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Joined September 2018
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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?
Altcoins had a tough month.
Nearly 9 out of 10 altcoins on our sector dashboard finished in the red.
Worst Performing Sectors
• AI (-26.0%)
• Launchpads (-25.2%)
• Layer 1s (-20.7%)
• ETH DeFi (-19.8%)
• Memecoins (-18.4%)
View the sector dashboard for free here.
delphi.link/Sectordashboard1
Delphi Digital retweeted
Don't let another exchange hack shake you out of crypto as we enter the biggest trend we've ever seen: tradfi coming onchain.
My conversation with @johnjdagostino covers what he sees from the largest institutional investors, inside tokenized stocks, Hyperliquid & Coinbase, the Middle East's role, Brian Armstrong's big bet, regulatory update, and more...
John's story is so fascinating that Ben Mezrich made him the main character in one of his books. Previous works became best-selling movies The Social Network & Dumb Money.
Close the charts, let the dust settle, and enjoy.
00:00 Intro
00:35 What Coinbase Sees That You Don't
03:32 Why Crypto Moving to Abu Dhabi
05:27 Money Shift in Middle East
09:26 How Nations Are Buying Bitcoin
10:52 Trip That Changed Everything
12:15 The Story Behind Rigged
13:18 Onchain Finance
18:09 Real World Assets
19:23 Tokenized Stock Potential
21:52 Sponsored by Kraken
23:04 Wall Street Adoption
25:25 Biggest Crypto Fund
29:36 Brian Armstrong's Big Bet
31:29 When SEC Cut Off Coinbase
35:06 Crypto Bears
37:10 Regulation
39:34 Price Impact
40:50 The Rising Tide
43:56 Future of Investing
45:09 What Meme Coins Proved
47:48 Hyperliquid vs. Coinbase
49:36 Where We Go Next
Shouldn’t the best AI models give cyber defenders the edge?
Trahan: “Not at all. You only need to find one point of compromise, and then you can use others to escalate from there.
You could spend your entire life making sure a system is completely secure...
There’s just so many entry points for an attack that there’s a massive asymmetry favoring the attackers.”
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?
Power has become a harder constraint on AI than chips.
A 1 GW data center waiting on power loses about $8 million a day to chip depreciation alone. That cost is pushing developers to pay up for fuel cells, build gas plants on site and run generators made from retired jet engines.
Most of those are stopgaps until a large gas turbine comes free. GE Vernova’s backlog has reached about six years of output. The wait is long enough that SpaceX plans to cast its own turbine blades.
On-site gas and fuel cells fill the gap for the next few years. The largest tech companies are also paying up for clean power to take over after that. Google agreed in October to pay more than double the cost of a new gas plant for extra output from existing nuclear reactors.
Some are betting even further out on advanced reactors, next-generation geothermal and fusion power that has never reached the grid.
The demand behind those bets is still climbing. Data centers used under 5% of U.S. electricity in 2024. Forecasts for 2030 now run as high as 17% and keep getting revised up.
Anyone who can deliver power faster than the grid will be able to charge for it.
Read the full report here.
delphi.link/Power
Yan expects Hyperliquid to keep growing as Wall Street moves in.
“All of these types of products will continue to bring activity and capital onchain. And ultimately that to me is what’s driving the cycle. It’s not Saylor, it’s not something else.”
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?
Our new report “The AI Boom Has a Power Problem” is live!
Power has become a harder constraint on AI than chips because it takes years to build, leaving pricing power with anyone who can deliver electricity faster than the grid.
Read the report here.
delphi.link/Power
Delphi Digital retweeted
Why can’t Wall Street exchanges just build their own Hyperliquid?
@RyanWatkins_: “They would need to re-architect their entire exchange stack because it’s built on the assumption that you needed to segment out all these different layers like brokerage and clearing and settlement and custody.
And here we kind of built these exchanges that assume this is all in one single integrated stack.
And you need that because how else are you going to be able to hold the margin on the exchange and liquidate it at a fraction of a second when you need to liquidate a position?
If this guy was that good, he would not be trying to do this at CME. He’d be at Jeff.”
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Grass Founder @0xdrej says their infrastructure can’t keep up with AI demand.
“We had a very tight deadline to deliver a lot of data to a major AI lab. We were short on compute and we had a bunch of servers sitting in a warehouse. Our CTO flew into Ashburn and pulled an all-nighter, kind of slept on the floor, assembled the servers.”
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Hyperliquid is going after markets far bigger than crypto.
What traders want to trade keeps changing. Last cycle that was crypto. Today much of the new activity is in prediction markets. Venues that offer all of it from one account keep those traders when the mood shifts.
