Delphi Roundup | April 12th

Recent Research

📊 Uniswap’s Fee Switch – 4/11

  • If Uniswap were to activate the fee switch, how much would UNI token holders stand to benefit?
  • Based on our assumptions, estimates, and analysis, the fee switch’s ultimate impact may be underwhelming.
  • To achieve an 8% APR, 35% of 2023’s projected fees would need to be allocated to stakers, assuming 75% of the circulating supply is staked.
  • If 10% of Uniswap fees were diverted to governance as earnings, UNI would have a P/E ratio of 79 — characteristic of a high-growth tech company.
  • Uniswap is likely to uphold its commitment to traders over other platform stakeholders with its implementation of the fee switch.

📊 Monthly Chartbook – Spring Crossroads – 4/10

  • Perhaps the biggest takeaway from the FOMC was what the Fed did, or rather didn’t do, in its Summary of Economic Projections (SEP).
  • The March 2023 SEP was the first time since the Fed embarked on its hiking campaign that it kept its year-end 2023 dot unchanged.
  • Normally, it takes the Fed many months to flip from hikes to cuts. But in 2023, traders are pricing in hikes in May and cuts as soon as July.
  • In the two weeks since the banking crisis began, banks withdrew as much credit as during the Great Financial Crisis.

📊 The Gotchiverse – Aavegotchi’s Gaming Spirit – 4/7

  • Aavegotchis are NFT collectibles that enjoy the on-chain benefits of DAOs, DeFi, and gaming.
  • The gaming loops within the Gotchiverse center around in-game tokens (Gotchus Alchemica tokens), which can be earned through yield farming activities such as farming, exploring, and channeling.
  • Alchemica tokens can then be used to craft Installations on land (REALMs) and be traded on the Gotchus Alchemica Exchange (GAX).
  • Aavegotchi’s player base peaked in December 2022 with over 41k monthly unique wallets interacting on-chain. In mid-March, there were 16k monthly unique wallets.

Relevant Reminder

📌 Bull v Bear – Checking Market Temperature – 4/5

  • In this week’s episode, we checked in on the banking crisis, OI and its relation to altcoins, Jamie Dimon’s letter to shareholders, ETH’s possible breakout, what Binance legal issues would mean, and how ready DeFi is to absorb future centralized volume.
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