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Baseball, BBQs, Bullishness

July 2nd, 2021

For our US-based readers, it’s a holiday weekend to celebrate America’s Independence Day. ​​​Thankfully, we have 4 fresh reports to make the beach a bit more tolerable.

We looked at Ethereum’s future fee burn mechanism in EIP-1559 Burn Baby Burn. We compared Convex and Yearn in a deep-dive report. Finally, we explored the world of crypto gaming ecosystem Axie Infinity, exploring the fundamentals in Part 1, and the gamer economics in Part 2. All are can’t-miss research pieces. For clients, we also have our June Chartbook, looking at markets moves this past month. On the podcast side, we sat down with the founders of Yield Guild and Vega Protocol. Plenty of alpha to dig through over the long weekend.

Stay degen,

Nick
@NpappaG

Here were the highlights from this week’s research:

[Ethereum]​​​​ EIP-1559: Burn Baby Burn

  • With EIP-1559 set to go live next month, Ethereum will soon experience a massive shake up to its fee market. The goal is to make the fee market more predictable, enhancing the UX, while also improving the value accrual properties of ETH since a portion of fees will now be burned. This will put downward pressure on the ETH supply as economic activity on the network grows.
  • Delphi Insights and Institutional subscribers & clients can see the full brief here.

[Delphi Daily] Speculators Capitulate, Demystifying DeFi Rates, and NFTs Not Dead

  • The market seems intent on ending June on a strong note, with BTC bouncing off range lows and up 4.5% on the day. Notably, ETH looks to be outperforming BTC again, with ETH/BTC up 12% over the last three days.
  • Delphi Daily subscribers & clients can see the full brief here.

[Research Reports] When Convex & Yearn Compete, Curve Wins

  • By the end of August, if the post-Convex veCRV lock rate sustains, more CRV will be getting locked up in governance than is being released into circulation each day. Curve is one of the few Defi protocols that has earnings (i.e. protocol revenue) with a healthy trailing 30d P/E of ~39.
  • Delphi Institutional subscribers & clients can see the full brief here.

[Delphi Daily] Mirror takes on Synthetix, Funding Depressed, Aave Dominates Lending

  • Markets opened strongly after testing range lows amidst weekend weakness, albeit with lower volumes. Hash rate exodus continues as the China mining & derivatives clampdown continues. ETH showing long awaited strength against BTC after weeks of weakness.
  • Delphi Daily subscribers & clients can see the full brief here.

[Yield Strats] Yield Strats #16

  • In this week’s edition, we cover yield farming opportunities for StakeWise and Convex Finance on Ethereum.
  • Delphi Insights and Institutional subscribers & clients can see the full brief here.
Delphi Daily Of The Week

[Delphi Daily] Stablecoins In Smart Contracts, Axie Infinity Explodes, Uniswap Grows DEX Dominance

  • On a day that marks the monthly close, the market appears indecisive and rangebound even with strong performance across the board on Tuesday. Bearish and unsupportive takes on crypto in the house hearings did not help.

Get The Full Daily for Free

Featured Podcast

The Delphi Podcast Host and GP of Delphi Ventures Tom Shaughnessy sits down with Barney Mannerings, co-founder of Vega, a protocol for creating and trading derivatives on a fully decentralized network. The two discuss the protocol’s ability to allow for any derivative contract to be built, dynamic incentives, and much more!

Hosts Piers KicksAnil Lulla, and Yan Liberman sit down for Episode 30 of Metaverse Musings with Gabby Dizon, Founder of Yield Guild, to talk through his groundbreaking project directly impacting the lives of thousands of people all over the world. Delphi backed Yield Guild early on and are proud to continue to support the journey. We couldn’t be more excited for what the future holds and firmly believe that the project will revolutionize the way we perceive work. Tune in for a glimpse of the future.

 

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!

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