Delphi Digital

Watch the full episode here. delphi.link/MayHivemind

Jose explains the Delphi playbook for breaking into a new sector. “You just start learning, writing, trying to have alpha, sharing it with people, gradually building your reputation, gradually building your network… the Delphi playbook is still the way to make it in whatever sector.”

In our Year Ahead Report, we highlighted how crypto is facing competition from all angles. Sectors like AI and robotics are now competing for liquidity. The assets keeping up are those with structural bid around it. Read it for free here. delphi.link/Markets

Lighter is still building in the background. The protocol has shifted from chasing volume directly to letting other companies route their users through its order book. Market makers want to trade against retail flow, so when partners route it onto Lighter they follow it in and bring real depth with them. The bigger systematic traders need that depth to size into the book. Telegram Wallet has brought roughly 45K new users onto Lighter since mid-April. Insilico did over $175M in volume on its first day routing through Lighter. Lighter takes no base builder fee, so users only pay Insilico's own 1bp instead of the 5.5bps the same trade would cost through Hyperliquid's builder codes. Time will tell if this pays off for Lighter.

Watch the full episode here. delphi.link/MayHivemind

Yan explains what makes Venice stand out. "I do think he's been in the space for a while, is principled. He's building this because he does believe in having private inference and privacy in general."

Read the consulting report for free here. delphi.link/ETHGas1

ETHGas cuts the hidden costs of trading on Ethereum. Not all MEV comes at the trader's expense. Arbitrage and liquidations are generally less harmful to users. Sandwiching is the form that reaches the user, where a searcher gets in front of an order and moves the price against it. @ETHGasOfficial targets that by changing when ordering happens. The single auction that settles the block every 12 seconds becomes hundreds of 50ms intervals, so there is no longer one moment to win. ETHGas estimates this reduces MEV by around 91%. That reduction is mostly the sandwiching and frontrunning. Arbitrage and liquidations keep running. Those same intervals give Ethereum the conditions for fast execution for the first time. Ethereum runs less than 6% of onchain perps volume today. Hyperliquid takes nearly 30%. If realtime sequencing delivers, Ethereum has a real case to compete with those venues without compromising on security and decentralization.

HIP-4's direct fees are modest by design. The real value capture comes from keeping funds inside Hyperliquid. Onchain vault managers traditionally had spot and perps, but expressing an event view required a separate venue with its own collateral. With HIP-4, a manager can now run a strategy across all three from one book instead of fragmenting capital across platforms. Binaries cover the bounded, event-driven views that spot and perps cannot reach. That fills out the toolkit and makes vault curation interesting again. Allocators now have more ways to express a view onchain.

Morpho just released the whitepaper for Midnight. In our recent report, we wrote about why Midnight is the most ambitious attempt yet at bringing fixed rates to DeFi at scale. Read the report here. First 50 people get it for free. delphi.link/Midnight

Read the consulting report for free here. delphi.link/Ostium4

Ostium is building the broker layer for global markets onchain. Most onchain perp DEXs run order books. This works for crypto which has deep liquidity onchain, but falls apart for RWAs where the deepest liquidity live offchain. Books stay thin and traders pay the price in slippage and wicks. On 10/10, PAXG perps on Hyperliquid wicked more than 20% while spot gold barely moved. Traders holding long gold faced liquidation risk on a session where gold itself was flat. The same pattern showed up on Lighter where SKHYNIX wicked 22% while the Korean equity market was closed. Ostium took a different path by pricing trades from the underlying markets directly. Institutional partners like Jump hedge the resulting exposure offchain. The hedges go into the same venues where these assets clear trillions a day. The same $1M NVDA position that costs ~60 bps on Hyperliquid costs around 9 bps on Ostium. The roadmap is a full RFQ network where designated liquidity providers compete on every trade in real time.

Watch the full episode here. delphi.link/MayHivemind

Ceteris notes that crypto has become a less forgiving market. "For instance with robotics, you can probably do well over the next few years even if it turns out like the car industry in 10 years. You may be wrong and get away with it. You can't do that in crypto anymore."

There's so many more ripe opportunities for growth investors today vs just a few years ago Last cycle crypto was one of the most exciting high growth sectors Pre chatgpt moment, pre AI infra surge, pre global hardware renaissance, etc The competition for capital and attention has never been harder Concentration > Diversification

Current Ethereum: 1 price discovery loop per 12-second block. Realtime Ethereum: ~240 price discovery loops in the same 12 seconds. Up to 240x faster than Ethereum today. 10–40x faster than most L2s. @Delphi_Digital’s breakdown of Realtime Sequencing: