Frax Finance Research Reports

Debt-Backed (CDP) StablecoinsThe Looming Opportunity With Decentralized Stablecoins
By
Anil Lulla•
Stablecoins are an integral part of crypto, with a total market capitalization of $124B. Despite the increasing adoption of DeFi, the majority of the stablecoin market is held by centralized stablecoins such as USDT and USDC.

Liquid StakingSolo, Liquid, or Centralized: A Guide to Staking ETH
By
Anil Lulla•
The launch of Ethereum's Shapella upgrade marks a significant moment that allows the withdrawal of staked ETH from the Beacon Chain, a feature that was previously unavailable. As highlighted in our earlier report on ETH staking, this newfound function paradoxically may not trigger a mass withdrawal.

VaultsA Look at Convex's Business Model and a Looming Catalyst
By
Anil Lulla•
Yield farming, or some form of token-based bootstrapping, has become a core component of every project’s go-to-market strategy. Protocols actively think about how best to employ game theory to attract users. At the same time, DeFi summer taught us that incentives and game theory aren’t enough to sustain a project.

Algorithmic StablecoinsFrax Finance: Examining The Protocol’s Holy Trinity of De-Fi
By
Anil Lulla•
Frax Finance is a household name for seasoned DeFi users. In the last year, they’ve launched Fraxlend and Fraxswap alongside several other products. This post will look at Frax’s newer product launches and examine their traction.

Layer 2 / L2The ETH Liquid Staking Derivative Wars
By
Anil Lulla•
🔍 The ETH Liquid Staking Derivative Wars To stake ETH, users have to run validator nodes on Ethereum, which comes […]

Macro & MarketsDelphi Office Hours Call (January 19th, 2023)
By
Anil Lulla•
Join this week's call with our research analysts to discuss crypto developer data, the echo bubble thesis, X2Y2's NFT lending growth, liquid staking derivatives, and more.
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