How can onchain options compete with traditional exchanges?
@trajan0x: “If you want to do an at-the-money S&P 500 call a week or two out, your minimum trade size is potentially a couple thousand bucks...
All these options protocols allow fractional options, which makes it so you could trade options a year out, and your minimum contract size is still going to be a few bucks which is huge.”
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A new episode of Hivemind is out now!
This week Hypercall founder @trajan0x joins the team to discuss what the Anthropic IPO means for markets, how cyberattacks are exposing the internet’s weak points, and whether onchain options can finally break out.
Timestamps
00:00 Intro
00:45 Patience Is a Position
03:49 Chop Until the Midterms
09:33 Can Efficiency Crush the Neoclouds?
13:10 What if Compute Gets 10x Cheaper?
17:09 Is the Internet Broken?
23:20 Could You Cash Out Satoshi’s Coins?
27:16 Is Quantum Theft Really Consensus?
35:31 What Led Synapse to Options?
42:54 What Onchain Options Do Better
46:41 Who Wins Options Distribution?
51:31 Credit Is the Next Frontier
55:09 Would You Buy the Anthropic IPO?
57:36 The Biggest Liquidity Drain in History?
58:35 Why Early Stage Venture Looks Best
1:03:22 Elon Comes for the Neoclouds
1:07:32 SpaceX and the Kessler Syndrome
1:08:53 What Are You Underexposed To?
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How many national currencies will survive a world of stablecoins?
@AlexWilsonTGB: “Stablecoins are dollarizing all these other economies. People around the world that don’t have access to a major currency want U.S. dollars.
I don’t think emerging countries are going to go down without a fight. But we have nearly 200 currencies around the world. I think it’s probably less than 25, even five, ten years from now.
So much of international business is done in U.S. dollars already. And if it just keeps getting easier and easier, there’s going to be less and less reason to use the local currency.”
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New Delphi Podcast with Alex Wilson (@AlexWilsonTGB), co-founder of Cyclops and The Giving Block
He sold The Giving Block to Shift4 a year after raising. Now he's building stablecoin rails for payments companies
Shift4 is a customer and an investor. Out of stealth in March, Series A in July, more than 10 customers this year when they hoped for 3
His take: most of the world's 200 currencies won't make it. Fewer than 25 left in five to ten years
00:00 Intro
04:39 The Door-to-Door eBay Hustle
15:59 The $50M Anonymous Donation
17:41 Beating Coinbase by Going Narrow
19:55 Sold to Shift4 a Year Later
25:23 From Shift4 to NASA
27:31 Lessons From Jared
29:33 Hiring to Scare People Away
31:08 Why Start Cyclops
36:22 A Ticket to Space in Stablecoins
37:54 Who Stablecoins Cut Out
40:15 Agents Need New Checkouts
43:04 200 Currencies Down to 25
46:12 Seed to Series A in a Year
49:38 Swinging for a $10B Exit
Full episode
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A new episode of Hivemind is out now!
This week Hypercall founder @trajan0x joins the team to discuss what the Anthropic IPO means for markets, how cyberattacks are exposing the internet’s weak points, and whether onchain options can finally break out.
Timestamps
00:00 Intro
00:45 Patience Is a Position
03:49 Chop Until the Midterms
09:33 Can Efficiency Crush the Neoclouds?
13:10 What if Compute Gets 10x Cheaper?
17:09 Is the Internet Broken?
23:20 Could You Cash Out Satoshi’s Coins?
27:16 Is Quantum Theft Really Consensus?
35:31 What Led Synapse to Options?
42:54 What Onchain Options Do Better
46:41 Who Wins Options Distribution?
51:31 Credit Is the Next Frontier
55:09 Would You Buy the Anthropic IPO?
57:36 The Biggest Liquidity Drain in History?
58:35 Why Early Stage Venture Looks Best
1:03:22 Elon Comes for the Neoclouds
1:07:32 SpaceX and the Kessler Syndrome
1:08:53 What Are You Underexposed To?
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Gauntlet founder @tarunchitra argues every software company will have to become an AI middleman.
“Every SaaS company either has to have a harness or be a router because they need to get into the token order flow. That’s the easiest thing to monetize.”
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Delphi Head of Markets @3xliquidated explains why he’s sitting out the midterms trade.
“Usually I have an opinion and I have a view, but I don’t have a strong one today... I’m probably just going to sit out of tactical moves for the next month and then just, you know, buy higher if I have to or buy lower if I can.”
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Delphi Market Strategist @scotttfreeman explains why consumers aren’t signaling a recession yet.
“Consumers continue to have a low savings rate, meaning they are spending money into the economy. Typically before recessions savings rates start to tick up. We are not seeing that yet.”
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TechCrunch and Arrington Capital founder @arrington on how scary it is to be young today.
“I’m really scared for a lot of things right now. And the way I deal with that is not the doomerism... Just get out of your head and live your life.”
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Introducing Delphi Media
Ethena founder Guy Young explains why stablecoin growth still moves with crypto speculation.
“If you just chart Bitcoin price versus stablecoin growth, it’s actually pretty correlated. Like when Bitcoin went down in 2022, people in Argentina weren’t waking up and thinking that this wasn’t a useful piece of technology to them anymore. And the supply shrank.”
