Last week, the Hyperliquid team enabled HIP-3, opening the door for permissionless, builder-deployed perp markets. Shoku and the TradeXYZ team were the first to launch one, XYZ100, an RWA perp tracking Nasdaq futures. If you need some background on HIP-3, there’s a good deep dive here.

Of course RWA perps are nothing new, but seeing a U.S

Coinbase just acquired Echo for $375M. Coinbase appears to be leaning heavily into the Internet Capital markets (ICM) narrative. Here is a quick post discussing debriefing the move and what it means for Base ecosystem, including Noice, an ICM sleeper.

Coinbase’s ICM pitch is similar to the original Solana ICM thesis, nicely summarized her

Introduction

BTC/Gold remains in a corrective phase, but for now my base case is that this is a typical pullback rather than the start of a new bear market. A local bottom could form sooner, with the next 9/21 EMA cross-up likely confirming a new leg higher between late November and late December.

The BTC/Gold ratio has long served as a

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