Investing In Asymmetry

Our Strategies

Venture

Allocating in transformative projects: Focusing on core ideas that will change the world
Leveraging deep research: Thesis-driven investments with deep knowledge in the space
Backing the market leaders of new verticals: Partnering with high caliber teams to assist and accelerate their progress

Liquid

Agility with a purpose: Capitalising on market dislocations during peak volatility
Asymmetric returns profile backed by fundamental research
Conviction holds and tactical allocation ensuring versatility in all market environments

Absolute Return

Consistent returns through: selective market neutral yield and arbitrage strategies
Arbitrage strategies through scanning for opportunistic mis-pricing
Optimising yield by ensuring capital is never idle and always generating returns

A New Financial Infrastructure

Blockchain is not just about speculation—it’s about fundamentally rebuilding financial systems that are faster, more transparent, and globally accessible.

Institutional Adoption

Blockchain is not just about speculation—it is about the emergence of spot ETFs, stablecoin regulations, and blockchain-based RWAs signals that institutions are embracing digital assets as a legitimate asset class.

On-Chain Growth

The next wave of blockchain adoption will be on-chain, leveraging blockchain primitives and cutting-edge developments to unlock new possibilities

Regulatory Clarity

As jurisdictions define clearer rules, institutional capital have been flowing in, legitimizing the space and accelerating adoption.

Case studies

Delphi Digital: Unpacking Value Accrual Mechanisms

- Published on 17 Aug 2023 with MKR at $1130 and FXS at $6.44. Both are currently trading at $1515 (+34%) and FXS at $7.94 (+32%) as of 4 Dec 2023.
- RWA integrations makes up bulk of Maker's revenue and generates a revenue run rate of ~$150M.
- Frax v3, set to launch this month, seeks to bolster Frax's stability and lessen its dependency on USDC. Notably, FRAX holders could soon access US T-bill rates via a RWA partner.

Delphi Digital: DYDX Valuation Analysis & DEX Perps Comparison

- Published on 24 Jul 2023 with DYDX at $2.20, and is trading at $3.42 (+55% as of 4 Dec 2023)
- dYdX has held its position as the incumbent DEX for perpetual contracts, capitalizing on the first-mover advantage to gain substantial traction.
- Market dominance: daily trading volumes 40%-80% market share. Closest competitors, Synthetix and GMX, hold ~5-30% and ~4-24% market share respectively.

Delphi Digital: Axie Part 1 - Fundamentals That Can't Be Overlooked

- Published on 1 Jul 2021 with AXS at $5, and peaked at $160 (+3,200%)
- Ronin launch has been the key catalyst for Axie Infinity's explosive growth over the past two months as daily active users reached 252,000 from just 38,000 at the end of April.
- Axie's community treasury has grown from less than $1M to over $14M in around two months from breeding and marketplace fees, implying a P/E ratio of 7.59 (FDV/ 30D Earnings) for $AXS

Chain Debrief: An Ethereum Debate: How Optimistic are we about Roll-ups?

- Technical Deep Dive: We performed a technical deep dive into a hot topic within the ethereum community; scaling via optimistic (OR) and zero-knowledge (ZK) roll-ups. Where we outlined the aspects of efficiency, compatibility, security, speed, and hardware requirements for both
- Strategic Decision Making: We presented actionable insights for technical builders where the decision to build OR and ZK rollups hinges on a balance of cost, security, and operational needs.