Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

Crypto

<ul>
<li>Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.</li>
<li>The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.</li>
<li>In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens</li>
</ul>


Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.
The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.
In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens


More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We recommend cutting losses on AAV, as the return of -5.1% has fallen below our threshold.</li><li>We add KBANK to benefit from the possibility that the MPC may hold interest rates steady in the upcoming BOT meeting next week (November 29, 2023).</li></ul>

We recommend cutting losses on AAV, as the return of -5.1% has fallen below our threshold.We add KBANK to benefit from the possibility that the MPC may hold interest rates steady in the upcoming BOT meeting next week (November 29, 2023).

Big Cap Tactical Picks (Eng. / October 27, 2023)

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,474/1,470 points and the resistance at 1,494/1,500 points, and the key target being the possibility of testing the prior low at 1,461 points (June 29).</li><li>While the aforementioned news carries a negative tone, its impact on financial markets is expected to be relatively limited because the market generally perceives a potential government shutdown as temporary.</li><li>The upcoming Golden Week in China is anticipated to generate positive momentum and speculation in Thai tourism-related stocks, such as AOT, ERW, SPA, TKN and AAV.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,474/1,470 points and the resistance at 1,494/1,500 points, and the key target being the possibility of testing the prior low at 1,461 points (June 29).While the aforementioned news carries a negative tone, its impact on financial markets is expected to be relatively limited because the market generally perceives a potential government shutdown as temporary.The upcoming Golden Week in China is anticipated to generate positive momentum and speculation in Thai tourism-related stocks, such as AOT, ERW, SPA, TKN and AAV.

<ul><li>Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.</li><li>Anticipated window dressing activities are expected to have a favorable impact on the market.</li><li>The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.</li></ul>

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.Anticipated window dressing activities are expected to have a favorable impact on the market.The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.</li><li>The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.</li><li>In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.

United States

AAVE is a decentralised Finance (DEFI) protocol that allows users to borrow and lend crypto. Holders of AAVE get discounted fees on the platform and are allowed to vote on the future of the protocol

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Aave (XVV DAR CURNCY)

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Big Cap Tactical Picks (Eng. / October 27, 2023)

We recommend cutting losses on AAV, as the return of -5.1% has fallen below our threshold. We add KBANK to benefit from the possibility that the...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,474/1,470 points and the resistance at 1,494/1,500 points, and the key...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

​Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Big Cap Tactical Picks (Eng. / October 27, 2023)

We recommend cutting losses on AAV, as the return of -5.1% has fallen below our threshold. We add KBANK to benefit from the possibility that the...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,474/1,470 points and the resistance at 1,494/1,500 points, and the key...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance...

Krungthai XSpring

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....