Related research

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.

OrderbookElixir: Democratizing Liquidity Provisioning in the Age of Orderbooks
By
Anil Lulla•
Elixir enables anyone to provide order-book liquidity. In the same way that Uniswap democratized access to liquidity provisioning via AMMs, Elixir wants to do the same for order-books.

AMMFrom 1 to 100: What the Future Holds for DEXs
By
Anil Lulla•
The issues that plagued centralized exchanges (CEX) in their infancy have still not been eradicated. In the grand scheme of things, we’ve made some vast improvements to CEX performance. Some are better than others, but every subsequent collapse in the industry gets bigger and more bizarre.

OrderbookA Nuanced Approach to Estimating Mark-to-Market Crypto-Asset Values
By
Anil Lulla•
The reasons for the monumental collapse of FTX still aren't entirely clear. There are numerous theories that speculate on what went down. Yet, nothing can be said with absolute certainty. That said, several pieces of this puzzle have been uncovered, and there’s one that stands out clearly.

Money MarketsMorpho Finance: A Pareto-Efficient Lending Optimizer
By
Anil Lulla•
Instead of just P2Pool matching, as with Aave and Compound, Morpho uses a hybrid model. It combines P2P matching with the underlying P2Pool market as a fallback.

Money MarketsCan Euler Finance Carve Out a Moat?
By
Anil Lulla•
Aave and Compound have paved the path for the basic money market design space in DeFi. While Euler's TVL is incredibly small compared to them, it has been a standout year for the protocol's growth.
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