??? NO! FTX does not have $5 billion
Gm, this is the doodhwala, the only crypto newsletter that makes you feel lucky, even on Friday, the 13th. ??
Here’s what we got for you today:
Who’s feelin lucky today? ??
NO! FTX does not have $5?billion
If you thought the FTX drama was over. Think again.
This saga is running longer than the Fast And Furious sequels,?what are we in Fast And Furious 12????
Now they’re saying FTX managed to recover $5 billion to pay back customers.
But like any Bollywood movie, it’s not quite straightforward.
We gotta have some drama.
So, let’s look at 2 questions:
1???Where is the $5 billion coming from?
2???Can they actually recover $5 billion?
Where is the $5 billion coming from?
For starters, it’s $4.6 billion. And it isn’t just in crypto.
Despite Sam’s mad love for YOLO-ing customer money to Alameda and spending the rest on medication and bean bags, FTX had a TON of assets.
Some of these assets are ??, some are pretty valuable.
Let’s divide FTX’s assets into 3 categories:
?? Solana Labs crypto
?? Non-Solana crypto
?? Equities and real estate
???Solana crypto
FTX holds a TON of crypto in SOL and Solana-based coins.
Granted some of them are ??, but some are quite valuable.
Here’s the breakdown:
→ $700 million in SOL, the native token of Solana
→ $371 million in MAPS, the native token of Maps 2.0
→ $127 million in OXY, the native token of Oxygen
→ $82 million in BONA, the native token of Bonfida
→ $1.6 million in SRM, native token of Serum
→ $500 million in random Solana-based coins
→ $0 million in $DOODH, the native token of the doodhwala (huge ???right?)
That’s about?$1.6 billion?or about 39% of all of FTX’s “claimed” assets.
Sam Bankman-Fried aped into Solana shitcoins like he was at an Indian shaadi.
???Non-Solana crypto
Besides Solana, FTX aped ?? into a TON of projects outside the Solana ecosystem.
But their biggest holding is still their own native shitcoin — FTT.
And FTX holds about?$575 million?in FTT tokens.
"Why is FTT not valued at 0?
IDK. But we think it’s the same reason LUNA is still trading at $0.00002, because some idiots are apeing in and out of the shitcoin hoping to catch a pump. And because FTX still holds a chunk of it. So, if they manage to get back on their feet (lol unlikely) FTT’s value ??."
The rest of the non-Solana crypto is in:
→ $90 million in WBTC, that wrapped version of BTC
→ $23 million in ETH, if you don’t know this, why are you here? ??
→ $46 million in BIT, the native token of the BitDAO
→ $5.2 million in SUSHI (not the ?????dish), the native token of SushiSwap
→ $3.7 million in WXRP, the wrapped version of XRP (no kidding ??)
→ $72 million in USDT and USDC, stablecoins! ?? ??
All of this is?~$820 million?(including the FTT ofc) and that’s about 18% of all of FTX’s assets.
In total crypto, the?shit?Solana coins and the non-shit?Solana coins are worth?$2.4 billion.
THAT’S JUST 52% OF WHAT FTX SAID IT CAN RECOVER!
Where is the rest of it coming from? ??
???Equities and real estate
Besides apeing into Solana and non-Solana crypto, FTX also made a few non-crypto bets.
The biggest one was ofc Robinhood (or as we like to call it the firangi Zerodha!)
FTX owns about $470 million in?Robinhood shares, which is ironic because they probably paid for this from money they stole from the poor to enrich themselves ??
The rest is tied up in property, in:
???Bahamas
?????Tokyo
?? ♀??Miami
???Chicago
???Washington DC (they even had an office?opposite?the White House)
Some of this ???is owned by FTX US (separate from the ???house of FTX, but they still have a majority stake in it).
And lastly, FTX US.
FTX US = US division of FTX?not bankrupt
FTX = Global division of FTX?completely and utterly and disastrously bankrupt
"DOODH FACT:?FTX owns a 52% stake in FTX, but it paid for this almost entirely in FTT tokens ????????"
All of these properties and the Robinhood stake is?estimated?to come up to about $2.1 billion and make up the rest of the amount they can recover.
BUT HOLD THE PHONE!!!
