Delphi Digital Year-End Summary: A Multi-Chain World is Inevitable, Blur Reshapes NFT Liquidity

Original Title: Delphi Digital: Year End Review 2023

Original Author: Delphi Digital

Original Compilation: Sharon, BlockBeats

Editor's Note: On December 22, Delphi Digital released its Year-End Review for 2023, listing many 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 a compilation of BlockBeats' thread on Delphi Digital's Year-End Review for 2023:

Throughout the bear market, our research team has been tirelessly working to uncover opportunities that will allow us to stand out when the crypto market eventually improves. We are currently drafting the 2024 Outlook report, and here are some highlights from our analysts' hard work over the past year.

Celestia

Before the official launch of Celestia, one of our researchers @CannnGurel published an in-depth report titled "Pay Attention to Celestia" in February 2022. A key point is that a multi-chain world seems inevitable for scalability, and we believe modular blockchains can provide an optimal approach. (For details, see the report)

We also shared a detailed Alpha Feed post just before the launch of the Celestia mainnet. The application ecosystem of Celestia is continuously evolving, and since its launch, the $TIA network value has increased by over 410%. (For details, click the link)

Solana

"For general-purpose monoliths, despite the issues previously faced by FTX, we still believe Solana is the largest competitor in this category." Our 2023 Infrastructure Report not only addressed the challenges Solana faced after FTX but also outlined future catalysts, with our conclusions illustrated in the following chart. (For details, see the report)

As early as May, @ceterispar1bus published one of the year's most popular reports, "Solana the Monolith." Since we released the "Infrastructure for the Coming Year" report in December, the $SOL network value has risen by over 510%. (For details, see the report)

Coinbase

Our market team found that analysts' consensus significantly underestimated Coinbase's growth potential, especially if we are on the cusp of a new cycle (as their previous work suggested). They detailed this gap and their own views in an in-depth report published in early September.

The report provides a detailed analysis of Coinbase's current and future revenue drivers, estimating the demand and impact of spot ETFs on txn volume, custody revenue, and BASE's value pillars within its integrated ecosystem, covering everything. Coinbase's trading volume reached $38.7 billion, rising over 100% in the past three months.

Around this time last year, our team released the "2023 Market Outlook" in-depth analysis, comparing 2022 to the "Great Reset" for cryptocurrencies, focusing on global liquidity, the dollar, and cryptocurrencies as "canaries in the coal mine." We also analyzed why the outlook for 2023 was more optimistic, with the following excerpt.

The prediction of a new liquidity uptrend and the emergence of a new "market" uptrend in mid-2023 has proven to be correct. Since then, many on-chain indicators have bottomed out, and the $BTC network value has increased by approximately 160% year-to-date.

DeFi

Around the same time, our team also released "The Future Year of DeFi." This masterclass, hosted by @yeak and @ashwathbk, analyzed the current state of DeFi, key themes and developments to watch, and proposed several futurist ideas that they believe could shape the industry.

Here is an excerpt from @synthetix_io: "The upcoming Synthetix V3 will undergo a complete redesign of the protocol, enabling Synthetix to maintain its leading position as a testing ground for novel DeFi concepts." The $SNX network value has increased by approximately 240% year-to-date.

Blur

@blurio has reshaped the liquidity of NFTs, sparking extreme opinions from both enthusiastic supporters and strong opponents. @0xPrismatic and @yh0x wrote a masterful analysis of its fundamentals back in August. Since then, the $BLUR network value has increased by over 220%.

Ronin

Our gaming team highlighted this opportunity in 2023 through Deep Dives and Alpha Feed posts about @RoninNetwork. @JACLe9 pointed out the transition of Ronin to PoS and its impact on the gaming ecosystem in "Why Asia Will Lead Web3 Gaming."

In October, @JACLe9 published an Alpha Feed post titled "Game Ecosystem Tokens to Watch." A hot topic: the surge in activity we saw earlier this year from @RoninNetwork, which went largely unnoticed. The $RON network value has since increased by over 300%.

Ordinals

Ordinals have sparked enthusiasm and criticism within the community. @DemosCrypto wrote about this. From the professional report "The New Narrative of $BTC: Ordinals Begin" published in February, it provided a comprehensive analysis of the Ordinals stack, Bitcoin derivatives, NFTs and ordinals, and the inscription issue. Here is an excerpt.

Next is an in-depth exploration of "BRC-20: Past, Present, and Future," where we analyze the opportunities, developments, and progress within the Ordinals ecosystem. Since June, the $ORDI network value has increased by over 570%.

It is important to note that cryptocurrencies are fraught with risks, including privacy and security risks (i.e., exploits), fundamental and product vulnerabilities, and regulatory risks. We always advise readers to conduct their own due diligence and independently assess these risks.

THORChain

A year ago, we turned our attention to infrastructure, with @CannnGurel noting that "a cross-chain protocol that can effectively leverage its already established market fit is @THORChain." The 2023 Infrastructure Outlook covered its latest developments, integrations, and cross-chain products.

In July, @CannnGurel released a follow-up note on Alpha Feed, citing improvements in its fundamentals, increased user appeal, and other significant developments. The $RUNE network value has since skyrocketed by over 430%.