Portfolio Updates
3IQ (Website | Twitter

3iQ is Canada’s largest digital asset investment fund manager of bitcoin and Ether with more than C$1.8 billion in assets under management.

3iQ recently announced that both the 3iQ CoinShares Bitcoin ETF ($BTCQ, $BTCQ.U) and 3iQ CoinShares Ether ETF ($ETHQ, $ETHQ.U) are now trading on the TSX.

Alchemix (Website | Twitter)

Alchemix lets you reimagine the potential of DeFi by providing highly flexible instant loans that repay themselves over time.

In the past month the Alchemix team released Transmuter v1.1 which has boosted DAI staking yields to ~30% APY as well as in the final stages of an audit. The latter will allow alUSD to be listed on curve.fi. The team has also partnered with Ruler Protocol, Premia and Marginswap for collateral, options and leveraged trading. 

April has also seen the following metrics: 

  • $400 million liquidity in the alUSD3CRV pool.
  • $350 million DAI in yearn vaults which make approximately $150,000 DAI daily in yield.
  • Treasury has grown by $250,000 from harvest fees after expenses.

Alpha Finance Lab (Website | Twitter

Alpha Finance Lab is an ecosystem of DeFi products that will interoperate to maximize returns while minimizing risks for users. Alpha products focus on capturing unaddressed demand in DeFi in an innovative and user friendly way.

Alpha discussed a number of big announcements with the release of their April Summary & Q2 Outlook (accompanying thread). 

Alpha Tokenomics went live on March 31, and currently has approximately 61.6M ALPHA tokens ($114M) staked. The ALPHA stakers are entitled to fees generated from the Alpha ecosystem (regardless of chain or L2 solution), and yields a 7-day annualized APY of 9.46% at the time of writing. Increasing amounts of ALPHA staked grants users access to various tier offerings:

The team also prepared for the Alpha Homora V2 relaunch which will introduce more leveraged pools, more assets for farmers to borrow, utilization of LP tokens as collateral (BYOLP), and more lendable assets. Delphi’s own Jose Macedo wrote up a thread discussing yield farming and the advantages of Alpha specifically. The team also shared its Alpha Oracle Aggregator for apps to use for more secure, cross chain price feeds.

With regard to Q2, Alpha is looking forward to scaling Alpha and incubating various DeFi products under its umbrella.

Anchor (Website | Twitter

Anchor, a savings protocol on the Terra blockchain offers yield powered by block rewards of major Proof-of-Stake blockchains.

Since its launch last month, Anchor Protocol now has $277M in deposits (in the stablecoin UST) earning 20% APY, and $750M of collateral, totaling ~$1 billion in TVL. In addition to the protocol’s launch partner CoinList, DeFi protocols and wallets like Oxis and Solidefi have added support for Anchor, with a dozen more existing (and new) projects building with Anchor in the pipeline.

April also saw insurance provider Nexus Mutual expand its product offering to include protocol insurance for Anchor. Lastly, HexTrust, the main custodian for Terra assets, is offering Anchor as a high-yield savings product to their clients. If you’d like to start using Anchor via Hex Trust, please reach out to Calvin Shen, Head of Sales, to open a custody account.

APWine (Website | Twitter

APWine brings a new primitive in the DeFi ecosystem, allowing people to tokenize their yield. This lets farmers trade yield in advance.

APWine has been wrapping up the final iterations in expectation of its V1 launch. In anticipation of the launch the project is currently hosting a meme competition. For more details please checkout the blog post here.

Armor (Website | Twitter)

Armor is a decentralized brokerage for cover underwritten by Nexus Mutual’s blockchain-based insurance alternative.

Over the past month Armor Protocol saw over $1.2 billion in cover purchases, the first cross-chain transfer of arNFT as well as assisted CREAM protocol in a recent security incident. The team also announced several new Armor Alliance Big Bounty members: 

  • Idle Finance.
  • Perpetual Protocol.
  • Alpha Finance Lab.
  • Cream Finance.
  • Synthetix.
  • Harvest Finance.
Arrow (Website | Twitter)

Arrow DFMs implement a low-level protocol for creating and settling options on publicly available asset prices. Cash-settlement operates through a network of decentralized aggregate counterparties (DACs) financed by liquidity providers in exchange for platform income.

Over the last month Arrow has reoptimized and streamlined its architecture, brought on a project manager, broadened their hiring efforts and processed a variety of simulations of its risk-stabilizing AMM. The team is excited to be able to leverage the power of monetary risk measures together with our smart contract infrastructure to pool liquidity and deliver efficient on-chain options and settlement in summer 2021.

