A few years ago the main excuse for why we didn’t have great applications was that the infra wasn’t ready. Fees were high, UX was bad and transactions were slow. Today, that’s no longer the case. With...

As the year winds to a close, it's time to look ahead to what 2025 will bring for markets. Our Year Ahead for Markets - 2025 does just that. We talk about the macro landscape and how falling rates...

The fight for player liquidity is in full effect, and liquid gaming tokens are struggling to find an audience. However, the small handful of highly-anticipated game launches, newly opened distribution...

The report reflects on Bitcoin's journey, its value proposition, and the potential future of the cryptocurrency as it reaches $100,000 per coin....

Our premier publication of Delphi and The Tie’s Institutional Accelerator is a deep dive into Sui Network. In this report we cover the tech stack, token economics, and the ecosystem around Sui....

Are CDP stablecoins toast? They have a rich history in DeFi, but have fallen out of fashion over the past few years. Liquity appears to be a strong contender for CDP resurgence with its upcoming v2 re...

This report dives into the recent growth of the onchain economy as of October 2024, and analyzes several use cases behind that growth, including stablecoins, layer 2s (L2s), collectibles, social media...

Fintechs like Robinhood and Revolut are launching their own stablecoins. Stripe just acquired a stablecoin company for $1.1B. And despite explicitly cannibalizing their own margins, incumbents like Pa...

By this point, the restaking pitch is well-known: use the already bootstrapped economic security of another asset to secure your app, instead of bootstrapping security from scratch with your own token...

Welcome to another Market Musings, spooky szn edition. Sixteen years ago, to the day, one of the most innovative and influential papers in the 21st century was published and began to permeate the...

Elixir enables anyone to provide order-book liquidity. In the same way that Uniswap democratized access to liquidity provisioning via AMMs, Elixir wants to do the same for order-books....

The agentic economy may prove to be the most lucrative investment theme of our generation. With the value of your labor going to zero, the train only leaves the station once. The industrial revolution...

Much of the last few Market Musings has been focused on the shifting tides in macro land. And rightfully so – a lot has materially changed over the last several weeks. For those who haven’t had a...

Off The Grid - Web3’s first ever true AAA title - just launched on PC, PS5 and Xbox, marking the most exciting gaming release of this cycle. With top streamers like Ninja or Ludwig playing a Web3 game...

Protocols and applications are “thinning-out”, freeing up more room for whoever owns the end user. The “Fat Wallet Thesis” asserts that as the ultimate front-end, no one is better positioned to re-cap...

This report explores how prediction markets and futarchy harness the general intelligence of markets and why they are two of the most powerful ideas to come out of crypto since Bitcoin and Ethereum....

Real Vision's Raoul Pal and Delphi Digital's Kevin Kelly are back to discuss the latest trends in macro and crypto....

It’s good to be back in the saddle after a brief hiatus while attending industry conferences in Singapore. If you haven’t had a chance to read my conference takeaways, you can find them on the Alpha F...

In this report, we will take a practical look at some of the most inefficient markets that exist today and draw parallels to crypto apps exploring solutions. We will unpack zkTLS and discuss why it is...

Recently, there has been an increasing focus on value accrual within blockchain networks. In this memo, we will explore Arbitrum’s […]...