Hyperliquid is building that onchain. Outside teams already list oil, gold and stocks next to its crypto perps. Since August anyone can also launch a prediction market about almost anything, and those markets trade from the same balance as perps. Options look like the next step.
Hyperliquid’s fees still rise and fall with crypto, averaging about $109M a month in the second half of 2025 and about $71M a month so far this year.
A wider range of markets should keep traders active when crypto cools.
Gauntlet founder @tarunchitra on why Crypto’s AI agents fell short.
“We started to see the first versions of trading agents and early AI agents. Those things were a little bit just meme coins with more steps.”
Is AI demand still being underestimated.
José: “One really interesting thing that Jensen talks about is that actually a third of their revenue is just classical computing moving from CPUs to GPUs.
All these things like data processing, search and recommenders, all these algorithms that used to run on CPUs are now moving to AI compute. And it’s growing 30 to 40% a year.
That’s revenue that’s not even accounted for.”
A new episode of Hivemind is out now!
This week the team discusses whether AI is a debt bubble, what quantum risk means for bitcoin, what’s next for the Hyperliquid ecosystem and more.
Timestamps
00:00 Intro
00:44 Has Crypto Bottomed?
03:05 BTC’s Morning Seller Is Gone
04:32 Token Unlocks Into Year End
07:14 Do the Midterms Matter?
09:23 Is AI a Debt Bubble?
10:40 The Trillion AI Capex Math
15:53 Anthropic’s Revenue Is Exploding
19:10 The Reflexive AI Demand Risk
25:00 Why This Isn’t 2000
33:51 Crypto’s Goldilocks Case
36:01 Who Gets Satoshi’s Coins?
37:59 Quantum Fear Lifts ZEC and Pearl
41:49 Has Quantum Changed Your BTC Bet?
48:13 Two Big Themes for Next Year
50:12 Papertrade’s Token Problem
59:11 Kinetiq and the HyperEVM Bet
1:09:31 Why Hyperliquid Users Stay Loyal
1:12:30 PUMP vs FOMO
1:16:29 The Rise of Anti-Social Trading
Delphi Digital retweeted
Institutions want their own rules inside Ethereum blocks.
A normal transaction on Ethereum is visible to everyone before it is included. That has pushed many institutions onto private chains with far less liquidity.
@ETHGasOfficial lets them book space in Ethereum blocks ahead of time. Transactions sent this way skip the public mempool and are screened against the institution’s own sanctions rules first. Each institution stays in control of its transactions without leaving Ethereum.
Being seen early is expensive for a fund moving a large position. Traders watching the public mempool can spot the trade and buy first, which pushes up the price the fund pays. With reserved blockspace, the fund can buy a whole block and decide what goes ahead of its trade.
Institutions do not have to leave Ethereum for a private chain to set their own rules.
AI needs about $1 trillion in revenue by 2029. Where does it come from?
Kevin: “The big takeaway for me is there’s definitely a path forward.
It’s not super clear, but it’s not as if all this installed compute and infrastructure is not going to earn some type of return on that capex.
It’s almost like this timeline game right now.”
h/t @venkyganesan
Watch the full episode here.
delphi.link/OctoberHivemind
Gauntlet founder @tarunchitra on who will capture the real money in AI.
“All the money goes to the top and the bottom. What is the top? The harnesses. What’s the bottom? Inference providers.”
New Delphi Podcast with Tarun Chitra (@tarunchitra), founder of Gauntlet and managing partner at Robot Ventures
Robot just led the $90M round in @NousResearch. Tarun spent three to four months on diligence, from OpenRouter data to GitHub forks, before backing Nous and Hermes Agent
We get into why crypto's first run at AI went wrong, why the crypto people who dropped the token won, why OpenClaw is the worst developer experience he's used, and why Hermes is closer to Ubuntu than to Android
He also found Chinese robot makers building on Hermes, and some inference providers gaming cache pricing
His market structure take: all the money goes to the top and the bottom. Harnesses on top, inference underneath. Hermes is like investing in Phantom or FOMO
00:00 Intro
06:34 Robot Leads Nous's $90M Round
09:37 Crypto AI Was Meme Coins With More Steps
14:40 Why Nous Stood Out Early
28:14 Hermes vs OpenClaw
35:39 The End of AI Lock-In
46:33 The Ubuntu of AI
56:17 Microsoft and Nvidia Join the Round
59:42 OpenRouter Is a DEX for AI
1:07:02 All the Money Goes to the Top
Disc. Delphi Ventures co-led the seed of Nous Research and invested again in the Series A and B
Full episode
Delphi Digital retweeted
Beyond the "every SaaS company has to pivot and become a router/harness to survive" thesis, there's another observation:
Open Source AI has made every fintech competitive with one another
It used to be that they were 'frenemies' but now both have their own router/harness/etc.
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.”