Solana V/s Ethereum & Solana WINS!!
Just Kidding 😂
Gm Unbankers, we’re simplifying crypto so that when someone asks, “bhai, yeh crypto aur web3 kya hai?” you have all the answers!
We Unbankers are all gonna make it ✊
This post is written in collab with the BEST daily crypto newsletter — the doodhwala
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Here’s what we’ve got for you today:
WazirX lays off 40% of its staff
NFTs on Solana comes for Ethereum
Why did WazirX fire 40% of its employees
WazirX is one of the largest exchanges in India.
And this week it SHOOK the Indian crypto system.
Not like last year when USDT’s price on WazirX dropped to less than Rs 60.
Or when your INR deposits didn’t go through
We’re talking about something BIGGER.
👉 WazirX fired 40% of its staff 👈
This is the largest Indian crypto exchanges and perhaps the most popular one rn.
And it let go of 50+ employees.
That’s just the headline tho. But we at the doodhwala wanna go further just like Aamir Khan in every movie he’s played.
In a statement on the WazirX Xit, the company named 3️⃣ reason for the firing:
taxes
regulations
banking access
All three of these reasons are external to WazirX, and the company couldn’t do anything bout them.
The only one who could do something about it was — The Indian government.
Taxes
The government introduced 2 pieces of tax that hurt WazirX.
→ Capital gains tax: All virtual digital assets (basically all cryptos, from BTC to shitcoins) attract a 30% tax on profits. This applies on short and long-term transactions. (the stock market tax rate is 20% for short-term txns, and 15% for long-term txns) WTFFFFF?!?!
→ TDS: With every buy, sell, or swap of cryptocurrencies, the user will pay 1% of the traded amount as TDS to the government. So, even if you make a 100x profit or a -99% loss, you pay taxes to the government.
Regulation:
The Indian govt dunno what to do with crypto. It’s like Manchester United struggling to decide what to do with Harry Maguire.
They’re still struggling to decide if cryptocurrencies are a good or service.
Based on what they decide, the regulations will flow. Now, we’re just playing the waiting game.
Banking access
There’s is no easy way of transferring INR from: Bank account to Crypto exchange account to To trade crypto.
Most exchanges don’t even have an INR deposit option.
And people end up calling their Chaachu or Maamu in the 🇺🇸 or 🇬🇧 to send them stablecoins.
But y are exchanges making it sooo difficult for users to deposit INR?
Because banks aren’t working with them.
Banks (fearing the government) just blatantly shut down crypto exchange accounts.
(no wonder we’re called unbank)
Because of this:
traders can't deposit INR to make traders
traders lost 1% on each trade as TDS
traders will pay 30% on each profitable trade
What happened to WazirX will likely happen to a bunch of crypto exchanges.
We hope it doesn’t and crypto exchanges figure it out and most importantly, regulations ease up.
NFTs on Solana comes for Ethereum
The NFT craze is kicking off, but where is most of the traffic going?
Ethereum 🤜 🤛 Solana
🤔
We have the answer!
Most NFTs you know off are on Ethereum:
Pixelated face punks
Weird melting face apes
Rainbow vomiting doodles
Sideways looking anime characters
The problem with these ☝️ is the price.
These NFTs are popular yes, but expensive yes yes!
Here are 3 reasons why Solana NFTs are coming for Ethereum:
cheaper NFTs
faster transactions
lower transaction fees
All of this resulted in September 2022 being the first month where NFT transactions on Solana > NFT transactions on Ethereum.
Check it:
NFT transactions on Solana → 2.9 million
NFT transactions on Ethereum → 2 million
🤯
But there’s a catch.
While the number of transactions on Solana > number of transactions on Ethereum…
…the difference is the value of the transactions.
Solana’s NFT transaction volume in September was $120 million
Ethereum’s NFT transaction volume in September was $1 billion
So, doing simple math we get the average of NFT transactions on Ethereum vs Solana.
Every NFT transaction on Solana was on average $41
Every NFT transaction on Solana was on average $500
There’s a HUGE difference in the amount of NFT transactions traded on the Ethereum vs Solana.
The reasons for this could be that most high-value NFTs continue to list + trade on Ethereum due to the blockchain’s security and efficiency.
But Solana has more NFT transactions of lower value. And traders don’t like Solana because of its high downtime.
DAO of the week
This week’s featured DAO is the Uniswap DAO.
As every crypto Ramesh, Suresh and Mahesh knows Uniswap is a decentralized exchange (or DEX)
Not just any DEX but one of the biggest DEXs in the world.
And unlike most DEXs, they take decentralization pretty seriously.
That’s why the community itself governs the protocol and you can also be a part of that community.
You can do that by buying some UNI tokens (the native tokens of Uniswap) and start voting on important governance proposals here
If you want to do more than that then, you absolutely can!
Be an active member of the community and propose reforms and features to the protocol here.
So go check to out this week and let us know what you think!
Event of the week
Job Opportunity 👨💻
Morpho Labs is looking for Social Media and Content Marketing Intern.
You can either be in Paris or work remotely.If the content and social media is your game! You do not want to miss this opportunity.
Reply Back to this Mail with “Social media Marketing” And we will share more details with you.BigTimes is looking for Community Moderator Lead! If you can drive along with communities and help them grow, this might be the role for you!
Reply Back to this Mail with “Community Lead” And we will share more details with you.
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You can reach out to us at letsunbank@gmail.com 🚀.
Now let us know, It was Fun right?
If yes 🚀, then Like and Comment what was the Most Fun thing. 🙌
If no 🥲, then Comment and let us know what we can improve on. 🙈
Will see you guys next Friday. Till then
Unbank yourself.