Quick update since the last HM memo “Falling Upwards” (see linked post below).

👉 TLDR: We’ve gotten the upside breakout from the divergences we were tracking in Falling Upwards. While the broader setup remains constructive, I wouldn’t be surprised to see a short-term pullback or retest given the speed of this move. Near-term upside resist

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The HyperEVM is still in its early days — with no major tokens TGE’d yet — now’s the time to look for asymmetric farming opportunities. Not just for yield, but for points, governance power, and exposure to the protocols best positioned to ride Hyperliquid’s next leg of growth.

The top two DEXs by TVL on the HyperEVM today are Hyper

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Latency has long been considered as one of the most important factors affecting the market makers. Lower latency means faster responsiveness to off-chain sources where price discovery happens. Latency affects LVR that LPs lose for providing liquidity to AMMs. Higher latency can lead to greater price drift, resulting in increased LP losse

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I was recently asked: “what are the best-designed Web3 games with sustainable economics?”

For the time being, there’s an easy answer to this – close to none. 

While several projects have shown short-term growth, no game has yet achieved sustainable scale – which is necessary to evaluate the long-term viability of an in-game economy.

Let’s

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The Tower’s Still Standing. But for How Long?

You ever play Jenga with that one friend … the fearless one? The one who keeps pulling blocks from the bottom, stacking them higher, laughing every time the tower wobbles while everyone else watches  **holding their breath**  waiting for it all to collapse?

But sometimes … the tower just do

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Welcome to Delphi Daily, your concise roundup of the research, insights and reads shared in the members portal.

New payment protocols, x402 and h402, transform online commerce by enabling direct machine-to-machine payments using cryptocurrency within standard web communications. This approach eliminates traditional payment barriers, all

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Delphi Digital co-founder Kevin Kelly and Delphi’s Head of Research Ceteris discuss the latest trends in macro, crypto, and what they’re tracking right now.

This episode was recorded on May 1st, 202

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Quick Summary May 2025 x402 (Coinbase) and h402 (BitGPT) are new payment protocols that work by implementing the long-ignored HTTP 402PaymentRequired status code. Their shared insight is that payment can be treated as a standard HTTP concern, enabl... Read more

A recent proposal (EIP-9698) by Dankrad was made to exponentially raise the gas limit on the L1. The plan would scale Ethereum’s gas limit by 100x over the course of four years. This comes at a time when sentiment around Ethereum has hit an all-time-low. And I’d argue that this sudden change in tone from the EF and the Ethereum community

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Berachain has their Boyco unlock today at 12:30pm UTC. Over the past month BERA has been incredibly weak, a 40% drop while basically everything is up a material amount. The chart is not pretty.

At 12:30pm UTC/8:30 AM EDT there will be $2B or so unlocking from Boyco’s pre-mainnet deposits. These deposits were locked before mainnet to

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