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Feb 3 • 10 tweets • 5 min read
0/ Are Solana and Avalanche the next to benefit from the NFT craze?

In today’s Delphi Daily, we examined NFT data on @solana and @avalancheavax, @axieinfinity’s SLP hyperinflation, and Daniele-related tokens suffer.

For more 🧵👇
1/ The NFT craze is going strong on Ethereum, but the traction is spilling over into @Solana.

Solana has recently hit its ATH of 10k unique daily NFT buyers, surpassing its peak in September.

@Avalancheavax has also recently hit its peak NFT volume at 5M.
2/ @AxieInfinity has been affected by the hyperinflation of SLP, a result of a high SLP minting rate but a low SLP burning rate.

The hyperinflation has resulted in immense sell pressure on SLP.

We have seen SLP prices drop to under $0.01 today, from its previous highs of $0.35
3/ Axie Infinity DAUs grew from 38k in April 21 to 2.7M in November 21.

However, as SLP prices dip, players suffer as they cannot earn as much when compared to a few months back.

At its peak, a player could have earned $35 per day on July 21 vs $1 today at current prices.
4/ Daniele-related tokens have been marred by allegations of treasury mismanagement on Wonderland by 0xSifu, its ex-CFO.

Zachxbt, an anon on Twitter, doxxed Sifu to be Michael Patryn, co-founder of QuadrigaCX, a notorious Canadian crypto exchange accused of defrauding investors
5/ Tweets of the day!

Dune Analytics Raised $69.420M

6/ Friktion’s Research on Optimizing Options Auction Execution

7/ Chainalysis Analyzes Wash Trading and Money Laundering in NFTs

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

members.delphidigital.io/reports/nfts-o…
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 4
Delphi Media has a lot of plans to expand just past @PodcastDelphi this year, and today we’re excited to share a new offering - DISRUPTORS by Delphi

Short thread below on what DISRUPTORS is and why you won't want to miss an episode
1/ A common thread amongst the hivemind at Delphi is that we're all perpetually curious and eager to learn

Filtering out the noise has always been a focus for us, so we're always looking for like-minded visionaries to learn from. We call them DISRUPTORS.
2/ Last month, we kicked off an internal masterclass-type seminar where one of these experts came in and gave a presentation to our team

Initially, we were just going to keep this internal. But the content was too valuable to not share with the rest of the community
Read 6 tweets
Delphi Digital Profile picture
Feb 4
0/ Is Azuki the next bluechip NFT?

In today’s Delphi Digital, we analyzed @BitDAO_Official’s large treasury, @MEVprotection’s record-breaking month, @TheSandboxGame’s increased volume, and @AzukiZen joins the top ten.

For more 🧵👇 Image
1/ @BitDAO_Official is an investment DAO that supports builders in the decentralized ecosystem through partnerships and funding.

The contributions from ByBit have exceeded $500M in value since it started on July 21st and are continuing to grow at $1-2M daily contributions. Image
2/ @MEVprotection has achieved another record-breaking month, crossing $2B in swap volumes on Jan 2021.

CowSwap’s simple and gasless UI makes it easy for users to trade even without holding ETH to pay for gas. Image
Read 10 tweets
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 🧵👇
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.
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.
Read 10 tweets
Delphi Digital Profile picture
Feb 1
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
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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