👋 DApp Says Bye To Ethereum. Vitalik Dumps Tokens

Gm, this is doodhwala, the only crypto newsletter that won’t rain on your parade like the 🇮🇳 India vs. 🇵🇰 Pakistan match this weekend. 😭

Here’s what we got for you today:

• 🇮🇳 Namaste OKX: OKX Is Ready To Enter India

• 💎 Vitalik Sells: Vitalik Just Sold His MakerDao Tokens

• 📈 Cheese and Charts: Lending Takes Over TVL

• 🛠️ Resourcewala: Wanna Know Wtf DeFi Is?

• 🍼 Doodhshots: Half Of This Country Uses Crypto

🇮🇳 Namaste OKX (You’ve Got Problems Tho)!

OKX. It’s like OK. But with an X. (Btw, I hope my ex goes to hell)

OKX is all set to have some taaza desi doodh and munch on some Samosas rn. 🥛

You read that right!

OKX, one of the Top 3 crypto exchanges in the world → Is planning to set up business in India. 🇮🇳

The OKX C-suite sees it as a bright region for growth, but is it?

Time to understand the India Story for crypto, and if OKX can even function well here. 🤔

Either way, they’re always welcome to India fo sho. 🤝

1️⃣ Let’s understand the CEX landscape in India.

India is a land of diverse people, and cultures, and some whacky regulations around crypto for some reason.💀

You see, we have some weird stances on crypto rn:

• Prime Minister Narendra Modi called for the need for a global framework to manage cryptocurrencies

• RBI Governor Shaktikanta Das said that the next Global Financial Crisis will happen with cryptocurrencies.

• Finance Minister Nirmala Sitharaman proceeds to add a 30% flat tax on Virtual Digital Assets, along with a 1% Tax deduction at transaction sources.

Meanwhile Indians → Excuse me, wtf? 🤷

All of this has Indians confused about the stances of the government on crypto and digital assets. 😕

And not just for you and me, but also for the existing crypto businesses in India. 🏢

These include:

👉 Crypto Exchanges

👉 Venture Capital Firms

👉 Blockchain-powered Firms

There are only a few things they can move forward without proper regulation. 🙅‍♂️

What are they gonna do? Fight with each other? 🥊

Ohh wait, they are already doing that. 🤔

2️⃣ OKX loves Indian Developers

Okay now coming to OKX, there’s a reason they’re 👀-ing India right now.

The US might have its money, but we have those dope desi developers in 🇮🇳. 😋

Ever since the crypto boom of 2021 and 2022, a lot of developers who know blockchain coding languages like:

• Rust

• Solidity

• Doodh-code

…are gaining a lot of traction. 🧲

However, there’s a catch. 🤾

You see, while there has been a steady increase in Indian Developers — The US is losing close to 2% of developers every year. 😮

We got the devs. ✔️

We got the users. ✔️

We got the freshest milk out there. ✔️

No wonder they’re planning to expand their wallet services “exponentially” by entering India. 🤑

3️⃣ CEX problems (Pun intended)

OKX coming to India could only be the best or worst thing they could do. Nothing in between.

You see CEXs in India are going through a tough time right now – Because of the regulations that have been put out following the Annual Budget.🏦

After a whopping 30% flat tax on crypto along with a 1% tax deduction at source, maintaining a crypto exchange in India is becoming way too expensive.

And these strict restrictions are pushing Indian exchanges like:

• CoinDCX yeeted out 12% of their workforce last week

• Coinswitch yeeted out 7% of their employees

So the question is simple, OKX.

How will you survive here? 🧐

We hope you have an ace strategy in place to dodge a few bullets. 🔫 (Not actual ones ffs)

Doodhwala’s Take: 

India’s a tough market to crack. But it’ll be easier if you drink some doodh every day. 🥛

🤔 Vitalik Hates What?

Vitalik Buterin.

The man who founded Ethereum just sold this DeFi platform’s tokens. 😅

The platform:

• second largest DeFi platform

• over $5 billion in total value locked

• home to the third largest stablecoin

Of course, we’re talking about MakerDAO.

And – YES VITALIK JUST SOLD HIS $MKR tokens.

Wait wtf is MakerDAO?

MakerDAO is governed by its – MKR tokens.

Owners of these tokens get to make decisions on the platform – like voting on upgrades. Think of MKR holders as the board members of a company.

So, if you own MKR, you're kinda like a shareholder. 😲

Now coming back to Vitalik, I mean why’d he sell his tokens?

📖 A Little Backstory:

On a casual Friday, MakerDAO's CEO, Rune Christensen, dropped a spicy blog post. He shared some big plans for MakerDAO in it that Vitalik didn’t like.

