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The Rise of Ethena: Unpacking The Emerging Synthetic Dollar
...the inherent network effects that come with being a monetary asset....alone booked $6.2 billion in net income last year which is more than Blackrock, the world’s largest asset...Importantly, there is inherently more demand from retail to long rather than short crypto assets which...
40 Min
DeFi
Apr 2024
Programmable Asset Ledgers Will Eat The World
Programmable Asset Ledgers Fundamentally, blockchains are asset ledgers....Moving assets Programming assets Objectively, any crypto use case that harnesses any of these features...to securitizing assets may be high, tokenizing these assets on-chain comes with less friction....unlock the ability to program logic directly into assets.
25 Min
DeFi
Mar 2025
Scaling Real World Assets on Avalanche
Introduction Real-world assets (RWAs) have surfaced as one of the most compelling narratives for crypto...advocacy for RWAs has now matured into a full-fledged ecosystem, with Avalanche emerging as a hub for asset...The Avalanche ecosystem currently holds over $740 million in tokenized RWAs, spanning across 41 assets...
16 Min
Infrastructure
Oct 2025
The Evolution of Digital Asset Secondary Markets - 2025
Introduction Over the years, secondary markets for digital assets have undergone significant structural...The digital asset secondary market is increasingly resembling the robust secondary markets in traditional...Theme #1 – Digital Asset Secondary Market Continues To Mature Digital asset markets have evolved markedly...
14 Min
Financial Market Themes
Aug 2025
The Evolution of Digital Asset Secondary Markets
Digital asset secondary markets have structurally flipped from token-dominated to equity-preferred, with...equity commanding a 2x size premium and 5 of the top 12 most sought-after assets now being AI/deep tech...
Macro & Markets
Apr 2026
Real-World Assets in Decentralized Finance
...is reducing the cost of capital by replacing financial intermediaries or allowing users exposure to synthetic...This is where tokenizing real-world assets (RWAs) comes into play....Asset Originator: The asset originator creates the tokenized RWA and pledges it to the issuer as collateral...
11 Min
Money Markets
Jan 2023
Price Oracles for Derivative Assets
Delphi Labs is proud to present an analysis on price oracles for derivative assets....In this piece, we’ll analyze pre-existing assumptions on price oracles for derivative assets within the...Specifically, we’ll discuss why using the underlying asset’s price as the oracle for a derivative asset...
1 Min
Oracles
Nov 2022
USD.AI: Financing the Future of AI Infra
...operations by transforming illiquid assets into liquid, productive capital....USDai Deep Dive USDai is a synthetic dollar backed by loans against AI hardware, compute, and DePIN assets...Permian Labs will be the sole underwriter at launch, specializing in compute assets....These NFTs represent real-world, enforceable ownership of the assets moving forward.
14 Min
Infrastructure
May 2025
The Year Ahead for AI + DePIN 2025
Buy assets. — Pondering Durian 🙏 (@PonderingDurian) September 28, 2024 An interesting question arises...These assets — ranging from residential solar installations and storage systems to smart thermostats...This organic growth in grid-edge assets provides ready-made markets for DePIN solutions.
122 Min
Artificial Intelligence
Dec 2024
A Nuanced Approach to Estimating Mark-to-Market Crypto-Asset Values
...conditions for the collateral asset depreciate....Ray III (current CEO of FTX) reads: “First, customer assets from FTX.com were commingled with assets...FTX wasn’t able to liquidate its assets. Alameda didn’t repay its loans....Since there is only 5M USDC in the pool, $95M of assets on paper would yield a mere $5M when sold.
15 Min
Macro & Markets
Dec 2022
DeFi
Sep 2019
The Decade Ahead
Caution regarding assets leveraged to consumer spending built on services labor (mortgages, credit, consumer...double digits, we retake space – and yet, political unrest spikes, demographics reach crisis levels, asset...Ever since the freezing of Russian assets and the blocking of the Strait of Hormuz, there is no longer...
22 Min
AI
Jul 2026
Mantle Network
Beyond just a chain, Mantle has pursued a strategic approach to assets, to ensure high standards of quality...The Strategy Manager operates similarly to Yearn vaults, where assets are dynamically allocated across...Additionally, Mantle has strategically employed mETH to generate staking yields on its treasury assets...
16 Min
Asset Management
Jun 2024
Plasma: Stablecoin Infrastructure & The Trillion Dollar Opportunity
By 2020, stablecoins became a common onchain asset....Treasury bills) These assets yield interest....Axis is a native yield hub for hard assets on Plasma....They introduce xyUSD, a yield-bearing synthetic asset backed by regulated hedge fund strategies, connecting...For crypto-natives, stablecoins represent a fiat-pegged asset to denominate in.
28 Min
Infrastructure
Jun 2025
Modular Lending: The Next Phase of DeFi Money Markets
Synthetic assets Collateralized debt positions (CDP) and synthetic assets can be issued permissionlessly...Vault creators can recreate Synthetix-like products by issuing synthetic assets against acceptable collateral...assets as long as an oracle or pricing mechanism is in place for the synthetic asset.
31 Min
DeFi
Apr 2024
Market Musings - Knock, Knock, Knockin’ on ATH’s Door
What started as an exchange of ideas in a niche cypher-punk internet mailing list has morphed into an asset...These ideas have helped spawn an entirely new industry and asset class with a combined market cap of...When was the last time a new asset class was created? I’ll wait.
14 Min
Macro & Markets
Oct 2024
Beyond the $HYPE: An Objective Analysis of Hyperliquid
...single chain given their synthetic nature....Perps are inherently synthetic assets....Consequently, any perps DEX can spin up perps for any asset across any chain....As long as an oracle exists, any perps DEX can support any asset....spot DEXs generally only support their chains native assets.
17 Min
DeFi
Feb 2025
A New Framework For Understanding Moats In Crypto Markets
...increasingly steal market share from traditional DEXs and aggregators, especially for shorter-tail assets...While there is a strong argument to be made that this trend will only continue as monetary assets are...full advantage of the “un-forkable” and “un-sudsidizable” properties that come with being a tokenized asset...
36 Min
DeFi
Aug 2024
DeAI IV: The Agentic Economy
...looming services deflation which keeps a lid on prices and allows for continued money printing and asset...In fact, Sequoia now puts workflows above unique data assets as a primary source of competitive long...age of zero cost marginal intelligence, data is now recognized as one of a company’s most valuable assets...
63 Min
Artificial Intelligence
Oct 2024
The Battle of the AI Agent Frameworks
...pre-training superclusters) GPUs going horizontal (multi-data center training / distributed training) RL, Synthetic...After just over two years, synthetic intelligence is on track to surpass human level intelligence....Execution Environments (TEEs), the framework aims to create agents that can independently manage digital assets...
50 Min
Artificial Intelligence
Feb 2025