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8 Oct, 5 tweets, 2 min read
0/ Paging all $DYDX holders

When the $DYDX token was launched, several recipients of the airdrop and liquidity rewards staked their $DYDX tokens into the protocol’s safety module

dydx.community/dashboard/prop…
1/ The safety module is an insurance mechanism that allows $DYDX holders to stake their tokens to create a backstop, and earn rewards for providing this service
2/ What was unknown at the time was that there was an error in the implementation. The ratio of DYDX to staked DYDX was supposed to be 1:1, but was actually 1:0

dydx.foundation/blog/en/outage…
3/ Over 150,000 tokens from token holders with good intentions were locked in the contract

dYdX governance is voting on a proposal to make these token holders whole again by:

1. Recovering their locked tokens in full
2. Giving them a 10% reward, paid by the rewards treasury
4/ We implore anyone with $DYDX tokens to vote on this proposal to get it over the line before Oct. 14

dydx.community/dashboard/prop…

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More from @Delphi_Digital

Delphi Digital Profile picture
7 Oct
0/ In today’s Delphi Daily, we examined how incentives have recently been ruling the multichain crypto world.

We analyzed the similarities between @FantomFDN, @avalancheavax, and @AlgoGrand’s recent growth.

For a deeper dive 🧵👇 Image
1/ Market Update-

🔹After yesterday’s rally, BTC is having a breather as L1s take center stage again.

🔹Apart from L1s, DeFi is surprisingly the only other sector in the green.

🔹Top performers over the last 24 hours are FTM, SHIB, AR, and DOT.
2/ Flows from Ethereum to @FantomFDN averaged $10-25M per day over September. But over the last two days, flows to Fantom increased by an unprecedented amount on the back of a new yield farm.

@GeistFinance, a fork of @AaveAave, was giving LPs ridiculous incentives. Image
Read 11 tweets
Delphi Digital Profile picture
4 Oct
0/ In today’s Delphi Daily, we examined delta neutral AXS farming, LUNA burning, recent L1 rally, and yield generating NFTs.

For a deeper dive 🧵👇
1/ Market Update-

🔹The broader crypto market is seeing a slight pullback after the weekend run-up, seemingly weighed down by traditional markets, with major equity indices down on the day.

🔹Nonetheless, AXS, LUNA, and DYDX were among today’s top gainers.
2/ AXS staking began on Friday and opened up opportunities for yield arbitrage via perpetual futures.

This can be done by buying spot AXS to stake, while shorting the AXS-perpetual future. The trade is delta-neutral, meaning there’s no price risk, and captures the difference.
Read 12 tweets
Delphi Digital Profile picture
29 Sep
0/ In today’s Delphi Daily, we examine the near-term bull case for ETH, and offer the slightest bit of hopium.

We analyzed ETH open interest, options buying, and usage levels.

For a deeper dive 🧵👇
1/ Market Update-

🔹It’s a relieving sight to see green across the board for crypto today, although it isn’t a very convincing bounce for majors such as BTC and ETH.

🔹Coins like DYDX (+12.1%), AR (+11.6%), AXS (+10.5%), and BNB (+10.3%), are leading this bounce at the moment
2/ OI for ETH futures and options is down nearly 40% since the start of September. The market is crippled by fear, but, thankfully, there is a silver lining.

Options open interest fell as dramatically as it did at the end of this month due to a large number of recent expiries.
Read 11 tweets
Delphi Digital Profile picture
28 Sep
0/ Today’s Delphi Daily focused on Bitcoin’s current market structure, miner fees, and lightning Network activity.

For a deeper dive 🧵👇 Image
1/ Market Update-

Virtually all of crypto is in the red today.

The Sep. 21st bottom remains intact, but the market still looks fairly weak.

For now, the signs point to a ranging market, so it’s probably wise to prepare yourself for some incredibly frustrating price action.
2/ Last Friday saw the largest expiration of BTC options since Apr. 2021. This isn’t all too surprising, as quarter-end expirations tend to be larger than regular monthly expirations.

However, OI tends to recover quite dramatically over the course of the month post-expiration. Image
Read 11 tweets
Delphi Digital Profile picture
27 Sep
0/ In today’s Delphi Daily, we examined ETH retesting range heights and the market’s current fear.

In addition, we analyzed @dydxprotocol flipping @coinbase’s total volume and Perp DEX token shining.

For a deeper dive 🧵👇 Image
1/ Market Update-

🔹Macro and regulatory fears continue to linger as most of the market has been in the red today.

🔹Crypto markets dipped on Friday following news that China banned crypto (again), before recovering slightly heading into Monday. Image
2/ Unless a clear catalyst or shift in market structure takes place, ETH is likely to continue trading within this broad range.

Note that ETH is currently trading near the range high, which means if the market continues ranging, then a swing back to the lows is likely. Image
Read 11 tweets
Delphi Digital Profile picture
23 Sep
0/ In today's Delphi Daily, we explore the relief rally occurring across markets, L1s battling for liquidity and L2s gaining steam.

For a deeper dive 🧵👇
1/ Market Update-

🔹 The relief rally could be partly driven by a perceived higher probability for government intervention to mitigate the potential spillover effects of an Evergrande collapse
2/ Over the past 30 days, ETH has struggled to keep up with other L1 tokens.

A likely cause for this has been the flurry of announcements regarding new incentive programs on these L1s to attract liquidity and users.
Read 12 tweets

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