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KEY PREDICTIONS & OUTLOOK FOR 2025

The Year Ahead 2025:
A Blueprint for What's Next

The most comprehensive analysis of emerging narratives, sector forecasts, and actionable opportunities that will shape crypto in 2025:

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With current momentum behind Solana, a potential ETH flippening looms. The trillion-dollar question: Will Ethereum finally wake up and fight back?
How will the evolving macro & regulatory landscape reshape risk assets in 2025? What lies ahead for ETF flows and institutional adoption?
DeFi has rebounded convincingly. What remains to be built, and what's the path to mass adoption?
As the race for scalability, innovation, and decentralization accelerates, which blockchain ecosystems will lead in 2025? Can high-throughput chains challenge Solana's edge?
What's next for AI agents? Which DePIN projects demonstrate sustainable fundamentals? Will memecoin activity fade? Are NFTs back from the dead? Will Hyperliquid's momentum continue?

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WHATS INSIDE

The Only Research You Need For The Year Ahead

Don't miss the signal among the noise - gain instant access to the Year Ahead 2025 series, plus the entire Delphi Pro content library today.

Year Ahead for AI & DePin

Year Ahead for DeFi

Year Ahead for Gaming

Year Ahead for Infrastructure

Year Ahead for Markets

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Empowering Builders and Investors around the world

Darren Lau

Founder, The Daily Ape

Shout out to @delphi_digital for having subscriptions that pay for themselves.

Vitalik Buterin

Founder, Ethereum

Deep dive on Ethereum's sharding roadmap from @delphi_digital. It's very good!

Ria Bhutoria

General Partner, Castle Island Ventures

I can't think of a team that does a better job separating signal from the immense of amount of noise that crypto investors and analysts have to parse through in this space. They are essential in helping clients develop a comprehensive point of view on the landscape and its nuances.

Reginald De Le Grarbs

Influencer & Member

A long week of being sick, just logged on to catch up to hundreds of conversations here and just want to say again how impressed I am not just by Delphi, but this community. You are all amazing, thoughtful, helpful, fun, and deep in this and I appreciate you all. Always makes me more bullish on what is being built. Cheers Delphi fam!

Reginald De Le Grarbs

Influencer & Member

Avi Felman

Head of Digital Assets Trading, Goldentree

Delphi Research is a subscription that genuinely stands out in the crypto space. For our team, it has become a great resource that we can confidently recommend to any investor seeking reliable, data-driven research resources to navigate the world of crypto.

Hassan Bassiri

Portfolio Manager, Nima Capital

I have used Delphi Research almost exclusively since entering the space professionally in late 2018. They provide actionable quantitative and qualitative research on a daily basis giving their subscribers alpha level content in a succint and timely manner.

Hassan Bassiri

Portfolio Manager, Nima Capital

Vlad (mightybo.eth)

Founder and CEO of Blockchain Cutie

Just read @Delphi_Digital's "The Great Reset" report about #Web3 games in 2023. One of the best pieces this year, so far. Must read.

Joe Lubin

Founder, ConsenSys

Delphi's team is passionate about the space and the quality of their analysis is top notch. Their diligent yet pragmatic approach to network valuation and token economic structuring has pushed our industry forward, solidifying Delphi's role as an important thought leader in the community.

Rezo

Founder, BR Capital Fund

The fact is that those problems, like the entire industry, are in early days and mostly require adaptation on the fly. But day-one mechanisms should be in place before launch. Some of the best tokenomics and governance I saw were developed by @delphi_labs

