Anil Lulla

I got married last month, and spent the furthest time away from work during that period and the honeymoon Unplugging while we broke ATHs really helped me reflect on what I’ve learned up until this milestone and what’s important to me in life I wanted to share this publicly mostly to document my thoughts. I hope it’s helpful but it’s not intended to be life advice or anything like that. Just my own musings which include some stories, quotes, and pictures here and there.

@maybeltr @Delphi_Digital Thanks for all the hard work and sending questionable stickers / messages every few minutes. Will miss you in the chats Bullish ltr for life

Update on life: Graduated college yesterday. Last week was my final day at @Delphi_Digital Super thankful to Anil, Kevin, Jason, Ceteris and all of the Hivemind for welcoming me with open arms. I had a blast of a year, learned a ton, wrote some banger reports, and sent lots of stickers in the telegram chats. I believe Delphi is the best of the best, and will continue to glaze them whenever possible. Leaving was a really tough decision, Delphi is an S tier place to work. Just super grateful for it all. As for what's next... more on that soon, got a lot of stuff in the works and excited to share. - doggo out

tough to hear about the changes at messari and all those impacted. if you were on the research team and still have a passion for crypto research my dms are open.

Evidence we are entering a new paradigm but most ppl missed the signal because everything else was selling off: Stablecoins broke their correlation with the rest of the market. "Historically, stables supply moved in tandem with broader crypto moves. But this year they sustained growth despite drop-off in spot volume and lower prices for Bitcoin." - @0x_Arcana

this is so fucking wholesome guy used AI to save his cancer-ridden dog by sequencing its DNA and creating a CUSTOM cure. the tech behind this is fucking awesome (well done @demishassabis and the google team): - used CHATGPT to sequence dogs DNA discovers mutations - ran the mutations through Google’s Alphafold (AI protein sequencer) which CREATED A CUSTOM VACCINE TO TREAT THEM. - treated dog and reduced tumour by 50% in WEEKS. dog is alive and well. - this is the 1st time AI has been used to create a custom vaccine for a dog (and it worked) - dude is now working on similar vaccines for humans using AI! 2026 is definitely the year we see AI change personalised medicine in a HUGE way so sick

AI is meant to empower us, not replicate our vulnerabilities. Evil is deeply embedded within intelligence - how can we avoid it in our models? I defended my PhD this Monday. Here’s a summary of my work to prevent evil, understand dark patterns, and build aligned models🧵

Three days left for Hackathon submissions! A big thank you to @Delphi_Digital for sponsoring. Hermes works fast, so it's not too late for anyone considering a last minute project. We had it generate 1000 project ideas and use the ascii-video skill to make a video for you:

Our new report Stablecoins: The Next Frontier in Financial Infrastructure is live! Stablecoin supply sits at roughly $306B today. Around $100B of that was added in the last year alone while BTC sold off. For the first time stablecoin growth has completely decoupled from the broader crypto market. Sending $1,000 from the US to Turkey costs 2.5-6% on SWIFT. On stablecoin rails it costs around one basis point plus on/off-ramp fees. In corridors like Nigeria, Kenya, and Argentina over 80% of remittance costs aren't even FX risk. It's pure infrastructure overhead from maintaining correspondent banking chains that stablecoins eliminate entirely. That's where adoption is taking hold first. Stablecoin issuers are now the 19th largest holder of US treasuries. Those treasuries yield around 3.89% while a standard savings account pays 0.39% and interest checking pays 0.07%. Banks are capturing nearly the entire spread on deposits. If stablecoin issuers start passing that yield through to holders deposits migrate and banks lose the cheap funding they depend on to extend credit. Yield-bearing stablecoins are already here and more issuers are moving in that direction. Stablecoins grow whether or not crypto does now.

Londonmaxxers: @Delphi_Ventures is hiring. We primarily invest our own capital into extraordinary founders with unusual ways of seeing the world. We're seeking an analyst obsessed with AI & deep tech who's drawn to doing things differently. If this is you, please reach out.

BASEJUMP IS LIVE build your multiplier with every jump. the higher you go, the bigger the win but one wrong leap and your run's over. play now on @base → basejump.fun

@Notorio29814949 @ceterispar1bus @ZeMariaMacedo

@ceterispar1bus @ZeMariaMacedo Oh shit Delphi beef.. who founded Delphi anyway?

The time of passive investing is over The time of long/short hedge funds has just begun

@ceterispar1bus @ZeMariaMacedo +1

@ZeMariaMacedo passive investing will still wipe the floor of 95%+ of these funds

@maybeltr @defidave 🤫

New Jersey people are like the illuminati of crypto

Equity perps continue to get a bad wrap by most people and the common critique is that funding is expensive, order book depth is bad, and the mark-to-underlying can be incredibly volatile at times. And I would have to say that all of these are largely true today. Equity perp funding runs 11-31% annualized while IBKR CFDs cost 6.5%. @HyperliquidX & @Lighter_xyz order books are 10-100x thinner. So yeah, if you froze markets today and assume no innovation, the picture is pretty dire but I think if this is the future you subscribe to you forget about what just happened last year with the crypto perp basis trade. The other hidden cost people fixate on is the mark-to-underlying spread. Initially I thought this was an incredibly high hidden cost but after digging into it more I don't think it really matters all that much. It is more akin to a closed-end fund premium, similar to what ETHE was for a period of time. For traders, assuming you enter and exit at a similar spread, it isn't a cost. It is just something to be mindful of, especially if you tend to be an emotional person who just apes. And despite all of this - the high funding, the thin books, the spread noise - for directional traders none of it really matters if you capture the move. So what will close these gaps and inefficiencies? I think it is quite obvious that it will be the same thing that closed the gap and inefficiencies for crypto perps, which was the basis trade. Before BTC spot launched on Hyperliquid, BTC funding averaged ~18% annualized, and within months it compressed to ~9%. ETH followed the same arc. Nearly 50% reduction in carry cost driven by one change that allowed arbitrageurs to collect interest rate-agnostic yield by going long spot and short the perp. This flow deepened the order book, anchored the price to the actual underlying assets, and compressed funding. Equity perps today look like crypto perps in 2024. Everyone had the same critiques that funding was too expensive, books too thin, and too much basis risk. And for funds this really did matter and kept many from using these product. And then spot launched and all these inefficiencies were quickly fixed. The same is likely to happen with equity perps. We have the NYSE moving towards 24/7 trading, which will help. We have US regulatory clarity coming this year, which will help. And we even now have the CFTC chief explicitly talking about clearing a path for U.S. perps.

Another must read by our very own @PonderingDurian

New episode of Hivemind is out now! We discuss: - Market outlook - Cintrini's AI piece - Can crypto bottom? - Venice AI, the AI trade & more! @ceterispar1bus @3xLiquidated @YanLiberman @ZeMariaMacedo @Delphi_Digital Timestamps: 00:00 Introduction 01:41 State of The Market 09:27 Venice AI & Crypto’s AI Moment 26:52 Positioning For The AI Trade 52:30 Citrini’s AI Piece

@0xNairolf delphiintelligence.io/research/china…

looking for cool things to read/research please shill whatever you want below

New guest post from MistyRose on the Chinese AI / VC ecosystem just went live on @delph_intel. Some great detail in this one. Including: 👇