💼 Wall Street wants you to buy crypto. Here's how.

Today’s doodhwala is brought to you by Pyse – a real-world green assets investing platform on the blockchain.

Gm this is the doodhwala, the only crypto newsletter that wishes you “Good Morning” every day.

We’re like those Whats App groups, except with waay more cringe, and waay more more information. 🤓

Here’s what we got for you:

• 💼 Meet EDXM: The company Wall Street is using to get investors into crypto

• 🍰 Binance launches its L2: And it’s based on something Coinbase launched in February

• 📊 This proves there is no BEAR market: A 57% increase from last year

• 🛠️ Resourcewala: Measure how decentralized a blockchain really is

• 🍼 Doodhshots: 2022’s Most Googled Person’s Bitcoin seized

Gm MFERS!

💼 Wall Street loves Crypto

Yesterday was LEGENDARY! 💥

The SEC turned into a crypto lover? Hell NO!

It was something even more surprising – Wall Street came to crypto! 🎉

Yep! Major financial institutions in the U.S. are constructing a crypto exchange. And it’s all about bringing investing in digital assets into the traditional finance realm. 🏦

It’s called → EDX Markets (EDXM)

Doesn't it sound like a cool band name?

And the big boys behind this project?

👉 Paradigm – Crypto and AI VC

👉 Virtu Financial – financial services company

👉 Citadel Securities – Market-making company

👉 Sequoia Capital – Throws money at anything VC

👉 Charles Schwab – Banking and financial services company

👉 Fidelity Digital Assets – The digital assets arm of Fidelity Investments, the third largest asset manager in the world.

Let's unpack this 🎁:

EDXM's CEO is Jamil Nazarali, a former senior exec at Citadel Securities.

The board of directors includes other financial bigwigs like – Tony Acuña-Rohter, and David Forman. These sound like the names of Marvel Villains. 🦹🏼‍♂️

They've got a clear mission (and it’s filled with a ton of jargon):

Basically → unlocking crypto for millions of people. 🗝 💼

The cherry on top? They're promising better prices for investors than current exchanges. 🫢

This sudden love for crypto from traditional finance seems off, right? Well, we’ll come to that in just a min!

And guess what else? 🧐

An interesting partnership! 🤝

A company called – Members Exchange (MEMX), a forward-thinking market operator from 2019, is providing the tech infrastructure for EDXM.

Two brilliant minds, one goal → catering to the needs of the biggest and most sophisticated financial institutions and retail investors.

Now, how will EDXM achieve this? They plan to settle trades on a blockchain through a network of digital custodians. 🌐

What does that mean, you ask?

Well, it simply means that EDXM is aiming to separate the responsibility of running the exchange from the entities trading on it.

So, now let’s address the big elephant in the room → The SEC has been on a suing spree, bringing crypto-native companies to their knees. But then, Wall Street jumps in the game?

That's like being invited to a barbecue at a vegetarian's house. 🥲

Maybe because they've seen the potential in crypto and want in on the action (they ain’t that naive).

Or maybe, just maybe, the heavy regulations hitting crypto natives are clearing the way for these big boys. 🤔

They might have missed the 2021 crypto rally and are now trying to catch up.

And what better way than to come in full swing, with spot exchanges and Bitcoin ETF applications (hats off to Blackrock, Fidelity, Citadel, Schwab, and now Deutsche Bank)? 👏

FYI, Deutsche Bank, Germany's largest bank, applied for a digital asset custody license.

So, the growing interest in crypto, despite the SEC's litigation love, seems too good to ignore. Like a glass of hot milk on a hot day.

After all these activities and a sudden interest in Bitcoin ETFs, and spot exchanges, you can't help but think:

Was this past year a carefully orchestrated drama by Wall Street biggies and government regulators to get in the game? 🎭

Well, we'll leave the conspiracies to the crypto bros. 🙃

💰 Make your Portfolio GREEN With PYSE

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PYSE is opening up its waitlist for doodhwala readers. And they’re dropping something hella exciting at the end of the month.

Just sign up below and turn your portfolio green.

