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Delphi Daily
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7% Inflation Print Sends BTC Up and Dollar Down
  • After being spooked by hawkish Fed minutes, investors were expecting a high inflation print yesterday. However, the CPI print came within market expectations at 7% YoY and 0.5% MoM.
  • Bitcoin price rallied on the news, and the dollar index slumped to a 2 month low. After testing September lows earlier this week, Bitcoin and the broader market experienced a modest relief rally.
  • After being spooked by hawkish Fed minutes, investors were expecting a high inflation print yesterday. However, the CPI print came within market expectations at 7% YoY and 0.5% MoM.
  • Bitcoin price rallied on the news, and the dollar index slumped to a 2 month low. After testing September lows earlier this week, Bitcoin and the broader market experienced a modest relief rally.
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Long Term Hodlers Accumulating the Dip
  • On-chain data shows that throughout January’s price slump, long-term holders have accumulated bitcoin after months of offloading bitcoin at the end of last year.
  • Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term “weak hands” to long-term “strong hands.”
  • A rise in long-term holder accumulation could be a positive indicator for bitcoin price.
  • On-chain data shows that throughout January’s price slump, long-term holders have accumulated bitcoin after months of offloading bitcoin at the end of last year.
  • Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term “weak hands” to long-term “strong hands.”
  • A rise in long-term holder accumulation could be a positive indicator for bitcoin price.
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Paraswap Activity Slows Post-Airdrop
  • Since Paraswap’s airdrop on November 15th, activity on the DEX aggregator has stagnated.
  • Before the airdrop, many people speculated and used Paraswap in hopes of receiving a piece of the airdrop. However, with Paraswap’s innovative ‘anti-sybil’ airdrop, only 1.5%  of total wallets that interacted with the protocol received the tokens.
  • This led to many users being left out and not rewarded for using the platform, even if their intentions were not malicious. Many users also stopped using Paraswap after the airdrop, leading to a downward trend in both volume and users.
  • Paraswap’s downfall can be a lesson to other protocols to better design airdrops that are inclusive while less easily abused.
  • Since Paraswap’s airdrop on November 15th, activity on the DEX aggregator has stagnated.
  • Before the airdrop, many people speculated and used Paraswap in hopes of receiving a piece of the airdrop. However, with Paraswap’s innovative ‘anti-sybil’ airdrop, only 1.5%  of total wallets that interacted with the protocol received the tokens.
  • This led to many users being left out and not rewarded for using the platform, even if their intentions were not malicious. Many users also stopped using Paraswap after the airdrop, leading to a downward trend in both volume and users.
  • Paraswap’s downfall can be a lesson to other protocols to better design airdrops that are inclusive while less easily abused.
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Fantom TVL Rises on ve(3,3) Catalyst
  • While the TVLs across crypto have stagnated due to market uncertainties, Fantom’s ecosystem has been vibrant. Fantom has gained $1.2B (+20%) in TVL over the past week.
  • This comes as Andre Cronje and Danielle Sesta, two prominent builders in the crypto space, have shown interest in developing the Fantom ecosystem.
  • Andre has been releasing articles about ve(3,3), a new protocol that will launch on Fantom. According to the writeup, Fantom’s top 20 TVL projects will be distributed locked ve(3,3) tokens. This caused Fantom ecosystem tokens to get bid up by investors in hopes of getting a larger share of the ve(3,3) pie.
  • While the TVLs across crypto have stagnated due to market uncertainties, Fantom’s ecosystem has been vibrant. Fantom has gained $1.2B (+20%) in TVL over the past week.
  • This comes as Andre Cronje and Danielle Sesta, two prominent builders in the crypto space, have shown interest in developing the Fantom ecosystem.
  • Andre has been releasing articles about ve(3,3), a new protocol that will launch on Fantom. According to the writeup, Fantom’s top 20 TVL projects will be distributed locked ve(3,3) tokens. This caused Fantom ecosystem tokens to get bid up by investors in hopes of getting a larger share of the ve(3,3) pie.
