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.
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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.
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.
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.
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.
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.
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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.
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.
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.
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.
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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.
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.
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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.
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.
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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.