?? Coinbase JOINS the L2 race
Gm, this is the doodhwala, the only crypto newsletter that’ll hold your hand when crossing a busy road. ??
Here’s what’s coming at you fast:
We got you bruh ?
?? Coinbase's billion people blockchain plan
A new blockchain is hot on the block. And this one is straight ??
So, we’re asking the obvious question:
Yeh KAUN hai? →?Who is this? ??
Yeh COIN hai!?→ This is Coin! ??
Now that we’re done with a quick Hindi lesson for all our non-Hindi-speaking readers, let’s get into the BIG story.
Yup, this ?? is Coinbase , the second largest crypto exchange in the world.
And it's?launching?its own blockchain called → Base.
Yes, instead of come up with weird names like:
(what TF do ???these mean, seriously!?)
Brian Armstrong just took the last 4 letters from CoinBASE and said ‘F it, this works.’
Honestly, that’s BASED af. ??
Here are 5 QUICK FAXX about Base that are truly BASED AF:
1???Base is an? Ethereum L2?blockchain network
2???Base will NOT have a?token?(sorry ya filthy shitcoin gamblers)
3???Base will?connect?to the Ethereum L1, L2s, and even alt L1s like Solana?(sighs in Tanmay Bhat )
4???Base is deployed on?OP Stack?(no it does not mean Only Paani Stack???) OP Stack is the development stack behind Ethereum L2 Optimism.
5???Base is something Coinbase has thought?LONG + HARD?about
(long + hard, sounds exactly like...my...cricket bat ???get your head out the gutter!!)
Point #5 is where the true juice ?? is!
Coinbase wanted to launch its own blockchain twice before in:
But they decided not to because — the tech + the demand wasn’t quite right. ??
Then two things happened that changed their mind.
1???The Merge
Following the Merge in September 2022 (and EIP-4844) Ethereum moved from:
???Proof of Work → Proof of Stake ??
This made the chain more secure + less energy intensive.
But also laid the roadmap to better scaling for L2s building on Ethereum.
2???The Demand
Since June 2022, users’ trust in CeFi platforms have gone from ?? to ???because of things like Celisus and FTX.
(I still have nightmares of SBF’s face)
This pushed people to — move on-chain + take custody of their funds.
Coinbase already has 2?? products that these ???customers like:
With the COSTS down ???and the DEMAND up ???Coinbase felt it was the right time to move the “BASE” (get it??)?from off-chain to on-chain.
From Coinbase → To?CoinBase.
Guess Brian Armstrong took Sean Parker’s advice.
Base is the way through which Coinbase will get in — not a few thousand, not a few million, BUT 1 BILLION people into crypto.
They call this —?The Evolution of Two Open Networks. And it’s just 4?? steps.
1???Protocols?that provide value: Bitcoin and Ethereum already does this
2???Infrastructure?that allow people to use ???protocols: Exchanges and exchange wallets
3???Consumer?applications that allow users to use applications: Self custodial wallets
4???Decentralized apps?accessed by wallets that provide more value that centralized apps
All that’s left is to – build a way to build + use these decentralized applications.
Coinbase already has:
??
Doodhwala’s take:
Let’s start with what we don’t like. We don’t like the BASE logo. ??
I mean, it’s literally the State Bank of India logo flipped to the side. It even looks like the logo for — Coinbase AND Uber FFS!! ??
Thanks, Mr. Juno for?pointing this?out lol.
But BASE is pretty Based. ??
An Ethereum L2 built on a tried and tested framework ( Optimism Foundation ) and optimistic rollups over a central approach to build a custom blockchain to win on pricing power ( Binance smart chain Development Services Chain, OKT Chain ) is the way to go tbh.
Now we’ll have to see if the double Ds – Devs and Dapps – build on BASE.
And if people (not just Coinbase users) actually start using it. ??
What do you think? Is Base Based AF or Bored AF?
What do you think of BASE?
???Time to face the MUSIC??
The time has FINALLY come, my frens!
All your favourite singers are now coming to web3. ??
Wait… is it going to be yet another Eminem x Snoop Dogg performance with them wearing Bored Ape masks?
Hopefully not. ??
This time it’s TWO GIANT “music” companies taking considerable steps to move into web3.?
This is the company that validates my crap taste in music at the end of every year using made-up phrases.
领英推荐
Wtf even is “Patient Bittersweet Sad boi”??? ♂?
Spotify recently started testing?token-gated playlists and community playlist?generation on their app! ??
This is currently only available to Android users in U.S., UK, Germany, Australia and New Zealand.
But this is how it’s going to work:
Pretty neat! ??
Which songs should we include in the doodhwala exclusive playlist? (every doodh-related song for sure???)
2??? TikTok
This is the company that was banned in India just for Instagram to copy it and launch Reels. ?? ♂?
TikTok, although not a traditional “music” company, is where most young people discover music.
They recently announced their integration with Audius. ??
Audius is the web3 version of Spotify with a billion-dollar valuation, where people can stream music online. ??
People can do TWO things with this collab:
Simple stuff but super helpful for awareness. ??
These two announcements from such large companies have come at a time when interest in Music NFTs is picking up.
Over 69k Music NFTs have been minted on?Sound.xyz?(a music NFT platform) so far. ??
Almost 16k of that came in February and the month is not even over yet. ??
Sure, it’s a very niche category in crypto. ??
But with artists and creators being increasingly annoyed about the reward structures on platforms like Spotify, TikTok, Instagram , etc….
…this niche category can be another way for them to monetize their work.
And big guns like Spotify and TikTok can propel it to the mainstream so much faster.
So, fingers crossed. ??
?? REFER AND WIN some doodhwala merch???
For the first time evaaa, we're giving away the doodhwala merch.
But it's not lame t-shirts with some random company name, but super cool stuff like:
???stickers?–?for your???, ???and ??
???notebooks?–?to write your crush's name
???mugs?–?for your doodh, and NOT your beer!!
???t-shirts?–?with totally non-controversial things (promise???)
???hoodies?–?because we wanna keep you warm in the crypto????winter
???mystery box?–?with some super cool prizes that’s worth more than 1 Bitcoin
Chegg it ??
For every confirmed referral (i.e. they confirm their email and drag it to their “Primary” tab from their “Promotions” or “Updates” tab) you’ll get some ?? merch.
All you gotta do is share the doodhwala with this link?(only available on email, not on web view)???
???Chaach and Charts: Who’s the real G?
Open Interest.
It’s how a finance bro tells you he’s single. “My open interest is 0% this earnings season”
It’s also a metric to show how much of an asset is being traded in the form of derivatives,
And on-chain open interest is going ????????
Take Gains Network or Gtrade365 for instance.
(gains network is not a network of gym bros who’re always chasing GAINZZZ???)
It’s a decentralized crypto perpetuals trading platform on — Polygon + Arbitrum
But it also allows trading of:
???forex
???stocks
???indices
???commodities
These ???assets’ trading open interest is going cray-cray.
Chegg out the rapid rise of the open interest on gTrade ?? it's already up over $40 million ??
???Resourcewala: Bridges and Handshakes??
Wallets and swapping are complicated enough.
But now there are other whacky things like:
???Bridges: Connects between blockchains, allowing assets to flow between them
???Wrapped Tokens: Tokens representing assets from one blockchain on another.
???Interoperability platforms: Platforms enabling different blockchains to communicate.
But don't worry, we've got you covered with this short guide to understanding them all??
???Crypto doodh shots: Titanic NFTs coming soon
?? Milky Meme Of The Day
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