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Trading Activity on CowSwap Heats Up
  • Trading volume on another CowSwap has seen a notable increase over the last few months. So far, January is on track to see double the volume from December.
  • This increased trading volume could be attributed partly to plans to launch a COW token for the protocol, with a portion of the token supply reserved for early adopters. Users may be wash trading for eligibility in the airdrop.
  • CowSwap is a meta-aggregator that combines DEX aggregation with batch auctions via “Coincidence-of-Wants” (CoWs). Initially, it was a spin-off from Gnosis, but the team recently rebranded from Gnosis Protocol to Cow Protocol.
  • Trading volume on another CowSwap has seen a notable increase over the last few months. So far, January is on track to see double the volume from December.
  • This increased trading volume could be attributed partly to plans to launch a COW token for the protocol, with a portion of the token supply reserved for early adopters. Users may be wash trading for eligibility in the airdrop.
  • CowSwap is a meta-aggregator that combines DEX aggregation with batch auctions via “Coincidence-of-Wants” (CoWs). Initially, it was a spin-off from Gnosis, but the team recently rebranded from Gnosis Protocol to Cow Protocol.
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GMX Trading Volume Rises
  • GMX is a perpetual and spot exchange that is live on Arbitrum and, more recently, Avalanche. Notably, GMX is the first perpetual exchange on Avalanche.
  • Since launching on Avalanche on the 7th of January, the protocol’s trading volume has increased, with the volume on Avalanche starting to fire up.
  • Volume on Avalanche might be one to watch, given there are far more users and capital on the Avalanche ecosystem than on Arbitrum.
  • GMX is a perpetual and spot exchange that is live on Arbitrum and, more recently, Avalanche. Notably, GMX is the first perpetual exchange on Avalanche.
  • Since launching on Avalanche on the 7th of January, the protocol’s trading volume has increased, with the volume on Avalanche starting to fire up.
  • Volume on Avalanche might be one to watch, given there are far more users and capital on the Avalanche ecosystem than on Arbitrum.
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Pocket Network’s Stunning Growth
  • Pocket Network has been gaining a lot of attention lately as it has been adopting and providing RPC access to multiple chains.
  • Over the past 6 months, they have grown significantly, from under 2M daily relays to over 300M daily relays. Pocket now serves over a dozen blockchains like Ethereum and Harmony, with support to Algorand and EVMOS coming soon.
  • Pocket Network enables another layer of decentralization through its multi-chain relay protocol. This removes reliance on centralized nodes and cloud services. Notable examples are Ethereum’s reliance on Infura and Solana’s reliance on AWS.
  • Pocket Network has been gaining a lot of attention lately as it has been adopting and providing RPC access to multiple chains.
  • Over the past 6 months, they have grown significantly, from under 2M daily relays to over 300M daily relays. Pocket now serves over a dozen blockchains like Ethereum and Harmony, with support to Algorand and EVMOS coming soon.
  • Pocket Network enables another layer of decentralization through its multi-chain relay protocol. This removes reliance on centralized nodes and cloud services. Notable examples are Ethereum’s reliance on Infura and Solana’s reliance on AWS.
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BTC Correlation with S&P500 Soars
  • Over the past month, the correlation between BTC and SPX has increased, as both risk assets were similarly affected by hawkish Fed comments.
  • BTC has a historically low correlation with the equity markets. However, since 2020, we have seen more traditional players enter crypto markets. As institutional adoption in BTC increases, we will likely see an even higher correlation in the future.
  • Over the past month, the correlation between BTC and SPX has increased, as both risk assets were similarly affected by hawkish Fed comments.
  • BTC has a historically low correlation with the equity markets. However, since 2020, we have seen more traditional players enter crypto markets. As institutional adoption in BTC increases, we will likely see an even higher correlation in the future.
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