Self-custody and censorship resistance are seldom the deciding factors for the average user selecting a crypto exchange. The collapse of FTX created a window of opportunity that DEXs have thus far fai...

Interest rate derivatives are perhaps the most underdeveloped and underexplored area in all of crypto. Interest rate projects have struggled mightily to attract liquidity, and seemed forgotten about t...

Level Finance is an oracle-based margin and spot trading decentralized exchange (DEX) that emerged following the success of GMX. Its growth has been remarkable since launching in 2023, achieving volum...

Leverage is a double-edged sword, and is frequently misunderstood in the realm of crypto trading. While it can act as a profit multiplier for disciplined traders, it simultaneously serves as the harbi...

Price action following the COVID crash saw DeFi outperform pretty much every asset. Since then, DeFi has generally not shown any meaningful strength against the rest of the crypto market. That is, unt...

Has anything changed on the macro front given the macro-driven bear market? This month, the answer is…we’re getting closer....

This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown....

This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown....

Introduction Since early 2021, crypto derivatives have taken off at a wild pace. But the success of DeFi derivatives’ has […]...

Chart of The Day: FTX Exceeds Coinbase on BTC Spot Volume Trades Since the middle of May, FTX’s aggregated daily […]...

Chart of The Day: Convex Now Owns 10% of Circulating Frax Frax is the first fractional algorithmic stablecoin protocol that […]...

Earlier this month, we published a deep dive on Vega Protocol, one of the most ambitious attempts to build an […]...

Chart of The Day: Gas Is On Sale! Are you looking to move funds around or claim yields? Now’s a […]...

We recently hosted our Delphi Office Hours call on February 9th....

We recently hosted our Delphi Office Hours call on January 19th....

Market Follows Weak January Playbook The new year picked up right where it left off at the end of 2021, […]...

Option Skews Don’t Look Too Hot Implied volatility for near-term options are skewed towards puts, indicating that market participants have […]...

The Great Deleveraging Leveraged longs took a senseless beating over the last week — and it was perhaps overdue. BTC’s […]...

An Unlikely Winner When it rains in crypto, it pours. And while BTC holding up well isn’t a surprise, seeing […]...

The DEX space is rife with innovative designs that enable efficient swaps across a multitude of assets. One of the […]...