In April, Arrow has also made progress on the following:

  • LP contracts for secondary insurance.
  • Incorporation of alternative risk measures and fat tailed distributions for API back-end.
  • Released further documentation and research detailing the technical intricacies of Arrow DFMs.
  • Performed Monte-Carlo simulations of DFM dynamics.
  • Optimised contract settlement data storage and upgradeability within option creation architecture. 

For more information or you wish to connect with the team, please check out their job postings here.

Axie (Website | Twitter)

Axie Infinity is a decentralized game based on Ethereum platform introducing players to the adorable fantasy creatures known as Axie. The game allows players to breed, raise, battle, and even trade them in the marketplace.

Last week, the Axie Infinity team announced that phase 2 of Ronin, its sidechain, is live. Now users can migrate their Axies to Ronin for a smooth breeding, token claiming and marketplace experience. For additional information on the sidechain, please checkout the project’s whitepaper and post on wallet upgrades. 

Since the launch, the team has seen over $10 million in value locked on Ronin while DAU has eclipsed 36,000 DAUs.

BSCPad (Website | Twitter)

The BSC Launch Pad is the first decentralized IDO platform for the Binance Smart Chain network.

In April, BSCPAD had multiple sales and launches and various launch announcements can be found here.

Additionally, BSCPAD announced a strategic partnership with Bondly (a platform for digital collectibles). Under the agreement, Bondly will provide BSCPAD with branded NFTS as well as NFTs featuring projects utilizing its launchpad solution.

Charm (Website | Twitter)

Charm is a decentralized options platform that applies a prediction market scoring rule to the options world via its Automated Market Maker (AMM).

Charm Finance has achieved $4.9 million total trading volume without incentives and has successfully launched its 2nd product, Cubes.fi on mainnet. Since launch, the protocol has delivered over $200,000 profits to users.

Covalent (Website | Twitter)

Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks, including wallet data, Defi taxes, and network analysis.

Covalent announced the launch of its Covalent Network. The Covalent Network is meant to be the decentralized data infrastructure layer of Web 3.0 governed by the Covalent Query Token (CQT), which will allow holders governance rights over the network. It is a step toward decentralizing Covalent’s centralized blockchain API data.

Ganesh Swami, Co-founder/CEO, published a great thread outlining the launch.

DeBank (Website | Twitter)

DeBank is a dashboard for tracking your DeFi portfolio, with data and analytics for decentralized lending protocols, stablecoins, margin trading platforms and DEXes.

Over the past month, DeBank launched its OpenAPI which allows both institutional and individual developers the ability to query any user’s total assets from various DeFi protocols. The team also announced the launch of its xDAI and Polygon versions of its portfolio tracking and swap aggregator products.

DeFi Alliance (Website | Twitter)

DeFi Alliance is an international trade association created for decentralized financial market professionals to connect, collaborate and convene to celebrate the emergence of a healthy global DeFi ecosystem.

DeFi Alliance onboarded Coinbase as a member of the Alliance, adding to its deep roster of premier strategic partners. The association also continued its international expansion with the launch of its Europe and China chapters.

DeversiFi (Website | Twitter)

DeversiFi is the easiest way to access DeFi opportunities on Ethereum: invest, trade, and send tokens without paying high gas fees. DeversiFi is leveraging Starkware.

DeversiFi announced the launch of DeFi Pooling, a feature that allows users to lend into DeFi protocols directly from within Layer-2 instantly, privately and with zero gas fees. The team also rolled out a 20 USDT subsidy fee for new accounts in addition to an account history to assist with tax prep, accounting and general transaction monitoring. As for fundraising, DeversiFi has raised $5 million from strategic investors in which Delphi Ventures participated. 

In the month of April, the team has also saw the following metrics jump:

  • New user growth up 194%.
  • Weekly active user growth up 133%.
  • Total value locked eclipse $21M.
  • Volume reach all-time high levels.

Fractional (Website | Twitter)

Fractional is a decentralized protocol where NFT owners can mint tokenized fractional ownership of their NFTs. 

In anticipation of mainnet, the Fractional team has launched on Goerli testnet.

Harvest Finance (Website | Twitter)

Harvest Finance is an automated yield farming protocol created for users looking to put their assets to work in high producing farming opportunities.

In April, Harvest Protocol achieved the following:

  • Exceeded 100 total strategies deployed across ETH and BSC Chains.
  • Collaborations with Value Finance and Lift Kitchen.
  • $FARM was voted onto PerpFi and Ruler Protocol.
  • $FARM listed in the DeFi Pulse Index DPI.
  • The protocol awarded over 13,000 in FARM to Creativity Contest winners.

