Transparency

Revised February 2024

The following policy and procedures apply to our “Pro” Reports, which constitute our “research subscription products”:

As the editorial staff of the Delphi Research team may personally own digital assets or use protocols identified in our reports from time to time, Delphi Research has internal processes to track and report such activities to inform the disclosure of such assets or activities by each member of the editorial process with respect to a specific report (referred to as the “authors” in these disclosures). We deem any holdings or positions by staff involved in the editorial process in excess of $5,000 at the time of publication as material, in which case such positions must be disclosed. Members of the editorial staff may hold additional immaterial positions.

In addition to disclosure of material holdings and positions, Delphi Research maintains a policy whereby no analyst may trade a token mentioned within a report for a profit for 72 hours following its publication (with the exception of ETH, ETH Liquid Staking Tokens, BTC, and stablecoins). Regardless of whether a token is mentioned in a report, our personnel are strictly prohibited from trading any token while in possession of material non-public information relevant to that token.

For further information regarding disclosures, please contact the legal team at [email protected].

Delphi Research maintains firewalls from our affiliates whereby, unless otherwise specifically disclosed, our affiliates’ personnel have no knowledge of any editorial content of our Research reports before it is published. Our affiliate companies may also have their own disclosure policies, which they may make available on their respective sites.

The opinions expressed in our reports are the independent opinions of the authors at the time of publication. Delphi Research does not receive compensation from the companies, entities, or protocols to publish content published as part of its Research subscription products. The only fees Delphi Research earns in relation to its subscription products are from paying subscribers. We strive for strict objectivity at all times, and do not receive compensation on any basis that is contingent on sentiments or opinions expressed in our reports.

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