🥳 Vitalik Threw A Weird Party

Gm, this is the doodhwala, the only crypto newsletter with a TRILLION dollar valuation people’s validation. 🔥

Yup, we deliver to people beyond the Milky Way as well. (Or as they know it- the Doodhy Way)

Here’s what we delivering today:

🥳 Party Of The Year: Vitalik threw the weirdest party of the year and we were invited.

😅 DAI, what are you doing! DAI is breaking up with USDC. Drama to follow?

📈 C.O.D Marketplace Wars: Who’s actually winning the Blur vs OpenSea battle?

⚒️ Resourcewala: Wtf is Forking?

🍼 Indian Insight: India set to take centre stage at G20 to talk about crypto.

🥳 Vitalik’s in a Party Mood

About 2 months ago…

…a crazy kind of gathering took place, leaving us all scratching our heads. 😅

• 📍 Place: Montenegro (yeah they're hanging out in a place most of us can't even pronounce)

• 🙋‍♂️ Guests: 200 masters of crypto, big pharma, politics, and academia

• 😎 Host: None other than Ethereum co-founder, Vitalik Buterin

And the purpose?

Blockchain, AI…oh and trying to live forever aka immortality. 🧛‍♂️

Are they planning to become vampires? God knows!

Even our beloved Balaji came to the party, remotely though! 👇

And it wasn’t a normal meet-up (we know how much you love those free drinks). 🤷‍♂️

The regular party banter here was not “Bro when will the free buffet open?” but it was more like "When do you think you'll die?" (Deep. 😳)

And that’s why the event was named → Zuzalu.

Sounds like an overpriced drink to me!

But nah, it's actually an experimental pop-up city.

Wtf is that, now? 🤔

And even the people who were a part of the event call themselves → Zuzalans.

Their breakfast spot? A local Montenegrin restaurant, where all the vegetarian food is served. (sigh 🤦‍♂️)

Turns out, life in Zuzalu ain't much different from a typical breakfast gossip.

Well, except for the part where they're discussing

👉 Cryptocurrency

👉 Blockchain networks

👉 How to achieve immortality at the breakfast table

Third one sounds like my kind of morning chat! 😂

Jokes aside but some of ☝️these immortality-obsessed Zuzalans are confident they'll cheat death.

They even talked about creating an exclusive nation for immortals! Crazy right?

And in case you're wondering, they've thought about potential issues too.

Like… what happens if there's resentment from the mortal underclass or if a virus targets the immortality medicine?

Well, they're still working on those kinks. 🧬🔬🧫

Now here’s a funny thing about the event:

They used worthless Venezuelan currency, bolivars, as invites to a party. 💃

Not able to produce a bolivar at the door? Sorry, mate, “no entry”.

It was so in demand that they even developed an app for bolivar holders to create virtual IDs.

Who said the bolivar was worthless? In Zuzalu, it's the hottest ticket in town! 🎟️

In Zuzalu, even casual conversations come with a side of world-altering ideation.

On the second night at Zuzalu, a dude asks a lady, "Do you think you can change the course of human history?"

Now, that's what I call a cheesy pick-up line.

She says no, but the guy convinces her that she already has, and she falls agrees with him.

I mean, come on, who wouldn't want to believe they're changing the world? 🌎

The best part? It's set to return next year!

Maybe we'll find the secret to immortality by then or maybe we'll just find a new scam to talk about. 😂

Doodhwala's Take:

Now, if you'll excuse me, I need to check if I've got any invites to the next Zuzalu.

After all, immortality might just be the only way to keep up with the ever-rising price of doodh. 😅🥛

🪂 DAI-ving into Chaos

DAI.

Part time stablecoin. Full-time nickname for your Tamil friend. 👬

DAI is now the latest entrant to ditch USDC in its reserves, thereby moving 1️⃣ step further into true decentralization.

Or are they?

Grab a glass of Doodh 🥛and invite your Tamil friend to read along as we DAI-ve into this story today. 🏊‍♂️

1️⃣ What is DAI? 🤔 

DAI is a decentralized stablecoin that is part of the MakerDAO ecosystem. 🌐

It is designed to maintain a stable value equivalent to the US dollar through a combination of —

👉 Smart contracts

👉 Collateralized debt positions

👉 Other Stablecoins

2️⃣ Why are they ditching USDC?

