Related research

The Dawn of Bitcoin Programmability: Paving the Way for Rollups
By
Anil Lulla•
Bitcoin's scripting system is inherently limited in its programmability. Consequently, bridges to Bitcoin rely on multisigs and federation control, introducing trust. This has constrained Bitcoin's utility.
Recent advancements are enhancing programmability on Bitcoin. BitVM, its successors, and CatVM are enabling the verification of off-chain programs on Bitcoin through fraud proofs. This improves the current state of bridging on Bitcoin, minimizing the reliance on trusted multisig setups and federated bridges.
This report explores these recent advancements, including BitVM, CatVM, Lamport signatures, and the proposed OP_CAT opcode, along with their implications for trust-minimized bridging & zk-rollups on Bitcoin.

High off the Halving
By
Anil Lulla•
With the Bitcoin halving top of mind this week, our markets team issued a brief note to update their views on the short and longer-term outlook for BTC.
The Delphi Research team has done a ton of work on many of the topics discussed in the memo, and we include plenty of links to prior deep dive reports and Alpha Feed posts for those seeking more context on all that's happening in the Bitcoin ecosystem.

A Frenzy Over Bitcoin Ordinals & Runes
By
Anil Lulla•
Introduction Bitcoin is having its moment in the sun. Once considered a boring asset within the crypto space, it is […]

The State Of Bitcoin
By
Anil Lulla•
Bitcoin rebounded strongly in 2023, not just with respect to price but on-chain activity through ordinals and renewed interest in Bitcoin scaling. This report is a retrospective on what 2023 brought to BTC.

BRC-20s: The Past, Present, and Future
By
Anil Lulla•
For the first time in a long time, Bitcoin seems to have the potential to develop an exciting and vibrant digital economy. BRC-20s have breathed new life into Bitcoin, and people would be remiss to ignore this trend.

Bitcoin - Back From the Future
By
Anil Lulla•
For the first time in a while, Bitcoin's future is exciting with possible upcoming catalysts and innovations. Only time will tell if they lead to a positive renaissance on Bitcoin or fundamentally break it.
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