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While patiently awaiting the results of this historic event, we wanted to put some BTC on-chain metrics...
Report
3 Min
Analytics
Nov 2020
Uniswap is the most liquid on-chain spot market; dYdX is the most liquid on-chain perpetual futures market...It’s a Proof of Stake chain that runs on the Tendermint consensus mechanism....Despite being a Tendermint chain, Vega’s first bridge will be to Ethereum....But bridging to other chains is certainly not out of the question.
Report
21 Min
Perpetual Futures
Feb 2022
On-Chain Gaming
On-chain games are not simply defined by the extent to which they leverage blockchain...was open source and stored on-chain....However, at its core, DF was an experiment to test the frontier of on-chain worlds....The higher the level of blockchain integration = the more on-chain features a game has.
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29 Min
Gaming
Jun 2023
On-Chain Positioning Suggests Continuation
After a period of consolidation at a key support level, BTC...The first, which applies to both ETH and BTC, is that this metric only focuses on on-chain data, while...So this data, while representing on-chain positioning, doesn’t account for the billions of dollars of...
Report
5 Min
Layer 1 / L1
Aug 2021
The only volume passing through on-chain LPs will be the ‘exhaust’ that was passed on by the off-chain...Off-chain execution and intents are here to stay....to see price discovery shift off-chain....Resolvers can receive tokens through CEXs, on-chain, cross-chain, and any other liquidity sources they...
Report
31 Min
Spot Exchange
Sep 2023
chains indexed....This is quite a handy synergy that allows ZEE agents to leverage on-chain data across several chains...These could be:
Tool A: On‐chain data ingestion library or transaction execution....Tool C: Some bridging or cross‐chain modules....Tools are invoked programmatically by the agent’s chain‐of‐thought reasoning.
Report
13 Min
Infrastructure
Jun 2025
In this post, we would like to present a few key on-chain metrics that support our outlook....Bitcoin has shown robust growth in the first quarter of this year and the on-chain metrics presented...However, it’s important to keep in mind that Bitcoin’s price is heavily influenced by off-chain factors...These on-chain metrics may suggest that trend will continue.
Report
5 Min
Infrastructure
Apr 2021
...on-chain exchanges:
Camp A: Recreate TradFi Microstructure on-chain (cancel priority)....Only fit-for-purpose protocols and chains....Encrypted Positions On-Chain: Paradex is rolling out on-chain privacy for position data....Off-Chain Matching & Mempool Protection: From day one, Paradex’s matching occurs off-chain, and trades...
Report
53 Min
DeFi
Sep 2025
Each account maintains its own cryptographic chain of state transitions, and these chains collectively...Blockchain-Native Credit Bureau (On-Chain Credit)
True on-chain credit is one of the use cases that has...This means the credit assessment logic is never recorded on-chain....The entire process remains on-chain.
Report
34 Min
Layer 1 / L1
Oct 2025
Uniswap is the leading on-chain spot market, with an average daily turnover of well over $1B over the...Osmosis is a Cosmos Zone, meaning it’s an independent chain seeking to become the de facto liquidity...s a standalone L1 blockchain rather than a decentralized application (dApp).
dYdX is the leading on-chain...
Report
6 Min
Derivatives
Feb 2022
Table of Contents
The Rise of Zeta
Problems With On-Chain Options and Zeta’s Answer
The Secret Sauce...Problems with On-Chain Options and Zeta’s Answer
A few option DEXs have been built out in recent years...Accurate and efficient options pricing – Oracles serve as an important data feed to price options on-chain...Most on-chain options platforms disregard this need.
Report
14 Min
Options
Aug 2022
In that report, we also highlighted Opyn, a similar on-chain options protocol.
Report
2 Min
Derivatives
Apr 2020
Analyst-Call-December-16-2020-v2.mp3
Delphi Digital’s December analyst call features a discussion on markets, on-chain...Ethereum’s ecosystem.
0:00: Kevin Kelly on global markets and bitcoin
7:33: Medio Demarco on the on-chain...Delphi Digital’s December analyst call features a discussion on markets, on-chain data from our latest...
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1 Min
Infrastructure
Dec 2020
📊 ETH Market Price Below On-Chain Cost Basis
MVRV Z-Score is an on-chain metric that is defined...
Report
4 Min
Layer 1 / L1
Jul 2022
...while ensuring access is provably governed by on-chain rules....through on-chain logic....SEAL lets you encrypt data off-chain and control decryption rights directly on-chain using smart contract–based...Off-chain computation is fast but untrusted, while on-chain execution is verifiable but public and expensive...
Report
12 Min
Infrastructure
Aug 2025
The supply chain of music is also more challenging....Social graphs: Every artist can now build their own fan social graph, verifiable through on-chain actions...Breaking the song into discrete units on-chain could become a powerful lever for adoption....On-chain properties could grow increasingly important as music NFTs expand.
Report
21 Min
Music
Mar 2022
Ostium’s core idea is straightforward: bring big-name TradFi assets on-chain with high leverage (up to...If these assets continue to move on-chain, demand for leveraged trading and hedging could grow – putting...
Alpha Insight
3 Min
Perpetual Futures
Mar 2025
Backed Finance offers tokenized fixed income and equities with permissionless transferability on-chain...Stork is a decentralized open data marketplace providing on and off-chain price feeds for perps....Meaning, price updates are only pushed on-chain when needed for the respective asset....tedious on-chain experience.
Alpha Insight
10 Min
DeFi
Jul 2024
While this is a giant leap, this is the first step among many for large scale on-chain private exchanges...
Alpha Insight
4 Min
DeFi
Sep 2024
Pear Protocol: On-Chain Pairs Trading
Pear Protocol aims to address the inherent inefficiencies and...They’re doing this by integrating an array of on-chain liquidity sources (e.g., GMX, Vertex, and SYMM...Flexibility: Integration with many on-chain liquidity sources....Isolated Margin (GMX)
This product is fully on-chain, sourcing liquidity directly from GMX v2.
Alpha Insight
8 Min
DeFi
Sep 2024


















