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Feb 1 • 10 tweets • 4 min read
0/ Is fear of a stablecoin depeg warranted?

In today’s Delphi Daily, we examined the narratives around MIM and UST that have been circulating Twitter.

We also analyzed @looksrareNFT compared to @opensea for volume, daily users, and average volume per user.

For more 🧵👇
1/ MIM, the native stablecoin of Abracadabra, has been weathering a storm as of late.

MIM briefly broke its peg but recovered quite quickly.

The stablecoin’s main source of liquidity is Curve’s MIM-3CRV pool, now composed of 90.51% MIM and 9.49% 3CRV, hardly a healthy ratio.
2/ The fear around MIM unwinding sparked discussion across Twitter of a potential UST depeg. But is this warranted?

Over the initial period of contagion, UST’s price never dropped below $0.995.

UST has deep liquidity and lively arbitrageurs who can ensure the peg remains sticky
3/ Since its launch, @LooksRareNFT has a roughly 70% volume share versus OpenSea.

However, @OpenSea is accounting for 97% of daily active addresses between the two.

LooksRare has built an incentive mechanism that promotes artificial volumes to prop up its numbers.
4/ When it comes to real usage, one of the best metrics is average volume per user.

It’s clear that LooksRare is dominated by wash-trading whales moving NFTs.

OpenSea’s numbers are far more realistic, and the lack of any native reward only makes their data more believable.
5/ Tweets of the day!

Over-collateralization isn’t the end-all solution to stablecoin pegs

6/ The state of crypto VC

7/ Why you should share ideas in public

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

members.delphidigital.io/reports/mims-i…
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
Feb 2
0/ Should we be worried about the composition of DAI’s collateralization?

In today’s Delphi Daily, we examined DAI’s reserves, USDC’s continued growth, bearish BTC option traders, and @BoredApeYC’s floor continues to rise.

For more 🧵👇 Image
1/ USDC has grown massively over the past year, recently crossing $50B in supply.

USDT is still the market cap leader, although its growth has slowed down compared to USDC since May 2021.

The USDC/USDT supply ratio has grown from 0.2 to 0.64 over the past year. Image
2/ DAI, a crypto-collateralized stablecoin by @MakerDAO, has seen its asset weightage shift towards stablecoins.

Many criticized DAI for being backed by 60% stablecoins, as it means that DAI is also exposed to the same centralization and regulatory risks of the stablecoins. Image
Read 10 tweets
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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 🧵👇
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.
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.
Read 10 tweets
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Jan 27
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.
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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