Public Releases

the $82B memecoin

Crypto always manages to keep the plot interesting, and this week was certainly no exception.

On Monday, ethereum options volume “flippened” bitcoin for the first time on Deribit. On Tuesday, the Uniswap V3 mainnet went live and attracted more than $460M TVL in just 72 hours. On Wednesday, Galaxy Digital agreed to buy BitGo for $1.2B in the largest crypto acquisition to date. Finally, The Block reported PayPal is exploring a stablecoin initiative and held talks with Avalanche. (Institutional clients can revisit our deep-dive on Avalanche’s chain design.)

But that’s just the vanilla stuff.

Tomorrow night, all eyes are on Elon Musk. The self-described “DogeFather” will host Saturday Night Live, and, in anticipation, DogeCoin surged to all-time highs this week. The coin up nearly 13,000% YTD to an $81.5B market capitalization. Out of curiosity, we explored $DOGE’s whale concentration and found 100 wallets own ~70% of the supply. (The post is week’s free Daily and available to all.)

With memes, froth, and substantial industry progress arriving in just one week, it can be hard to separate the signal from the noise. Thankfully, Delphi’s own Kevin Kelly went on Bloomberg TV to talk about the macro outlook. Comparing key metrics to past cycles, our Head of Macro Strategy found bitcoin still has more room to run.

On the podcast side, we hosted a galaxy-brain group of founders building on the Cosmos network. Plenty of alpha to dig into over the weekend.

Stay degen,



Here were the highlights from this week’s research:





[Delphi Daily] DeFi Rundown, Curve Captures the Long Tail, & Stablecoin Growth by Ashwath Balakrishnan, Jeremy Ong

[Delphi Daily] ETH Can’t Stop, Won’t Stop by Ashwath Balakrishnan, Jeremy Ong

Key Takeaways:
  • ETH trading volume and open interest on futures and perpetuals are increasing in lockstep with price.
  • ETH options trading volume and open interest breached new ATHs this week.
  • Despite ETH’s price performance, perpetual swap funding rates are close to zero i.e. the perp market’s ratio of longs to shorts is balanced.
  • Larva Labs raised close to $80 million in 8 hours for its new project Meebits.
  • Delphi Daily subscribers & clients can see the full brief here.

[Delphi Daily] Gas Price Lows, MakerDAO Revenue, the Rise of Fantom by Ashwath Balakrishnan, Jeremy Ong 

Key Takeaways:
  • Gas prices continue to edge towards levels not seen since Oct. 2020, primarily due to a new MEV marketplace from Flashbots and an increased gas limit for the Ethereum network.
  • As the cross-chain narrative continues to solidify, Fantom emerges as the latest L1 ecosystem showing signs of life.
  • MakerDAO’s revenue growth continues to soar as DAI supply nears the $4 billion threshold.
  • Delphi Daily subscribers & clients can see the full brief here.

ield Strats #10 by John Jimin Noh 

Key Takeaways:
  • In this week’s edition, we cover yield farming opportunities for SpookySwap and SpiritSwap on Fantom.
  • Delphi Insights subscribers & clients can see the full brief here


[Delphi Daily] Uniswap v3, DOGE Supply Concentration, and Crypto Eating Global Money Supply by Ashwath Balakrishnan, Jeremy Ong

Key Takeaways:
  • Uniswap v3 finally launched yesterday and has facilitated $96 million of trades in the first day.
  • The top tokens by liquidity are no surprise, with ETH, WBTC, UNI, and the top stablecoins leading the way.
  • DOGE token supply is incredibly concentrated, with a single address owning nearly 30% of token supply
  • Crypto’s cumulative market cap now represents over 2% of global M2 money supply.
  • Read the full brief here.​​​

Get The Full Daily For Free!


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!

Nick Pappageorge Calendar
Upgrade your account to book time with the lead analyst for this report!

Upgrade Now