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13 Dec, 10 tweets, 5 min read
0/ ETH dominance reaches new highs!

In today’s Delphi Daily, we examined $ETH dominance compared to $BTC dominance, the recovering hash rates of both Bitcoin and Ethereum networks, and @opensea volume recovering.

For more 🧵👇
1/ $ETH and $BTC have both performed well in 2021.

However, as the year went on ETH edged out BTC, as reflected by market cap dominance.

ETH’s dominance went from ~11% at the start of the year to ~21% today. BTC dominance on the other hand started at ~73% and is at ~42% today
2/ When China banned cryptocurrency mining, BTC difficulty and hash rate plummeted as mining farms were forced to close.

Despite the quick drop, the recovery was steady. Bitcoin is back to its prior hash rate high of ~180M TH/s less than five months after China’s ban.
3/ The Ethereum network recovered in just under 2 months.

Ethereum’s hash rate continued to soar and doesn’t seem to be stopping.

ETH 2.0 will move Ethereum from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network, removing the need for large-scale miners.
4/ @OpenSea volume has been recovering steadily over the past month. Random NFT mints seem to be slowing down, which translates to fewer “cash grab” NFTs in the market.

Recent volume has been driven by higher-quality NFTs, including @boredapeYC, @thesandboxgame and @RTFKTstudios
5/ Tweets of the day!

2022 Themes by Tascha

6/ Shopify + Metamask Soon?

7/ UST Joins The Convex Wars

8/ For the full report that inspired today’s thread

members.delphidigital.io/reports/eth-do…
9/ Crypto moves fast. Delphi has you covered. Sign up here to get Delphi's free daily newsletter delivered right to your inbox every weekday

delphidigital.io/daily/

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More from @Delphi_Digital

Delphi Digital Profile picture
15 Dec
0/ Markets are in ‘extreme fear’ according to the Fear & Greed index. And many are fleeing to stablecoins.

In today’s Delphi Daily, we examine the current market sentiment, the daily stablecoin transfer volume, a disappointing December, and @Nike joining the metaverse.

🧵👇 Image
1/ Daily stablecoin transfer volume went up to ~$57B today, which was only previously seen in May after the downward movement of ETH.

Stablecoin transfer volume tends to trend within $10-20B daily. Image
2/ December has been a disappointing month for crypto as macro uncertainty brews. Prices of large-cap crypto assets moved sideways to start the month before another turn lower yesterday.

$LUNA is an outlier as it’s the only one that performed positively since the start of Dec. Image
Read 10 tweets
Delphi Digital Profile picture
9 Dec
0/ How has the recent volatility affected DeFi lending?

In today’s Delphi Daily, we examined on-chain leverage, stablecoin growth, ZK-rollup’s increased usage, and Ethereum DEX aggregators.

For a deeper dive 🧵👇
1/ Stablecoins grew substantially the past month, with the Top 5 Stablecoin Marketcap growing from $129B to just under $150B.

$USDT and $USDC were responsible for most of the supply growth, with USDC growing by $7.8B and USDT by $6B.
2/ With the ZK-Rollup narrative popping off the past few weeks, we can see that users are moving funds over to projects like @Loopringorg and @zkSync to test it out.

Since the start of Nov, unique users grew by ~85k and deposits grew by ~$74.5M, the fastest pace seen yet.
Read 10 tweets
Delphi Digital Profile picture
8 Dec
0/ Terra is now the third largest blockchain by TVL.

In today’s Delphi Digital, we analyzed TVL on different L1 blockchains, the p/s of the main DEXs, $UST supply, and @lidofinance benefitting from $LUNA price.

For more 🧵👇
1/ TVL on @Terra_money network overtook @Avalancheavax and @Solana, making it 3rd largest blockchain by TVL.

It’s important to note that TVL numbers are highly reflexive alongside native token prices as they are commonly used as collateral in DeFi and as base pairs for DEXes.
2/ The increase in $UST Supply from under $3b to $7b across mid-November was due to this proposal to mint UST with $LUNA in the community pool to grow the Terra ecosystem through UST usage.

UST did another ~$1b of growth in circulating supply after 19th November.
Read 10 tweets
Delphi Digital Profile picture
6 Dec
0/ What’s happening since Friday’s flash crash?

In today’s Delphi Daily, a full post-mortem on the recent volatility. We examine the data on open interest, bid-ask spreads, and funding rates.

For more 🧵👇
1/ Leveraged longs took a senseless beating over the last week and it was perhaps overdue.

BTC’s open interest on perps/futures fell from just under $30B in late November to just over $15B today.

Sentiment has taken a turn for the worse.
2/ From the November peak to today, $BTC open interest is down a whopping 50%.

Too many leveraged longs and a lack of spot buying is a sign that a market is peaking. When there’s nobody left to buy/long, price momentum to the upside is severely limited.
Read 11 tweets
Delphi Digital Profile picture
2 Dec
At Delphi, we’ve spent a lot of time working on token launch mechanisms

Today, we’re excited to release a model we believe is best in class when optimizing for a mix of:

🔹Distribution
🔹Price discovery
🔹Sufficient float
🔹Liquidity
🔹Decentralization

members.delphidigital.io/reports/introd…
1/ It's a beefy article so we've also included a video of @ZeMariaMacedo + @YanLiberman discussing the lockdrop + LBA

In this thread, we'll cover the design goals we were trying to achieve and why we settled on this structure is the best way to do so

2/ The goal of any token launch mechanism is to distribute tokens to the protocol’s users and community in a fair, transparent way

There are two main ways projects currently do this:

(1) Giving tokens to users

(2) Selling tokens to the public

Both have flaws
Read 26 tweets
Delphi Digital Profile picture
2 Dec
0/ Jerome Powell’s hawkish comments sent markets for a spin.

In today’s Delphi Daily, we explore the results of Fed Chairman Jerome Powell’s comments, $LUNA ATH, monthly $ETH emissions, and Ethereum DEX trading volume.

For a deeper dive 🧵👇
1/ US equity markets opened higher today, recovering from yesterday’s dip incited by Chairman Powell’s comments.

This doesn’t mean the Fed will stop expanding its balance sheet, but rather implies an acceleration of the rate at which they plan to decrease their monthly purchases
2/ $LUNA hit a fresh all-time high yesterday.

LUNA’s circulating supply saw a sharp spike on Nov. 11, caused by an increase in the amount of LUNA to be burned from the community pool over the next two weeks.

Approximately 88.675M LUNA will be burned over this period.
Read 10 tweets

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