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A new episode of Hivemind is live!
This week the team is joined by Ethena founder @gdog97_ to explore the next phase of onchain finance and why RWA perps could overtake crypto perps.
Timestamps:
00:00 Intro & Market Outlook
10:25 Introducing Ethena Founder Guy Young
12:55 Crypto's $150 Trillion Opportunity
23:55 DeFi Yields, Exchanges & the Perps Race
43:00 Pump & the Memecoin Economy
55:30 Onchain Options
59:05 Token Unlocks & Lessons From Building Ethena
1:09:30 What's Next for Stablecoins?
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Yan explains the bind frontier AI labs are in.
"It's a race to stay ahead, and if you optimize for profitability, you'll fall behind. So they need to keep telling this growth story that the market will keep buying. But it can be a rough unwind for sure."
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A new episode of Hivemind is out now!
In this special in-person episode, the team discusses crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity.
Timestamps:
00:00 Intro & Market Surprises
06:00 Tokenization, Zcash & Crypto’s Winners
20:51 Onchain Options: The Next Big Opportunity?
32:52 Is Crypto Still the Frontier?
46:40 AI Labs, Infrastructure & Bubble Risks
1:08:00 What We’re Avoiding
1:20:34 Biggest Risks & What Comes Next
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We've been bullish EM vs DM equities for most of the year, but specifically flagged the attractive opportunity in Brazil $EWZ in our 2H outlook this July due what we saw as overstated political risks.
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Onchain options are no longer a one-venue market.
Notional volume more than doubled to $4.83B in September. Derive nearly kept pace and remains the clear leader. Its share of notional eased from 88.1% to 79.3% as two smaller venues grew even faster.
Hypercall and Paradex together held under 4% of the market in August. Hypercall went from $9.4M to $538.8M in a single month and now ranks second. Paradex nearly quadrupled after opening its request-for-quote system to the public.
Onchain options are starting to look like a competitive market.
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Yan on why the tokenization wave took off faster than expected.
"I don't think most people were bullish on Clarity passing just because of how polarized the government is... I was pleasantly surprised with how quickly afterwards, though, you had friendly SEC guidance that came out and kind of allowed that wave to continue."
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A new episode of Hivemind is out now!
In this special in-person episode, the team discusses crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity.
Timestamps:
00:00 Intro & Market Surprises
06:00 Tokenization, Zcash & Crypto’s Winners
20:51 Onchain Options: The Next Big Opportunity?
32:52 Is Crypto Still the Frontier?
46:40 AI Labs, Infrastructure & Bubble Risks
1:08:00 What We’re Avoiding
1:20:34 Biggest Risks & What Comes Next
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Ceteris explains why crypto needs less venture funding than it used to.
"We've literally built all the infra, and what people need to build now are the scrappy little app teams that honestly don't need a lot of funding."
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Onchain options are no longer a one-venue market.
Notional volume more than doubled to $4.83B in September. Derive nearly kept pace and remains the clear leader. Its share of notional eased from 88.1% to 79.3% as two smaller venues grew even faster.
Hypercall and Paradex together held under 4% of the market in August. Hypercall went from $9.4M to $538.8M in a single month and now ranks second. Paradex nearly quadrupled after opening its request-for-quote system to the public.
Onchain options are starting to look like a competitive market.
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Yan discusses why Frontier AI labs may want to slow development.
"If you were ahead and you thought you could stay ahead, you would not be pushing for that."
A new episode of Hivemind is out now!
In this special in-person episode, the team discusses crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity.
Timestamps:
00:00 Intro & Market Surprises
06:00 Tokenization, Zcash & Crypto’s Winners
20:51 Onchain Options: The Next Big Opportunity?
32:52 Is Crypto Still the Frontier?
46:40 AI Labs, Infrastructure & Bubble Risks
1:08:00 What We’re Avoiding
1:20:34 Biggest Risks & What Comes Next
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NEAR Intents had its best fee month of the year in September.
That followed NEAR's move to make Hyperliquid perps private by default. Deposits from other chains reach those positions through swaps on NEAR Intents.
Privacy also gives users a reason to keep funds on NEAR Intents between trades. Confidential balances there passed $70M on launch day. This could be an early sign that demand is turning into real usage.
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NEAR Intents had its best fee month of the year in September.
That followed NEAR's move to make Hyperliquid perps private by default. Deposits from other chains reach those positions through swaps on NEAR Intents.
Privacy also gives users a reason to keep funds on NEAR Intents between trades. Confidential balances there passed $70M on launch day. This could be an early sign that demand is turning into real usage.
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Yan explains what finally changed for onchain options.
"The issues historically were just design... Now you're seeing an attempt through a design that mirrors centralized equivalents."
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A new episode of Hivemind is out now!
In this special in-person episode, the team discusses crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity.
Timestamps:
00:00 Intro & Market Surprises
06:00 Tokenization, Zcash & Crypto’s Winners
20:51 Onchain Options: The Next Big Opportunity?
32:52 Is Crypto Still the Frontier?
46:40 AI Labs, Infrastructure & Bubble Risks
1:08:00 What We’re Avoiding
1:20:34 Biggest Risks & What Comes Next
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