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Gain a competitive edge and discover new ideas with the most in-depth, well-researched analysis on key sectors and projects. Since 2018, our research has helped investors and builders cut through the noise and uncover what others miss.
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Oct 23, 2024[DeAI IV: The Agentic Economy By Anil LullaThe agentic economy may prove to be the most lucrative investment theme of our generation. With the value of your labor going to zero, the train only leaves the station once. The industrial revolution provoked changes in societal organization - from farms to factories - which demanded institutional reform - from feudalism to markets - which, in turn, required new legal and governance arrangements to cope with, and capitalize on, these fundamental shifts. Looking at our current trajectory, AI's impact on the economy will be more meaningful: transforming society not in two centuries, but in as little as two decades.## Latest Research
view allOff The Grid - Web3 Gaming's Biggest LaunchOff The Grid - Web3’s first ever true AAA title - just launched on PC, PS5 and Xbox, marking the most exciting gaming release of this cycle. With top streamers like Ninja or Ludwig playing a Web3 game in front of millions of viewers, it is time to dive in and dissect the Off The Grid ecosystem and find out how much potential it truly has.GamingOct 11, 2024The Fat Wallet ThesisProtocols and applications are “thinning-out”, freeing up more room for whoever owns the end user. The “Fat Wallet Thesis” asserts that as the ultimate front-end, no one is better positioned to re-capture this value than walletsWalletsOct 08, 2024Markets Will Save The WorldThis report explores how prediction markets and futarchy harness the general intelligence of markets and why they are two of the most powerful ideas to come out of crypto since Bitcoin and Ethereum.DeFiOct 03, 2024The Inefficient Market HypothesisIn this report, we will take a practical look at some of the most inefficient markets that exist today and draw parallels to crypto apps exploring solutions. We will unpack zkTLS and discuss why it is a major breakthrough for crypto consumer apps.OraclesSep 27, 2024Mid Year Gaming ReviewAfter heating up in Q4 2023, Web3 gaming has gone through a volatile 2024 so far. However, the growing number of experienced teams getting closer to launching their products is an encouraging sign for the entire industry. Will we finally see the breakout title Web3 gaming needs in Q4 2024?GamingSep 11, 2024NFT Memo - Metas Worth Paying Attention ToDespite an overall decline in NFT markets, creators keep adapting to current metas, and new narratives emerge. On the one hand, some NFT collections embraced memecoining to the point where they developed synergies with these coins, and on the other hand, some well-established projects like Bored Apes, Pudgy Penguins, and Azukis are building their L3s to expand their ecosystems further.NFTsSep 06, 2024Paladin of the Solana Round TableThe report discusses Paladin, a solution designed to combat predatory MEV while allowing validators, stakers to capture maximum proceeds from other MEV opportunities. We dive deeper into the Paladin bot and PAL token, designed to work in tandem to let Solana DeFi grow to its full potential.MEVSep 05, 2024A New Framework For Understanding Moats In Crypto Markets[In an industry where the laws of competition are inherently accelerated, the concept of a moat is profoundly important. However, we currently lack the right frameworks for understanding moats, and downstream of this, where value will ultimately accrue.
This report aims to bridge this gap by offering a new framework — one that takes into account the unique structural differences underpinning crypto apps.
Furthermore, we will apply this framework to six unique verticals: Money Markets, DEXs, Stablecoins, LSTs/LRTs, Third-Party Bridges, and Social Apps.
