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- 🧬 Polygon spent $3 million FOR THIS!
🧬 Polygon spent $3 million FOR THIS!
PLUS: Nope. We're not going to the MOON 🌗
Arvind Krishna & Aakash Athawasya
March 30, 2023
Sat Sri Akaal, this is the doodhwala the crypto newsletter that’s like your favourite waiter. We know exactly what you want the minute we see you. 👀
Here’s what we got for you today:
🚶♂️ The Great NFT Migration
😂 $9 million gets hacked
📈 The Merge's Magnificent Melt
🕵️♂️ Unleash Your Inner Crypto Detective
💰 $800M Open Interest
Let’s gooo!!
🚶♂️ The Great NFT Migration
You probably missed it, but this week was one of the most important weeks for NFTs eva!
And it’s not because some rando celeb bought an NFT for the “art” [read: the pump]
It’s because of → The Great Migration.
This week, 2 of Solana’s largest NFT projects said “Alvida 👋” to the blockchain.
Who we talking about:
The 2 [former] biggest NFT collections on Solana:
DeGods: A collection of 10k NFTs of dudes with no-eyeballs, with an expression like, "Bruh someone just took my 🚬"
y00ts: A collection of 15k NFTs of brightly colored monkeys that just did a bag of 🍄 and are smiling all the time for no reason
When are they making the move?
🗓️ Monday, March 27 y00ts – made the move to Polygon
🗓️ Friday, March 31 → DeGods – will make the move to Ethereum
How are they making the move?
Holders have to migrate from:
DeGods: Solana → Ethereum
y00ts: Solana → Polygon
They do this through → The Wormhole Bridge.
Here’s how it works:
1️⃣ Users connect their Solana wallet
2️⃣ Users connect their Ethereum/Polygon wallet
3️⃣ The NFT on the Solana wallet is burned 🔥 🔥 🔥
4️⃣ A similar NFT is created from scratch on the new blockchain 🤌
So far → 75% of y00ts NFTs (11,300 NFTs) moved from Solana to Polygon. That’s $37 million in NFTs that just got injected into the Polygon ecosystem.
NFT holders are also getting MAD incentives for making the move:
gas fees reimburse
USDC giveaway by marketplaces
free trading of NFTs for 30 days
Not bad 👌
Why are they making the move?
Short answer – money. 💰
DeGods and y00ts were paid $3 million by Polygon as a “grant” to move from Solana.
I’m gonna start paying out “grants” the next time a traffic cop stops me for skipping the signal. 😉
Long answer – Solana’s NFT ecosystem is dying. 💀
After the collapse of FTX, and the hacks and drains of several Solana-based DeFi projects, Solana’s NFT scene was down the 🚽.
Even the 2 top NFT projects were feeling the bad vibes 🙅♂️
Here’s what the DeGods founder said:
“There’s an argument to be made that [DeGods] has capped out on Solana. If Ethereum is where we have to go to keep growing, it’s what we have to do.”
He basically said:
And why move to Ethereum + Polygon?
🔘 Ethereum – to compete with the top NFT collections.
All the top NFT collections (by market cap/volume/community) are on Ethereum:
🦍 BAYC🎎 Azuki👾 Cryptopunks🥛 Doodhwala Punkapes
🧬 Polygon – to work with the top companies getting into NFTs.
Polygon is working with HUGE companies on the NFTs:
👟 Nike🤖 Reddit🐭 Disney☕️ Starbucks🥛 Doodhwala
Being a part of these companies will allow DeGods + y00ts to work with some big brands. And all the big brands are on Ethereum. 🤷♂️
In order to – build the hype + establish connections with top Ethereum and Polygon-based communities, Frank DeGods (real name Rohun Vora 🤣), the project leader of DeGods, is buying up Ethereum and Polygon NFTs like
🎎 Azuki🐸 CrypToadz🤺 VALHALLA🦍 CyberKongz🐵 Bored Ape Yacht Club🥔 The Potatoz by 9GAG
The man spent north of 100 ETH (~$200k) on NFTs and probably has every animal as an NFT that he can start an NFT zoo 🤣
Doodhwala’s take:
Solana’s focus right from the start was to be the “Wall Street of Crypto” a high-powered financial application blockchain.
NFTs may have been a distraction.
DeGods + y00ts wanted to move to a blockchain where NFTs were not a distraction aka Solana but were front-and-center, aka Ethereum + Polygon.
And they’ve got clear benefits from moving – competition + community. 👌
😂 $9 million COMEDY of ERRORS!
Another day, another CRAZY story.
This one involves:
Jake Paul and Lil Yachty
$9 million in stolen money
$100 million market cap project
Safemoon.
No, this is not our homie Elon’s secret project to get people to the moon safely.
