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Yesterday

Sharks and Minnows

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...

22nd November 2024

🎉

Introducing Delphi Oracle

Delphi reports just got smarter. We’ve launched Delphi Oracle, an AI research companion that lives within our report pages. Instead of just reading our reports, you can now actively explore them – diving deeper into areas of interest, clarifying com...

18th November 2024

Hyperliquid Readies for TGE

While commonly thought of as just another perpetual futures exchange, Hyperliquid is actually an innovative high-performance L1 aiming to achieve a completely on-chain financial system. Custom built and designed around a trading exchange, the Hyperli...

23rd September 2024

DeAI Compressed

A large exchange reached out regarding Delphi’s DeAI thesis and a few other prompts. If you have missed our DeAI series, the below may be a helpful synopsis of the Thesis and core areas we are excited about. Given crypto is essentially open source s...

9th September 2024

"The L2 Wars" - Where Are We Now?

Last year in our Infrastructure Year Ahead report (linked below) I had a section called “The L2 Wars” where I laid out what I was seeing in the rollup landscape and how that would change over the coming year. The whole post is still worth reading imo...

21st August 2024

Following Up on Telegram Bots: Crypto's New Cash Cows

So far this cycle, fundamentals plays have been few and far between. Banana Gun offered a strong fundamental thesis as cash flow generating picks-and-shovels of memecoin mania, with growth potential as crypto mobile and trading terminal. At the time...

13th August 2024

M^0: Rearchitecting The Stablecoin Stack

Tether recently announced a record-breaking $5.2B in profit in the first half of 2024. Tether is now on track to generate nearly double Blackrock’s 2023 earnings. For context, Blackrock is the world’s largest asset issuer. While Tether’s profitabili...

10th August 2024

wBTC Situation & Alternatives

With Bitgo announcing a strategic partnership with Justin Sun and the Tron ecosystem, there has been a lot of outcry. They intend to move their business from the United States to a multi-jurisdictional custody through a partnership with BiT Global ...

1st August 2024

Ekubo: Starknet's Golden Child

DAOs are dead, AMMs are dead, fair launches are dead. Ballooned valuations, bloated foundations, and deceptive points programs are the new meta. Consequently, fundamentals have been overshadowed by memecoins and mercenary capital. A new project’s suc...

26th July 2024

Ostium: On-chain Perps for RWAs

In the design space of RWA protocols, tradeoffs typically include permissioned usage, trust assumptions, mandatory KYC, and lack of composability — all posing limitations hindering usage and adoption in the crypto space. Naturally, protocols have st...