With the Fed finally cutting rates, everyone is wondering whether this was priced in.

Today, we are open sourcing our 60+ page markets chartbook for free.

This gives you everything you need to know about macro, markets, and what to look out for in Q4.

A Megathread 🧵 BTC has been the top performer since April lows

Is $PUMP set to become the most hated rally?

A valuation analysis of Pump Fun and what to expect from launch.

🧵 This thread only scratches the surface. The full report covers much more including a complete valuation analysis, competitive deep dive, launch dynamics, and more.

AI has blurred the lines of IP ownership. @StoryProtocol thinks blockchain can fix it.

Meet the first IP blockchain reshaping creativity and royalties for the digital age.

🧵 Our full Story report dives much deeper into use cases, infrastructure, and more. Here is the full breakdown.

DeFi evolved from an experiment to a billion dollar ecosystem. Where does it go from here?

Here are five trends to keep an eye on.

🧵 1/ Real World Assets

Tokenized treasuries are just the beginning.

The real opportunity lies in tokenizing the entire spectrum—equities, corporate bonds, commodities, art, and real estate.

Bringing these assets onchain expands DeFi’s utility which presents many untapped opportunities.

Hyperliquid just dodged a $13.5M bullet—but it exposed a critical flaw in decentralized trading.

Here's how one trader almost broke the system and how we can stop it from happening again.

🧵 1/ An attacker opened a large short position on JELLY, then artificially pumped its spot price, forcing liquidation.

This pushed an unrealized $13.5M loss onto Hyperliquid’s liquidity pool (HLP), as the oracle price spiked from $0.0095 to ~$0.50 per token.

Imagine DeFi apps with access to liquidity, near-instant finality, and integrated spot and perpetual order books within a unified ecosystem.

HyperEVM makes this possible on @HyperliquidX.

🧵 The full Hyperliquid report dives much deeper. Here's the full breakdown.

AI agents are evolving from simple assistants to fully autonomous entities.

@ElizaOS is leading this shift by giving agents the ability to manage funds and operate businesses in Web3.

Here’s how ElizaOS v2 is shaping the future of AI-powered economies.

🧵 1/ AI Independence

ElizaOS started as an AI framework focused on Web3 automation. While v1 enabled AI agents to interact with smart contracts and blockchain data, v2 takes a major leap forward.

AI agents have moved on from simple commands—they’re independently managing workflows, businesses, and financial strategies.

Imagine an ecosystem where rollups are truly interconnected—sharing liquidity, messaging, and infrastructure without barriers.

@initia is making that future a reality.

🧵 1. Appchains Have Struggled

Appchains are expensive and time consuming to maintain. They require validators, block explorers, wallet integrations, and dev ops.

RaaS solutions (e.g., Caldera, Conduit) offer basic infra but lack key ecosystem components.

AI agents are no longer just experiments. To succeed in real-world applications, they need a framework built for scale and performance.

How does @arcdotfun compare to the competition? Let’s take a look.

🧵 1/ Arc is a Rust-Based Agent platform designed for speed, reliability, and security.

Through hardware-level execution speeds, built in protection against memory errors, and secure concurrency, Arc is able to enhance reliability and scalability for demanding apps in finance, healthcare, and real-time systems.

Can @megaeth_labs become king of the rollups?

A deep dive into how MegaETH is bringing TradFi speed to DeFi.

🧵 1/ Algorithms dominate financial markets, executing trades in microseconds —giving CEXs a historical advantage.

But that is changing. In Jan 2025, the DEX/CEX volume ratio hit 20%, an ATH.

Jupiter recently announced Jupnet—an omnichain network designed to unify liquidity across chains.

Let’s break down the latest innovations from @JupiterExchange and what it means for the ecosystem.

🧵 1/ JupNet Overview

Originally a Solana liquidity aggregator, Jupiter is now developing Jupnet: a project that will connect liquidity across the entire crypto landscape.

To achieve this vision, they are building three core infrastructure pieces that work in harmony.

https://twitter.com/1833454405276033024/status/1883286596264579516

Top 10 Delphi Predictions for 2025

🧵 1/ BTC has more room to run

- BTC continues to be in line with Delphi’s cycle playbook that predicted that BTC would reach new highs Q4 2024.
- So far each new ATH for BTC coincided with a monthly RSI breakout >70. Previous bull markets didn’t stop until the monthly RSI broke above 90.
- Based on the monthly price regression channel, BTC is still below 1-2 standard deviation moves that signal tops.
- Institutional interest and easing regulatory climate could be the driver for this bull run.

Sui Network: Demystifying the Monolithic Contender

@SuiNetwork innovates blockchain scaling with vertical and horizontal approaches. Built by Mysten Labs, it features a novel storage model and uses the Move language for safety & efficiency. Let’s dive in👇 While Sui now scales vertically, it is also on the path to scale horizontally. By employing execution & consensus upgrades, new scaling possibilities could be unlocked while laying the ground for decentralization.

