🥊 Staking WARS have begun

Namaste, this is the doodhwala. The crypto newsletter that 4 out of 5 doctor’s recommend. The fifth one was lactose intolerant, so we don’t listen to them. 🫢

3rd day in a row, we’re heading closer to “Extreme Doodh” 🥛

Here’s where we’re at today fam:

• 3️⃣ BIG things from the 20-page FTX report

• 🔥 The Staking WARS just began

• 🖼 NFTwala: Marketplaces on AVAX!

• 🤣 Milky Meme of The Day

Ready or not, here we come!

3️⃣ BIG things from the 20-page FTX report

FTX.

The exchange that made people say, “Screw it, I’m out!”

Yeah, that exchange is BACK in the news, but this time with accurate numbers.

Their bankruptcy lawyer people dropped a 20-page report on:

→ how much dough they hold?→ division of the dough!→ where tf is the dough?!

For you boomers out there dough = money

So, we took a look and this is what you need to know:

1️⃣ Backdoor of $65 billion

Alameda, the dirty market maker of FTX, could potentially withdraw $65 billion (that’s with a B!)

Do you know how much $65 billion is?!

• 3 million BTC

• 41.2 million ETH

• 5.3 lakh crore INR

• 1 DOODH

THAT'S 65,000,000,000

How did this amount 🚀 to $65 billion?

You know when you were 15 and you wanted to sign up for a website for “adults,” you’d put in 25 as your age.

I mean, even 18 would do. But 25 just to be sAfE!

Alameda didn't “NEED” $65 billion, but just to be safe this was kept to prevent them from being auto-liquidated.

You see that red arrow ☝️ there?

That’s what we call “aukaat” 🙃

2️⃣ Liquid assets of $5.5 billion

We speculated on FTX’s liquid amounts last week based on some legit reports, but realized we were waaaay off.

But now we know!

FTX actually holds $5.5 billion in liquid assets!

Liquid = Paani ❌Liquid = Easy to convert into cash ✅

That’s divided into:

• Cash = $1.7 billion

• Crypto = $3.5 billion

• Securities = $0.3 billion

Woah woah woah, hold the phone 📞 this might be the “liquid” amount but no way it’s that easy.

Why? 3 questions:

→ $680 million in SOL, can the Solana ecosystem handle this amount of sell pressure?→ $530 million in FTT, who tf would buy the shitcoin FTX created for this mess?→ $1.2 billion in random coins held at OTHER exchanges, are these other exchanges even solvent?

FTX also has 35+ properties in The Bahamas which costed them $250 million.

If only they didn’t do weird things like engage in orgies and eat vegan food, it would fo sho be the next doodhwala HQ!!

Check out these swanky accommodations. 👇

3️⃣ Hack of $415 million

Back in November, immediately after FTX went from ⭐️ to 💩 someone hacked FTX.

At that time, people thought it was:

→ Sam himself→ An annoyed FTX customer→ A disgruntled FTX employee→ A very very pissed-off doodhwala

Whoever it was, they hacked $415 million in crypto from FTX and FTX US.

• FTX → $323 million

• FTX US → 90 million

We know hacking the hacker seems kinda cool ngl, but these funds were still customer funds. 🙈

So, yeah not cool hacker! 👎

Doodhwala’s take:

What FTX did was a complete 🤡 show.

But at least now we have clarity on how much can actually be recovered.

If nothing else $1.7 billion in cash “seems” recoverable. 🤷‍♂️

We just hope, users get some of their dough back, but until then, we’ll give you a HUG 🤗

Catch The Doodhwala BOIS 🥛

What are Sundays for?

Sleeping in? ❌Going on Sunday brunches? ❌Sipping some doodh with the doodhwala ✅

(but wait, you don’t deliver the newsletter on Sunday, how can I sip some doodh?)

NOW. YOU. CAN. IN. PERSON.

The doodhwala bois are speaking at Unlocking Web3, a cool web3 meet-up THIS WEEKEND!

