Open interest (OI) on perp DEXs has been absolutely decimated since late last week, dropping as much as 40% from peak to trough.

Why am I pointing this out? Because OI tends to drop when interest wanes or we hit a liquidity flush, and we just saw the biggest liquidity flush ever on DEXs, with ~$19 billion in positions wiped out across th

MetaDAO has been a long time favourite of some of us at Delphi (disc: one of them is me/I own META) and have been following the project from the early days. We wrote the deep dive last October with “Markets Will Save the World”

Recently, MetaDAO has seen a resurgence after doing their token split, announcing new features and the success o

After one of the most violent liquidation events of the year, the crypto market is recalibrating. Liquidity has shifted, leverage has been flushed, and the macro backdrop is once again steering the ship. The next leg most likely won’t be a euphoric V-shaped rebound, but a slow and deliberate rebuild as capital, confidence, and positionin

Disclosure: Avi is an angel investor of Zorp  (the operating company developing Nockchain) and owns $NOCK. Delphi Digital led the Zorp Seed round in Fall 2023. This is not financial advice. All opinions are my own.

This is an updated version of an X article by @ avizurlo (former Delphi Digital Ventures Associate) that was posted on Septem

The most important microstructure fact from the October 10th crypto massacre isn’t just “volatility was high and we had chain congestion,” it’s that the reference/pricing/quotes many desks and DEXs lean on became unreliable, exactly when everyone needed it most. As it stands today, I am cautious to make acquisitions on what the root cause

Zora is up over 100% in last 48 hours, after a Robinhood listing thrust it back into the spotlight. The Robinhood listing of Zora is undeniably bullish, considering Robinhood’s strong distribution and lack of natural crossover with the Base ecosystem. However, Zora’s pump has been sustained for over 24 hours, and does not mimic the typica

There is a lot of hype around Lighter right now as their points continue to trade OTC. Just a few weeks ago someone bought $363k worth of Lighter points at $33 per point, which was the talk of CT for almost an entire day as many thought this was an expensive buy.

Fast forward to today, points are selling as high as $80/pt. At today’s supp

Right now everyone is chasing the nth perp DEX, aping into any shitcoin CZ engages with, or chasing the flavor of the day via perps. These are the current metas.

And yet, even still, money has flowed back into $PUMP, which pulled back ~45% from its Sept 14 peak (~0.009) down to ~0.005 on Sept 26.

This was, a very healthy move. Weak hands

Welcome back to Market Matters – September edition from Montenegro!

Since our last discussion, markets have been a slog, chopping bulls and bears while grinding sideways and lower. This was not to be unexpected, however, given our outlook with respect to macro and liquidity conditions as we marched towards Q4.

Despite this grind, BTC and

The common critique of zero-fee trading venues is that the business can’t be profitable.

Below I explain how free trading venues are profitable and why they can offer tighter spreads, by highlighting flow segmentation and latency speed bumps.

What is PFOF?

Payment for Order Flow is a system where a trading platform (broker or exchange) ro