Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

<ul><li>Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum Merge on September 15, 2022.</li><li>Dubbed Dencun or Cancun-Deneb, this upgrade introduced the eagerly awaited Proto-Danksharding feature, aimed at dramatically enhancing the scalability of Ethereum’s Layer 2, also known as rollups, and slashing the costs associated with rollup transactions, while making them less volatile.</li><li>Proto-Danksharding brought to the table so-called ‘blobs’.</li></ul>

Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum Merge on September 15, 2022.Dubbed Dencun or Cancun-Deneb, this upgrade introduced the eagerly awaited Proto-Danksharding feature, aimed at dramatically enhancing the scalability of Ethereum’s Layer 2, also known as rollups, and slashing the costs associated with rollup transactions, while making them less volatile.Proto-Danksharding brought to the table so-called ‘blobs’.

Crypto Moves #20 – Ethereum Will Never Be the Same

<ul><li>Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.</li><li>Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.</li><li>Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.</li></ul>

Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.

Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

Special Projects Analyst at Delphi Digital, Delphi Digital

Gerryl Pay

Special Projects Analyst at Delphi Digital

Institutional-Grade Crypto Research & Data

Delphi Digital

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.

<ul>
<li>EigenLayer emerges as a protocol reshaping the staking paradigm. Going beyond Ethereum's security, EigenLayer greatly extends the utility of staked ETH.</li>
<li>UniswapX and other intent based apps will break DEXs out of their growth plateau. </li>
<li>Scalability advancements through rollapps and UX improvements from next-gen wallets will make DeFi more viable for end users. </li>
</ul>


EigenLayer emerges as a protocol reshaping the staking paradigm. Going beyond Ethereum's security, EigenLayer greatly extends the utility of staked ETH.
UniswapX and other intent based apps will break DEXs out of their growth plateau. 
Scalability advancements through rollapps and UX improvements from next-gen wallets will make DeFi more viable for end users. 


Year Ahead for DeFi 2024 (Executive Summary)

Crypto Research and Data, Delphi Digital

Crypto Research and Data

<ul>
<li>BTC is up ~140% since its bottom 1yr ago. Prior instances imply BTC is in the early innings of a new bull cycle with most of its expected gains ahead.</li>
<li>Market breadth is expanding as we are seeing industry wide participation in recent weeks.</li>
<li>Onchain borrowing activity is picking up, as are average lending rates and utilization rates on stablecoins, which are some of the most popular assets to borrow during market uptrends.</li>
</ul>


BTC is up ~140% since its bottom 1yr ago. Prior instances imply BTC is in the early innings of a new bull cycle with most of its expected gains ahead.
Market breadth is expanding as we are seeing industry wide participation in recent weeks.
Onchain borrowing activity is picking up, as are average lending rates and utilization rates on stablecoins, which are some of the most popular assets to borrow during market uptrends.


<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

United States

The token is designed to be used as a decentralized unit of exchange for Ripple’s cross-border payments blockchain network.

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Crypto Moves #20 – Ethereum Will Never Be the Same

Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum...

Steno Research

Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice. Yesterday’s celebration of our spot-on prediction...

Steno Research

Year Ahead for DeFi 2024 (Executive Summary)

EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

Delphi Digital

Crypto Markets Take Center Stage

BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

Delphi Digital

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crypto Moves #20 – Ethereum Will Never Be the Same

Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum...

Steno Research

Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice. Yesterday’s celebration of our spot-on prediction...

Steno Research

Year Ahead for DeFi 2024 (Executive Summary)

​EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

Delphi Digital

Crypto Markets Take Center Stage

​BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

Delphi Digital

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

EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

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