📞 Insider call with Azuki

GM this is Doodhwala, the only crypto newsletter that will always STD for you.

STD? STD = Save The Doodh. 🥛

Here’s what we got for you:

• 🇺🇸 ETF Filings: 3 reasons why the SEC may reject a spot BTC ETF

• 🎨 Insider details: The real reason why Azuki’s floor dropped by 44%

• 📈 Cheese and Charts: Where are the Solana addresses?

• 🛠️ Resourcewala: Let’s understand DPOS.

• 🍼Doodhshots: Wen refund Logan Paul?

“Sir, where’s the rest?” - SEC🕵️

The weekend was rough guys. 😔

Not just because the price of doodh went up. 🥛 (inflation sucks guys)

But it’s also because the SEC sent back the ETF filings of:

• Blackrock

• Fidelity

• Literally every institution that filed for a Bitcoin ETF

Why?

Well, the SEC gave 3 reasons for saying NO to the Bitcoin ETF applicants.

And NO drinking Oat Milk is NOT one of them.

Go out and grab a warm glass of doodh, coz things are bout to get milky.🧋

1️⃣ ETF Applications are “Insufficient and Incomprehensive.”

Yup.

☝️That’s what the SEC had to say about the ETF filings by the big daddies of wall street.

According to a report by the Wall Street Journal:

The SEC has reported to the NASDAQ and CBOE that the filings need to be a lot more comprehensive than their current applications.

That’s exactly what my 6th-grade English Teacher said about my essay, “It’s gotta be more comprehensive.” 😩

2️⃣ SEC wants to monitor “Institutional Bitcoin”

One of the biggest reasons for the SEC calling the filings insufficient is because they want a BIG thing from every entity that wants to file for a Bitcoin ETF.

A surveillance sharing agreement (SSA) 🔎

WTF is that?

Well on paper, the agreement is meant to help the industry to:

👉 Prevent Fraud and Manipulation in the market.

👉 Have a proper clearing activity for customers.

👉 Ensure adequate KYC norms.

So far, all the applications have fallen short of answering these questions.🙅

Not just that, the entities would then also be under the scrutiny of the SEC to monitor their Bitcoin.

All.The.Time.

It does pull up one important point tho.

Just HOW can anyone prevent manipulation in crypto? 🤡

I mean, a whale can literally just dump a coin on the open market, and no one can control it. 🤷

3️⃣ Holup, didn’t they approve a Futures-based ETF tho?

Don’t worry, we’re just as confused as you are. 🤔

To bring you up to speed → The SEC approved a leveraged bitcoin futures ETF last week. And it approved 4 other Bitcoin Futures ETFs in the past 12 months.

We wrote about it here.

The catch here is this 👇

What was approved was not a Bitcoin SPOT ETF, but rather, a Leveraged FUTURES ETF.

What does that mean?

Simple, YOLOers can take up the futures ETF, but not actual speculators who believe in the future of the asset.

Gambling is open for now, but only if you want to go ALL-IN. Nothing else.🥴

Will the SEC approve a spot ETF anytime soon?

I guess…we’ll only know once they get their answers.💯

Doodhwala’s take:

Government bodies don’t like to rush things. The roads outside my house are a testament to that.

So just take a step back, sip on the doodh🥛.

And make peace with the fact that it might take a while to sort things out for a frikkin ETF. 😮

😢 Sorry from Azuki

Yesterday, the NFT space was LIT with Azuki's latest drop. 🌈

• Did they reveal a jaw-dropping AI masterpiece? Nope. 👎

• Did they take over the NFT-verse by storm? Nah. 🌪

• Did they disappoint their community? Hell YEAH! 🙄

So, Azuki put out a whole new collection of their rare "Elementals" NFTs.

🎭 20,000 of them, to be precise!

💰 That’s $38 million for you.

⏱️ And it was gone in 15 minutes.

That's more than my last time. 💔

But, the after-party was a total buzzkill! 😭

Collectors were left fuming because of technical glitches and a crazy short minting window. Even worse, the new artwork was a photocopy of the original collection (okay, maybe not a photocopy, but close enough!).

