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- 🗑 Throw Out Sushi Keep The Bitcoin
🗑 Throw Out Sushi Keep The Bitcoin
PLUS: This crypto niche will dominate 2023
Aakash Athawasya & Arvind Krishna
December 20, 2022
Gm, this is the doodhwala, the crypto newsletter that gives you the same feeling of going through 3 straight 🟢 lights. 🥹
Here’s what we got for you:
Throw Out The SushiSwap
Miracles in the Metaverse
Chaach and Charts: WBTC thrown out
Milky Meme of the Day
WE'RE HIRING: Do you wanna write for the doodhwala? Of course, you don't.
Who tf would? 😭
But if you know some weirdo who would, DM us on Twitter or just reply to this!
Best Survival Food: SUSHI Tokens
One of the OG DeFi protocols is close to being thrown out like 2-day-old sushi.
SushiSwap is going through BIG problems.
And now the DeFi protocol’s head chef (that's crypto for CEO) is proposing to:
→ stop giving SushiSwap stakers rewards→ divert this ☝️ to the treasury
All of this is to help SushiSwap survive this bear market. 🥶
Why are we talking about this?
Because it's an interesting way to use the community to survive mad diff market conditions. What we don't know is — is it worth the cost for the token holders?
But first, wtf is SushiSwap?
❌ An OLX for sushi, tbh that’s a neat idea 💡✅ A DEX on Ethereum, Polygon, Avalanche, DoodhChainMax, etc.
SushiSwap and $SUSHI are DOWN BAD, almost as bad as Germany after the world cup.
This is sucking the SushiSwap treasury dry, and the execs decided their just ONE way to survive.
👉 Use the DEX fees to increase the treasury 👈
But it’s not what the holders of $SUSHI want tho.
🚨 GAME TIME STARTS 🚨
See, think of a DEX like that ball pit we loved to play around as kids.
The ball pit is where traders come in and play. They play by swapping one crypto for another and paying a fee.
But have you ever wondered? 🤨
HOW TF DID ALL THESE BALLS GET HERE?! AND HOW ARE THEY COLOURED DIFFERENTLY?!
Of course, you didn’t, you’re a kid! 👶🏻
People came in with different kinda balls. Some contributed 🔴, others 🔵 and some threw in 🟢 and 🟡.
But for every colored ball they contribute, they have to provide an equal number of tickets 🎫
🔴 🔴 🔴 = 🎫 🎫 🎫
Tickets = Proof you've contributed to the ball pit.
For each ball and ticket you contribute, you receive additional tickets (call them xtickets) used to play other games in the arcade.
Pretty cool right?
🚨GAME TIME OVER 🚨
This has kinda been the model for most DEXes, including SushiSwap.
→ Liquidity Providers contribute a token with a $SUSHI lending pair.→ Token is used to provide liquidity to trades.→ SUSHI is staked for rewards.→ Doodh is boiled.
But now the SushiSwap team is like, 'screw the staking rewards, we need the SUSHI to survive.'
And with nearly ~19 million votes cast by $SUSHI holders, the survival plan will go through.
The SushiSwap team says this change is temporary (about 6 months) until the $SUSHI token's tokenomics is changed.
Doodhwala's take: Idk about you but this sounds like when a politician says, "This road diversion is temporary, the highway will be done in 1 year." Six years later, I still see the "Under Construction" sign.
Is 2023 the year for “Miracles in the Metaverse”?
2022 has been the year of:
crazy scams and rug pulls 💰
BIG MONEY hacks ⛔️
boring and unfunny crypto newsletters 😎
It’s also been big for Metaverses.
This is gonna be hella important heading into 2023, for metaverses with:
big money
big loving energy
big NFTs backing
LFG? 👇
Big money flowing into the metaverse! 💰
A CRAP ton of money has been going towards the metaverse buidlers this year!
According to the data from Nasdaq, 216 metaverse funding deals were completed in 2022.
(that’s 215 more metaverses than you know existed!)
The total funding received from these deals is → $2 billion! 🤯
Who was the biggest recipient of all this funding? 🤨
Animoca Brands.
No, it's not a coffee brand for anime lovers. (pls sit down Naruto fans)
Animoca Brands is a HUGE metaverse ecosystem developing company.
They closed 15 deals in 2022 which amounted to over $564 million in funding! (they be swimmin’ in all the VC dough 😎)
Big loving energy: Metaverse is about LOVE ❤️
In another report by Dating.com (yeah, you read that right), over 33% of singles are planning to date in the metaverse.
With the metaverse taking away the whole geographical location issue, dating apps can leverage this for much high engagement and retention of users.
😉
So don't be surprised if Tinder or Bumble announces plans for their own metaverse.
I also won’t be surprised if I still don't find matches in the metaverse.
I guess I finally have to admit it's me and not an aLgOrItHm IsSuE 🥲
Big NFT backing: Bored Apes also takin’ BIG steps!
Yup, Bored Apes ain't just gonna stand there and lose the metaverse race.
That's why they have gone and hired a new CEO, Daniel Alegre.
Who tf is this dude?
President and COO at Activision Blizzard, the epic gaming studio
Top executive roles at Google for 16+ years
Biggest doodhwala fan (hopium 🥲)
He was specifically hired to take the BAYC ambitions with the metaverse and gaming to 🚀
BAYC had already launched a demo of their HIGHLY anticipated metaverse, Otherside.
So there are quite a lot of interesting developments happening when it comes to the metaverse.
From gaming and making money to finding the love of your life. ❤️
Can 2023 be the BIGGEST year of the metaverse yet?
Or will it still be the year of us gettin’ REKT? 😬
(REPLY and let us know what you think! 🔥)
Listen up buidlers: It’s time to ZKAdvance 🚀
Everyone needs a supporter. 🤝
A Circuit to their Munna Bhai. A De Villiers to their Virat Kohli. A Joey to their Chandler.
Especially web3 builders!
The truth is few people want to partner with web3 builders after the bear market of 2022.
One of those few people are → Brinc x Animoca Brands.
They’re bringing their flagship ZK Advancer Accelerator to 🇮🇳 for:
web3 startups in India, or
web3 startups that wanna enter India
They’re offering an investment of $250k, a cool curriculum, and 1-on-1 meetings with Brinc x Animoca Brands’s network of mentors + founders.
Apply here. Registrations close on 30 December.
Chaach and Charts: WBTC is being thrown tf out.
WBTC, it’s like a cross between Bitcoin and Ethereum
WBTC is Wrapped Bitcoin, it’s a version of BTC on the Ethereum blockchain, that you can:
• lend• borrow, or• trade at 20x leverage, lose all your life savings, spend Christmas Eve crying into a stocking while stuffing your face with cookies and milk.
….I got a little carried away. 😅
But people don’t like WBTC ❌ in fact they’re redeeming it for BTC ✅
In November → Over 30k WBTC ($500 million) was redeemed for BTCIn December (so far) → Over 29.1k WBTC ($490 million) was redeemed for BTC.
Y tho?
People don’t wanna hold onto a wrapped version of Bitcoin, they’re rather just keep BTC locked in cold storage themselves.
How is WBTC holding up given these redemptions? — check it out yourself.
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!
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.