Viva la volatility.

ETH broke out and surged more than 26% over the past 7 days. We detailed the technicals in our latest August Chartbook. (Spoiler: ETH-BTC is now testing May 2021’s peak.)

Meanwhile, NFT mania soared to new heights. Crypto twitter went into a FOMO frenzy with the launch of Loot from Vine cofounder Dom Hofmann. Loot’s NFT drop—apparently part of an upcoming crypto game—quickly reached a 14 ETH floor. Loot buyers were also handsomely rewarded with a 10k $ALGD airdrop, which is now trading at $5+ per coin. Quite a splash indeed.

If you’re feeling the FOMO too, we dropped a can’t-miss report on NFT project Art Blocks exploring the various collections. On the podcast side, we also sat down with the founders of Star Atlas and SuperRare. Plenty of NFT and gaming alpha to dig through over the weekend.

Stay degen,

Nick
@NpappaG

Here were the highlights from this week’s research:

[Proposals] Perpetual Protocol Private Markets – Part II

Over the past few months we’ve been working closely with Perpetual Protocol to design a framework for Private Markets for the protocol. Last week, we delivered the first part of this proposal, which covered the high level architecture of the system and how the Public Markets would work under this new architecture.In this second part, we explore the Private Markets architecture in detail. Below you will find a PDF and a video walkthrough of this last part of the proposal. If you’d like to get involved in the discussion on the Perpetual Protocol governance forum you can do so here.
Delphi Free subscribers & clients can see the full brief here.

[Markets/Macro] ETH Primed for Takeoff If Breakout HoldsETH Hash Rate at ATHs

ETH’s place in the crypto ecosystem is pretty much set in stone as the top smart contract platform; the coin’s share of the total crypto market capitalization has been on the rise since 2019 with few signs of stopping.
Delphi Insights and Institutional subscribers & clients can see the full brief here.

[DeFi] TrueFi Leads Liquidity For Unsecured Loans

Aave, Compound, and Maker are all popular options for DeFi users looking to take out a loan. To do so, however, requires the user to post collateral worth more than the loan amount they want to draw. Phrased another way, Aave, Compound and Maker all offer overcollateralized borrowing.
Delphi Institutional subscribers & clients can see the full brief here.

[Delphi Daily] Fiery Incentive Programs and a Silver Lining for BTC

ETH broke out to trade above $3,400 for the first time since May at the New York open, while yesterday’s outperformers in the FTM ecosystem retraced earlier gains. The market in general is looking strong today — which is a welcome development, as always.
Delphi Daily subscribers & clients can see the full brief here.

[DAO Governance] DAO Governance Digest #2

The Sushi community voted in favor (74% approval) of a Multichain Expansion Fund that would take 2% from the 5bps fee earned on non-Ethereum chains and L2s. The proceeds will be used to fund cross-chain expansion, operations and infrastructure.
Delphi Institutional subscribers & clients can see the full brief here.

[Delphi Daily] A Look Into This Weekend’s NFT Action

Price action for majors has been awful as of late, but there’s a ray of hope with flows starting to pick up in the last couple of hours. Avalanche ecosystem coins took a beating after Fantom and Celo both announced liquidity mining programs.
Delphi Daily subscribers & clients can see the full brief here.

[Analyst Calls] Delphi Bi-Weekly Analyst Call (Aug 26th, 2021)

We recently hosted our live, bi-weekly analyst call on August 26th, where we discussed our outlook for Crypto markets, NFTs and recent notes & reports exclusively for our Institutional members. For any members who couldn’t make it, you can find a recording of the full call below, as well as individual segments broken out by analyst and topic area.
Delphi Institutional subscribers & clients can see the full brief here.

[Yield Strats] Yield Strats #25

This week’s yield strat focuses on yielding farming and retroactive rewards across multiple ecosystems. Avalanche is continuously booming in TVL and sustaining high yields. Money markets have appeared on Fantom. A new primitive – a protocol specifically designed to short long-tailed assets has publicly announced retroactive rewards to early participants. Let’s dig in!
Delphi Insights and Institutional subscribers & clients can see the full brief here.

Delphi Daily Of The Week

[Delphi Daily] L1 Performance, Funding Spikes, Options Get More Expensive

After Wednesday’s solid price action, ETH had a slow day while BTC attempted to make up for lost ground. Layer 1 network tokens continue to lead the market, while DeFi prices continue to stagnate.

Get The Full Daily for Free

Featured Podcast

The Delphi Podcast Host Jeremy Parris is joined by Michael Wagner, Co-founder & CEO of Star Atlas. In this episode we explore not only what Star Atlas hopes to achieve in the future, but what they’ve already accomplished to date. We dive deep into the P2E weeds and imagine what a future looks like where someone could be a “space pirate” for a living. Beyond that we touch upon their upcoming TGE (token generation event) and what to expect next from the project.

The Delphi Podcast Host and GP of Delphi Ventures Tom Shaughnessy sits down with John Crain, Founder & CEO of SuperRare, a marketplace to collect and trade unique, single-edition digital artworks. The two discuss SuperRare, decentralizing the platform through community-driven curation and the $RARE token, differentiating from OpenSea, and much more!

As mentioned, we will continue to iterate on the design of our Delphi Debrief based on your feedback—so please let us know which section you enjoy the most and what else you’d like to see!