Can they actually recover $5 billion?
Recover is a strong word. We'd rather use "dump on retail investors."
So, can FTX actually "dump on retail investors" $5 billion?
Yes for some assets. No for some assets. And HELL no for the rest.
YES
领英推荐
For the valuable crypto that FTX is holding onto like the — WBTC, ETH, and stablecoins. They'll def find a buyer (we'd buy it too if you could sell us the whole bag for $100 ??!)
For the Robinhood stocks and real estate as well, they'll find buyers ??
(the question is how quickly can they find a buyer and will the buyer buy the entire bag?)
NO
Right now, no one wants to buy even $100 of SOL, let alone $700 million and millions in rando-Solana based ?? coins.
And if they sell it on the market, you'd think SOL can handle that selling pressure?
HELL NO!
The biggest question is with FTT worth $575 million.??
The same problem arises – who'd be willing to buy over half a billion in FTT tokens when they know:
? it has NO value
? it was pumped by SBF
? it was used was fraudulent payments
? it's an outright shitcoin that people lost money on
"DOODH FACT:?FTT has a market cap of $450 million right now. ??"
Doodhwala's take:
We'll be honest here. We have no ?? take.
We have a ?? load of questions tho.
On one hand – FTX has a ton of crypto with legit market value (even the Solana ones).
On the other hand – Who'd be willing to take it off their hands so quick and so much of it, especially if it could turn out to be a ticking ???
If you have the answers to these Qs, drop a reply and we'll put it in the next edition! ??
???Gameswala: WHO TF ARE THEY??
Can you guess the person(s) in this picture?
Hint: They might be one of the RICHEST twins in crypto.
(answer given at the bottom of this email ??)
???Polygon is gettin’ a Fork-over
Polygon Labs had a rollercoaster of a year last year. ??
From crazy brand deals with?Mercedes, Starbucks and FC Barcelona….
to even entice the former US President and the man who literally manifested the saying “Orange is the new black”,?Donald Trump, to launch his NFTs on Polygon. ??
Even though the transaction volume dropped from the 2021 ATH, the amount of monthly usage kept growing and growing!
It peaked at 6 million users in October! ??
That’s almost 6 TIMES the population of Goa. ??
And almost 6 TIMES the drunk population of Goa. ??
When it came to?onboarding new daily users, Polygon was like Neeraj Chopra in the Olympics — unbeatable. ??
Reddit NFTs, which were launched on Polygon, played a significant role in getting this number up.
Overall, Polygon has seen over?33 million?users in its history. ??
And that number is only set to grow in 2023. ??
Why?
Cuz Polygon is starting the year right…by adding more value to its users through a Hard Fork.
What’s a Hard Fork? ??
"No, it’s not Hard Rock misspelled. (we ain’t THAT dumb???)
It's kind of an on-chain software upgrade that brings in more changes to the existing software."
And Polygon’s hard fork that's set to take place on Jan 17, if approved,?will bring in TWO changes:
1???Reduce the BIG spikes in gas fees at times of CRAZY demand (like during an NFT launch)
2???Reduce the time it takes to?verify?successful transactions
Both these changes will improve the user experience of Polygon drastically!
Just like the doodhwala, Polygon is putting users ?? readers FIRST! ??
And this might just set them up for yet another successful year…what do y’all think?? ?? ♂?
RESOURCEWALA: Become a Master Investor
Instead of apeing in and outta shitcoins like Sam there, why not:
? understand the investment process
? figure out your risk appetite
? learn to analyze
? then invest
And do this ?? all not from a doodhwala but from a VC? ??
???Lassi and Lists: DAU Mania!
DAU race is gettin’ hot! ??
Daily Active Users is an important metric to measure for dapps because they show us if the applications actually being used or not.
And currently, the DEX,? PancakeSwap is beating both Uniswap Labs and OpenSea ?in daily active usage! ??
Hot damn! ??
What are the other surprises for you in this list? ??
(REPLY to this and let us know!???)
???Milky Meme Of The Day??
??Answer??
It’s the Winklevoss twins. Tyler and Cameron Winklevoss, the co-founders of Gemini , one of the biggest centralized exchanges in the world.
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