0/ King Dollar sends warning signs

In today’s Delphi Daily, we examined the recent strength of the US dollar, the power of free governance tokens, and an update on L2 usage.

For a deeper dive 👇🧵 Image
1/ ENS registrations this month did laps over average monthly registrations since 2019.

Whether this is a side effect of the ENS token launch or not is unclear, but the project sure does seem a lot more popular after giving users a fair bit of free tokens. Image
2/ @arbitrum has seen a steep slowdown ever since the initial mania on the network.

The rollup’s consumption of Ethereum gas to settle transactions has gone down since mid-September.

Apps are likely waiting for Arbitrum Nitro before bombarding the network with incentives. Image
3/ Not all rollups are experiencing a downtrend in traction; we’re seeing @zksync’s usage, for example, pick up in recent weeks.

Between @CurveFinance’s deployment on the rollup and @OKEx announcing withdrawal/deposit support on ZK Sync, the future of the network looks bright. Image
4/ In the six months since @Uniswap v3 hit Ethereum mainnet, and if concentrated liquidity didn’t excite you as a trader, then lower fee tiers surely have.

Close to 65% of Uniswap’s weekly volume was on the back of 0.05% fee pools, followed by the regular old 0.30% fee pool. Image
5/ The U.S. dollar has strengthened considerably in recent weeks.

With growing expectations for tighter monetary policy and an acceleration in U.S. economic data, the dollar appears to be well-positioned against other major currencies. Image
6/ Tweets of the day

Getting a job a crypto

7/ The Generalist’s Mario Gabriele on Terra’s potential

8/ Delphi Labs proposes moving ANC-UST liquidity from Terraswap to Astroport

9/ For the full report that inspired today’s thread 👇👇

10/ Crypto moves fast. Delphi has you covered. Sign up here to get Delphi's free daily newsletter delivered right to your inbox every weekday


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More from @Delphi_Digital

24 Nov
0/ Which bridge is the most traveled?

In today’s Delphi Daily, we examined which bridges are driving the most capital away from Ethereum, @avalancheavax adoption, and net exchange flow.

For more 🧵👇 Image
1/ AVAX C-Chain adoption has been increasing lately and recently hit 600k daily transactions.

@avalancheavax’s EVM and @MetaMask compatibility, much cheaper fees, and familiar DeFi experiences have been tailwinds for adoption. Image
2/ As scaling solutions come, we see high bridging activity as funds move away from the expensive Ethereum chain and continue staying there.

Of all the chains, Ronin and @avalancheavax have seen the highest activity and funds moved. Image
Read 10 tweets
18 Nov
0/ Defi competition has been heating up.

In today’s Delphi Daily, we examined DEX aggregator wars, the fee race to the bottom, and DeFi revenue.

For more🧵👇
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.
Read 10 tweets
18 Nov
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

For more 🧵👇
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.
Read 10 tweets
17 Nov
0/ As funding resets, where to next?

In today’s Delphi Daily, we analyzed recent price retracements, @avalancheavax’s momentum, and @MetaMask’s usage.

For a deeper dive 🧵👇 Image
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. Image
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. Image
Read 10 tweets
4 Nov
0/ In honor of #NYCNFT, we explored some recent NFT data.

In today’s Delphi Daily, we analyzed NFT volume, number of new buyers, and high end sales.

We also compared the market caps of $SHIB and $DOGE.

For a deeper dive 🧵👇 Image
1/ NFT daily sales volumes have been on a downtrend since early September.

Despite that, the number of unique NFT buyers has slowly trended upward, with a recent spike at the end of October. Image
2/ Since late May, ETH and Ronin NFTs have dwarfed other chains in terms of NFT sales volume.

@WAX_io NFTs seem to be worth paying attention to as they have seen sales volumes pick up significantly since the beginning of October. Image
Read 10 tweets
28 Oct
0/ DOGE and SHIB faceoff in the battle of the dog tokens.

In today’s Delphi Daily, we analyzed the correlation of DOGE and SHIB, L2 activity has slowed down, and gas prices have been soaring.

For a deeper dive 🧵👇
1/ Most of the crypto market was sidelined by liquidations, while dog coin connoisseurs showed up in a big way.

SHIB recorded a whopping $23B in volume on the top two spot exchanges yesterday.
2/ As the two dog coins faced off today, DOGE bounced upward while SHIB wound up remaining relatively flat.

While coins in a category tend to be highly correlated, we’re seeing the opposite with DOGE and SHIB.
Read 10 tweets

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