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

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

<ul><li>Exceptionally low liquidity, macro factors, and a flurry of bad news were among the drivers of last week's flash crash, pushing BTC to its lowest level in months and spurring a wave of liquidations across derivative markets. </li><li>While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.</li><li>As BTC prices began falling towards $25k around 8pm UTC on August 17, market depth dropped 50% to just 2k BTC.</li></ul>

Exceptionally low liquidity, macro factors, and a flurry of bad news were among the drivers of last week's flash crash, pushing BTC to its lowest level in months and spurring a wave of liquidations across derivative markets. While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.As BTC prices began falling towards $25k around 8pm UTC on August 17, market depth dropped 50% to just 2k BTC.

<ul><li>Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.</li><li>This time, however, the inciting incident was an exploit.</li><li>Rekt<span style="font-size: var(--content-font-size);"> and </span>Llama Risk<span style="font-size: var(--content-font-size);"> have done a nice job breaking down the technical aspects of the exploit. </span></li></ul>

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.This time, however, the inciting incident was an exploit.Rekt and Llama Risk have done a nice job breaking down the technical aspects of the exploit. 

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

<ul>
<li>About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its zero-fee trading promotions to 13 BTC pairs.</li>
<li>This practice, though not new, had never been implemented on such a large scale.</li>
<li>However, just nine months later the exchange decided to reverse this strategy and adopt a more selective approach.</li>
</ul>


About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its zero-fee trading promotions to 13 BTC pairs.
This practice, though not new, had never been implemented on such a large scale.
However, just nine months later the exchange decided to reverse this strategy and adopt a more selective approach.


Analysis: The Impact of Binance's Zero-Fee Markets

<ul>
<li>Worldcoin’s launch was one of the most unique and controversial in recent years.</li>
<li>Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like methods of achieving this goal (eye scans).</li>
<li>This has been nicely summarized by the MIT Technology Review. </li>
</ul>


Worldcoin’s launch was one of the most unique and controversial in recent years.
Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like methods of achieving this goal (eye scans).
This has been nicely summarized by the MIT Technology Review. 


United States

BNB was launched in 3rd July 2017 as an ERC-20 Token that enabled holders to get discounted trading fees at Binance Exchange. BNB has evolved over time to also be the native token of its own blockchain. BNB can still be used to pay for discounted Binance services though it is also heavily used as payment for gas when confirming transactions on BNB Chain.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Binance Coin (XBIUSD 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

Top Trends of The Summer

While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.

Kaiko

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.

Kaiko

Analysis: The Impact of Binance's Zero-Fee Markets

About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its...

Kaiko

Breaking Down Worldcoin's Launch

Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like...

Kaiko

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

Top Trends of The Summer

While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.

Kaiko

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.

Kaiko

Analysis: The Impact of Binance's Zero-Fee Markets

About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its...

Kaiko

Breaking Down Worldcoin's Launch

Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like...

Kaiko

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