So, if you have nothing better to do on Sunday evening, why not join us?

(we’ll give you some stickers and buy you some doodh fo sho!)

👉 Register here.

🔥 The Staking WARS just began

Staking ETH and Bangalore traffic has a lot of similarities.

• it costs a lot

• it take a ton of time

So, to make it easier people use public transportation. Because it's cheaper and you can do other things (like fix your hair, take meetings, or read the doodhwala newsletter).

Point is, it's more convenient. Just like liquid staking through:

1️⃣ Lido Finance2️⃣ Exchanges like — Coinbase, Binance, Kraken3️⃣ Rocket Pool

And now the liquid staking WARs are heating up. 🔥

But first, let's be clear, the top dog in this space is Lido:

• holds ~30% of all ETH staked

• Lido’s staked ETH gives 5% APY, higher than Coinbase’s and Rocket Pool’s staked ETH

• ETH TVL of $7.6 billion (5 times Coinbase’s ETH TVL)

Now, we're gonna see mad interest because:

Coinbase 🤝 Rocket Pool

Coinbase (specifically Coinbase Ventures) is joining Rocket Pool’s governance DAO — the Oracle DAO.

The partnership will help;

→ Coinbase: Partnering with a decentralized staking protocol→ Rocket Pool: Partnering to bring on more institutions into ETH staking

Damn, this is better than the Sanjay Dutt 🤝 CZ partnership.

Metamask 👍 staking

Metamask, the wallet whose customer service agent is NOT tryna contact you is also gonna allow users to stake.

But it’s limiting liquid staking through:

• Lido

• Rocket Pool

Soon you can stake normie ETH → staked ETH…and…Swap back staked ETH → normie ETH

Why is staking catching 🔥 rn?

In two months Ethereum will undergo the Shanghai upgrade. This is how it’ll go down 👇

But more importantly, it’ll unlock staked ETH. 🤞

🫴 Some might decide to continue staking.🫳 Some might decide to stop staking.🤌 Some might go with liquid staking.🤝 Some might sub to doodhwala.

And this is when the STAKING WARS will 🔥 up.

If you staked ETH before what would you do when it's unlocked? LET US KNOW!

🎮 Gameswala: WHO TF IS THIS?

Can you guess the person in this picture? And can you guess where he is?

Hint: His nicknames include Ethereum ka Raja, Proof Of Staker

(answer given at the bottom of this email 👇)

🖼 NFTwala: Marketplaces on AVAX!

Which is the TOP NFT marketplace on the Avalanche Network?

🤨 Is it OpenSea?Nope. They did integrate with AVAX network but there aren’t the BIG BOYS here. 🤷‍♂️

🤨 Is it Magic Eden?Lol no. They don’t support the network yet. 😉

🤨 So who then??

Joepegs! (it's not what you think it is, get your head out the gutter 🤦‍♂️)

They control close to 40% of the NFT market on the Avalanche network with over $53k in volume! 🤯

But do you think OpenSea will take over soon? (REPLY and let us know what you think 👇)

Check out some cool NFT data on → Unleash NFTs. 🙌

🛠 RESOURCEWALA: Become CRYPTO SMART

Not sure if you have realized it yet…but we’re in a BEAR market rn.

The token prices are low af but the BUIDL energy is high af!

But if you were looking to delve deeper into the crazy world of crypto then THIS IS THE BEST TIME ever! 🔥

You can arm yourself with the knowledge that will make you ready for the bull market capitalization! 💰💰💰

But what exactly are the tools needed to do so? 🤨

Tools that will give you the edge with:

• great market data

• great analysis

• great insights

Ofc, there is always the doodhwala. 🤷‍♂️

We give you the top things you need to know about the crypto market for the day with some AWESOME memes! 🥛

But here’s where you can get some RAW blockchain data to take it to next level!

Enjoy! 🚀

😂 Milky Meme Of The Day

💰Answer💰

Let us know what you think 👇

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.