. Ouch, that's gotta sting!
🇬🇧 Bye-Bye: Bybit preps for a UK exit as tighter crypto regulations hover on the horizon. What happened mate?
💳 Real Deal: Crypto startup Ramp integrates Brazil's Central Bank's Pix as a fresh payment method, paving the way for smoother transactions. Samba with your crypto, folks!
🇺🇸 Optimistic as Hell: Ethereum's co-founder predicts a warm embrace from US regulators for crypto. Lets. Fuking. Go.*
🤣 Milky Meme Of The Day
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.