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Disclosures: Delphi Ventures has invested in BlackPool, CowSwap, Illuvium, Lido, Syndicate, and Tokemak. The author of this report has (i) material open positions in BTC, ETH, stETH, DAI, USDC, and RBM; (ii) immaterial open positions in Badger, Dusk, Pendle, CRV, SOL, Gear, Luna, Lunac, and SDL; and (iii) a material Alchemix loan position. The author has not purchased or sold any token for which the author has material non-public information during the research and drafting of this report.
