In today’s Delphi Daily, we examined which bridges are driving the most capital away from Ethereum, @avalancheavax adoption, and net exchange flow.
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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.
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.
3/ Despite the poor price action, on-chain data still shows positive signs of more BTC outflow than inflow on exchanges.
Net outflows are bullish as users are likely to buy and transfer it to a cold wallet.
4/ Recently, miners have started to HODL their BTC mining rewards.
Years ago, this was a bullish sign because miners held higher market-moving abilities. After 3 miner reward halvings, this net position represents a much smaller percentage of the total circulating supply.
5/ Tweets of the day
Behind The Curtains of Delphi Labs, Mars, and Astroport
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.
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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.
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.
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.
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.