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DeFi
Sep 2019
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
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
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
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
Bitcoin Tops Safe Havens as Investors Flee Risk Assets
Traditional Asset Classes (Since July FOMC Meeting) Wednesday, beating U.S....This chart is sourced from Digital Assets Data....Bitcoin is also one of the few crypto assets with a positive return over the last 30 days....Top Crypto Asset Returns Data as of 08/05/19 The above table is powered by Digital Assets Data, a fintech...
Macro & Markets
Aug 2019
Demand for Growth Supports Crypto Assets
Risk assets appear to be full steam ahead as demand for lackluster alternatives wanes....for assets with more attractive growth potential....in the Limelight The macro backdrop continues to be favorable for crypto assets....Year-to-Date Performance by Asset Class The recent strength in risk assets has a bit of fundamental...
Macro & Markets
Apr 2019
Crypto Assets Surge as Upside Volatility Awakens
...drawdown has many similarities with prior BTC cycles. 6-Month Performance (Normalized) Many crypto assets...LTC has been one of the best performing large crypto assets this year, with this week's surge further...Sources: MVIS CryptoCompare Digital Assets Indices 7 Research April 6th, 2019 Crypto Asset Movers...
Macro & Markets
Apr 2019
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
Crypto Market Rebounds Amid Rally in Risk Assets
Market Value (ex-BTC) 12-Month Performance (Normalized) Crypto Market Rebounds Amid Rally in Risk Assets...Recent price weakness for the world's largest crypto asset also just pushed its 50-day moving average...Yields on both short and long-dated Treasuries have backed up since then as risk assets rallied.
Macro & Markets
Oct 2019
Bitcoin Fights to Catch a Bid as Risk Assets Tumble
...pdf-embedder url=”http://cdn.delphidigital.io/uploads/2020/07/Macro-Bitcoin-Fights-to-Catch-a-Bid-as-Risk-Assets-Tumble...-1-3-2019.pdf” title=”Macro – Bitcoin Fights to Catch a Bid as Risk Assets Tumble – 1 3 2019″]...delphidigital.io | (585) 269-0786 Key Takeaways  Bitcoin’s price remains suppressed even as risk assets...
1 Min
DeFi
Jan 2019
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
Terra Autumn Series Ep. 4: Mirror Protocol Enables On-Chain Price Exposure to Real-World Assets With Synthetic Asset Tokens
...rewards diluted across like multiple assets....Because obviously I guess you decided you wanted to do synthetic assets because it was important for...a bunch of different synthetic asset protocols....Because M assets are kind of several orders of magnitude less volatile than crypto assets, you have stuff...
1 Min
Derivatives
Oct 2021
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
Relief Rally Led by Hardest Hit Sectors Props Up Risks Assets
Weekly Market Commentary - April 8th, 2020 Relief Rally Led by Hardest Hit Sectors Props Up Risk Assets...Despite its latest bout of volatility, bitcoin has outperformed just about every major asset class over...We view this as an important relationship given the recent rally in risk assets; if stocks sell-off,...
DeFi
Apr 2020
Resolv: Understanding DeFi's Newest Synthetic Dollar
This framework is especially useful when conceptualizing DeFi’s latest “synthetic dollar” — Resolv’s...Consequently, synthetic dollar issuers are playing around with creative mechanisms that better compensate...slippage when (1) initially opening short perp positions and (2) buying and selling the spot collateral assets...
8 Min
DeFi
Jan 2025
Synthetic Margin Trading Can't Stop, Won't Stop
What started as an experiment in synthetic pricing and margin trading is now one of the biggest success...platform with a unique design, in that all liquidity is kept in the form of DAI rather than a basket of assets...Getting back to the point at hand, it’s really difficult to ignore this growing trend of synthetic margin...
3 Min
Perpetual Futures
Jan 2023
Synthetic Margin Trading: The Most Lucrative DeFi Business Model?
Synthetic margin trading encompasses protocols like GMX, Gains Network, MUX Network, and Mycelium....Gains has far more tradeable assets than GMX — a notable point of weakness in GMX’s current product offering...The way synthetic margin trading protocols and its LPs generate revenue largely comes down to one factor...
3 Min
Perpetual Futures
Apr 2023
Japan’s Yield Shock Is Sorting Assets
These two assets are moving in tandem, which is not how a clean tightening cycle normally behaves...., rising long-end yields pressure gold by increasing the opportunity cost of holding a non-yielding asset...Japanese banks are structurally long duration and deeply exposed to JGBs as both assets and collateral...
8 Min
Macro & Markets
Jan 2026