Reading time 4m15s
Happy Monday, and welcome to a new edition of Tokengraph — the newsletter that brings you breaking Web3 news stories faster than Bitcoin’s $8k pump this past week.
Coming up today…
UBS Buys Credit Suisse for $3.25B
DAO Plans to Meet the Dogecoin Dog
Dr. Disrespect’s New Web3 Game
Microsoft Edge Browser Crypto Wallet?
NFTs x Louvre Miscommunication
What was originally going to be a $2B deal for UBS to purchase Credit Suisse in an “emergency ordinance” to stop the Swiss financial system from crashing, UBS has now bought the failed bank for $3.25B. That’s a lot of money — but it’s less than half of what Credit Suisse was worth just days ago at $8B.
UBS is taking over Credit Suisse
— David Gura (@davidgura)
Mar 19, 2023
Chairman Colm Kelleher of multinational financial services firm UBS had the following to say regarding the purchase: “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure.”
The decision has been the cause of controversy over the past 24 hours, as the Swiss government actually changed regulations to make this purchase possible — they enabled UBS to push the acquisition through without holding a shareholder vote, allowing it to announce the decision before markets opened today, likely hoping to put investors at ease.
But that’s not all — the Swiss National Bank is providing UBS with a $100B credit line as part of the deal as well. Our take is that they simply want to do all they can to prevent yet another massive bank from crashing (after we’ve seen four of them crash this month already!).
So UBS buys Credit Suisse, shareholders don’t get a vote, UBS gets $100 billion credit line from central bank …
Crazy times this week. Bandaids flying everywhere to keep the system from falling apart. 🤔
— Wall Street Silver (@WallStreetSilv)
Mar 19, 2023
And with that, another financial titan has fallen in this bear market story arc we find ourselves in. Credit Suisse was founded over 120 years ago, and in just a matter of days, it has crashed into the ground, selling for less than the Bored Ape Yacht Club (BAYC) NFT collection’s estimated market cap:
Market cap CryptoPunks + BAYC: $3.65B
Market cap Credit Suisse: $3.25B
well-played Credit Suisse - 167 years of work as one of the two leading Swiss Banks to end up being worth about the same as our cartoon zombies, apes and humans
— 6529 (@punk6529)
Mar 19, 2023
The question on everyone’s mind: was this the final peg in the financial market meltdown, or was this just the next in a long line of big bank dominoes to fall?
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Doge DAO’s NFT community “Own the Doge” has announced an opportunity for members to actually meet Kabosu, the canine that inspired their collection (and the internet sensation that is Dogecoin).
We are undertaking a journey to Japan to meet the actual Doge and her momma (@kabosumama)✨
Would you want to join us for this 3.5-day magical meme adventure?
Here is everything you need to know about The Doge Pilgrimage🐶🇯🇵
— Own The Doge 🐶🖼 (@ownthedoge)
Mar 14, 2023
The Shiba Inu that gave us the famous doge image is now 17 years old, and its owner runs a Twitter page for the dog, clocking in at over 60k followers at the time of writing.
Today is Kabosu's 17th birthday.
— かぼすママ (@kabosumama)
Nov 1, 2022
Tridog, a major contributor to Own the Doge, actually visited the dog last year and has since decided to invite the rest of his community to share in the experience that became “truly a life changing moment” for him.
Truly a life changing moment to meet you today @kabosumama
— tridog (@tridog)
Aug 27, 2022
What a wild event. We feel that it captures the spirit of Web3 in a lot of ways — would we personally want to join in on this trip? Probably not. But these people clearly do want to go, and they’re using the power of a decentralized community to make it happen! That’s what Web3 is all about.
Which of these events happened within just 20 days of Dogecoin’s creation in 2013?
A. Dogecoin’s price tripledB. It lost 80% of its valueC. Millions of coins were stolenB. All of the above
Scroll down to the bottom to see if you're right!
Other Top Stories Today 📢
Youtube streamer Dr. Disrespect has been working on Deadrop, his new video game, for around two years, and just launched its public alpha playtest this weekend. Last year, Midnight Society, the studio he founded to create the game, released 10,000 “Founder’s Pass” NFTs — which are optional and provide holders with things like event access, voting rights, game builds, and more. The NFTs are not needed to play the game. To commemorate the launch of the Alpha test, Dr. Disrespect held a three-hour event at Arlington’s Esports Stadium. The current floor price of the Founder’s Pass NFTs is 0.4 ETH.
Is Microsoft planning to bring crypto natively to its product browsers? Twitter user Albacore shared that he found the infrastructure for a crypto wallet service within the coding of Microsoft Edge’s default browser. “Newest in the gauntlet of questionable upcoming Microsoft Edge features, a crypto wallet,” they tweeted. “Not really sure how to feel about this kind of thing being baked into the default browser, what are your thoughts?” This wouldn’t be Microsoft’s first step into Web3 technology — they have an entire subsection of the company dedicated to focusing on the blockchain industry.
Claire Silver announced last week that the Louvre, one of the world’s best-known art museums, would be featuring her AI-generated digital art. Unfortunately, the Louvre itself refuted these claims after Silver and Variety Magazine had already generated quite a bit of buzz about the event (that was never going to happen).Apparently, there was a major miscommunication somewhere along the way — Silver tweeted out a thread of events from her side of the story before deleting it shortly after. Superchief Gallery, the gallery facilitating Silver’s exhibitions, also shared a similar version of events, stating that someone from Blockchain Paris said that “Paris Blockchain Week has rented the Louvre Museum. They said that the Louvre Museum had an event rental area, for the conference, and that they were excited for us to come in as their “Art Partner.’" Regardless of what happened, it was an unfortunate and disappointing turn of events, both for Silver and for AI and NFT art communities worldwide.
❓ Trivia Answer
Dogecoin saw a 3x in price, an 80% loss in value, and a massive cyber theft all in just 19 days during December of 2013.
Web3 Resource of the Day
Bitcoin & The 2023 Financial Crisis | Raoul Pal | Video from Anthony PomplianoPomp is back with another great podcast episode — this time with co-founder and CEO of Real Vision, Raoul Pal. In this episode, Pomp and Pal dive into everything we’ve been covering so intently here at Tokengraph recently: the banking crisis, the Fed’s relationship with crypto, financial warfare, and more. If you’re looking to gain some solid perspective and peace of mind by understanding our current financial climate a bit better, this podcast is for you.
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.