MakerDAO is thinking of setting up their project on a new blockchain called NewChain. Really? The new chain’s name is…literally…NewChain?

And guess what?

This could potentially be forked from Solana.

🌶️ spicy 🌶️

It's like switching from iPhone to Android (you’ll get to know who’s the iPhone).📱

So why is this a big deal?

• MakerDAO currently operates on Ethereum.

• A switch to Solana would be a BIG deal.

BUT why Solana?

What’s wrong with Vitalik Ethereum?

Maybe Rune has a lil crush on Solana. ❤️

Rune gave some reasons:

1. Solana's code is advanced and reliable

2. Even after facing challenges like the "FTX scam," Solana showed resilience. 🥊

3. Successful projects, like the Pyth Network, have been made on Solana. 🌟

Rune’s vision is – MakerDAO's NewChain works as a bridge between Ethereum and Solana.

This could potentially enhance the overall multichain system. 🚀

But don’t get too happy you Solana Maxis.

Cuz Rune also mentioned another possible choice for NewChain's base → Cosmos.

So, that's something to keep an eye on. 🌌✨

Vitalik's Move 🕵️:

Back in April 2018, Vitalik bought 1071 MKR tokens for $905 each.

With his recent sale of 500 MKR today worth $580,000, he made a profit of around 27%.

Last time he used his MKR?

In April 2021, when he gave away 100 tokens to help with Covid relief in India. 🌍

Doodhwala’s Take:

This is some spicy news from the OG DApp on the Ethereum blockchain (and one of the few apps that is deployed on just one chain…for now).

But good for Maker and Rune for sticking to their own vision.

Let’s hope it works out for them and eventually for Ethereum. 🤞

📈 Cheese and Charts: Lending? Big Deal!

If you think lending is just about that friend who never returns your stuff, think again!

Crypto lending is making more noise than your neighbor's late-night fight sessions. Why’d you do it guys?

And guess what? Its TVL crossed a whopping $13.3 billion. 🚀

Is that a lot?

Enough to make lending the 2nd largest category in crypto.

Maybe you should only lend in crypto.

Wait, TVL? 🤔

Total Value Locked (TVL) is the crypto lingo for the total money locked in a particular sector or protocol.

Kinda like the money you swore you'd save, but ended up spending on that 10th pair of sneakers. 🤫

Top Performers Last 7 Days:🏆

🥇 Spark Protocol

🥈 Aave

🥉 Morpho

4️⃣ Bend DAO

5️⃣ Benqi

So Lending's future? Brighter than my phone screen at 3 A.M.

And no doubt that it’s very important for DeFi’s future.

But seriously, if anyone has tips on how to get stuff back from a friend, drop a hint below.

Asking for...me. 🤫

🛠 Resourcewala: Wtf is DeFi? (more than Decentralised Finance)

You've heard about Bitcoin, Ethereum, and the ever-so-trending NFTs.

But have you tapped into DeFi? 😏

While traditional finance makes you queue at the bank, DeFi lets you be the bank. 🚀

Centralized banks and their stuffy suits? So yesterday!

Today, it's all about decentralized finance where YOU control your money.

No middlemen, just good ol' peer-to-peer transactions.

Let's unpack this big boy for you:

• What IS Decentralized Finance?

• The backbone tech behind DeFi 🛠

• Potential risks (yes, it's not all rainbows) 🌈

Plus: The Future of DeFi

READ TIME: Quicker than it takes for you to dig out that old bank passbook! ⚡️

🍼 Doodhshots: Half The Country Has Crypto?

• 🇮🇳 UPI x Crypto: Yes Bank from India has just integrated the Indian CBDC - Digital rupee within UPI, giving it a huge use boost. So UPI gonna become crypto now?

• 🇹🇷 Turkey’s Adoption: Turkey’s crypto adoption rose from 40% of the population to over 52% of the country this year. Imagine more people using crypto than your own currency!

• 📉 VCs Downbad: VC funding for crypto has fallen for the 4th consecutive time this year, hitting a new two-and-a-half-year low. Pweasee don’t kill the industry.

• 🤑 BASE Profits: Coinbase’s new chain BASE is making hella money through fees, with $3.3 million in profit generated in less than a month. Brian is jumping on his bed rn.

• ↩️ Robinhood’s Stake: Robinhood is buying back Sam Bankman Fried’s stake of 55 million shares in the company. Well…Good.

🤣 Milky Meme Of The Day

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That’s all for today folks! See ya tomorrow!

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.

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

Edited by: Arvind Krishna and Aakash Athawasya