🔒 Binance makes its post-FTX bet

Namaste, this is the doodhwala. The crypto newsletter that’s as refreshing as drinking a chilled can of Coke on a hot summer afternoon. 🤤

And yes, we belong to the Coke gang. Ain’t no Pepsi for us.

Here’s the menu for today:

• Binance’s next big BET revealed

• Oh Solana meri jaan

• The largest hodler of BTC is...

• Milky Meme Of The Day

LFG! 🔥

Binance’s next BET revealed

Binance.

The company that sent Ronaldo to the moon and the company that might send Sam-Bankman to jail.

They just made a BIG investment.

It’s not a basketball stadium (classic mistake)

It’s not an ultra-unfunny crypto newsletter. (CZ let's talk🤞)

It’s a hardware wallet.

Binance recently invested in a hardware wallet maker called NGRAVE (I’m not shouting, it’s just the name of the company lol).

NGRAVE makes a few cool things like — cold wallets, hot wallets, and private key backups.

We’re not saying this is a big deal, but it’s A BIG DEAL.

Here’s why:

In crypto, there’s one big problem right now.

Not those bots on Twitter commenting about some scammy Telegram group.

But storage. 🔒

After the FTX fallout no one, not even my nani or dadi, wants to store their coins in exchanges.

In fact, in the past 7 days, over $24 billion has moved out of crypto exchanges. 🤯

Where is all of this crypto moving into?

When crypto moves outta exchanges, it moves into private wallets.

These wallets can either be:

• Hot wallets — self-custodial wallets connected to the internet

• Cold wallets — self-custodial wallets not connected to the internet

And Binance has got both of these places under its ginormous umbrella.

Hot wallets → Trust Wallet.

🥁 and now 🥁

Cold wallets → NGRAVE.

This will be massive for the exchange because it now covers the entire crypto lifecycle.

What’s that?

Let’s take a look:

1️⃣ Initiation the “okay how tf do I do this?”Users on-ramp fiat currencies into Binance the cryptocurrency exchange.

2️⃣ Execution “okay, how tf do I buy doge BTC?”Users use fiat currencies to buy the crypto of their choice.

3️⃣ Storage “okay, how tf do I leave this exchange?”Users move coins to private wallets either hot or cold wallets.

What about if the user wants to do other things?

💳 Pay for stuff using crypto? Binance Cards.🤖 Use crypto on DeFi apps? Binance Smart Chain.👛 Store crypto on self-custodial wallets? Trust Wallet.🐦 Tip people while shitposting on Twitter? Probs coming soon.

At this point we're like:

Someone coming into crypto will look at Binance and say, “oh! this company can do everything in crypto.”

Oh and that first bit — the initiation — of moving fiat from the bank account to the Binance account could also come under CZ’s grand vision.

Yup, Binance wanted to buy a bank.

THEY’RE EVERYWHERE.

Doodhwala’s take: We’re confused about this one.

So, we’ll leave it up to you. 🫵

Reply to this email with your take. One lucky winner will receive 10 MATIC!

Oh Solana meri jaan!

We have talked about Solana quite A LOT in the past week.

From the state of its DeFi ecosystem to how its TVL makes you cry harder than after watching My Name is Khan. 😭

It’s been a rough few weeks for Solana. (someone pls check on Tanmay)

But recently, the Solana Foundation released a short update on how the underlying chain is actually doing.

They measured it mainly on:

• TPS (transactions per second)

• Avg Block Time (how fast it adds new blocks)

• Daily Programs Used (Network Usage)

And all of these metrics seem to have gone down slightly compared to how it was doing last month.

Daily Programs Used, the metric to measure how actively the network is being used has only dropped by a little.

Shows that people are still using the applications on Solana! 🔥

But last week, we said Solana’s DeFi ecosytem is as good as 💀

So what are the applications actually being used?

Well, for one, it can be the NFT marketplaces! 💰

Why do we say that? 🤨

Solana NFTs are defying the laws of physics!

• Sales are up to $2.3 million daily (25% of Ethereum NFT sales)

• Close to 20k transactions by 6k traders

🚀 🚀 🚀.

The NFT collection leading the way on Solana are:

• y00ts

• DeGods

• Solana Monkey Business

In fact, the floor price of Solana’s blue chip NFTs has shot up in the past few weeks! 🔥

Core Solana devs are building despite the news.

They're more focused than I am when eating my way through a large plate of biryani. pls don’t disturb.

They even released an update a few days back that would avoid the constant network shutdown that it faces. 💪

But it’s good to know that builders are continuing to BUIDL. 👏

It’s a sliver hope, but we’ll TAKE IT! 🥛

Chaach and Charts: Big Man Binance

Holding BTC is like having the Ring of Power. More you hold it, more power you have. 🦄

For the longest time, Coinbase Pro held the most Bitcoin in their reserve.

But now, big boy Binance is here. 😎

Binance now holds the HIGHEST amount of Bitcoin in reserve than any other exchange.

With 584,083 BTC it took over the long-time king, Coinbase Pro.

That’s $9.2 billion worth of BTC. 🤯

DeCode Web3 is BACK, baby!

The fastest-growing decentralized cloud is HERE and it's bringing you the best meetup in town!

This time in Indiranagar on Saturday 26th November! 🔥

Be there. Or BE THERE!

Register by clicking on the banner below

Milky Meme of the Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

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 a 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.