Delphi Digital


infra focused research

https://x.com/jchervinsky/status/1785373696862924997 this is a good thread.

"Enter non-transferability. In general, the securities laws only apply to assets that can be bought or sold. That's sort of the point: to protect investors who seek profit from the purchase and sale of assets that go up or down in value. In particular, the Howey test only applies to transactions (not assets), and only where the investor has a reasonable expectation of profit.
Thus, making an asset non-transferable creates a strong argument that the securities laws don't apply. If token holders can’t transact, then they can’t profit (barring some other mechanism like a right to income or dividends, which is rare in crypto), and so they shouldn’t need the protections of the securities laws. In theory, the SEC could still argue that a non-transferable asset is a security, but that would be a particularly silly view as a matter of policy, so even risk-averse lawyers are generally comfortable with non-transferable tokens."

i don't know much about megaeth but i am intrigued by it. taiko idk if it is scaling evm at all or just becoming based? eclipse has the best shot at being scalable rollup near-term imo.

solana still can't handle everything, especially if you're an app like drip or grass that needs hundreds of thousands tps

honestly i just outsource my entire thinking on this to the etf experts, there is no point in me wasting another minute on other theories, especially from eth maxis. the etf guys consider every angle when they come up with that 35%.

update here: unlock is actually end of may/early june, "end of march" in original post is wrong. i've edited.

ceteris has not authored any research reports yet.