0/ The CRV wars are heating up.

In todays Delphi Daily, we explore important metrics of Curve, @ConvexFinance’s role as a key battleground for bribes, and the protocols vying for voting power.

For more 🧵👇
1/ @convexfinance has grown to have great sway on @Curvefinance’s valuable governance vote: 85% of Curve TVL is now routed and staked via Convex.

Nearly half of all veCRV supply is owned by Convex.
2/ @Convexfinance is now the single largest owner of veCRV at 47% of total supply.

This gives them the most governance power to decide where $CRV incentives should be distributed.
3/ Besides bribing, protocols looking to incentivize liquidity can also buy CVX, lock it up, and delegate their votes to their own pools.

Protocols have also been accumulating CVX, chief of all @FraxFinance which owns the most CVX at the moment.
4/ @OpenSea volume is showing recovery signs as volume starts to trend upwards.

Yesterday, daily volumes hit near $250M, the highest it has been since the peaks of Sep. 2021.

It was also the most actively traded day yet in terms of users with 60K daily active traders.
5/ While it might have looked gloomy for the wider crypto markets, the NFT market had it good the past month.

Large brands and famous celebrities have been getting involved, @adidas, @nike, and @eminem to name a few.
6/ Tweets of the day!

Decade in review by Vitalik

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 Dec 21
0/ 0/ Bored Apes ‘flippened’ CryptoPunks briefly, overtaking the NFT project in floor price.

In today’s DD, we explore @boredapevc’s neck-and-neck race with Punks, derivative DEX volumes, and a surge in Euro-denominated stablecoins.

For more 🧵👇 Image
1/ The floor price for @BoredApeYC flipped CryptoPunks last night, though only for a brief moment before CryptoPunks prices rebounded.

This is not unexpected as BAYC has gained much more popularity and attention recently, driven by celebrity purchases and key partnerships. Image
2/ “NFT” searches recently crossed “Crypto” according to worldwide Google search trends.

NFTs have been gaining continuous traction from celebrities to prominent sports brands like @Nike, @adidas, and @UnderArmour all getting involved. Image
Read 10 tweets
22 Dec 21
0/ @Anchor_protocol surpassed $10B in deposits!

In today’s Delphi Daily, we examined the L2’s TVL, the success of @terra_money and @avalancheavax, @anchor_protocol deposits hitting new highs, and monthly smart contract deployment on Ethereum.

For more 🧵👇
1/ Adoption of @Terra_money and @Avalancheavax has grown significantly throughout 2021, with the latter seeing a surge since its ecosystem incentives kicked off in September.

Market confidence has resulted in the price of L1 chains lingering around ATHs as we head towards EOY.
2/ @Anchor_Protocol hit over $10B in deposits, a result of $LUNA’s price hitting all-time highs.

Further catalyzing this was the integration of Terra’s stablecoin, $UST, into Abracadabra. Recent MIM replenishes on Abracadabra Money fueled deposits into Anchor.
Read 10 tweets
22 Dec 21
0/ Other L1s are coming for the NFT throne, but Ethereum is still in a league of its own.

In today’s Delphi Daily, we analyzed NFT volumes across different blockchains, @iearnfinance’s aggressive buybacks, BTC open interest, and GBTC’s competition.

For more 🧵👇
1/ Other chains have tried to replicate Ethereum’s success in the NFT space and attract users. Despite this, Ethereum still holds the throne for NFT volume.
2/ @iearnfinance has recently started aggressive buybacks, with ~$3.1M or 120.5 $YFI being purchased.

Yearn released a proposal suggesting the evolution of Yearn’s token economics, which proposes that the Treasury expects to direct ~$35-45M to buybacks annually.
Read 10 tweets
21 Dec 21
0/ Capital is flooding to @terra_money with the launch of @astroport_fi’s lockdrop.

In today's Delphi Daily, we analyzed the amount of USDT on the sidelines, UST surpassing DAI in terms of market cap, the success of @astroport_fi’s lockdrop, and LUNA’s ATH.

For more 🧵👇 Image
1/ $USDT supply on exchanges is at a 1-year high, indicating that investors have become risk-averse and sold into stable assets.

About 31% of the total USDT supply is sitting idle on exchanges, suggesting traders are turning risk-off or locking in end-of-year profits. Image
2/ $UST and $DAI have been neck-and-neck in terms of market capitalization, with UST briefly overtaking DAI as the 4th largest stablecoin last week.

Yesterday, UST overtook DAI more decisively as it had been trading higher for at least the last 24 hours. Image
Read 10 tweets
16 Dec 21
0/ Watch out, an Avalanche is coming!

In today’s Delphi Daily, we examined how $AVAX leads the rebound following Powell’s speech and the new development activity on @Avalancheavax’s C-Chain.

We also analyzed institutional demand for crypto and DEX trading activity.

1/ Crypto assets rebounded after Fed Chariman Powell’s speech yesterday.

Crypto markets were jittery in the days leading up to the FOMC meeting, likely in preparation for an overly hawkish Fed.

However, the outcome of the FOMC meeting was what most expected.
2/ Development activity on @Avalancheavax’s C-Chain has grown meaningfully this year, with over 400 developers and 70K unique contracts deployed.

Amongst other things, growth accelerated in late July with the arrival of @Chainlink price feeds on Avalanche’s mainnet.
Read 10 tweets
15 Dec 21
0/ What do the near-term options say about current market conditions?

In today’s Delphi Daily, we analyzed implied volatility for near-term options, DeFi options protocols TVL growth, $RBN and @ribbonfinance’s price divergence, and daily transactions across different blockchains
1/ Implied volatility for near-term options are skewed towards puts, indicating that market participants have concerns.

Option expiries slightly further out at the end of the year (Jan. – Feb. 2022) are less skewed, indicating a neutral price outlook over the mid-term.
2/ DeFi options protocols have grown in TVL over the last few months, due to the emergence of new primitives such as @Dopex_io, @FODLfi, and @Premiafinance amongst others.

@Opyn_ and @Ribbonfinance account for over half of all on-chain options TVL.
Read 10 tweets

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