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DeFi
Sep 2019
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
The Rise of Ethena: Unpacking The Emerging Synthetic Dollar
...success lies Ethena’s fundamentally different approach behind what the market has conceptualized as a “synthetic...Simultaneously, structuring USDe as a “synthetic dollar” has allowed Ethena to take full advantage of...the inherent network effects that come with being a monetary asset.
40 Min
DeFi
Apr 2024
Macro & Markets
Apr 2019
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
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
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″]...
1 Min
DeFi
Jan 2019
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
Terra Autumn Series Ep. 4: Mirror Protocol Enables On-Chain Price Exposure to Real-World Assets With Synthetic Asset Tokens
[inaudible 00:09:27] real world in a synthetic world....Because obviously I guess you decided you wanted to do synthetic assets because it was important for...on Ethereum, Synthetics, it uses more of a pooled collateral architecture....a bunch of different synthetic asset protocols.
1 Min
Derivatives
Oct 2021
Bitcoin: The Strategic Asset?
...to trade, a hard asset to back its currency, or because it is secure against other nation-states....Nations seize assets, like the West taking Russian assets or Ukraine seizing oil for the war....And Bitcoin is a financial asset through and through. ...Bitcoin is an important financial asset. However, it is not yet an essential strategic asset.
6 Min
Macro & Markets
Oct 2023
Asset Rotation Aperture Approaching Lower Bounds
Everytime this lower boundary is tested, it has produced decent entries across the board not expect...
1 Min
Macro & Markets
Aug 2025
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
Is Crypto a Bull Signal for Risk Assets?
Further expansion of global liquidity is one of the major prerequisites for crypto markets to continue outperforming. But we may not need an extreme expansion – like we saw in 2020-2021 – for crypto t...
1 Min
Financial Market Themes
Dec 2023
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