Public Releases

Fear and Loathing in Miami

May 28th, 2021

Despite a series of bullish news items this week—which included Carl Icahn considering a $1.5B allocation to digital assets, as well as reports of a16z’s third crypto fund ballooning to $2B due to investor interest—much of crypto is in the red over the past 7 days.

Among the top 30 coins by market cap, only Uniswap and Polygon gained in value, and we explored the bullish developments for both since Sunday’s sell-off.

Overall, the market has sharply shifted from greed to fear, according to the Fear & Greed index. Earlier this morning, May 28th bitcoin options expired, and investors who hedged were this week’s big winners. However, the market seems to have overreacted to this month’s crash if you compare the level of fear to past drawdowns.

(The analysis is this weeks’s free Daily and available to all.)

As we explored in the Daily newsletters this week, ETH and DeFi keep gaining positive momentum. ETH spot trading exceeds BTC across CEXes and DEXes, ETH 2.0 staking saw a sharp uptick (with over half a billion in value in the past few days), and ETH smart contract usage remains at all-time highs. Meanwhile, TVL on Ethereum, Polygon, and BSC rebounded this week.

In Delphi news, we sat down with Fractional in the NFT space, and chatted with Covalent on leveraging multi-chain data. Clients can also listen to our AMA with Tokemak’s Carson Cook. Plenty of alpha to dig through over the weekend.

Stay degen,

Nick
@NpappaG

PS – a few of the Delphi folks will be in Miami for Bitcoin Week. Hit us up if you’ll be there!

Here were the highlights from this week’s research:

[DeFi] Multi-Chain DeFi, Terra’s Scare, and DAI’s Resilience

  • Crypto markets enjoyed a green day during the Asia and Europe sessions, with the market pulling back as the New York session opened. Money continues to flow into DeFi across various chains, and a scary week for the Terra ecosystem has a silver lining.
  • Delphi Daily subscribers & clients can see the full brief here.

[Delphi Daily] Uniswap Ignores Price Crash; Stablecoin and Derivatives Data Offer Glimpse of Hope

  • Uniswap v3 performs through crash
  • BTC options OI and volume fall in tandem
  • Sharp increase in stablecoin issuance
  • Leaders of the market’s relief rally
  • Delphi Daily subscribers & clients can see the full brief here.

[Yield Strats] Yield Strats #13

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

Delphi Daily Of The Week

[Delphi Daily] Market Sentiment and DeFi’s Resilience

  • The Bitcoin derivatives market is coming back to life, and retail sentiment fell at record pace during this month’s drop. But besides token prices falling across the board, DeFi projects continue to march on to record usage levels.

Get The Full Daily for Free

Featured Podcast

The Delphi Podcast Host and GP of Delphi Ventures Tom Shaughnessy hosts Andy, the founder of Fractional, the project leading the charge on Fractionalizing NFTs. The two discuss Andy’s journey from MakerDAO, to being an early NBA top shots collector to creating Fractional.


The Delphi Podcast Host and GP of Delphi Ventures Tom Shaughnessy hosts Ganesh Swami the CEO and Founder of Covalent. The two discuss how Covalent is enabling traditional and crypto developers to leverage data from any blockchain through a no code implementation that plans to decentralize over time.


Host Piers Kicks and sits down for Episode 27 of Metaverse Musings with Nick Emmons, the founder and CEO of Upshot who are building a protocol that leverages peer prediction to incentivise people to answer subjective questions honestly.

 

 

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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