How should one value AERO? On the cash it actually returns to holders it screens cheap, routing ~100% of its fees and bribes to veAERO and trading at a fraction of Uniswap's revenue multiple. But it s...

The concept of a "prop AMM" may seem like a contradiction. AMMs by design are open, deterministic systems. Their role is to offer clear pricing curves, transparent pool balances, and trustless access...

Elixir introduces deUSD, a synthetic dollar backed by stETH and short ETH-PERP positions, enabling delta-neutral yield generation. Users can participate in Elixir’s ecosystem by supplying liquidity or...

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....

Introduction Despite the adoption of Automated Market Makers (AMMs) in the DeFi space, numerous problems persist. Liquidity providers(LPs) enter the […]...

There’s a brand new DEX in town, and it’s quietly sitting among Ethereum’s top 5 DEXs by volume. Maverick Protocol has been off to a great start since its recent launch on Ethereum and zkSync....

Gary’s Protection In spectacular fashion, the SEC has filed lawsuits against the two largest cryptocurrency exchanges, Binance and Coinbase, on […]...

Uniswap has a cumulative total of ~$1T volume, often competing with CEXs like Coinbase for volume on major pairs. Uniswap views CEXs as its primary competitor rather than other DEXs. The Uniswap commu...

Trader Joe’s LB introduced a novel innovation that created an alternative model of concentrated liquidity and provides more flexibility for LPs. Its unique implementation of a constant sum invariant w...

Implementing leverage in crypto is not easy. Many current platforms use middle-term solutions or large off-chain components. Crypto leverage trading therefore lacks the composability and permissionles...

Frax Finance is a household name for seasoned DeFi users. In the last year, they’ve launched Fraxlend and Fraxswap alongside several other products. This post will look at Frax’s newer product launche...

The issues that plagued centralized exchanges (CEX) in their infancy have still not been eradicated. In the grand scheme of things, we’ve made some vast improvements to CEX performance. Some are bette...

🌅 Welcome! A major Bitcoin mining company has filed for bankruptcy. Meanwhile, SBF can be extradited to the US as […]...

The reasons for the monumental collapse of FTX still aren't entirely clear. There are numerous theories that speculate on what went down. Yet, nothing can be said with absolute certainty. That said, s...

🌅 Welcome! MetaMask is partnering with one of the world’s largest digital payment platforms and SBF may have just seen […]...

🌅 Welcome! OpenSea continues to expand to other chains, announcing that NFTs on BNB Chain will be integrated by the […]...

Instead of just P2Pool matching, as with Aave and Compound, Morpho uses a hybrid model. It combines P2P matching with the underlying P2Pool market as a fallback....

Aave and Compound have paved the path for the basic money market design space in DeFi. While Euler's TVL is incredibly small compared to them, it has been a standout year for the protocol's growth....

Delphi Labs is proud to present a overview on arithmetic and geometric mean TWAPs. In this piece we’ll try to […]...

GMX’s success has resulted in competitors attempting to replicate it with designs inspired by GMX. Mycelium (previously TracerDAO) and MUX (previously MCDEX) are two protocols designed very similarly...