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Since Ethereum's Beacon chain went live at the end of 2020, over 18M ETH or 15% of the total supply has been staked in a deposit-only staking system. In this report, we consider the implication of the Shanghai hardfork that will allow users to withdraw these assets, worth almost $32B.

Brace Yourselves, Shanghai Is Coming
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Anil Lulla•
Do you hear that? That’s the sound of 17M ETH getting ready to be withdrawn from staking, nearly $30B of ETH supply previously locked up coming onto the market ready to be sold. Or at least, this is what you may think if you’ve wandered into certain parts of crypto Twitter.

Monthly Chartbook - Inflation Cooperates, But Is It Enough?
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This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown.

Monthly Chartbook - Falling Out of the Merge
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Anil Lulla•
This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown.

Post-Merge Fallout: A Closer Look Into Price and Issuance
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Post-Merge Fallout: A Closer Look Into Price and Issuance The Merge underscores perhaps the most impactful milestone from the original […]

Delphi Office Hours Call (September 15th, 2022)
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We recently hosted our Delphi Office Hours call on September 15th.
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