Delphi Digital 2023 Year in Review: A Multi-Chain World Is Inevitable, and Blur Has Reshaped NFT Liquidity
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Delphi Digital 2023 Year in Review: A Multi-Chain World Is Inevitable, and Blur Has Reshaped NFT Liquidity
Delphi Digital has reviewed in-depth reports on multiple projects, including Solana, Celestia, Coinbase, Blur, and others.
Navigating Web3 tides with focused insightsWritten by: Delphi Digital
Translated by: Sharon, BlockBeats
Editor's Note:
On December 22, Delphi Digital released its 2023 year-in-review, listing numerous reports published throughout the year, including analyses of blockchain and cryptocurrency technologies and markets such as Solana, Ordinals, Coinbase, and Celestia. Additionally, Delphi Digital’s 2024 Outlook report is on the way. Below is BlockBeats’ translation of their thread:
Throughout the bear market, our research team has worked tirelessly to uncover opportunities that would position us ahead when the crypto market eventually turns around. We are currently writing our 2024 Outlook report—below are highlights from our analysts' hard work over the past year.
Celestia
Before Celestia’s official launch, one of our researchers, @CannnGurel, published a deep-dive report titled “Pay Attention to Celestia” in February 2022. A key takeaway: a multi-chain world seems inevitable for scalability, and we believe modular blockchains offer the optimal approach. (See the full report)
We also shared a detailed Alpha Feed post just before Celestia’s mainnet launch. Celestia’s application ecosystem continues to grow, and since launch, the $TIA network value has increased by over 410%. (Click here for details)
Solana
“Despite FTX-related issues, we still see Solana as the largest contender among general-purpose monoliths.” Our 2023 Infrastructure Report not only addressed Solana’s challenges post-FTX but also outlined future catalysts, with conclusions shown below. (See the full report)
Back in May, @ceterispar1bus released one of this year’s most popular reports: “Solana the Monolith.” Since our “Year Ahead in Infrastructure” report was published in December, $SOL’s network value has surged over 510%. (See the report)
Coinbase
Our markets team found that analyst consensus significantly underestimated Coinbase’s growth potential, especially if we’re at the cusp of a new cycle—as their prior work suggested. Their in-depth report from early September details this gap and presents their own view.
The report thoroughly analyzes Coinbase’s current and future revenue drivers, estimates the demand and impact of spot ETFs on transaction volume, custody income, and BASE’s role within its integrated ecosystem—covering it all. Coinbase’s trading volume reached $387 billion, up over 100% in the past three months.
This time last year, our team released a deep dive into the “Markets 2023 Outlook,” comparing 2022 to crypto’s “Great Reset,” focusing on global liquidity, the dollar, and crypto as “canaries in the coal mine.” We also analyzed why the outlook for 2023 was more optimistic—excerpt below.
Our prediction of a rising trend in new liquidity, and “a new market uptrend emerging mid-2023,” has proven correct. Since then, many on-chain metrics have bottomed out, and $BTC’s network value has risen approximately 160% year-to-date.
DeFi
Around the same time, our team also released “DeFi: The Year Ahead.” This masterclass, led by @yeak and @ashwathbk, dissected DeFi’s current state, key themes to watch, developments, and introduced several forward-looking ideas they believe could shape the industry.
An excerpt from @synthetix_io: “The upcoming Synthetix V3 will be a complete protocol redesign, allowing Synthetix to maintain its leading position as a testing ground for novel DeFi concepts.” $SNX’s network value has grown approximately 240% year-to-date.
Blur
@blur_io redefined NFT liquidity, sparking extreme views ranging from passionate advocates to strong critics. @0xPrismatic and @yh_0x authored an analytical masterpiece on its fundamentals back in August. Since then, $BLUR’s network value has grown over 220%.
Ronin
Our gaming team highlighted the opportunity around @Ronin_Network in 2023 through Deep Dives and Alpha Feed posts. @JACL_e9, in “Why Asia Will Lead Web3 Gaming,” pointed to Ronin’s transition to PoS and its implications for the gaming ecosystem.
In October, @JACL_e9 released an Alpha Feed post titled “Gaming Ecosystem Tokens to Watch.” Hot take: the surge in activity around @Ronin_Network earlier this year went largely unnoticed. $RON’s network value has since increased by over 300%.
Ordinals
Ordinals sparked both enthusiasm and criticism within the community. @DemosCrypto wrote about it. Starting from the February deep dive report “A New Narrative for $BTC: The Rise of Ordinals,” which provided a comprehensive analysis of the Ordinals stack, Bitcoin derivatives, NFTs vs. ordinals, and inscription issues. An excerpt below.
Followed by a deeper exploration into “BRC-20: Past, Present, and Future,” analyzing the opportunities, developments, and progress within the Ordinals ecosystem. Since June, $ORDI’s network value has grown over 570%.
Note that cryptocurrencies carry risks, including privacy and security risks (e.g., exploits), fundamental and product vulnerabilities, and regulatory risks. As always, we recommend readers conduct their own due diligence and independently assess these risks.
THORChain
A year ago, we turned our attention to infrastructure, where @CannnGurel noted, “a cross-chain protocol well-positioned to leverage its existing product-market fit is @THORChain.” The “Infrastructure 2023 Outlook” covered its latest developments, integrations, and cross-chain products.
In July, @CannnGurel published a follow-up Alpha Feed note citing improvements in fundamentals, growing user engagement, and other notable developments. Since then, $RUNE’s network value has surged over 430%.
[Disclaimer] Markets are risky; invest with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions in this article suit their individual circumstances. Investment decisions based on this information are made at your own risk.
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