Join Delphi Research today and immediately get access to our full Member Portal!
Join Delphi Research today and immediately get access to our full Member Portal!
Back

Incentives Rule Everything Around Me: Multi-Chain Edition

Oct 7, 2021 · 4 min read

By Ashwath Balakrishnan

Market Update

After yesterday’s rally, BTC is having a breather as L1s take center stage again. Apart from L1s, DeFi is surprisingly the only other sector in the green. Top performers over the last 24 hours are FTM, SHIB, AR, and DOT.

Fantom Inflows Blow Up
Flows from Ethereum to Fantom averaged $10-25M per day over September. But over the last two days, flows to Fantom increased by an unprecedented amount on the back of a new yield farm. Geist Finance, a fork of Aave, was giving LPs ridiculous incentives. Early farmers 10x-ed their capital in a day — from just providing liquidity. However, as is normal, unsustainable yields drop back down to Earth rapidly. The GEIST token is down 81% in the last 24 hours, falling from $34 to $6. Incentives that sacrifice longevity for short-term hype often don’t fare well. Nevertheless, when yield incentives are as insane as they were on Geist, large capital flows move in quickly to seize the opportunity. <

Delphi Dailys are absolutely free to read on our portal and get in your inbox - you just need to sign up with your email!

Sign Up For Free