Delphi Digital


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

thats a hell of a good point. The UX around ETH leaves a lot to be desired. I think both are true though, ETH has slipped from the narrative world, and the UX is brutal.

Although, it roared back into the zeitgeist with the recent ETF news!

Those are all excellent points. The most telling quantative data around memes vs other coins is basically price action. Memes have been doing multiples while coins with vestings and unlocks have been really muted of late. It tells me that people are more willing to invest in memes than anything else, at least for now.

Regarding retail buying whatever people shill them, I am unsure. Last cycle I found some data around TikTok trends, specifically videos discussing crypto. And the vast majority were discussing memecoins like Shib/Safemoon/Doge. Other crypto sectors never really took off like memecoins did, at least on TikTok.

I agree that meme coins can have the same sort of structure with insiders having a huge chunks of the supply spread across a bunch of wallets. So memes are certainly not removed from the same issues we see in a lot of token allocations. Memes are certainly not free from these sort of issues But I was more trying to think through what the market is signalling with the recent emphasis on memes.

More that teams seem to be focusing on more general purpose L2s like RSK, Stacks, or BitVM. Light pools seem a bit different and more specialized.

Not that I have yet seen. Teams seem to be focusing on the L2 vector atm. I think runes kneecapped itself a bit by starting the character limits where they are, really killed the initial excitement that drove the BRC20 run. But could give Runes some longevity instead.

I think Solana has something similar. SPL20s, or SPL22 I think. I am not to sure.

Regarding the Dex, I don't know. The team hasn't shared any confirmed details on its function yet so I really couldn't say. It could have something to do with how ERC404 v2 works though.

Oh thats interesting. I have not heard of $NPC before so would love to look att any link or info you got on it!

Report snippet

"Bitcoin’s tx volume, which measures the total amount of successful BTC transfers on the chain, is down to levels not seen since 2020 and looks to continue decreasing."

Yes. If you want to move the balance or ordinal around then you would have to do a transaction. But inscribing data, especially minting BRC-20s is all about speed. To get your inscription and mint counted, you have to pay higher fees to beat the competition. As such, it seems like transaction low-cost high volume is being replaced by high cost low volume transactions.

Thanks for the kind words ser! Its a pleasure to write and explore this space with everyone. I really appreciate all the comments and back and forth here.

Sorry I am late on this, just getting back from Christmas!

  1. Regarding decentralized indexers, I just think its the next stage of whats needed for Ordinals to really take off. Having a bunch of disparate centralized indexers reaching a soft consensus is probably sub-optimal. In my mind a decentralized canonical indexer is probably better in terms of censorship resistance, permissionless etc.

  2. This is a huge red flag for me with the project. I am not a huge fan of fat protocols as it splits effort, focus, and liquidity into all these separate areas. Sushi 2 years ago was a good example of the challenges around building a bunch of things at once. I don't know the team at all tbh, so can't really comment on their ability to execute - other than it will be hard to pull it off.

Report snippet

"dYdX v4 is transitioning to Cosmos appchain, Aevo is pioneering the OP rollup stack with a unique offering of pre launch markets, Vertex"

I think it more than likely that they just get hammered by emissions and paying for liquidity. So you always have this constant supply pressure.

Yeah, I imagine that protocols that have launched a BRC20 will probably create some sort of burn and mint process to move to runes or some new standard. Can't stay stuck on v.09 for ever.

And good luck TRAC! I want to do more digging into before I pull the trigger. I want to really understand how TRAC, and TAP work together. I think they have multiple tokens. I should probably write a post on it.

TRAC and PIPE are part of the same protocol right?

TRAC I find really interesting. From what I understand TRAC is the gov token for the trac network which is building a decentralized indexer ecosystem of some sort. I haven't done much DD on it, but its promising. Right now the ordinal ecosystem is centralized in terms of indexers - like if you use a BRC20 or Ordinal wallet, you are using their indexer. So creating a decentralized indexer with proper incentives and security is a big opportunity imo. I am actually amazed it has taken as long as it has for teams to come around to this.

From what I understand trac is also building like a full ecosystem with TRAC and TAP, as part of it.

PIPE looks to be its own token standard like cybord - which is cool, but risky. There are so many token standards emerging and the network effects around BRC20s are super strong right now.

An anon team is not necessarily bad, but probably something to note. I don't know anything about REACH honestly, first came across it in the forum. But Bored Elon's endorsement means its probably worth a look at least.

Gutz has not authored any research reports yet.