By the end of this report, you should have a higher resolution understanding of what a moat ultimately looks like and which crypto apps are positioned to sustainably capture value.](/reports/a-new-framework-for-understanding-moats-in-crypto-markets)DeFiAug 29, 2024DeAI III: Composable ComputeSoftware is eating the world. AI is eating software. AI is largely the combination of data, compute and talent. The entity or network which most effectively organizes these resources is set to own the 21st century. Whether you or I have any role to play in this future may very well be decided by how efficiently the long-tail can coordinate. Distributed training, efficient routing, verifiability, privacy, and effective developer incentives may will decide the difference. DeAI will live or die based on this test. The test of composable compute.Artificial IntelligenceAug 26, 2024Solana the Modular[As a follow up to last year's "Solana the Monolith", this report explores Solana's evolving role in the modular landscape, highlighting its transition from a highly integrated system to one where its core components, particularly the SVM, are being leveraged across Bitcoin, Ethereum, and beyond.
We dive into the decoupling of the SVM, its impact on existing ecosystems, and the rise of Solana's L2 solutions. These L2s, coupled with new additions for zk-proof verification and interoperability, represent a new wave of modularity on Solana, pushing its boundaries.
The report also examines Solana Permissioned Environments (SPEs) as a strategic move toward institutional adoption, offering compliance and customization for regulated entities. Finally, we explore Solana's role as a shared sequencer for EVM rollups and its potential to enhance cross-chain interoperability.](/reports/solana-the-modular)Layer 2 / L2Aug 14, 2024Beyond The Meme of Parallelization & Solving For State Growth[Parallel execution has been touted as the holy grail of blockchain scalability and adoption, worth “billions of users." But the data says otherwise. We've explored the data around what percentage of transactions in each block can be parallelized and to what extent execution could be sped up.
Parallelized execution alone isn't enough to sustain network usage. State growth and state access quickly became the next scalability bottlenecks.
We've explored how all major and emerging L1s manage these issues. We dive into Solana's renewed state rent, compression, and caching systems, Sui's Storage Fund, better Merkle tree structures coming with Ethereum's Verge upgrade, Sei, and Monad. Fuel's use of stateless tools and state rehydration, among others.
Why care about how state growth is managed? Because it influences several aspects of a blockchain. It affects the developer experience, fees users end up having to pay, and rewards validators accumulate. This is an important consideration for all the existing and emerging L1s. We lay out these details in our deep dive.](/reports/beyond-the-meme-of-parallelization-solving-for-state-growth)InfrastructureAug 08, 2024Milady: NFTs as Onchain CultsMilady rose to popularity in the post-2021 NFT boom scene due to its unique style and cult-like community. Despite controversies, Milady's creator, Remilia, has become a major NFT brand, shipping multiple collections and pushing boundaries in digital art. With innovative concepts and a dedicated community, Remilia continues to shape the future of the New Internet.NFTsAug 01, 2024ETHCC: One Year Later, Have we Made Progress?Was ETHCC as depressing as CT made it out to be, or were there things to be excited about? We'd argue the latter, with things like DEX design, TEEs, Preconfs, Based Rollups and Chain Abstraction all being important topics during the week in Brussels. In this report we'll dive into what we considered the major takeaways from Brussels. It's an important inflection point for Ethereum & modularity, and the path is unclear.DeFiJul 25, 2024Dog Days of Summer[The first half of 2024 has been a tale of two seasons for crypto markets. We went from a classic crypto summer to the dog days of summer.
It looks like we’re finally emerging out of our first bull market pullback. The last few months have been difficult, and the chop caused many to question whether the cycle was over. Now, with the ETH ETF and US election on the horizon the market is starting to get bulled up again.
