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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
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
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.
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21 Min
Perpetual Futures
Feb 2022
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...
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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...
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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
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
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...
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53 Min
DeFi
Sep 2025
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.
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14 Min
Options
Aug 2022
In that report, we also highlighted Opyn, a similar on-chain options protocol.
Report
2 Min
Derivatives
Apr 2020
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
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
...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...
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12 Min
Infrastructure
Aug 2025
📊 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
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


















