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Delphi Digital
@delphi-digital
Our 2024 Year Ahead DeFi Report is now available to everyone for FREE! 🔓 As we move along an action-filled 2024, let's reflect on the major DeFi predictions and forecasts our team made back in December! 🧵👇
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Delphi Digital
@delphi-digital
Keen on discovering all of our previous 2024 DeFi insights and forecasts? Register for FREE with our new Delphi Alpha tier and read the full report now! 🔽 delphi.link/DeFiY2024
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Delphi Digital
@delphi-digital
Macro headwinds, higher rates & a bloodbath of centralized insolvencies in 2022 (culminated by the FTX collapse) extinguished capital from DeFi. The hangover left DeFi licking its wounds through 2023.
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Delphi Digital
@delphi-digital
Yet, DeFi was far from dead, and quietly began its road to recovery. In a vacuum, the sector performed well in 2023 with many tokens surging over 100% such as $LYRA, $LDO, $MKR, $DYDX, and $SNX.
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Delphi Digital
@delphi-digital
Among the DeFi tokens, we highlighted Pendle showing aspiration to be the LINK/SPELL of the bear market, rallying over 20x and reviving the forgotten yield stripping niche.
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Delphi Digital
@delphi-digital
New Use Cases Spark Traction for Interest Rate Derivatives The report illustrated Pendle's significant contribution to the burgeoning field of interest rate derivatives (IRDs), sparking new interest and use cases in the sector.
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Delphi Digital
@delphi-digital
Pendle's resurgence was largely driven by ample liquidity from composable LSD tokens and the LSD narrative, spurring organic volume for rate trading. 🔮 Notional volume on Pendle has since surged up to $400M daily (vs. $7M at the time of writing) LSDs now comprise over 75% of Pendle's TVL (vs. 60% end of 2023).
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Delphi Digital
@delphi-digital
We forecasted that interest in IRDs would continue to grow, with Pendle as the undisputed leader for the medium term. 🔮 Since the Year Ahead DeFi report was published in December, $PENDLE network value has surged >500%.
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Delphi Digital
@delphi-digital
The Year Ahead for DeFi 2024 report initially kicked off with a compelling analysis of the Competition Between the Restaking Economy and LSDs. Ethereum Liquid Staking status was initially as follows:⬇️
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Delphi Digital
@delphi-digital
Ethereum staking surged in 2023, with total Staked ETH jumping from 16M to 28.6M by December (+79%). This accounted for a 23.7% staking rate of the total 120.2M ETH supply. ⬇️
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Delphi Digital
@delphi-digital
We pointed out that the estimated target of 33.5 million ETH, or 27% of the total ETH supply, would generally be considered optimal for robust network security. 🔮The current staking rate of the total ETH supply has almost hit this milestone, with around 32M ETH (~26%) staked!
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Delphi Digital
@delphi-digital
Analysts highlighted restaking as a pivotal innovation for 2024, predicting it as 2024 biggest development :
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