Avi Felman
Head of Digital Assets Trading, Goldentree
Delphi Research is a subscription that genuinely stands out in the crypto space. For our team, it has become a great resource that we can confidently recommend to any investor seeking reliable, data-driven research resources to navigate the world of crypto.
Hassan Bassiri
Portfolio Manager, Nima Capital
I have used Delphi Research almost exclusively since entering the space professionally in late 2018. They provide actionable quantitative and qualitative research on a daily basis giving their subscribers alpha level content in a succint and timely manner.
Joe Lubin
Founder, ConsenSys
Delphi's team is passionate about the space and the quality of their analysis is top notch. Their diligent yet pragmatic approach to network valuation and token economic structuring has pushed our industry forward, solidifying Delphi's role as an important thought leader in the community.
Ria Bhutoria
General Partner, Castle Island Ventures
I can't think of a team that does a better job separating signal from the immense of amount of noise that crypto investors and analysts have to parse through in this space. They are essential in helping clients develop a comprehensive point of view on the landscape and its nuances.
Vitalik Buterin
Founder, Ethereum
Deep dive on Ethereum's sharding roadmap from @delphi_digital. It's very good!
Darren Lau
Founder, The Daily Ape
Shout out to @delphi_digital for having subscriptions that pay for themselves.

2024 Highlights: Spotting Market Trends Before They Became Headlines

Markets & Macro

Key prediction from Year Ahead for Markets 2024:

SOL outperforms ETH

"Thanks to SBF, SOL got whacked harder than other tokens and suffered a more severe drawdown. Once the market woke up and realized SOL wasn’t going to literal zero, some reversion to the mean was inevitable."

Dec 22, 2023 - The Year Ahead For Markets

✨ SOL/ETH price on Dec 14, 2023: 0.03

✨ Liquidity across L2 chains has become increasingly fragmented.

Infrastructure

Key prediction from Year Ahead for Infrastructure 2024:

L2 ecosystems will further silo with their own standards, leading to not just liquidity fragmentation but more so social fragmentation

“Moving forward, we expect the value capture of token bridges to be limited to the long tail assets (e.g. LayerZero OFTs) or exceptional cases like BTC (Bitgo’s WBTC) where the intention is to use the asset on another chain rather than transferring value cross chain.”

Dec 19, 2023 - The Year Ahead For Infrastructure

Gaming

Key prediction from Year Ahead for Gaming 2024:

We foresaw the emergence of Telegram Crypto Gaming (TON).

“At the time of writing, there are fewer than 100 active blockchain games on the platform. The good news is that gaming is one of TON’s core focuses for 2024, and there is a lot to look forward to in the near future.”

Dec 14, 2023 - The Year Ahead For Gaming

✨ Daily transactions for TON increased throughout 2024 driven by retail demand for games and apps such as NOTcoin and Hamster Kombat.

✨ Lido stETH marketshare dropped from 80% as LRT's ate into marketshare.

DeFi

Key prediction from Year Ahead for DeFi 2024:

LRT’s will weigh on LST market share.

“As liquid restaking cements its role in the market, money markets and CDP protocols stand to benefit from it. Liquid restaked ETH, offering higher yield rewards than traditional staked ETH, positions these protocols advantageously to impose higher borrowing fees.”

Dec 20, 2023 - The Year Ahead For DeFi

NEW FOR 2025

AI & DePin

As we approach 2025, we recognize the need for a report that covers sectors that have really begun to flourish over the past year. This is why, for Year Ahead 2025, we will be including an AI & DePIN research report. In 2024 Delphi released multiple pieces of research on the role of AI & DePIN in crypto and how these technologies will shape the future of the industry.

DeAI I:
The Tower & the Square

DeAI II:
Seizing the Means of Production

DeAI III:   Composable Compute

DeAI III:   The Agentic Economy

✨ Can't wait to see what's in store? Check out our Crypto x AI Q4 Conference.

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Delve into highlights from 2024

Revisit last year's reports and discover the depth of analysis that sets Delphi apart.

DeFi

The Year Ahead for DeFi 2024

Ashwath Balakrishnan + others

Infrastructure

The Year Ahead for Infrastructure 2024

Can Gurel + others

Macro & Markets

The Year Ahead for Markets 2024

Kevin Kelly, CFA + others

Nft's & Gaming

The Year Ahead for Gaming 2024

Teng Yan + others

Nft's & Gaming

The Year Ahead for NFT's 2024

Piers Kicks + others

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