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Finding the Fun in Fundamentals #2 - Wemade
From 2019 to 2024, gross revenue grew from ₩113.6 billion ($87 million) to ₩711.9 billion ($547 million...However, even after recording a ₩308.1 billion ($237 million) net profit in 2021, the company posted...steep losses in 2022 and 2023, at -₩185.8 billion (-$143 million) and -₩206.7 billion (-$159 million)...
18 Min
Gaming
Jun 2025
WTF Is Anoma? Part 2: WTF Are Intent-Based Apps?
Part 2 – Applications In Part 1 we have overviewed Anoma’s intents and seen how they compare to Ethereum-style...“Part 2: WTF are intent-based apps?”...has 2 sections; First, we take a look at some existing intent-based apps across various verticals that...User 0xea wanted to sell 48,942 USDC and receive at least 26.66 ETH.
24 Min
Layer 1 / L1
Sep 2023
Zetachain Part 2: The Opportunity Ahead for Omnichain Applications
...deposits on Zeta and deploys them across Aave (Ethereum, Polygon, Arbitrum, Optimism), Venus (BSC), Compound...BRC-20’s on this DEX trade against sUSDT....The limited edition NFT collection boasted tiers ranging from $10K to $200K....Actual activity on Ordinals saw a significant spike between May and Sept 2023, averaging over 200K inscribed...
47 Min
Layer 1 / L1
Jan 2024
Convex Continues Compounding CRV
Since we last covered this topic on June 28th, Convex has been able to grow from ~20% to ~30% of the...Convex’s consistent compounding of CRV has grown its influence, and boosted its rewards, to such an extent...Badger’s strategies build on Convex’s flywheel, compounding 90% of farmed CRV and CVX in cvxCRV and CVX...
9 Min
AMM
Aug 2021
2 Crosses Pending, 2 Retesting - This Week's 9/21 EMA Scan
The 1W 9/21 EMA cross is a simple way to track momentum shifts....When the 9 crosses above the 21 on the weekly it means short-term momentum has overtaken the longer trend...Right now 4 names are worth watching:  2 with crosses pending (UNI / AAVE), 2 crossed and retesting (...
4 Min
Macro & Markets
Jul 2026
BAYC Gets BendDAO-ed & Internet Game Season 2
Internet Game is an interactive entertainment platform that is launching its Season 2, titled “Bear Market...There are 2 parts to the games....Part 2 is a live finale with 3 multi-player games hosted by Gmoney & Leah Lamarr....The Sandbox announces the start of Alpha Season 3 on August 24....Fractional raises $20M funding round, rebrands to Tessera.
11 Min
NFTs
Aug 2022
Can Euler Finance Carve Out a Moat?
Euler’s User Interface The “Quick Action” button at the top right of Euler’s application page...Users may also use the “Transaction Builder,” also found at the right side of the page, to batch multiple...The EUL token has dropped significantly from its peak in Aug. 2022....Aave and Compound have paved the path for the basic money market design space in DeFi.
13 Min
Money Markets
Oct 2022
Axie Part 2 - Gamer Economics
SLP supply peaked at 584mil on 29th May and had a short period of deflation....On 28th June it stood at 484mil, a 100mil(-17%) supply decrease in 30 days....Small Love Potion (SLP) has seen a significant growth in price of +712% YTD as of June 28th....Axie floor prices increased from 0.03 ETH to around ~0.066 ETH, and MEO 2 Axie prices rose from 0.084...
9 Min
Games
Jul 2021
The Evolution of Digital Asset Secondary Markets - 2025
20%....in 2024....The Staking category has nearly disappeared from secondary market deal flow, falling from 2% to 0% deal...Theme #2 – Emergence of Distinct Buyer Archetypes Perhaps the most interesting dynamic in the past year...Forge now publishes pages for both **Circle and** Kraken, something it activates only after recording...
14 Min
Financial Market Themes
Aug 2025
Pair Trading in Crypto
This is exactly the denominator effect described in on the next page and initially in the abstract --...Mar 25 -10 -8 -6 -4 -2 10 HYPE/SOL SOL HYPE Figure 5: 30 Day Rolling Sharpe....* Ã(HYPE) * Ã(SOL) Volatility Limitations Bull: BTC daily return > +2% Bear: BTC daily return <...
