Back in November, nearing peak euphoria, MicroStrategy (now just Strategy) finished the day as the second most traded stock in the U.S.—right behind Nvidia ahead of their own earnings release. Trading at a 3.4x premium to NAV at the highs, MSTR quickly made use of the premium and raised billions of dollars, continuing to reinforce its rol... Read more

Welcome to Crypto Insider Talks. In this month’s episode, Real Vision’s Raoul Pal and Delphi Digital’s Kevin Kelly are back to discuss the latest trends in macro, crypto, and what they’re tracking right now. This episode was recorded on March 26th, 2025. Summary Market Discussion Panelists discuss Bitcoin price mo... Read more

Welcome to Delphi Ventures’ Grass Demo Hour. In this session, Andrej presents an overview of Grass Protocol’s infrastructure and business model. He discusses their global network, data processing operations, and current revenue streams. The presentation covers Grass’s technological roadmap and plans for upcoming products... Read more

Disclaimer: This and the next AF will be a summary of my ramblings about DeFi in the last few weeks. These ramblings stem from a discussion from our research call where we ended up debating whether DeFi is going through stagnation phase. DeFi summer is now on the verge of crossing the five-year threshold, transforming from a niche experi... Read more

As promised – a follow up market update given the continued bounce across risk markets over the last week. If you have any questions, please comment below or message in the PRO telegram chat and I will do my best to get back to you guys. Summary The markets are showing signs of life after a significant pullback, but multiple resistance le... Read more

Andrew Kang will likely become a billionaire in the coming years, and not from crypto. If you’ve been doomscrolling CT over the past week or so, you may have noticed one of the many hyperbolic takes he has on the future of robotics. https://x.com/Rewkang/status/1900018011404460428 And his claims that this sector will reach “decatrillio... Read more

Let’s face it – DAO governance is a joke for token holders but works perfectly for projects looking to maintain control while cosplaying decentralization. I don’t usually pay attention to CRO or the Crypto.com ecosystem (not sure many crypto natives really do), but they just pulled something so brazen it caught my atten... Read more

While perp futures dominate crypto derivatives, interest rate derivatives are still largely untapped. Interest rates steer global finance, with almost $600 trillion in notional derivatives across TradFi. In crypto, they’re volatile and critical – perp funding rates can shift from -20% to +100% APR weekly, lending yields on Aave fluctuate... Read more

Today, Pump.Fun launched their DEX PumpSwap. I had some thoughts on this the other day on what it meant to Raydium, and I believe it will put significant strain on their business. will take the opposite view of this. pump owns the user, raydium is just back-end infra. even when users go to trade after bonding they go to jupiter. most pro... Read more

At Delphi Consulting, we’ve seen what I believe are the first signs of a very interesting pivot start to form. In the last couple of months, we’ve had a few clients bring up the idea of taking their token to market with a DEX-first approach. I believe this is not an anomaly, but rather a strong indication of how the next 1-3 y... Read more