Delphi Digital

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@Delphi_Digital

A research-driven firm dedicated to making crypto happen sooner and better than it would without us.

🌍 linktr.ee/Delphi_Digital Joined September 2018

1K Following 1.6M Followers 13K Posts

Latest posts 5

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Delphi Digital @Delphi_Digital 3d

A new episode of Hivemind is live!

This week the team is joined by @0xOmnia to discuss what’s behind the AI selloff, the uncertain future of self custody, why Hyperliquid needs an L2, and more.

Timestamps:
00:00 Intro
00:39 The Midterm Cycle That Always Repeats
03:31 Why Privacy Helps Security
05:44 Does Gridlock Kill the AI Trade?
15:38 The Biggest Hedge Fund Deleveraging in Years
19:12 Is the Selloff Overdone?
22:47 Will Democrats Come for Trump’s Crypto?
25:39 Prediction Markets Turn on JD Vance
32:17 How Binance Got Hacked
36:08 Is Self Custody Dead?
41:24 Why Hyperliquid Needs an L2
49:57 What Launches on Day One

58:14

Delphi Digital @Delphi_Digital 5h

Why does Hyperliquid need an L2?

@0xOmnia: “One could argue HyperEVM kind of fulfills this need...

But HyperEVM is built to fit within HyperCore’s block times, so it has this dual block architecture. It’s like seven TPS...

Imagine people wanting to do anything that you see happening on Solana or Base or Robinhood on HyperEVM. It’s just not possible.”

0:54

Delphi Digital Verified account @Delphi_Digital 3d

A new episode of Hivemind is live!

This week the team is joined by @0xOmnia to discuss what’s behind the AI selloff, the uncertain future of self custody, why Hyperliquid needs an L2, and more.

Timestamps:
00:00 Intro
00:39 The Midterm Cycle That Always Repeats
03:31 Why Privacy Helps Security
05:44 Does Gridlock Kill the AI Trade?
15:38 The Biggest Hedge Fund Deleveraging in Years
19:12 Is the Selloff Overdone?
22:47 Will Democrats Come for Trump’s Crypto?
25:39 Prediction Markets Turn on JD Vance
32:17 How Binance Got Hacked
36:08 Is Self Custody Dead?
41:24 Why Hyperliquid Needs an L2
49:57 What Launches on Day One

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Delphi Digital @Delphi_Digital 15h

Is AI research useful for investors?

“The level one thing you do is you just feed a bunch of context like company disclosure documents into a model and it creates a kind of bespoke equity research report. I don’t think that’s that special or that useful, honestly.”

0:42

Delphi Digital @Delphi_Digital 1d

Who wins as new data centers get harder to build?

"The premium is going to shift towards the hyperscalers and maybe some of the big incumbent neoclouds that have installed compute already. They’ve not only built the data centers, but they’ve got all the permitting.”

1:15

Delphi Digital Verified account @Delphi_Digital 3d

A new episode of Hivemind is live!

This week the team is joined by @0xOmnia to discuss what’s behind the AI selloff, the uncertain future of self custody, why Hyperliquid needs an L2, and more.

Timestamps:
00:00 Intro
00:39 The Midterm Cycle That Always Repeats
03:31 Why Privacy Helps Security
05:44 Does Gridlock Kill the AI Trade?
15:38 The Biggest Hedge Fund Deleveraging in Years
19:12 Is the Selloff Overdone?
22:47 Will Democrats Come for Trump’s Crypto?
25:39 Prediction Markets Turn on JD Vance
32:17 How Binance Got Hacked
36:08 Is Self Custody Dead?
41:24 Why Hyperliquid Needs an L2
49:57 What Launches on Day One

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Delphi Digital @Delphi_Digital 2d

Can AI replace good analysts?

“The idea of a partner who disagrees with me on something and then argues with me about it for a week to get to truth, the AIs are too sycophantic to do that.”

0:23

José Maria Macedo Verified account @ZeMariaMacedo 2d

New Emerging Managers episode with Paavan Gami (@hiro_sugimoto_) of Raas Partners is live, our first with a public equities fund manager

Before starting Raas, Paavan spent 5 years at Greenoaks, where he was part of the now legendary Carvana trade (if you read Colossus’ Neil Mehta profile, you know the one). They sold before the crash in ‘21, bought back in after a 90% drop, then kept buying through another 75% drawdown while LPs told Neil the company was going bankrupt. They ended up owning ~4% of Carvana, a stake worth $1B+ by 2025, and the stock went on to 100x off its 2022 low

His line on how you get comfortable doing that stuck with me: “it’s very hard to run into a burning building if you don’t know the structure of that building already.”

Then he left one of the best seats in investing to make a 20-year bet on India. Beyond the macro case everyone knows (1.5B people, half under 30, 6%+ real growth a year for 25 years), his bigger thesis is that stock picking in India has far more alpha than in the US, for structural reasons:

- Private capital is thin, so the best companies go public early. That means you can basically do Series B/C-style growth investing in public markets
- The index is mostly state-owned companies, metals, mining, oil and gas (only 1 internet company in the top 50), so the market still doesn’t know how to price tech
- Most consumer categories are still ~90% mom-and-pops, so the leader at 5% share can compound to 30-40%

We get into all of it, plus whether AI breaks the India story (I’m more worried than he is), the two businesses he’s “married” (Eternal and Meesho), and how he uses AI agents in his process

(Disclosure: I’m an LP in Raas Partners)

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