It is a meme coin that was launched in March 2021 with a 777 TRILLION supply. (that’s a trillion with a T 🥲)
And like every other token in the Great Bull Run of 2021, the price went to the frickin’ moon. 🚀
A $1000 investment in Safemoon token (SFM) in March 2021 went up to → $3.5 MILLION in July 2021. 🤯
Just three months apart. 😅
It became so popular that celebrities like:
Jake Paul (the boxing bro)
Lil Yachty (the rapping bro)
…promoted it shamelessly. (probably to pump up their own bags 🤷♂️)
But like every other meme coin with no utility that pumped hard in 2021, it fell into a slump worse than Charlie Sheen’s career. 😬
And yesterday it was hacked for $9 million dollars in the most comical way. 👇
Here’s the timeline:
🗓 March 28th (morning) → SafeMoon team completed a smart contract upgrade
🗓 March 28th (just 3 hours later) → A hacker exploited a bug in the code and stole $9 million
And here comes the “comical” part—
The hacker was quickly front-run by ANOTHER exploiter who took all that money away.
In other words, the hacker got GOT! 🤣
Wait...wtf is a Front Run? 🤨
Front running is when a crypto address identifies a high-value trade on the blockchain [like an exploit] and pays high gas fees to get the same trade executed before the original.
This front-runner, however, turned out to be a decent guy (at least so far)
After the amount was stolen, the front runner sent a sweet little message on the blockchain to the SafeMoon dev team:
❌ ”Let’s meet for brunch and listen to jazz music while I give the money back”
✅ "Let's discuss the detail, please send a message from the same address containing your email address, and contact us by email: [REDACTED].”
Does it give off a “cash me outside how bow dah” vibe 😅
In terms of how the FIRST hacker stole the funds from SafeMoon…it’s a little too suspicious. 🤨
1️⃣ First → The new contract upgrade of Safemoon contained a piece of code, which allowed ANY user to burn tokens from ANY other address
2️⃣ Then → The attacker used this code to remove $SFM tokens from the Safemoon-WBNB Liquidity Pool, causing an artificial increase in $SFM price
3️⃣ Finally → The attacker sold $SFM tokens into this liquidity pool at a significantly higher price within the same transaction
The exploited code was so trivial that even Cardi B could have found it after watching a 10-minute video on “Intro to Smart Contracts Auditing” on YouTube. 💀
This led to PEOPLE suspecting that the hack might have been an INSIDE JOB! 🤯
*Cue dramatic music*
If it was an inside job then it's definitely a creative way to rug pull.
Saying “oops, there was a hack but don't worry we are looking into it 😉😉😉”
Either way…there are only a few other ways for a meme coin to be hacked that can top this!
📈 Chaach and Charts: The Merge's Magnificent Melt
Who would've thought that Ethereum would go on a diet and shed some pounds (I mean, $ETH)? 🤔
Ever since The Merge happened, Ethereum's been acting like some Hogwarts-level sorcery. The supply has gone down by a whopping 70,000 $ETH! 🤯
Here's the timeline of Ethereum's great vanishing act:
🗓️ Pre-Merge: Ethereum Supply ➡️ Gazillions (okay, not really, but you get the point!)
🗓️ Post-Merge: Ethereum Supply ➡️ 70,000 $ETH less 😱
That's over $126 million at current prices! 💰
But wait, what's The Merge? 🤔
The Merge was the much-anticipated event where Ethereum transitioned from Proof of Work (PoW) → Proof of Stake (PoS). No more mining! Instead, validators and stakers are the new sheriffs in town. 🤠
So, why the shrinking supply? 🧐
It's all about the burn, baby! With EIP-1559 and the switch to PoS, the base fees for transactions are now being burned 🔥, taking a chunk of $ETH out of circulation.
Less supply, more demand – you know the drill! 💹
But what does this mean for all the HODLERS out there? 🤷
Is this just the beginning of Ethereum's disappearing act?
Will we see more $ETH going poof in the coming months?
One more question!
Are you team Ethereum or team Bitcoin? (or team Dogecoin, we don't judge)
(REPLY and let us know) 🌊
🛠 Resourcewala: Unleash Your Inner Crypto Detective
Crypto research got you feeling lost? 🤯
Don't sweat it, fam! We've got the ULTIMATE guide to help you navigate the wild world of crypto. 🚀
Today's resource is all about that, revealing the BEST crypto research tools out there:
Data aggregators and charting tools 📊
On-chain analytics platforms 🔗
DeFi tracking tools 💸
NFT market insights 🖼️
Social sentiment analysis 🗣️
Crack the crypto code in no time with these game-changing tools. 🏆
🍼 Doodhshots: $800M Open Interest
📈 BTC Supremacy: Bitcoin is on track for its best quarter in two years, outshining Ether, gold, and the Nasdaq. Will it keep shining?
🌊 XRP Tidal Wave: XRP open interest soars to $800M as traders anticipate the Ripple-SEC verdict to ignite an 'Alt Season' frenzy.
🔥 Safemoon Burned: Nearly $9 million snatched from Safemoon Chain due to a 'Burn Bug' – more like 'Burnt Bug,' right?
🏠 NFT Real Estate: Homebase sells a $235K Texas house via Solana NFTs, making digital real estate a tangible reality.
🤖 AI Over Crypto: Galaxy Digital CEO believes governments should fear AI, not crypto. Will they listen or keep scapegoating crypto?
🤣 Milky Meme Of The Day
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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.