🔺 TF are $ORDI and BRC-20?!

Gm, this is the doodhwala, the only crypto newsletter that’s like a dog. We’ll love you unconditionally, you can pet us. And best of all, we don’t bite. 🤗

Here’s what’s in store for you today:

• 🔺 TF are $ORDI and BRC-20?!

• 📉 OG Exchange gets Rekt

• 📈 Deposits > Withdrawals

• 🪄 Magic of zK Proofs

• 🍼 Crypto Shark Tank?

Reminder to pet your pets 🐶 🐱 🐹 🐮!

🔺 $ORDI, the New Crypto Sensation!

A new wave of cryptos just hit the degenerate shore, and it's huge! 🌊

Here are the spicy stats:

• $93 mn trading volume 🤑

• Within 12 hours of listing! ⏰

• Yes, you read that right! (only half a day 🤯)

We’re talking about → The Ordinal Token ($ORDI), a sweet and shiny BRC-20 token. 🪙

Now, you might be scratching your head, "$ORDI? BRC-20? Whaaat?" 🤔

Don't worry, our Doodhwala's got you covered! 🥛

👉 First, BRC-20 tokens.

Ever heard of ERC-20 tokens? They're digital coins built on the Ethereum blockchain.

BRC-20 tokens are similar, but there's a twist. 💃

BRC-20 tokens are built on the Bitcoin blockchain! That's right, the OG crypto blockchain. 🧱💻

BRC-20 tokens like $ORDI, benefit from the:

• 🔐 security of Bitcoin

• 👍 reliability of Bitcoin

It's like having your doodhwala deliver your milk in a bulletproof truck. Safe, secure, and reliable. 💪🔒

👉 Second, ORDIs.

You might’ve heard of Ordinals.

If not, we’ll get you covered in 10 seconds:

• Ordinals is like the master chef of Bitcoin's blockchain kitchen.

• It lets people operating Bitcoin nodes add a special flavor to each satoshi (the tiniest bits of a Bitcoin) — data.

• Each satoshi gets this data inscription via Ordinals Protocol creating… $ORDI.

So now, different types of data can be inscribed onto each satoshi, through the Ordinals Protocol like

🕛 Timestamps

✉️ Messages

👨🏽‍💻 Small pieces of code

📱 Accidental screenshot of my home screen when I’m trying to lock my phone (wait is it just me?!?) 

And now these ☝️ are virtually represented on the Bitcoin blockchain! 🌐

The cherry on top? 🍒

Every $ORDI token = 1 satoshi = Fully backed by Bitcoin.

So, it's as reliable as your Doodhwala delivering milk every morning. 🌞

But how does this affect Bitcoin?

Just like the extra doodh makes your tea creamier, the new data getting stored is making the Bitcoin network grow bigger and stronger.

In a nutshell, Ordinals are:

👉 Increasing the demand for Bitcoin’s block space

👉 Contributing to its demand, growth, and popularity

👉 Leading to a rise in transaction fees and block size 👇

Doodhwala’s Take:

Ordinals got us excited, and ORDIs got us excited-er.

But one thing we’ve learned after watching Suicide Squad (the one with Jared Leto) – you can’t judge something by its star power. 🤷‍♂️

So, don’t get your hopes up.

📉 Bittrex gets a bit Rekt

If you’re an OG trader or have been in the crypto space for around a decade 🕰️

You already know how serious this is❗(yes, this is red exclamation mark serious)

Bittrex, one of the earliest crypto exchanges, filed for Chapter 11 Bankruptcy on Tuesday 🏦

The Story of Bittrex 📜

Take a sip of doodh ya’ll, this will just take a moment 🥛

• 🗓️ 2014 – Bittrex was founded as an exchange trading Bitcoin, Litecoin, and a few other cryptos.

• 🗓️ 2017 – Bittrex had become one of the largest crypto exchanges in the world, with a daily trading volume of over $1 billion 📈

• 🗓️ 2019 – Bittrex launched an over-the-counter (OTC) trading desk to allow high-volume traders to execute trades directly with the exchange 💱

• 🗓️ 2023 – Bittrex files for bankruptcy.

Wait a frickin second, how did that just happen? 😲

Why did they file for bankruptcy? 🤔

“I don’t like you 💔”

It’s one thing if your crush said this to you. It’s a much bigger problem if it’s coming from the SEC💀

How the SEC is hunting down everything in crypto right now underscores the severity of the situation 😶

It started with U.S. Securities and Exchange Commission (SEC) filing a complaint against Bittrex 📝

On this basis, Bittrex decided to fight back against the SEC 🤜

• They hired a team of lawyers to defend against the complaint

• This led to high legal costs

• People thought things were hella sus with Bittrex

The negative publicity from the SEC complaint + impending bankruptcy filing = reputational damage for Bittrex 🔻

And this led to the worst thing for an exchange.

A shoutout by the doodhwala.

Decreased trading volume. 📉

Bittrex attempted to negotiate a settlement with the SEC, but it was unable to reach an agreement. ❌

And Bittrex declared bankruptcy!!

This is probably how they declared it 👇

Doodhwala’s take:

Exchanges can go down anytime bois – so always remember the golden statement of Crypto:

Not your keys 🔑, not your coins 🪙 (also, not your cow 🐄, not your doodh 🥛)

📈 Cheese and Charts: Deposits > Withdrawals

Imagine an ice cream-eating contest. 🍦

For the first time since it started, participants are eating up more than they're spewing! 🤮

That's the scene in the world of Ether (ETH) staking since the Shapella upgrade. 🥳

Shapella is the offspring of = Shanghai + Capella. 🎩

These ☝️ are 2 major Ethereum network upgrades that went live last month.

Since then, investors could pull their staked ETH out whenever they wanted.

But this week, the deposits are stealing the limelight. 🚀

For the 1st time since Shapella, deposits have outpaced withdrawals. 🥊

Over 200,000 ETH has been staked.

That's not all, folks.

• The total ETH stashed for staking is a whopping → 19M tokens.

• That's roughly 15% of the total circulating supply. 🧀

The biggest staker? Lido Finance is holding a big chunk of the staked ETH. They've got over → 6M staked ETH.

What does all this staking frenzy remind us of?

A doodh party gone wild! 🥛

As more people join in, the delicious, frothy goodness keeps growing!

🛠 Resourcewala: Unveiling the Magic of zK Proofs & zkSNARKs

If you're into crypto, you've probably heard about Zero Knowledge (zK) Proofs and zkSNARKs.

But if you're still like "WTF is this sorcery?" 🧙‍♂️, we gotcha covered!

In today's magical resource, we'll explore:

• What are Zero-Knowledge Proofs?

• The mystical birth of zkSNARKs 🌟

• The future of ZKP-powered crypto 🚀

Absorb this wisdom in less time than it takes to say "abracadabra"! 🧹

LFG! 🔥🔥🔥

🍼Doodhshots: Crypto Shark Tank?

• 🥷Coinbase Insider: Ex-Coinbase employee sentenced to 2 years in prison for insider trading. Guess who didn’t get an airdrop from their boss?

• 🥪 CBDC Assurance: CBDC developer says they don’t care how people spend on sandwiches. What about doodh we ask?

• 🚄 Turbo-Charged: A token called Turbo was created using ChatGPT, and whales are apeing in. Swift losses soon eh?

• 🦈 Shark-Tanked: Binance announces investment based show built on the metaverse. Damn CZ, finally something’s happening.

• 🇦🇪 UAE plans: Coinbase wants to head to the UAE for setting up an office amid SEC crypto crackdown. Hummus-t go there too!

🤣 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!

Today’s edition was brought to you by: Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya

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.