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Feb 8 • 10 tweets • 4 min read
0/ What platforms are leading the L2 TVL charge?

In today’s Delphi Daily, we examined #bitcoin breaking through key resistance levels and TVL of L2s and options protocols.

For more 🧵👇
1/ Over the weekend, Bitcoin rallied through the $38.5k and $39-$41k resistance levels we had been watching.

The 2022 yearly VWAP (pictured above in white) was acting as a key resistance level. With Bitcoin now trading around $42.5K, the VWAP was breached convincingly on Friday.
2/ TVL on L2s has risen back to levels seen at the beginning of the year (~$6bn)

This growth is driven primarily by @Aribtrum and @MetisDAO.

Among the seven largest L2s by TVL, only Arbitrum (+19% YTD) and Metis (+94% YTD) have seen positive growth in 2022.
3/ TVL in option protocols has dropped across the board since the start of the year, with the exception of @Opyn_

The drop is likely attributable to falling asset prices. Lower asset prices result in poor performance for put-selling vaults causing investors to withdraw capital.
4/ Opyn’s growth in TVL was an outlier to other options protocols. This can be attributed to their new product SQUEETH, a new financial primitive.

Trading volume of SQUEETH has risen steadily over the past month, but its take-up rate hasn’t been outstanding.
5/ Tweets of the day!

DAO Tooling Resource

6/ Crypto Unicorns Thread

7/ (3,3) by Cobie

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

members.delphidigital.io/reports/btc-br…
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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Feb 8
0/ Is Curve still the king of stableswaps?

In today’s Delphi Daily, we analyzed net miner positions, @Uniswap gaining market share the battle between @geniexyz and @gemxyz, and MEV profits slowing down.

For more 🧵👇 Image
1/ In May 2021, when V3 was released, @Uniswap began to eat into @CurveFinance’s market share.

Due to the comparable price execution in V3 alongside an undercutting in fees, Uniswap has been able to match Curve’s volumes in stableswaps, turning this into a nearly 50/50 market. Image
2/ @geniexyz and @gemxyz are two NFT aggregator platforms making it easy to shop across a number of NFT marketplaces. Both make it easy to bulk purchase NFTs in a single transaction.

Gem’s superior fee execution consistently amounts to 30-40% less in gas fees relative to Genie. Image
Read 10 tweets
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Feb 7
In this paper, we explore common oracle-related attacks, as well as the cost and profit potential associated with them. We focus specifically on TWAP oracles. We conclude with an initial framework for safely setting TWAP oracle parameters.

🧵👇

members.delphidigital.io/reports/attack…
Oracles represent critical infrastructure for DeFi. They often lie at the heart of different DeFi protocols and are a key component to their safety model. As such, they represent an important attack vector and are in fact a common target for SC attacks.
As such, the importance of studying how they work and, in particular, how they can be attacked cannot be overstated.

In this paper, we focus on two particular attacks related to lending protocols:
Read 8 tweets
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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
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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 🧵👇
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.
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.
Read 10 tweets
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Feb 3
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
Read 10 tweets
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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

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