Delphi Digital Analyst: Long-term bullish on ETH, Cosmos ecosystem, and ZK technology
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Delphi Digital Analyst: Long-term bullish on ETH, Cosmos ecosystem, and ZK technology
ZK technology is very exciting, but still in its early stages.
Navigating Web3 tides with focused insightsWritten by: Miles Deutscher
Compiled by: TechFlow
The crypto analyst has just interviewed José Maria Macedo from Delphi Digital. They discussed the following topics:
- Top projects to hold
- L1s and DEXs
- If the bottom is here...
Here are the 13 most important takeaways.
1. José's biggest lesson in 2022: Do your own verification
“Many [failures] revolved around people trusting charismatic entrepreneurs—rather than verifying what was actually happening behind the scenes.”
2. The worst is behind us
“What FTX, 3AC, etc. did is beneficial in that they forced those who wanted to sell out to do so quickly. This ultimately created a faster bottom compared to 2018, which was a slow grind down…”
3. DEXs have massive upside potential
“In the short term, I'm most bullish on oracle-based models, but long-term, I believe a hybrid of order books and automated market makers will win. AMMs and order books aren't competitors—they're complementary. Successful DEX architectures will leverage both.”
4. $ETH over $BTC
“I've always been bullish on Bitcoin, but I think it's time for a shift. I believe $ETH is better than $BTC in many ways. It already achieves all the properties Bitcoin aspires to.”
5. The U.S.'s recent regulatory approach to crypto is flawed
“The U.S. had gained massive momentum in this space, but they're doing everything they can to kill that lead—it seems like a very short-sighted decision... and one destined to fail.”
6. L1s need significant improvements to compete with ETH (scalability, composability)
“Alternative L1s today do have some nice improvements, but they still don't offer developers a compelling enough alternative to leave Ethereum.”
7. Solana’s future remains bright
“FTX’s collapse is ultimately good for Solana in the long run. Alameda brought negative influence and pioneered a highly predatory tokenomics model.”
8. The Cosmos ecosystem is extremely exciting
“Cosmos’ real theme is enabling sovereignty, independence, and customizability. Cosmos has the smartest community outside of Ethereum.”
9. The $ATOM token itself is less attractive than the ecosystem (from an investment perspective)
“$ATOM will eventually compete with the winning app chains. I’d be more bullish if $ATOM enabled smart contracts and wasn’t so ‘Bitcoin-like’—but it currently isn’t.”
José listed several Cosmos projects he likes:
- Mars
- Astroport
- Osmosis
- Injective
10. ZK technology is incredibly exciting, but still early
“If successful, it could very well be the endgame and fundamentally change how things are done. We’re very bullish on ZK long-term, but we’re still very early.”
11. Decentralized stablecoins are 'arguably the biggest opportunity in DeFi, and even all of crypto'
“I don’t think we currently have a truly compelling solution. The winning stablecoin will likely be built around the winning DEX.”
12. José focuses his attention on next-cycle narratives that solve major problems from the last cycle:
• DEX;
• Wallets;
• Self-custody;
• Gaming;
• On-chain identity/social.
13. José's advice to investors:
1. "Go where you're interested";
2. "Join Discord, dive into communities."
3. Follow high-quality creators/resources.
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Miles Deutscher
