Delphi Digital analyst: DEXs have a lot of room to rise, Solana's future is still bright

深潮TechFlow

特邀专栏作者

2023-02-23 11:40

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ZK technology is very exciting, but it's still early days.

Compilation of the original text: Deep Tide TechFlow

Crypto Analyst just interviewed José Maria Macedo from Delphi Digital. Discussions were held on the following topics:

- Top-level items that require positions

- L1s and DEXs

- if the bottom is here...

Here are 13 of the most important takeaways.

1. José's biggest lesson in 2022: check it out for yourself

"A lot of the [failures] revolve around people trusting charismatic entrepreneurs — not checking out what's going on behind the scenes."

2. The worst is over

“The good thing about FTX, 3AC, etc. is that they get people who want to sell to sell quickly. This ends up forming a faster bottom than 2018, which was a slow decline…”

3. DEXs have huge upside

“In the short term, I am most bullish on oracle-based models, but in the long run, I think a combination of order books and automated market makers will win. AMMs and order books are not in competition, but in synergy. Success DEX architectures want to take advantage of both.”

4. $ETH outperforms $BTC

“I’ve always been bullish on Bitcoin, but I think it’s time for a change. I think $ETH is better than $BTC in many ways. It has achieved all the properties that Bitcoin wants.”

5. The U.S.’s recent regulatory approach to cryptocurrencies is flawed

"The United States fumbled to gain a huge lead in this area, but [they] are doing everything they can to kill that lead, which seems like a very short-sighted decision ... and doomed to failure."

6. Compared to ETH, L1 needs a lot of improvement to compete (scalability, composability)

“The current alt-L1 does need some nice improvements, but fails to provide a convincing alternative for developers to ditch Ethereum.”

7. Solana’s future remains bright

"The collapse of FTX is a good thing for Solana in the long run. The impact of Alameda is not very good. They have created a very predatory token economic model."

8. The Cosmos ecosystem is very exciting

"The real theme of Cosmos is to allow sovereignty, independence and customizability. Cosmos has the smartest community outside of Ethereum."

9. The $ATOM token itself is not as good as the ecosystem (from an investment perspective)

"$ATOM will eventually compete with the winning Lisk. If $ATOM is smart contract enabled and less 'bitcoin' - I'd be more bullish."

José listed some of his favorite Cosmos projects:

Mars
Astroport
Osmosis
Injective

10. ZK technology is very exciting, but still in its early stages

“If successful, it has the potential to become an End Game and revolutionize the way things are done. In the long run, we are very bullish on ZK, but it’s still very early days.”

11. Decentralized stablecoins "are arguably the biggest opportunity in DeFi, and indeed cryptocurrencies as a whole"

“I don’t think we have a very attractive solution right now. Winning stablecoins are likely to be built around winning DEXs.”

12. José turns his attention to the next cycle's narratives that address some of the big issues from the previous cycle:

• DEX；

• wallet;

• self-custody;

• game;

• On-chain identity/social.

13. Some tips from José's for investors:

1. "go where you are interested"；

2. "Enter Discord and get deep into the community."

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