In today’s Delphi Daily, we examined DEX aggregator wars, the fee race to the bottom, and DeFi revenue.
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1/ In Sept. 2020, @Metamask announced its native swapping feature that gets quotes from multiple DEX aggregators.
Metamask levies a 0.875% fee on each swap which resulted in over $200M in revenue over the last 11 months.
2/ Let’s compare @Metamask’s revenue to that of two of the top DEXes on Ethereum: @Sushiswap and @Curvefinance. Sushiswap has made just under $70M YTD, while Curve sits around $12M.
Now consider this: Metamask’s customer acquisition cost (CAC) is a big, fat zero.
3/ @Uniswap’s market share among Ethereum spot DEXes hit a record high of 72%.
The introduction of a new low-fee tier was a recent catalyst.
As observers have pointed out, this likely marks the beginning of a fee-centric race to the bottom.
4/ @1inch is still the leading DEX aggregator by a large margin.
However, competitors such as @Matchaxyz and @Paraswap are starting to eat into its market share.
0/ NFT interest at new highs, while volume remains stagnant.
Today’s Delphi Daily, we cover a wide range of topics from @opensea’s volume to $BTC ’s MVRV giving hope.
Plus, all of the recent stars joining the @boredapeYC
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1/ Worldwide Google searches for “NFT” hit new highs in November even as @OpenSea’s volumes remain relatively stagnant.
The continued rise in search interest suggests NFTs are far from dead and may even be an early indication that another wave of activity is on the horizon.
2/ Profile Pictures (PFP) NFTs have soared the past week as BAYC gained traction from some big stars purchasing and promoting their new apes.
@BoredApeYC (BAYC) was the highlight in the past week as @JimmyFallon, @PostMalone and NBA all-star @RubyGobert27 showed off their apes.
In today’s Delphi Daily, we analyzed recent price retracements, @avalancheavax’s momentum, and @MetaMask’s usage.
For a deeper dive 🧵👇
1/ $BTC had a great run up through the first half of Nov, setting a new high near $69,000, but two major retracements of ~10% in the past week alone has investors and traders back on edge.
Leveraged traders were victims of liquidations as prices dropped and markets deleveraged.
2/ As euphoria hit amid new ATHs for $BTC and $ETH, funding rates ranged upward as traders’ appetite for leverage soared.
However, as markets retraced, funding rates reset back near neutral levels.
To celebrate the launch of our new website + portal we asked each of our research analysts to pick one report they worked on this year, and make it free to the public