USDC is like that sneaky class leader who writes your name on the board. 😡

You might think he’s your friend, but he’s gonna go and snitch and tell the teacher.

You see, USDC doesn’t have a good track record of maintaining its peg with the USD. 💀

We wrote about it a while back here →

USDC is managed and run by ✌️ entities—

☝️Circle

✌️Coinbase

During the collapse of Silicon Valley Bank, it was evident that a lot of these so-called stablecoins had a ton of exposure to traditional banks.

So Circle and Coinbase put out tweets that pushed USDC to a nosedive during the bank’s collapse. 📉

After this incident, DAI has chosen to increase 🔺 its backing with more RWAs (Real World Assets) and decrease its exposure in USDC.🔻

Maybe in the top 10 list of the worst anime betrayals so far. 🥲

3️⃣ How is DAI functioning now?

USDC value for the backing of DAI has gone down from 50% in August of 2022 to less than 23.5% today. 📉

Here’s a breakup of the other assets —

👉 MakerDAO holds short-term U.S. government bonds valued at $1.12 billion. This is managed and tracked by a British Virgin Island-based DeFi asset manager - Monetalis Clydesdale. (Fancy name)

👉 Gemini’s GUSD and Paxos’s USDP stablecoin account for 20.8% of DAI’s collateral share. (More or less the same as USDC)

👉 11.5% of Ethereum (ETH) backing.

👉 8.8% in collateralized Lido’s Staked Ethereum (stETH).

Here’s a visual to help you get a better grasp 👇

With all this being said, we arrive to the question— Is DAI fully decentralized?

Short answer → Absolutely not. ❌

However, the step to move towards more RWAs could be a good move, considering that true decentralization is highly unlikely to happen anytime soon for a stablecoin. 👎

We don’t want another Terra-ible Luna incident to happen again, do we?

Doodhwala’s take:

We deliver doodh. So we don’t know the benefit of moving exposure to US treasury bills. 🤷

But we’re having an open mind on always taking safe bets to move to true decentralization.💯

But until we get there, finish your doodh daa DAI.🥛

📈 Cheese and Charts: The Race for User Acquisition

It doesn't really matter if it's Monkeys or Frogs.

NFTs have been on a decline since 2022. 📉

There are only 2 questions that need to be asked —

👉 Are users even transacting on NFT Marketplaces?

👉 Is it too late to launch a Doodh collection?

We'll answer the first one for now. 😬

The latest entry into the NFT space has been BLUR, going full steam ahead with their BLEND feature. 🚂

The biggest one to exist before BLUR’s entry has been OpenSea. 🌊

Here are the numbers to understand user journeys so far →

👉 Daily Active Users: Monthly Active Users consistent for both Marketplaces (~ 10%)

👉 Highest ratio clocked at over 25%

👉 BLUR didn't have to face the 2022 bear market as OpenSea did.

Blur did see a little bit of a spike when they announced their Airdrop. Here's a visual 👇

What do you think is going to happen to NFTs? Hit reply and let us know!

🛠 Resourcewala: FORK it all up!

Decentralized networks and coding go hand in hand like the words 'bull' and 'run' in our beloved CRYPTOverse.

But, ever wondered how these code changes happen? Say hello to FORKS! 🍴✨

Today's quick knowledge snack breaks down all things fork:

• What the fork is a fork? 🧐

• The tale of two forks: Soft vs. Hard 🥊

• Fork repercussions: Not just a mere ripple effect 🌊

LFG! 🔥

🥛 Doodhshots: Indian Crypto Convo

• 🔨 Fried Got Fried?: Prosecutors argue that charges against crypto fraud Bankman-Fried must stick. Can he slip out of this one?

• 🐨 Aussie Discount Hunt: Binance Australia offers a juicy 18% discount on Bitcoin, following a cut in on-ramp services. Who's up for a BTC clearance sale?

• 🏧 Texan Troubles: Bitcoin ATM gets a Texas-style smash-and-grab makeover. Security check, anyone?

• 🇮🇳 Indian Insight: India's RBI intends to stir the G-20 pot with a focus on crypto's macro risks. A spicy serving, indeed!

• 🌉 Bridge Builders: Bitcoin Ordinals launches BRC-721E, aiming to link Ethereum NFTs. Who said Bitcoin and Ethereum can't play nice?

🤣 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