This deep dive aims to cut through the noise and explore:
1) what’s happened YTD across crypto markets
2) the state of play today
3) our thoughts on the future
This piece compliments our macro report — The Dark Night Rises — that dropped earlier this month. We hope you enjoy.](/reports/dog-days-of-summer)Macro & MarketsJul 24, 2024### Latest Alpha Insights
YesterdayPre-Election Jitters & Positioning31 OctBitcoin's Uptober30 OctTap-to-Earn Arrives on Starknet, Delivers L2 TPS Record25 OctReport Preview - DeAI IV: The Agentic Economy20 OctFrenpet - Sustained P2E view all insights 
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## Unlocked Pro Research
[DeAI IV: The Agentic Economy By Anil LullaThe agentic economy may prove to be the most lucrative investment theme of our generation. With the value of your labor going to zero, the train only leaves the station once. The industrial revolution provoked changes in societal organization - from farms to factories - which demanded institutional reform - from feudalism to markets - which, in turn, required new legal and governance arrangements to cope with, and capitalize on, these fundamental shifts. Looking at our current trajectory, AI's impact on the economy will be more meaningful: transforming society not in two centuries, but in as little as two decades.### Free Alpha Insights
23 SepDeAI Compressed09 Sep"The L2 Wars" - Where Are We Now?21 AugFollowing Up on Telegram Bots: Crypto's New Cash Cows13 AugM^0: Rearchitecting The Stablecoin Stack10 AugwBTC Situation & Alternatives View All Free Insights ### Free Exclusive Insights
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Unlock full access for $199 orBe one of the first to receive actionable summaries, key takeaways and exclusive alpha insights. We will only send you the most important updates.
Unlock For Free### Explore All Unlocked Reports
view allExclusive Delphi Pro crypto reports; now unlocked and free to view.DeAI III: Composable ComputeSoftware is eating the world. AI is eating software. AI is largely the combination of data, compute and talent. The entity or network which most effectively organizes these resources is set to own the 21st century. Whether you or I have any role to play in this future may very well be decided by how efficiently the long-tail can coordinate. Distributed training, efficient routing, verifiability, privacy, and effective developer incentives may will decide the difference. DeAI will live or die based on this test. The test of composable compute.Artificial IntelligenceAug 26, 2024DeAI II: Seizing the Means of ProductionDive into the Infrastructure Layer of the Decentralized AI (DeAI) crypto stack in part 2 of our DeAI series. Learn about Compute projects like Render, Gensyn, io.net and more, plus whether the "Airbnb for GPUs" narrative has legs. Then focus on Data: Scaling Data, Synthetic Data, AI Search and how Agentic Protocols like DataDAOs and DePIN fit in. Finally, the enablers of these data ecosystems like marketplaces, Lakehouses Storage and Retrieval. Will DeAI helps us achieve Digital Liberalism?Artificial IntelligenceJul 17, 2024A TON of Gaming HypeIn just a few short months, TON's gaming ecosystem has gone from zero to hero with hundreds of millions of registered users and single-game revenue figures greater than $10M. But is there any substance to the hype or is this just the next meme frenzy?GamingJun 25, 2024DeAI I: The Tower & the Square[Can decentralized AI (The Square) compete with the behemoth that is centralized AI (The Tower)? The following report is an exploration into the AI value-chain: a peek into the awesome resources being deployed by the hyperscalers and the emergent decentralized AI ecosystem, assisted by cryptography & distributed incentives, aiming to present a viable alternative.
Are we heading for a world of a few 10 trillion parameter models governed from four thrones in the Pacific Northwest? Or are we destined for a tapestry of models in the millions underpinned by open source communities and collective ownership? An internet of agents? A Hivemind.](/reports/the-tower-the-square)Artificial IntelligenceJun 11, 2024The Rise of Ethena: Unpacking The Emerging Synthetic Dollar[Intro The stablecoin duopoly is being challenged. After rapidly scaling supply from zero to over $2.2B in less than a […]](/reports/the-rise-of-ethena-unpacking-the-emerging-synthetic-dollar)Synthetic AssetsApr 18, 2024A Frenzy Over Bitcoin Ordinals & Runes[Introduction Bitcoin is having its moment in the sun. Once considered a boring asset within the crypto space, it is […]](/reports/a-frenzy-over-bitcoin-ordinals-runes)BRC-20 / OrdinalsFeb 29, 2024The Real Merge[Crypto x AI is the hot new thing. Almost overnight, talk of d/acc and AI agents diffused across the timeline. […]](/reports/the-real-merge)Artificial IntelligenceFeb 20, 2024Telegram Bots: Evaluating Crypto's New Cash Cows[Telegram trading bots burst on the scene last summer, offering the market a much-needed fun new concept in the midst of a lethargic bear market. Trading bots were a major driver in the memecoin rally that pushed PEPE to $1.5B market cap in Jul. 23.
