Public Releases

Unstable Coins

June 25th, 2021

On Tuesday, bitcoin briefly dropped below $30,000—its lowest since January. In rare form, the top performing coins were all stablecoins, as Delphi’s Ashwath Balakrishnan pointed out:

We analyzed the gyrations in our Daily briefs and here were a few interesting findings:

​​​​​​There’s more color on those points below. On the podcast side, we sat down this week with Jean Miao, the co-founder of MCDEX. Finally, Delphi Digital was the subject of a recent segment on Vice News, which detailed our humble origin story. Plenty of alpha to dig through over the weekend.

Stay degen,

Nick
@NpappaG

PS – we’re conducting a survey of our readers here and we’d love your feedback. Thanks!

Here were the highlights from this week’s research:

[Delphi Daily] What BTC Derivatives Data is Saying, Hash Rate Declines, and a Silver Lining for Ethereum

  • After Monday’s 11% decline on BTC, the Asia session opened up to even more selling (no surprise). The market briefly popped, but this was short-lived as the selling continued on London and New York open. Tuesday’s biggest winners were stablecoins, and biggest losers were literally everything else.
  • Delphi Daily subscribers & clients can see the full brief here.

[Delphi Daily] China FUD Piles Up, Hash Rate Exodus, And Miners Selling

  • China continues to pile up FUD by re-iterating that banks should not engage in business with Crypto OTC traders. Miners turned into net sellers after weeks of accumulation (most likely attributable to Chinese miners). Hashrate concentration in the largest pools continues to drop, but hash rate decentralization improves with smaller pools increasing their share.
  • Delphi Daily subscribers & clients can see the full brief here.

[Yield Strats] Yield Strats #15

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

Delphi Daily Of The Week

[Delphi Daily] DeFi Update: Users, Yields, and Establishing Resilience

  • BTC opened poorly in the Asia session, but reversed with strength later in the day as the Western world woke up. After a few days of focusing on market structure and derivatives, today’s Daily will focus on interesting data points spotted in DeFi.

Get The Full Daily for Free

Featured Podcast

The Delphi Podcast Host and GP of Delphi Ventures Tom Shaughnessy sits down with Jean Miao, co-founder of MCDEX, a next-gen, fully permissionless protocol for decentralized perpetual swaps. The two discuss the entire protocol from V2 to V3, the case for decentralized perps overtaking centralized perps and much more.

Host Piers Kicks sits down for Episode 29 of Metaverse Musings with Alex Masmej, the Co-Founder of Showtime to talk through the future of social media in a world of Web 3.0 and NFTs. Alex has an awesome background and exploded into the crypto space by being the first person to ever tokenize themselves in order to finance his move to San Francisco…

 

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