Additionally, the protocol metrics are as follows:

  • Gas Saved: $10,433,273.26
  • Income generated: $6,699,396.45 
  • TVL $ 550,000,000
  • FDV/TVL 0.24; Market Cap/TVL 0.18
  • Active strategies 112
  • More than 25 000 Harvest users reached.

Fuji DAO (Website | Twitter)

Fuji is a protocol that pools user funds together and continuously scouts multiple lending protocols to provide its users with the lowest interest rate available.

Fuji DAO is currently undergoing product testing in anticipation for its Alpha launch in the near future. For more information please check out their recent partnership announcement as well as the teams Discord.

Illuvium (Website | Twitter)

Illuvium is a decentralized, NFT collection and auto battler game built on the Ethereum network. Integrated with the hyper-scalable Immutable-X L2 solution, players of Illuvium gain access to zero gas fees for minting or exchanging of assets as well as sub-second transaction times, all with user maintained custody.

In April, the Illuvium team closed the largest BLP sale in history, generating $42 million. This feat provides the team with over three years of runway and has led to the ILV token being listed on Gate IO and Bitcoin.com. The team is currently undergoing audits from Quran Stamp with the expectation to launch in the coming weeks.

ImmutableX (Website | Twitter)

Immutable is the first layer-2 for NFTs on Ethereum that provides a zero gas fee and instant trade environment for games, applications and marketplaces. 

Immutable X Alpha launched on Gods Unchained, saving gamers a significant amount in gas fees and enabling market liquidity through trading availability. 

Initial Figures:

Immutable X also brought its gasless solution to a number of other third party NFT marketplaces in April including Gamee, TokenTrove, NFT Protocol, and Blockparty.

MCDEX (Website | Twitter)

MCDEX is a fully decentralized perpetual swap exchange based on Mai Protocol, allowing anyone to create any perpetual market. The project plans to launch on Arbitrum and BSC.

MCDEX is proud to announce that Governance Proposal 20 was accepted by the community. This proposal was in regards to raising $7M from institutional investors as the MCDEX V3 launch approaches.The Mai3 protocol has also passed its Phase 1 audit from Quanstamp and has recently released its mobile version.

Nexus Mutual (Website | Twitter)

Nexus Mutual is a discretionary mutual offering an alternative to insurance for Ethereum users. People who join the mutual become members, and members can buy cover to protect themselves against hacks in smart contract code.

Nexus Mutual is proud to announce that it now offers cover against a much wider range of attacks and hacks not only on Ethereum but also multiple Layer 1’s and Layer 2’s. Additionally, the protocol TVL continues to grow in line with ETH’s performance and now has an annualized revenue run-rate over $20 million.

Recur (Website | Twitter)

Recur designs and develop on-chain branded experiences for fans to buy, collect, and re-sell NFTs.

RECUR is delighted to share that in the past month, the team has appeared on CNBC’s “Mad Money” with Jim Cramer, as well as on Forbes, Yahoo News, The Street and other major news outlets. Co-CEO’s Zach Bruch and Trevor George were also keynote speakers at the investment firm Jefferies’ Virtual NFTs & Digital Collectible Summit.

During this same period RECUR has doubled the size of the team, completed its blockchain infrastructure, structured major partnerships and will be announcing their first global branded NFT experience launch this summer.

Solana (Website | Twitter)

Solana is a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption.

Total value locked in Solana DeFi exceeded $1B in April:

Source: https://solanaproject.com/#/

The team also announced the Solana Season Hackathon, which will bring developers, designers, and business operators from around the world together to build on Solana. The hackathon spans 4 regional geographic tracks and will award $1M in prizes/seed funding.

Superfluid (Website | Twitter)

Superfluid is a new token standard, with the power to describe cash flows, and execute them automatically on chain over time in a non-interactive way.

Superfluid has concluded its first NFT launch auction campaign which saw a total of 350 bids across 75 unique participants. In total, the auction lasted 317 hours, with the longest lasting over 101 hours. Additionally, the protocol launched three new tokens using Superfluid: $MIVA, $FRACTION, $WORK.

Syndicate (Website | Twitter)

Decentralized investing protocol and social network designed to change investing for the better, for everyone.

Syndicate launched their first two Syndicate DAOs:

Here is an overview of Community Ownership DAOs on Syndicate

Syndicate continues to grow their engineering team (apply here). The team has also opened a waitlist for investors and developers to join our closed beta (sign up here).

Terra (Website | Twitter)

Terra is a programmable money for the internet that is easier to spend, and more attractive to hold.

