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Delphi Digital 2023 Year-End Review: In-depth report and summary on projects such as Solana, Celestia, and Ordinals.

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Delphi Digital's 2024 Outlook Report is on the way.

Original Title: Delphi Digital: Year End Review 2023

Original Author: Delphi Digital

Translated by: Sharon, BlockBeats

Editor's Note:

On December 22nd, Delphi Digital released its year-end review for 2023, listing many reports it published during the year, including analysis of blockchain and cryptocurrency technologies and markets such as Solana, Ordinals, Coinbase, and Celestia. In addition, Delphi Digital's 2024 outlook report is also on the way. For Delphi Digital's 2023 year-end review, BlockBeats compiled its thread as follows:

Throughout the bear market, our research team has been working tirelessly to find opportunities that will allow us to stand out when the cryptocurrency market eventually turns around. We are currently writing our 2024 outlook report, and here are some of the hard work our analysts have put in over the past year.

Celestia

Before the official release of Celestia, one of our researchers, @CannnGurel, published a deep report "Pay Attention to Celestia" in February 2022. One key point is that for scalability, a multi-chain world seems inevitable, and we believe that modular blockchains can provide an optimal solution. (For details, please refer to the report.)

Before the launch of the Celestia mainnet, we shared a detailed Alpha Feed post. The application ecosystem of Celestia is continuously developing, and since its launch, the network value of $TIA has increased by over 410%. (Details can be found by clicking on this link).

Solana

"For general-purpose monoliths, despite previous issues with FTX, we still believe that Solana is the biggest competitor in this category." Our 2023 infrastructure report not only addresses the challenges faced by Solana after FTX, but also outlines future catalysts. Our conclusion is shown in the following figure. (For more details, please refer to the report.)

As early as May, @ceterispar1bus released one of the most popular reports of the year: "Solana the Monolith". Since the release of the "Infrastructure for the Next Year" report in December, the value of the $SOL network has risen by more than 510%. (Details can be found in the report.)

Coinbase

Our marketing team found that the consensus of analysts greatly underestimated Coinbase's growth potential, especially if we are at the forefront of a new cycle (as their previous work suggested). They detailed this gap and their own views in a deep report in early September.

This report provides a detailed analysis of the current and future revenue drivers for Coinbase, estimating the demand and impact of spot ETFs on transaction volume, custody revenue, and the value pillar of BASE in its integrated ecosystem, covering all aspects. Coinbase's trading volume is $38.7 billion, up more than 100% in the past 3 months.

Last year at this time, our team released the "2023 Market Outlook" in-depth analysis, comparing 2022 to a "great reset" for cryptocurrencies, with a focus on global liquidity, the US dollar, and cryptocurrencies as the "canary in the coal mine". We also analyzed why the outlook for 2023 is more optimistic, as excerpted below.

Regarding the new trend of increasing liquidity and the prediction of a new "market" trend in mid-2023, it has now been proven to be correct. Since then, many on-chain indicators have bottomed out, and the network value of $BTC has risen by about 160% this year.

DeFi

Around the same time, our team also released "The Future of DeFi in the Next Year". This masterclass, hosted by @yeak__ and @ashwathbk, analyzed the current state of DeFi, key themes and developments worth paying attention to, and proposed several futuristic ideas that they believe can shape the industry.

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

Blur

@blur_io has reshaped the liquidity of NFTs, triggering extreme views from both enthusiastic supporters and strong opponents. @0xPrismatic and @yh_0x wrote an analytical masterpiece about its basic principles as early as August. Since then, the network value of $BLUR has increased by more than 220%.

Ronin

Our gaming team emphasized this opportunity in 2023 through Deep Dives and Alpha Feed posts on @Ronin_Network. In "Why Asia Will Lead Web3 Gaming," @JACL_e9 pointed out the transition of Ronin to PoS and its impact on the gaming ecosystem.

In October, @JACL_e9 released an Alpha Feed post - "Worth Paying Attention to Game Ecosystem Tokens". Hot topic: earlier this year, the @Ronin_Network activity saw a surge, but basically did not attract people's attention. The value of the $RON network has since increased by more than 300%.

Ordinals

Ordinals sparked enthusiasm and criticism in the community. @DemosCrypto wrote about this. Starting with the professional report "$BTC New Narrative: Ordinals" in February, it provides a comprehensive analysis of the Ordinals stack, Bitcoin derivatives, NFTs and ordinals, and inscription issues. The following is an excerpt from the report.

Next, we will delve into the discussion of "BRC-20: Past, Present, and Future" and analyze the opportunities, development, and progress of the Ordinals ecosystem. Since June, the network value of $ORDI has increased by more than 570%.

Please note that cryptocurrency is full of risks, including privacy and security risks (i.e. vulnerability exploitation), infrastructure and product vulnerabilities, as well as regulatory risks. We always recommend that readers conduct their own due diligence and independently assess these risks.

THORChain

One year ago, we turned our attention to infrastructure. @CannnGurel pointed out that "a cross-chain protocol that can make good use of its established market fit is @THORChain." The "Infra 2023 Outlook" covers its latest developments, integrations, and cross-chain products.

In July, @CannnGurel released a follow-up statement regarding Alpha Feed, citing improvements in its fundamentals, growth in user attraction, and other significant developments. Since then, the network value of $RUNE has skyrocketed by over 430%.