Read the full consulting report here ⤵️
delphi.link/SuiNetwork-rep…

Gaming Year Ahead 2025

We are at a pivotal moment for the gaming sector, and the next 12 months will be instrumental in forecasting the next 5 years.

Bull or bear, opportunities will be available to the well-informed who can best position themselves as the market matures. This report summarizes the year for gaming across all key areas and highlights how we believe things could progress next year.

Read the full Year Ahead for Gaming 2025 ⤵️

delphi.link/Gaming-YearAhe…

Base & Global Onchain Economy

The onchain economy is no longer a niche — onchain innovation is changing how we interact, trade, and create, from financial systems to gaming and collectibles.

An excerpt on Base’s role in the growing onchain economy. 👇🧵 Our latest consulting report dives into the recent growth of the onchain economy across major networks, with a focus Base’s position therein.

Overall, the data is clear: the onchain economy is growing rapidly. ⤵️
delphi.link/BaseOnchainEco…

To kick off the final week of Delphi’s Crypto x AI Month, we present Demo Day:

Spotlighting innovative teams as they showcase product demos across payment rails, DeFi agents, smart contract security, and more!

Check out the full recording or watch individual demos below 👇 🔹@AskVenice is a Private, uncensored alternative to mainstream AI apps, co-founded by @ErikVoorhees

How does Venice aim to reshape the AI chatbot landscape as the leading private, uncensored alternative to mainstream AI?

Crypto x AI Month - Decentralized AI Training: Can It Dismantle Centralized Powerhouses?

Top experts @IridiumEagle, @DillonRolnick, @fenbielding, @johannes_hage debate how open-source and DeAI can rival tech giants, a panel hosted by @Shaughnessy119.

Full Discussion 👇 Listen on your favorite platforms ⤵️
delphi.link/Day4-DeAI-Trai…

Arbitrum’s Timeboost Auction ⚖️

Timeboost, @arbitrum's new transaction sequencing policy, replaces first-come-first-serve with an auction for transaction priority.

Winners access an "express lane" with a 200ms advantage for transaction inclusion. This shifts competition from latency to strategic bidding and prediction.

Arbitrum uses first-come-first-serve (FCFS) transaction ordering based on sequencer arrival.

This enables fast blocks and reduces frontrunning, but it has drawbacks:

🔹 MEV capture relies on latency races, spurring infrastructure arms races

🔹 Searchers capture most MEV, leaving little for users, projects, and the DAO

🔹 Incentivizes transaction spamming, risking network congestion

In the other hand, Timeboost auctions are held every minute for next-minute express lane control:

Auctioneer accepts bids for 45 seconds, with 15 seconds for resolution. Minimum bid: 3 $ARB or 0.001 $ETH (DAO decision). Limit: 5 bids per address per round. 👇 4 Potential Express lane strategies:

1️⃣ Predict MEV opportunities using price models for arbitrage and liquidations.

2️⃣ Capture real-time MEV during control period.

3️⃣ Establish secondary market by winning auctions and reselling rights.

4️⃣ Collaborate with others, sharing access when collective MEV exceeds individual extraction.

"The L2 Wars" - Where Are We Now? 🧵

In last year’s Infrastructure Year Ahead report, we outlined the evolving landscape of rollups in the section "The L2 Wars."

This year, we reflect on these past predictions in this new unlocked Alpha Feed 🔓

Key insights included 👇 🔹Blast Rollup: A complete distortion of rollup architecture, signaling the end of the “kumbaya” phase.

🔹Fragmented L2 Ecosystems: Increasing isolation with unique bridging, interoperability standards, and SDKs for new chains/L3s (e.g., Superchain, Orbit).

🔹Alt-DA for Scaling: Rollups rely on alternative DA to achieve scalability.

🔹Disruption of DA Value: Premium charges on DA would no longer be sustainable, as DA faces innovation.

🔹ETH’s New Bull Case: Ethereum's future as the global proof verification layer and money.

🔹Limited Value for DA Layers: DA layers would see restricted value accrual.

🔹Positive Outlook for L2 Tokens: Sequencing value could drive positive outcomes for L2 tokens.

These predictions have largely played out, with Ethereum's focus shifting back to scaling L1 to avoid losing value to rollups.

Solana The Modular

Reflecting on our report a year ago, "Solana The Monolith", @solana's modular components continue gaining value across platforms, affecting ETH & BTC.

As rollups promote modularity, Solana is at the forefront.👇 In the report, we explore how Solana is contributing to the growing landscape of modular blockchain components while also developing its internal demand through the creation of L2 solutions.

Check out the full deep dive by @Mahadikprasad15 ⤵️
delphi.link/SolTheModular

The Tower & the Square

The 21st century is primed for a continued struggle: the state, the corporation, the elites vs. the network. The hierarchy and the hivemind. The Tower and the Square.

With the rapid advances in AI, perhaps the stakes have never been higher. Of history's countless concentrations and diffusions of power, the next chapter is perhaps its most consequential.

Don’t miss out on @PonderingDurian lastest report ! Probably the best current read on Centralized AI, Crypto, and Open Source AI 👀👇
delphi.link/TheTowerAndSqu…