April marks the 2nd anniversary of Terra’s mainnet launch and the 3rd anniversary of Terraform Labs. UST has continued to have a strong month of growth, reaching over 2B UST issued. This is a $500M increase from March. Most importantly, UST has maintained its peg through the tumultuous crypto markets over the last few weeks. UST is closing in on DAI as the largest algorithmic stablecoin in the industry.

UST is receiving increased attention from exchanges. Kucoin recently rolled out UST support for its top 10 assets, and Poloniex, Gate.io, and MXC have all added UST. We expect continued exchange support for UST over the next several months.

Thorchain (Website | Twitter)

THORChain is a liquidity protocol designed to connect all blockchain assets in a marketplace of liquidity through cross-chain bridges and continuous liquidity pools secured by economically incentivised validators.

THORChain launched its much anticipated multichain chaosnet (MCCN), which enables cross-chain native swaps between Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Binance Chain networks. TVL on the platform currently exceeds $670M.

With the launch of Chaosnet, THORChain initially placed caps on the amount of liquidity allowed to be invested into pools to minimize risk and ensure protocol functionality. The team has been ironing out various bugs and are currently being urged by the community to expand the caps (#RAISETHECAPS). 

Tokemak (Website | Twitter)

Tokemak is a decentralized liquidity engine for DeFi that is comprised of a series of reactors. Those who stake to a pool for a given asset are able to direct the liquidity for that asset to a venue.

In the past month, Tokemak has achieved the following:

  • Completed a Phase 1 security review from Trail of Bits.
  • Implemented design updates to optimize UX after the team conducted external UI/UX reviews with target users.
  • Brought on additional resources to support development.

Additionally, the team joined members of Delphi Ventures for an in-depth podcast.

Upshot (Website | Twitter)

A protocol that pays experts for honest insights — enabling real-time NFT appraisals.

Upshot has begun to open up its closed beta of Upshot One to select communities and NFT collectors across the ecosystem. During this time the team has made minor tweaks to the protocol as the protocol prepares to open up to the general public.

Vega (Website | Twitter)

Decentralised infrastructure that allows anyone to create products and markets, be a market maker, or trade.

On May 4th, Vega announced Fairground, the V3 of its Vega Protocol testnet. This will help to improve user experiences and onboarding as well as allowing users to earn tokens for helping to test the network, document the protocol, and build out the Vega ecosystem.

Yield Guild (Website | Twitter)

YGG aims to scale this initial concept and bring play-to-earn to millions of gamers around the world, bringing the benefits of blockchain technology to those that need them the most.

Over the past month, Yield Guild has seen the following growth metrics:

  • 165% growth on number of YGG Scholars.
  • 46% growth on number of YGG members.
  • 42% growth of Total Value AUM.
XDeFi (Website | Twitter)

X DeFi is a decentralized wallet extension that empowers users to easily access the decentralised future via their web browsers.

In the month of April, xDefi has completed the following interfaces powered by THORChain:

  • Asgardex.
  • THORSwap.
  • VAHAMEIX.

Additionally, over 2,000 users from the THORChain community gained access to the private beta during the previous initiative organized via the protocol. The admitted users are currently testing the interfaces above.

Zapper (Website | Twitter)

A simple dashboard for DeFi that allows users to easily track and visualize all their DeFi assets and liabilities in one simple interface.

Over the past month, Zapper has not only reached an all-time high of 17,000 DAU but also optimized its product dashboard for a more seamless user experience. The upgrade among other improvements has allowed Zaps to become much more composable via zap-in and zap-out features. reached all time high of 17k this month

Additionally, Zapper has added the following integrations in the past month:

Ethereum

  • Harvest and Pickle zap in.
  • Pooltogether POOL pool.
  • Badger integration.
  • New Pickle farms.
  • Gasless Meta transaction zap out for yearn vault.
  • New 1inch farms.
  • New Curve pools (tusd, lusd, busdv2, Ib3pool).
  • Alchemix protocol integration.
  • Liquity protocol integration.

Polygon

  • Aave.
  • Curve.
  • Pooltogether.
  • mStable.
  • Update bridge to enable bridge to matic.

BSC

  • Venus on BSC.
  • Popsicle Finance.
  • Harvest on BSC.
  • Ellipsis on BSC.
  • Multi chain pool page.
  • Pancake Swap zap-in and zap-out.

As always, should you want more information or an introduction to any of the above teams, please feel free to let us know. 

Disclosure: Delphi Digital owns tokens or equity in all of the projects mentioned and this is not a solicitation to buy or sell any tokens or equity in any projects or to make any financial decisions. The above information is strictly informational.

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