Delphi Digital


Aaron came late to crypto, encountering the space during DeFi summer in 2020. After seeing first-hand the revolutionary potential of DeFi, NFTs, and Bitcoin, Aaron pivoted his career to crypto.

Yeah, thats a totally fair point. Prior cycle PTSD is a huge factor!

hmmmm, whether there is logic behind my unease is a great question. I don't think so - this is just a hunch/feeling. Hence why I consider it only one data point to inform my outlook. Other than that, things look decent imo. Price is good, the market digested the Binance news well, we are potentially coming to the end of a rate cycle, things are looking up.

But conversely, there is still the GOX overhang, some FTX stuff to clear up, CB is still in court, DeFi under the microscope, L2 uncertainty etc. So maybe there is some negative catalysts in the future. I also sometimes worry when price moves quick as we get a huge OI increase and then a big washout - seen that happen a few times.

But great points all around - maybe its ape time?

yeah, thats super interesting. The more I dig into it the more I think Ordinals will be a surprise hit. I have to look into liquidium.

I find the development around this stuff super clever. Its amazing what people are doing with Bitcoins limited scripting and inscriptions. Its super promising vis-a-vis Bitcoin's culture and developing

Report snippet

"Airdrop farming"

This was cool, I had not heard of a bunch of these protocols so it was great to see them and take a look

Hasu published a governance post, which I wrote about a few weeks ago, where he outlined what could be a workable compromise. Basically, he argues that Lido can maintain its dominance and Ethereums integrity through ensuring Lidos validator set is decentralized. He then wrote a strategy around that. Because at root, you're right. If Lido's dominance breaks Ethereum in some manner, it affects Lido - so they have a strong incentive to ensure they maintain it well.

Basically, it seems like Lido can have its cake, and eat it too.

Yes! DLC was on my list to actually look at today as I have seen some projects mention using it.

My guess, based on what we are seeing now, is that Bitcoin DeFi will probably be less monolithic than Ethereum. Like all DeFi on Eth is built using solidity and on ETH. Whereas I think on Bitcoin, their version of DeFi - if it emerges - will be a hodge podge of different tech. Ordinals, DLC, layer 2s, ZK, CeDeFi, etc.

thats a great questio - I also feel like a miss a bit. Notification for spoecific reports would be great imo.

I find this wild because I thought a lot of these dynamics have already been seen and are well known pitfalls of P2E games.

Great summary jason. I am going to have give this a listen - but mostly because I agree lol. I am actually pretty amazed markets have held up as well as they have given the continuing escalation and debt situation. I wonder if markets will play out according to the "gradually, then suddenly" adage for pricing these things in.

great read on an oft overlooked protocol. I am surprised pooltogether is still moving along given the negative press they had around regulatory stuff, but its impressive to see nonetheless.

Great post ashwath. That is spot on given the recent funding waves and discussions we have been having around infra in the chat. Beyond the cyclicality of investing, I also think we just need apps for people to use. Blockchain with amazing infra is fantastic, but without apps drawing in users this is all a waste.

After trumps initial election, I no longer think anything impossible regarding candidates lol, so I agree.

Its a tricky subject, but as the regulatory environment is so important for crypto, watching and analyzing politics is a must. I appreciate this post and generally agree with what you're saying. My guess is Vivek is angling for Trumps VP/running mate.

More boats and sleds for sale than last year at this time, and a lot of prices getting slashed for sales.

thats interesting, I actually think the opposite regarding BRC-20s and inscriptions. Based on volume alone people seem to really prefer BRC-20s as opposed to the inscriptions.

If it becomes unstable with later upgrades, i have sneaking suspicion that someone will either release a new standard or create some fix.

Hey Teng, do you think FT has a life after the airdrop? I know we often see promising metrics pre-airdrop and then a pretty fast drop afterward. Just curious on your take.

oh man. Whenver I see 3,3 I get nervous lol. Are Aerodromes mechanics similar to other 3,3 protocols?

Gutz has not authored any research reports yet.