The bot narrative lost steam as the memecoin phase subsided, but trading bots have continued to gain users and add new features. In this report, we will unpack the impressive fundamentals of Telegram bots, and discuss their role in the DEX landscape moving forward. Are telegram bots a profitable niche, or income giants just getting started?](/reports/telegram-bots-evaluating-cryptos-new-cash-cows)DeFiFeb 13, 2024The Year Ahead for Markets - 2024[Introduction — Oh, How Far We’ve Come Exactly one year ago, we published our last Markets Year Ahead report — […]](/reports/the-year-ahead-for-markets-2024)Global Macro ThemesDec 22, 2023The Year Ahead for DeFi 2024[Introduction On the surface, 2023 may seem like a pretty uneventful year for DeFi. The chaotic global macro environment and […]](/reports/the-year-ahead-for-defi-2024)DeFiDec 21, 2023The Year Ahead for Infrastructure 2024L2 Wars, Solana Separating From The Pack, THORChain & Chainflip: Decentralized Highways For Bitcoin, Intents & Solvers, Ethereum's 2024 Roadmap and more.InfrastructureDec 19, 2023The Year Ahead for Gaming 2024[Intro 2023 has been a somewhat slow year for blockchain gaming. Although there are many reasons to remain optimistic for […]](/reports/the-year-ahead-for-gaming-2024)GamingDec 14, 2023The Year Ahead For NFTs 2024[Green Shoots — The State of NFT Markets Last year, we opined that NFTs were in the trough of disillusionment. […]](/reports/the-year-ahead-for-nfts-2024)NFTsDec 12, 2023Came for the Tech, Stayed for the FriendsIn our “Reflecting on EthCC” report, we mentioned how most of the crypto discourse has been about the infra layer as opposed to the application layer. Friend.tech, a new social app launched on Coinbase’s rollup Base, has proven to be an exception to this trend.Social MediaAug 31, 2023### Free Exclusive Insights
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Unlock For Free## Expert Picks
Discover a selection of essential reads, picked by our experts.[Layer 1 / L1Solana the Monolithin Pro ResearchMay 2023
[Financial Market ThemesAttention Is All You Needin Pro ResearchMay 2024
[Synthetic AssetsThe Rise of Ethena: Unpacking The Emerging Synthetic Dollarin Pro ResearchApr 2024
[DeFiTelegram Bots: Evaluating Crypto's New Cash Cowsin Pro ResearchFeb 2024
[Proof-of-StakePay Attention To Celestiain Pro ResearchFeb 2022
[Layer 1 / L1The Hitchhiker's Guide to Ethereumin Pro ResearchMay 2022
[Artificial IntelligenceDeAI I: The Tower & the Squarein Pro ResearchJun 2024
[Layer 1 / L1Cosmos: The Evolution of IBCin Pro ResearchJul 2022
[Layer 2 / L2The Complete Guide to Rollupsin Pro ResearchAug 2022
[Layer 1 / L1WTF Is Anoma? Part 1: WTF Are Intents?Aug 2023
