Research
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.