DeFi Sectors
Related research

DeFiBigger Than Binance: How Pump.fun's $1.3B Raise Sets Up Crypto's Most Hated Rally
By
Anil Lulla•
Deep dive analysis: How Pump.fun's $1.3B raise at maximum pessimism creates crypto's most compelling contrarian TGE. $780M revenue, steep valuation discount, and hated rally setup analyzed.

Unsecured LendingEngineering Real Credit Onchain: The 3Jane Bet
By
Anil Lulla•
Unsecured lending is arguably the biggest missing puzzle piece in DeFi's vision to upend and rewire the financial rails of the world. In our latest research piece, “Engineering Real Credit On-Chain: The 3Jane Bet,” digs into how 3Jane blends major infrastrucutre, cryptographic and mechanism design ideas: zk-proofs (zkTLS and zk-coprocessors), dynamic credit pricing, and a modified Morpho-style money market to tackle what the first wave of under-collateralized protocols simply couldn’t - balancing trust, incentives, and enforcement in one design.
Inside the report we discuss:
- How the previous Crypto credit cycle led by CeFi and its blowups undermined the previous generation of protocols
- Build a simple framework for evaluating under collateralized lending systems
- Deep dive into the design of 3Jane blending the right onchain and off-chain elements
- Metrics to monitor and judge whether 3Jane will be able to deliver on its promise

DeFiVertical Integration vs. Creator Alignment: Pump.fun and Raydium's Battle for Solana's Memecoin Economy
By
Anil Lulla•
Pump.fun is vertically integrating Solana's memecoin economy through PumpSwap, capturing billions in trading value previously flowing to Raydium. Now controlling both token creation and trading, Pump.fun's strategic power play has forced Raydium's defensive LaunchLab response. Will Pump.fun's streamlined approach maintain dominance, or can Raydium's creator-aligned strategy gain traction? Explore the battle reshaping Solana's memecoin infrastructure.

OrderbookThe Future of Order-Book Liquidity (Part II - deUSD)
By
Anil Lulla•
Elixir introduces deUSD, a synthetic dollar backed by stETH and short ETH-PERP positions, enabling delta-neutral yield generation. Users can participate in Elixir’s ecosystem by supplying liquidity or using deUSD as collateral for market making. deUSD earns from stETH yield and perp funding, while an over-collateralized insurance fund (OCF) dynamically adjusts deUSD’s backing between basis trades and sDAI to manage risk. Minting/redeeming is done by authorized participants, while everyday users access deUSD via swaps on Curve. All yields initially go to the OCF, with user rewards subsidized by Elixir Potions.

VaultsThe Path to DeFi's ETF Moment: The Rise of Morpho, Curators, and Mullets
By
Anil Lulla•
DeFi Curators - Steakhouse Financial, Gauntlet, RE7 Capital, MEV Capital, Block Analitica - are an overlooked, yet lucrative business that is well positioned for growth as DeFi becomes more fintech friendly. This report will deep dive the DeFi curator business model and its big picture impact.

DeFiProgrammable Asset Ledgers Will Eat The World
By
Anil Lulla•
Programmable asset ledgers will eat the world. The following essay explains how.
Concepts
Access Exclusive Research
With Delphi Pro
Tap into the industry’s most comprehensive research reports and media content
on digital assets.
Be the first to discover exclusive opportunities & alpha
Understand the narratives driving the market
Build conviction with actionable, in-depth research reports
Engage with a community of leading investors & analysts