Before my time at Delphi, I worked at a centralized exchange. My title was “Research & Venture Associate.” A pretty boujee-sounding title, I know, but it was really just a euphemism for “shitcoin connoisseur.” My main responsibility was finding and l... Read more

Vibes are down in CT right now, and I find myself bearish most of the current things. It’s never fun to be a buzzkill, so I spent some time this weekend revisiting stuff that makes me excited about crypto, like zkTLS. I still believe zkTLS is going to play a key role in the most exciting and positive crypto developments this cycle, ... Read more

$DAI had successfully escaped the decentralized stablecoin flywheel, where it didn’t need to subsidize demand (as $USDS is doing) because users wanted to hold it and use it as a medium of exchange, for savings, as trading pair, payments etc. The decentralized stablecoin flywheel works as follows: USDC / USDT are a clear example of th... Read more

On February 10th, B3, the gaming-focused L3 on Base, launched its token on Bybit and Aerodrome at a market cap of just over $100M. In the hours/days following, the token saw a spot listing on Coinbase and perps listing on Binance, spiking the marketcap to a peak of $350M. Now that the dust has settled and the market cap is sitting at a re... Read more

AI’s biggest competitive advantage—compute power and proprietary data—is no longer an impenetrable moat. A revolution in AI training is underway, making it possible for smaller, decentralized AI projects to compete with industry giants. Historically, entities like OpenAI, DeepMind, and Anthropic have dominated foundation model development... Read more

Yesterday, Ronin made what could be their most significant announcement of the year, transitioning to a permissionless model. Until now, the team controlled who could deploy smart contracts on Ronin via an allowlist. Only approved entities could sell NFTs, create staking contracts, or mint their own tokens. As a result, the ecosystem unti... Read more

Recently in an internal meeting, the Delphi Research team pondered how many AI applications truly require crypto. Meanwhile, researchers and investors have questioned whether the intersection of crypto and AI is a forced marriage or a necessary evolution. While AI has advanced rapidly under the control of centralized tech giants like Open... Read more

This is the spiritual sequel to my last Alpha Feed post on crypto’s recent bout of existential nihilism. When the sun set on the 2021 crypto bull run, there was an unshakeable feeling of optimism. We were building infrastructure with the vision of building real products on top of it. Until SBF and gang decided to rain fecal matter o... Read more

With countless new and emerging chains coming to market imminently, I’ve been thinking a lot about how the blockchain landscape will shape up. While its inherently difficult to speculate on things given a confluence of factors, I’ve found a simple question to be helpful: What is the actual reason that people use one chain over another? Wh... Read more

Protocols and projects built in the DePIN ecosystem promise to revolutionize the way both physical and digital infrastructure—such as energy grids, wireless networks, and cloud computing—are built and maintained. By distributing ownership and operation across independent participants, DePIN aims to rival centralized oligopolies with decen... Read more