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Jan 27 • 10 tweets • 4 min read
0/ Has Ethereum turned deflationary?

In today’s Delphi Daily, we examined stablecoin supply growth, long-term holder’s losses, ETH burns, and NFT Aggregator competition.

For more 🧵👇
1/ Despite the current volatile environment, the stablecoin supply has grown by $5.3B over the past month.

USDC’s growth has recently become more pronounced, surging by $5.2B in supply in the last month.

USDT only grew by $700M.
2/ Long-Term Holders started going into loss as BTC tested the lows of $35k. LTHs in loss surged to 17% of all holders, which was last seen in May 2020 (circled in yellow).

Historically, it’s been a sign that the bottom may be in when both STHs and LTHs peak in losses.
3/ Ethereum burns from EIP-1559 flared up in the month so far, resulting in the largest daily deflation of -6823 ETH on January 10th.

Comparing January’s ETH emissions to previous months, it’s clear that this month’s emissions are trending heavily towards a net burn.
4/ The NFT Aggregator competition has been heating up.

@Geniexyz and @Gemxyz are two NFT aggregator platforms making it easy to shop and purchase across a number of NFT marketplaces.

They also provide the ability to bulk purchase NFTs in a single transaction.
5/ Tweets of the day!

FTX.US Raised at $8B Valuation

6/ Paradigm Releases NFT Mechanism CRISP

7/ Robinhood’s Testing BTC Wallet
8/ For the full report that inspired today’s thread 👇👇

members.delphidigital.io/reports/stable…
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

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Jan 28
0/ How is sentiment post FOMC?

For today’s Delphi Daily, we examined the aftermath of this week's FOMC meeting, current stablecoin utilization rates, and the amount of unique NFT buyers.

For more 🧵👇 Image
1/ The FOMC decided to leave rates untouched but signaled for a hike in March’s FOMC. US10Y closed the trading day up 5%, and DXY was up 0.46%.

Risk assets like SPX, NDX, and crypto assets wound up pairing back their initial gains as the market digested the Fed’s commentary. Image
2/ Funding turned even more negative post FOMC as investors were spooked by Powell’s resolve to fight inflation.

All in all, it seems like the market is expecting Bitcoin to make a lower low after recently testing the $34k level. Image
Read 10 tweets
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Jan 25
0/ Can NFT prices weather the storm?

In today’s Delphi Daily, we analyzed the resilience of marquee NFT brands, @opensea fees, @GMX_io’s surge in volume, and investors start to realize losses.

For more 🧵👇
1/ Marquee NFT brands have stayed resilient amid all the recent macro uncertainty.

While ETH has fallen 35% since the start of the year, NFTs have grown in price (in ETH terms).

Since NFTs are denominated in ETH, they are still exposed to the price changes of ETH.
2/ With the rise of NFT volumes, @OpenSea and NFT projects have been earning massive fees.

OpenSea has made $93M in marketplace fees, while projects have earned a cumulative $202M in royalty fees in January alone.
Read 10 tweets
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Jan 24
0/ Friday saw the most on-chain liquidations ever, hitting a record $200M.

In today’s Delphi Daily, we explore the rash of liquidations, temp check the current market signals, and examine @FantomFDN’s climbing TVL.

For more 🧵👇
1/ As a major correction sent ETH falling from $3.2k to $2.5k in the past week, on-chain liquidations surged as positions started to hit their liquidation point.

Last Friday, money markets on ETH experienced their largest liquidation event to date, amounting to over $200m.
2/ @MakerDAO was responsible for more than 50% of liquidations stated above.

Maker stands to profit from all the liquidation events happening recently.

MakerDAO charges a liquidation penalty to the vault owners if the value of their collateral reaches its liquidation price.
Read 10 tweets
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Jan 20
0/ Want a glimpse into the galaxy?

In today’s Delphi Daily, we examined Cosmo’s developing ecosystem.

We analyzed interaction in the ecosystem, $ATOM staking, @osmosiszone’s utilization, and @SecretNetwork’s upward trends.

For more 🧵👇 Image
1/ We continue to observe increased traction and user interaction on Cosmos as more apps join the ecosystem.

Daily transactions pertaining to ATOM are up from 26k to 80k.

Cosmos has been the talk of the town lately with the impending EVMOS launch this month driving attention. Image
2/ $ATOM staking is similar to $LUNA staking, where users delegate their tokens to a validator.

ATOM staking now yields around 13% APR, which is on the higher end when compared to other Proof-of-Stake options. Image
Read 10 tweets
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Jan 17
0/ What’s behind Fantom’s meteoric rise?

In today’s Delphi Daily, we examined $FTM ’s growth metrics, Platypus’s surging TVL, and an uptick in retail $BTC accumulation.

For more 🧵👇
1/ Bridge data shows that deposits into @FantomFDN have risen significantly since the start of this year.

The token prices of various native dApps have risen substantially alongside this, attracting more yield farmers.
2/ @FantomFDN ecosystem tokens have trended upwards since the beginning of December.

As the Fantom network gains traction, we’re seeing more capital flow into the entire ecosystem.

Fantom dApps have been trying to boost their TVL to gain a larger share of the ve(3,3) token.
Read 10 tweets
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Jan 14
0/ Will Fantom be the next big L1?

In today’s Delphi Daily, we examine @FantomFDN’s TVL, @paraswap’s recent activity, on chain $BTC data of long-term holders, and how BTC responded to latest CPI data.

For more 🧵👇 Image
1/ While the TVLs across crypto have stagnated, @FantomFDN’s ecosystem has been vibrant. Fantom has gained $1.2B (+20%) in TVL over the past week.

This comes as @AndreCronjeTech and @danielesesta, two prominent builders, have shown interest in developing the Fantom ecosystem. Image
2/ Since @paraswap’s airdrop on Nov 15th, activity on the DEX aggregator has stagnated.

Before the airdrop, many people speculated and used Paraswap in hopes of receiving a piece of the airdrop.

Paraswap’s downfall can be a lesson to other protocols to better design airdrops. Image
Read 11 tweets

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