view allStay up-to-date with the latest podcasts, webinars, and videos from our team of analysts.[DeFiNov 05, 2024Delphi's Market Matters - November 2024 By Anil Lulla[DeFiNov 01, 2024OLAS: How Multi-Agent Systems Will Shape AI's Future | Crypto x AI Event By Anil Lulla[DeFiOct 31, 2024Mira: Beyond Co-Pilots - Making AI Production-Ready | Crypto x AI Events By Anil Lulla[DeFiOct 30, 2024Going beyond the hype of Crypto x AI: Vapourware or not? | Crypto x AI Event By Anil Lulla[DeFiOct 30, 2024io.net: Taking on the Giants | Crypto x AI Event By Anil Lulla[DeFiOct 29, 2024Investing Frameworks For The Exponential Age | Crypto x AI Event By Anil Lulla[DeFiOct 28, 2024Crypto x AI Demo Day: Building the Future By Anil Lulla[DeFiOct 25, 2024Revisiting The Fundamentals of Crypto x AI with NEAR | Crypto x AI Event By Anil Lulla[DeFiOct 24, 2024Coordination Networks: How Models Collaborate On-Chain | Crypto x AI Event By Anil Lulla[DeFiOct 24, 2024Incentivizing Innovation: Role of Liquid Tokens in Decentralized AI Networks | Crypto x AI Event By Anil Lulla[DeFiOct 23, 2024Theoriq AI: AI Agent Collectives | Crypto x AI Event By Anil Lulla[DeFiOct 22, 2024Why do AI agents need crypto for payments? A panel with Nevermind, Skyfire & Coinbase | Crypto x AI Event By Anil Lulla## In Focus: Crypto x AI
[Artificial IntelligenceDeAI I: The Tower & the Squarein Pro ResearchJun 2024
[Artificial IntelligenceDeAI II: Seizing the Means of Productionin Pro ResearchJul 2024
[Artificial IntelligenceDeAI III: Composable Computein Pro ResearchAug 2024
[Artificial IntelligenceThe Real Mergein Pro ResearchFeb 2024
[Financial Market ThemesAttention Is All You Needin Pro ResearchMay 2024
[NFT AI
Weekly AI Edge #3: MyShell is the true AI creator economy playin Alpha InsightsJul 2024
[Artificial IntelligenceThe Delegated Authorization Network: Trust Minimization in the Age of AIJul 2024
Most liked and discussed recent content.[Artificial IntelligenceDeAI IV: The Agentic Economyin Pro ResearchOct 2024
[GamingOff The Grid - Web3 Gaming's Biggest Launchin Pro ResearchOct 2024
[Macro & MarketsMarket Musings - Knock, Knock, Knockin’ on ATH’s Doorin Pro ResearchOct 2024
[Macro & Markets
Pre-Election Jitters & Positioningin Alpha InsightsNov 2024
[WalletsThe Fat Wallet Thesisin Pro ResearchOct 2024
[Macro & Markets
Bitcoin's Uptoberin Alpha InsightsOct 2024
Artificial Intelligence
Report Preview - DeAI IV: The Agentic Economyin Alpha InsightsOct 2024
DeFi
Consumer apps are here - it’s time to start using themin Alpha InsightsOct 2024
Guest reports published by Delphi's consulting arm, affiliate of Delphi Research.[OrderbookElixir: Democratizing Liquidity Provisioning in the Age of OrderbooksOct 2024
[MEVTransaction Ordering Policies & Value Accrual in L2s: Timeboost, OP PGA, Fastlane, and OEV NetworkSep 2024
[GamingA New Dawn for Web3 MMOs: Incentivized UA and ServerFiSep 2024
[GamingOvercoming The Limits of Scale in Virtual WorldsAug 2024
[Layer 2 / L2Fuel Network: Redefining Scalability for Modular BlockchainsJul 2024
[InfrastructureZetaChain: The Path Forward for Universal AppsJul 2024
[InfrastructureAPI3: The State of OEVJul 2024
[Artificial IntelligenceThe Delegated Authorization Network: Trust Minimization in the Age of AIJul 2024
[Asset ManagementMantle NetworkJun 2024
[Optimistic Rollups / ChainsA Look At Dispute Resolution Protocols in Optimistic RollupsJun 2024
[Layer 2 / L2Superchain and the Monolithic ExperienceMay 2024
[Layer 1 / L1Supra - Vertical Integration with The IntralayerApr 2024
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