🍰 Binance has layers now

While on one hand the big institutional boys are coming in to buy Bitcoin:

Innovation in crypto hasn't stopped yet. 🛑

Like layers of cake, Binance Smart Chain now has a Layer 2 built on it.✌️

Wtf is a layer 2 chain?

Can I have the cake and eat it too?

And how will it help scale the BNB ecosystem?

Time to put on our thinking hats and understand the layers of the cake. 🤠🍰

Wtf is a Layer 2 project?

Grab a glass of doodh 🥛 yall:

Coz today we'll understand one of the main reasons Layer 2 projects exist in the first place.

Alright, so one of the main reasons why projects explore L2s in the first place is quite simple → To achieve high throughput aka high transactions per second.

Also happens to be the best measure to check how fast your money gets spent on a weekend in Goa. 🧐

Introducing opBNB.

We now have opBNB, BNBs L2 scaling solution. 📈

opBNB is an EVM-compatible chain that is based on Optimism's OP stack. (Eeezi scaling on ETH basically)

Optimism’s OP stack = The development stack that is used by Ethereum L2 Optimism.

The objectives of opBNB are rather simple:

👉 Achieve high throughput.

👉 Significantly decrease fees and gas.

👉 Add an infrastructure to scale for DApps.

What can they change?

Ohh they're going with the horns on this one. 😈

The testnet is currently live, and their numbers are…. phenomenal. 😮

• Throughput of 4000 TPS. 😨

• Transactions cost less than 0.0005 USD. 😱

• Can process up to 100 million USD of gas fees every second. 💨

ETH folk beating the air rn 😭👇

Now now now.

This doesn't mean that everything is new and has never been explored for an L2 before.

In fact, a lot of L2s can do a lot more than what opBNB currently does. 🥴

The key merit here is – a major blockchain now recognizes that L2s are a great way to scale chains.

And hopefully, others follow suit soon.

📈 Cheese and Charts: It's Pouring Heads!

The world of crypto, much like our good old street food trucks, is getting crowded by the day.

No, seriously, check this out! 🔎

If we rewind to June 2021, the total daily users in crypto were – 2.7 million. Pretty good. 👌

But wait!

On June 2022, the number went straight up to 4.9 million. A jaw-dropping increase of 81% YoY!

Fast forward to this year, June 2023, the total daily users have soared to a staggering 7.7 million, an increase of 57% YoY.

In short, crypto bros in

🗓️ June 2021: 2.7 million

🗓️ June 2022: 4.9 million

🗓️ June 2023: 7.7 million

Can you believe it? We're looking at almost triple the number from just two years ago! 😱

So, it's clear - crypto isn't just for your nerdy cousin anymore.

Is it due to FOMO, faith, or just pure fascination? What's your take? Let us know, folks! 🗣️

🛠 Resourcewala: Measuring Decentralization

For all the blockchain nerds and their cool cats, decentralization is the lifeblood of our universe! 🌌

But how on earth do we measure it? 🤔

So, here's the deal – this shiny new resource takes a deep dive into the world of quantifying decentralization.

Why should you care? Well, to make blockchain better, of course! 💥

With this resource, get ready to:

1️⃣ Gauge the level of decentralization in any system

2️⃣ Ascertain the impact of system changes on decentralization

3️⃣ Create algorithms to enhance decentralization

🍼 Doodhshots: Andrew Tate’s Bitcoins are gone

• 💸 FTX Fees: Bankrupt company FTX paid more than $120 million in advisor fees in the past few months. Hey Sam, where the hell are you getting money from?

• 🌎 Terra Re-peg: The USTC (Terra by LUNA) development team is working on reviving the peg to the collapsed stablecoin. Good job guys, this time, we’ll know how to bring it 0.

• ⛈️ Climate Insurance: There’s a new startup selling climate insurance using A.I and blockchain. I guess this is one way you can prevent your cold wallet from getting cold.

• 👯‍♀️ Tate’s Bitcoins: Andrew Tate’s bitcoins have been seized by Romanian authorities following his developing story and imprisonment. The matrix now has bitcoins?

• 🇦🇺 Aussie Yoloers: In a recent survey, Australia’s youth are more risk averse to crypto, whereas the 25-49-year-olds are Yoloing. What a time to be alive huh?

🤣 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!

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

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