The result?

The floor price of the original Azuki collection fell a whopping 44%! 😳

Just like we fall 100% for doodh every day.🥛❤️

Enter our NFT knight - Arcanic. 👨‍💻

This pseudonymous Azuki holder pulled back the curtain on a private call between the Azuki team and its community.

They weren't playing poker or discussing Bitcoin vs Ethereum, but planning the future of Azuki.

Arcanic believes the team wanted to capture the same feeling that people got when browsing through the OG Azuki collection.

'Give them more of what they love.' This was their intent, but they missed the mark here".

But fear not, for the Azuki team has a plan! 👏

They're gonna give the Elementals a fresh paint job.

And there's a sneak peek of some artwork that's got a new backdrop!👇

Oh, and remember that anime series Azuki hinted at? Yep, it's happening!

Think Naruto. But cooler. With NFTs. 🥷

And guess what? It's gonna be a series of self-funded animated shorts using Web3 tech.

Zagabond, the pseudonymous co-founder of Azuki, teased the integration of Web3 technologies into the show. Imagine watching your favorite anime, interacting with its characters on Twitter, and even getting tokens from them!

It's like getting an autograph, but better. 😮

Long-term holders and those with rare traits might earn the tag of "collector status."

Doodhwala’s Take:

Now, if you'll excuse me, I've got an anime episode to catch! 📺

📈 Cheese and Charts: Where are the Addresses?

Residents of Solana and Arbitrum want to get themselves evicted. 🏃‍♂️🏡

Confused?

No worries doodh, we’ll break it down for you. 🤭

You see, address activity on a blockchain indicates how well they are being adopted.

These could be transactions for:

👉 Buying, selling, and trading coins on-chain.

👉 Trading JPEGs and Meme coins involving dogs and frogs. 🤡

👉 Staking tokens for returns.

Well, the case hasn’t exactly been very favorable for chains like Solana and Arbitrum.

Let’s look at what the numbers have to say👇

1️⃣ Solana is seeing a 48% decline in total active addresses.

2️⃣ Arbitrum falls second, seeing around a 33% decline in total active addresses.

3️⃣ Surprisingly, the Optimism chain saw an 87% jump in active addresses.

So what does the above data indicate?

The boys are heading out of Solana and Arbitrum. ➡️🥴

The reasons could vary, but generally, it is an indication that → There is a saturation of financial opportunities compared to their ACTUAL use cases.

But hey, this is crypto. Things can change anytime. Amirite?

🛠 Resourcewala: Delegated Proof of Stake Explained

Look, no cap, Delegated Proof of Stake (DPoS) is gaining clout faster than your grandma on TikTok. 😲

Why, you ask?

Well, it promises to be more democratic, less resource-intensive, and speedier than the Proof of Work (PoW) and Proof of Stake (PoS) protocols. 🏎️💨

So put on your learning cap and step into today's resource where we pull apart the DPoS to see what's poppin'.

We talking:

• What the heck is Delegated Proof of Stake? 🧐

• Why DPoS and not PoW or PoS? 🤷‍♂️

• How DPoS works? How it doesn't? ⚙️

🍼 Doodhshots: Refund When Paul?

• 🔔 Legal Lights: South Korean lawmakers kick-start a crypto revolution, passing a bill to shelter investors. A welcome shelter in the crypto storm?

• ⚖️ Kraken Krackdown: Courts play hardball, ordering Kraken to spill the beans on account and transaction history to IRS. Time for some spring cleaning, Kraken?

• 🥊 Logan's Loss: Six months down the line, Logan Paul's CryptoZoo NFT buyers still waiting for refunds. Where's the refund, bro?

• 🐕 Shiba Shocker: PolyNetwork's attacker raises eyebrows, issuing “worthless” billions in SHIB, BNB, BUSD in latest hack. Fun tokens or a crypto catastrophe?

• 🇭🇰 Hong Kong Hustle: Hong Kong sets its sights on Web3, forming a task force to push development. Are we seeing the Asian tiger roar in the blockchain jungle?

🤣 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