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Infrastructure
Jun 2019
Avoiding the Real Banking Iceberg
It’s even bigger than the banks....major source of UST demand, that supply will have to be absorbed by the private sector and foreign central...banks....DeFi faced a stress test, leaving questions about the ecosystem’s vulnerability to centralized risks.
38 Min
Global Macro Themes
Mar 2023
DAO Banking: Beyond Tokens
But banking is more than just financing, and solutions are being spun up in other verticals like market...While not part of the capital stack, market making is something Investment Banks will do for clients...
24 Min
DAO
Jun 2022
Risk Analysis on Centralized Stablecoins
In our report, we will examine the factors that contribute to depeg events, analyze each centralized...from a bank run due to a mismatch between the duration of their assets and liabilities....UST-LUNA Bank Run: UST is an algorithmic stablecoin....However, as these stablecoins are not widely used in DeFi and centralized exchanges (CEXs), we will focus...
12 Min
Stablecoins
Apr 2023
Solo, Liquid, or Centralized: A Guide to Staking ETH
...choosing to stake ETH, you have a variety of avenues to explore, including liquid staking protocols, centralized...Furthermore, its centralized structure represents a vulnerability, as it constitutes a single point of...In terms of staking methods, investors have several options: liquid staking protocols, centralized exchanges...
16 Min
Liquid Staking
Jun 2023
Stablecoin Lending Declines, Hop Protocol, DAO Banking
DAO Banking: Beyond Tokens [Excerpt from a Delphi Pro Report] Since DeFi started taking off in 2020...
6 Min
Lending / Borrowing
Jun 2022
ENS Registrations Spike, DAO Banking, Resource Extraction In The Metaverse
DAO Banking: Beyond Tokens [Excerpt from a Delphi Pro Report] The first major instance of a DAO financing...
10 Min
Layer 1 / L1
Jul 2022
Avoiding the Real Banking Iceberg
It’s even bigger than the banks....We looked into that and more in our report on the recent chaos in the banking sector.
1 Min
Macro & Markets
Mar 2023
Smol Banks Continue To Feel The Heat
We are now about 3 months removed from the onset of the 2023 Banking Crises that kicked off in March....This is not the picture small banks facing the pressure wanted to see....Remember, smaller banks are facing a disproportionately tough battle versus that of larger banks; as...(JPM, C, WFC, BAC) versus the regional banking sector ETF, KRE.
2 Min
Macro & Markets
Jul 2023
The Bittensor Halt: Centralization Saves the Day?
Centralization....The Path Forward Bittensor knows this centralization can’t last....Bottom line: The centralized control that saved Bittensor during this predicament is also one of its...
4 Min
Artificial Intelligence
May 2025
The Tip of The Banking Liquidity Iceberg
Bank holdings of securities like USTs and MBS have gotten a lot of headlines, but bank lending has grown...Meanwhile, banks have been slow to raise deposit rates, so the outflow of deposits from the banking sector...longer duration illiquid assets while bank liquidity (cash) is trending lower....as the % of illiquid assets on bank balance sheets grows.
4 Min
Macro & Markets
Mar 2023
Solo, Liquid, or Centralized: A Guide to Staking ETH
<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> The launch of Ethereum’s Shapella upgrade mark...
1 Min
Liquid Staking
Jun 2023
Silicon Valley Bank: Illiquid or Insolvent?
The basic model of a bank run goes like this: You’re a bank and you get $100 worth of deposits....must revisit what boomer banks do for a living....When a bank makes a loan, they take credit risk....Silicon Valley Bank (SVB) is not a traditional bank. It’s a startup bank....Silicon Valley Bank, however, doesn’t have 10 years.
7 Min
Macro & Markets
Mar 2023
Bull v Bear - SVB Banking Fallout
...to bank cash, right?...And so, as bank hash declined, bank lending continues to struggle along....risk of a similar bank run that has now caused pretty sizable sell offs in regional bank stocks. 09:...So there’s signs that banks or bank borrowing is already rising before this, right?
42 Min
Global Macro Themes
Mar 2023
Don't Sleep On China
Neither were China’s plans to lead the world towards a central bank digital currency and launch “the...It’s been over five years since China’s central bank started researching a digital yuan and things are...the network is open to “anyone who wants to be a node on the network”,  the approval process is quite centralized...
5 Min
Layer 1 / L1
Apr 2020
BTC Shaking Off Banking Crisis?
Given the chaotic market events stemming from last week’s banking crisis, we would be expecting crypto...Last weekend, peak fear began to take hold as the amount of assets backing USDC held in failing banks...BTC finds itself retracing the entirety of the banking crisis/USDC-fud move lower, and is now looking...
5 Min
Macro & Markets
Mar 2023
Payy - the first self-custodial bank
Deposits are processed from bank accounts, exchanges, and chains.
3 Min
DeFi
Aug 2024
The Virality of Social Media is a New Risk Factor for Banks
Great thread on how “social media risk” is a new vector for banks — and virtually any critical institution...It’s going to be crucial for banks — among other institutions — to ensure they have strong communications...
1 Min
Macro & Markets
Mar 2023