DeFi Sectors
Related research

DeFiPrediction Markets: A World Truth Engine in Beta
By
Anil Lulla•
Every system for discovering truth - science, journalism, capital markets- all run on incentives. Prediction markets make those incentives explicit.

Perpetual FuturesSizing The Bet: Next Gen Solana Perp DEXs
By
Anil Lulla•
This is not a technical explainer, it’s an EV-weighted, liquid allocation framework for positioning ahead of two potential Solana perp DEX winners. Bullet is the more proven, lower-variance, closer-to-production bet. Bulk is the more convex, higher-uncertainty shot at Solana-native execution (validator-path, L1-composability, no external sequencer).
The payoff matrix reflects how the market might price in execution + UI/composability outcomes.
Both can win. The question is simply: what odds do you assign, and at what entry price?

InfrastructureScaling Real World Assets on Avalanche
By
Anil Lulla•
RWAs are quickly becoming one of the strongest narratives in crypto. Treasuries, equities, credit, and even state-backed stablecoins are moving onchain, with more than $30b now tokenized. Institutions need compliant rails. Users need access to safer yield. Avalanche is where both sides are meeting.
Our latest memo breaks down how Avalanche has positioned itself as a hub for RWA adoption. Dinari is launching a clearinghouse for tokenized equities. Wyoming picked Avalanche to issue the first state-backed stablecoin. Grove and Janus Henderson are deploying $250m in credit products. Fintechs like Belo, Criptan, and Littio are embedding Treasury yield and money market returns directly into apps used by millions across Latin America and Europe.
The model is clear. Appchains give issuers compliance and control, while the Avalanche C-Chain provides liquidity and composability. This dual design connects institutional supply with real user demand. What started as small pilots is now scaling into live production across multiple sectors.
Avalanche is proving that RWAs are more than a headline. They are live, scaling, and shaping the next phase of onchain adoption.

StablecoinsPlasma: Taking Aim at a Trillion Dollar Opportunity
By
Anil Lulla•
Stablecoins have quietly become one of the largest payment rails in the world, settling more than $18 trillion in 2025, surpassing both Visa and Mastercard. What started as collateral for crypto trading has evolved into flows serving remittances, merchant settlement, and B2B payments. Particularly in markets where local currency instability makes dollars on-chain both more functional and a store of value.
Despite processing trillions in volume, stablecoins remain second-class citizens on the chains that host them. Ethereum, Tron, Solana, and others were designed as general-purpose smart contract platforms, not dedicated monetary rails. This fundamental mismatch subjects stablecoin transfers to volatile gas pricing, MEV predation, and fee models denominated in speculative native tokens, creating billions in inefficient user fees for what are essentially simple ledger updates.
Plasma flips this model by positioning stablecoins as the network's primary workload rather than just another application. Through its zero-fee USDT transfer model and split-block architecture, Plasma eliminates the computational overhead that plagues other chains.
This mirrors how internet companies like Google and PayPal gave away core services to capture downstream value – Plasma uses free transfers as a customer acquisition wedge to attract high-frequency participants like market makers, CEX off-ramps, and remittance operators.
Plasma’s flagship product, Plasma One, their stablecoin-native neobank, captures value via card interchange, FX spreads, and yield generation while maintaining full EVM compatibility. With native USDT integration, a Bitcoin bridge, and partnerships spanning from Aave to Binance Earn's $1 billion commitment, Plasma is positioning itself as the purpose-built settlement layer for the global dollar economy. A trillion dollar opportunity.

DeFiParadex: Reimagining On-Chain Markets from First Principles
By
Anil Lulla•
Paradex represents a high-conviction bet on a fundamentally different approach to building an exchange. It’s not the easiest path and is far from consensus. Ultimately, my thesis is that we see a zero-to-one improvement in on-chain exchange design. If we analogize to the evolution of exchanges: first-gen DeFi (Uniswap, etc.) was an innovation (AMMs vs order books), second-gen (dYdX, GMX, etc.) tried to bring more pro features but still lacked certain elements, and now Paradex is the third-gen that combines the best of CeFi and DeFi

DeFiZora: Can't Stop Coining
By
Anil Lulla•
This report has everything you need to know about Zora, the most polarizing project of the cycle. Zora is the latest attempt at Web3 Social, delivering a polished consumer app and strong support from Base. This post will explain Zora, its vision, and its flywheel. We’ll discuss the broken creator economy and compare Zora to previous SocialFi experiments like Friend.tech.
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