Public Releases

Historically, bitcoin’s price has served as the best proxy for gauging the state of crypto. But starting on April 14th, a new bellwether will carry similar weight. Next week, Coinbase will directly list shares on the Nasdaq with the ticker ($COIN), likely making Coinbase the highest valued tech exit since Facebook’s IPO.

Coinbase’s stock price will provide another gauge of institutional interest and sentiment towards crypto at large. But as we noted in our new analysis of Coinbase’s Q1 figures, $COIN will also be subject to market risk that may or may not impact crypto asset prices, so it won’t serve as a perfect proxy. In any event, $COIN will be an attractive opportunity for investors looking to gain exposure to the continued adoption of crypto without taking on similar levels of price volatility.
​​I​t’s shaping up to be a historic moment and as we explored in the note, above-average price multiples could mean valuations of $160B to $230B are in the realm of possibility. (The Coinbase analysis is this week’s free Daily and available to all.)

​In addition to the Coinbase rumblings, this week we analyzed the landscape of IDO launchpads, proposed Powertrade token economics, and a retrospective of the FEI genesis launch event. We also explored on-chain analytics suggesting positive momentum for BTC, despite other signals that have emerged recently. Finally, we rounded up Delphi Ventures’ new and existing investments in the March 2021 showcase. On the podcast side, there’s an interview with Tokemak’s Carson Cook to discuss the future of crypto infrastructure. Tons to dig into over the weekend.

Stay degen,

Nick

@npappag


 

 

 

 


On-Chain Metrics Suggest Positive Momentum For BTC by Jeremy Ong


 

Proposed Powertrade Token Economics by Jose Maria Macedo & Jonathan Erlich

Key Takeaways:

  • We describe our proposal for Powertrade’s token economics, a first of its kind tokenized insurance fund, which we see as the next step in exchange token econ.
  • The full report is available for free here.

 

An Overview of IDO Launchpads by John Jimin Noh & Genevieve Yeoh


Key Takeaways:

  • Launchpads can play an important role bootstrapping ecosystems, facilitating more equitable token distributions and helping developers get their ideas off the ground.
  • We look into IDOs (Initial DEX Offerings) on launchpads and new projects that are attempting to address the inability of their predecessors to have fair allocations and organic community participation.
  • Delphi Daily subscribers & clients can see the full brief here.

 

Delphi Ventures Portfolio Showcase: March 2021 by Tom Shaughnessy, Yan Liberman & Rob Sarrow


Key Takeaways:

  • March, 2021 has been a productive month for Delphi Ventures as we made numerous investments across multiple ecosystems.
  • In this post we give an update on all existing and new projects in our portfolio.
  • Read the full brief here


FEI’s Genesis Post-Mortem by Paul Burlage

Key Takeaways:

  • The majority of retail Genesis participants lost out directly to whales selling the TRIBE air-drop.
  • Pre-swap participants suffered the most as they are now stuck in FEI under their buy-in price due to the sheer size of the airdrop and the necessity to dump TRIBE to execute the trade, resulting in a crash in the TRIBE price post-Genesis.
  • Delphi Daily subscribers & clients can see the full brief here.

 

Coinbase: Overvalued or Underappreciated by Kevin Kelly

Key Takeaways:

  • Based on private pre-IPO trading, Coinbase could debut as a top-70 company by market cap in U.S. following its listing.
  • We calculate Coinbase could potentially be valued between $160B-$230B if its stock can command above-average price multiples, which isn’t too far-fetched given current market conditions.
  • Coinbase is on track to continue its astronomical growth in verified users. Growing its user base 30% quarter-over-quarter in Q1 2021, Coinbase now has 56 million users; its user growth accelerated this past quarter alongside top line revenue.
  • The price of COIN will fluctuate greatly depending on forward guidance and growth expectations as well as the valuation multiple it winds up commanding.
  • Read the full note here

LUKSO: Building The New Creative Economy

Kieran and Aaron Warwick: Illuvium Enters the Arena

 

 

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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