Macro & Markets
Feb 2026
NFT Debrief - June 2023
Each wallet is limited to 2 passes during this tier....Allow List Tier 2: Begin simultaneously with Allow List Tier 1....Again, 2 passes per wallet are allowed....Allow List Tier 3: Begin 1 hour after Allow List Tier 1/2....Phase 2, the public sale, commences 2 hours after Phase 1 and continues until all Trefoil Mint Passes...
20 Min
NFTs
Jun 2023
Delphi's Monthly Markets Webinar - February 2024
Join the Macro & Markets team this Thursday (2/15) from 11am ET – 12PM ET for our first webinar of...2024!
1 Min
Macro & Markets
Feb 2024
Morpho Finance: A Pareto-Efficient Lending Optimizer
Back in 2018, ETHLend, the predecessor to Aave, facilitated loans where borrowers would have to request...” and “Morpho-Compound.”...Scenario 2: A Match Is Not Found If a match is not found, Morpho uses the borrower’s collateral to take...to Morpho-Aave/Morpho-Compound....Instead of just P2Pool matching, as with Aave and Compound, Morpho uses a hybrid model.
13 Min
Money Markets
Nov 2022
Compound: Community Now, Cashflows Later
Compound is a decentralized lending middleman: anyone can deposit ETH, DAI, USDC or other assets and...by 22.4k/2.5k users on each side, respectively....Over 20k users supplying assets, and people say Crypto has no users (yawn).  ...To paint this picture, imagine choosing Walmart’s ~2% dividend yield over Amazon’s growth sans dividend...
5 Min
Lending / Borrowing
Jun 2020
MON Protocol - Primed for IP Expansion
Its 2% depth on Bybit – an indicator that tries to evaluate the required liquidity to move a token by...2% – is just $3.5k-$4.5k, with even lower depth on Bitget ($2k-$3k) and KuCoin/MEXC ($1.2k-$1.8k)....been well received overall, the current build remains incredibly unstable and likely needs another 2-...
16 Min
Gaming
Apr 2025
DeAI III: Composable Compute
AI x Crypto (Part 3) Part 1 – The Tower & the Square Part 2 – Seizing the Means of Production (Infrastructure...In short: to properly incentivize and unlock the compounding of software globally....This on-device agent effectively becomes one’s front page to the internet “by-passing” applications and...
39 Min
Artificial Intelligence
Aug 2024
Layer 2: Rollups
In this report, we look at how the Layer 2 ecosystem is shaping up and dive into the varying rollup solutions...In order to unlock the next phase of growth, the scaling torch has been passed over to Layer 2s, led...
1 Min
Infrastructure
Dec 2020
The Year Ahead for Apps 2026
Basic integration advantages compared to fintech start compounding: Global, 24/7 liquidity by default...No market hours or T+1/T+2 settlement constraints....Binance offers capped 2% cashback on transactions via their card....Phase 2 Once money starts moving natively on the timeline, the floodgates open....Examples: Hashdive, Polysights. 2.
96 Min
DeFi
Dec 2025
The Year Ahead for DeFi 2024
They recently announced Sanctum Infinity with plans to go live in the next ~2 months.”...Theme 2: All Eyes on Uniswap Liquidity Uniswap is the most dominant protocol in the history of crypto...On the trading side, DEXs are moderately behind, and aspirations of simply mimicking CEXs within 2-3...
100 Min
DeFi
Dec 2023
Reddit Avatars: NFTs as Digital Identity
Introduction Reddit — the “front page of the internet” — has been revolutionizing the way people interact...1.6 ETH and 100 supply Gummy by 5 Boro Bodega, with a floor price of 1.3 ETH and 150 supply Gen 2...Avatars – “Spooky Season” Gen 2 avatars, titled “Spooky Season,” were released in October 2022 as a fun...ideas since its inception in 2005.
12 Min
NFTs
May 2023