Public Releases

$COIN toss


Coinbase stock debuted on Wednesday with a rollercoaster first day of trading. After briefly soaring to an implied market cap of $110B, $COIN clocked in its first day around $85B. As of mid-day Friday, it’s at $66B.

According to Delphi’s own Kevin Kelly, volatility was to be expected.

Mr. Kelly appeared on CNBC and Coindesk this week and suggested Coinbase could soon command much higher multiples depending on its 2021 growth. (ICYMI, our analysis on Coinbase was last week’s free Daily.)

It’s worth noting Coinbase was not your typical IPO. The direct listing had no lockup period for shareholders, perhaps adding some downward pressure. Nonetheless, investors seemed eager to buy in. ARK Invest’s Cathie Wood reportedly bought $248M on the trading debut and another $110M on Thursday.

On the other side of the trade were hundreds of Coinbase employees, crypto-native and now-flush with cash. Chris Burniske of Placeholder tweeted it, “appears some liquidity from $COIN is already moving into cryptoassets.”

Where, exactly, might this capital get deployed?

We explored that in greater depth this week, finding that CEX and DEX exchange tokens rallied ahead of Coinbase’s listing. (The brief is this week’s free Daily.) Similarly, Yearn—which we told you not to sleep on 3 weeks ago—breached an all-time high.

For clients, we have fresh deep-dives more about MEV, the latest Yield Strats, and decentralized push notifications with EPNS. On the podcast side, there’s an interview with Arweave’s Sam Williams to discuss the future of decentralized storage. Plenty of weekend reading.

Stay degen,






What You Should Know About MEV and How It Affects Gas Costs by Ashwath Balakrishnan

$Push vs Pull by Alex Gedevani

Key Takeaways:
  • EPNS is a decentralized communications layer and middleware protocol that wants to level up the Web 3 experience by rolling out notifications to platforms like crypto wallets, browsers, and other traditional services.
  • Users get paid to receive notifications that they themselves authorized, in form of interest generated by service providers depositing DAI, which is lent out to AAVE.
  • As more services come on board and subsequently users, the increased deposits and interest result in more fees to PUSH holders.
  • Delphi Daily subscribers & clients can see the full brief here.


Exchange Tokens Rally Ahead of Coinbase IPO by Can Gurel

Key Takeaways:
  • Both DEX & CEX tokens have been among the top performing sectors in crypto in 2021; year-to-date, the combined market cap of CEX & DEX tokens appreciated 10.5x.
  • The rally was fueled by a combination of increased speculation heading into the Coinbase IPO and increased adoption of Binance Smart Chain.
  • DEX tokens are valued higher on average relative to actual volumes taking place, however, it’s suffering from on-chain fees can’t fully capture all of the new inflow.
  • Read the full brief here.​​​

​​​​​Alethea: Laying The Foundations For Trusted Synthetic Media



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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