0/ The top 10 L1s and dApps by TVL.

In today’s Delphi Daily, we examined the top L1 chains and decentralized applications according to TVL.

We also took a look at $BTC and $ETH options, as well as how the Fed fund futures could impact BTC.

For more 🧵👇 Image
1/ The amount of capital locked grew exponentially year-on-year on chains like @terra_money (356x) and @0xPolygon (17,100x) while newer chains like @cronos_chain and @arbitrum that launched in the later half of 2021 managed to eke their way into the top 10 list. Image
2/ Among the top 10 biggest dApps by TVL, apps native to Ethereum still dominate, but multi-chain protocols such as @LidoFinance and @MultichainOrg have made their way onto the list.

DeFi “blue chips”, which fell out of favour in 2021, still managed to retain some top spots. Image
3/ $BTC and $ETH options faced a large drawdown in open interest due to end-of-year expiries.

As reported by @DeribitExchange, $5.5B of BTC contracts and $3.3B of ETH contracts expired on December 31st. Image
4/ Fed fund rates are signalling a coming slowdown in global liquidity.

Fed funds futures now imply a 100% chance of at least 3 rate hikes by the end of 2022, compared to just one rate hike three months ago. Image
5/ Tweets of the day!

NEAR Protocol Thesis

7/ Terra Bridge to Osmosis Initiated.

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

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


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More from @Delphi_Digital

7 Jan
0/ The Bitcoin Fear & Greed Index just hit lowest level since last July.

In today’s Delphi Daily, we analyzed how December’s Fed meeting minutes impacted global markets, recent liquidations, market fear, and gas spikes on @0xPolygon.

For more 🧵👇 Image
1/ December’s Fed meeting minutes released yesterday pointed towards quicker and more aggressive rate hikes than expected.

Risk assets like equities and crypto assets reacted swiftly to the news, tumbling after the minutes were released. Image
2/ The risk-off sentiment was present as well in crypto markets, and leveraged long traders were liquidated on downward price movements; $850M of positions got liquidated in the past 18 hrs.

The FOMC minutes were released at 2pm EST yesterday, triggering the initial sell-off. Image
Read 10 tweets
6 Jan
0/ So far in 2022, Fantom’s daily transactions have outpaced Avalanche.

In today’s Delphi Daily, we examined @FantomFDN’s recent transaction spike, the percentage of short and long term BTC holders in profit, and open interest on the perps markets.

For more 🧵👇 Image
1/ @FantomFDN surpassed @avalancheavax in daily transactions at the start of 2022.

As the narrative rotates to Fantom, it’s not surprising to see it reflected in transactions.

Opportunistic capital moved over to yield farm with high yields on stablecoins of around ~30-60% APR Image
2/ As BTC trends downward in recent weeks, more short-term holders (STH) of spot BTC have been holding at a loss.

Currently, only 11% of STHs are in profit.

87.4% of long-term holders (LTH) are still in profit following the run-up last year. Image
Read 10 tweets
4 Jan
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.
Read 11 tweets
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

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