The master of economic modelling behind Axie and Luna, how did Delphi Labs make it?

This article was compiled and compiled by Deep Tide TechFlow volunteer 0xz from a podcast of the Delphi Labs team during their vacation in Portugal. The guests are Jose Macedo, the head of Delphi Labs and managing partner of Delphi venture, and co-founder Yan Liberman. They mainly introduced the birth of Delphi Labs, how to help Axie design the economic model, the story with Terra and the projects being incubated, etc...

The growth path of Delphi Labs may be worth studying and researching by many practitioners. Without a high starting point and a bright background, relying on the core competitiveness of economic model design, it has become the existence of the current industry T1, casting the glory of Axie, and the Terra ecology. In the upper reaches of VC, outside the first-level involution war, after all, who would refuse the help of a master of economic model design?



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1. Founded Delphi in 2018, and has not pulled any external capital for a long time since then, and can only make a living through consulting business.

2. Greater Alpha added value comes from working with meaningful projects, not with other funds.

3. Most users of the project only consider themselves, and Token is a coordination mechanism that can balance the interests of most users and make the project develop more efficiently.

4. Axie's experience gave us a lot of confidence, it was the first time we discovered a project through research, then through consulting work and project collaboration, and finally grew with the project.

5. The supervision of stablecoins by centralized institutions like CBC is inevitable, but it is very beneficial for stablecoin projects such as LUNA.

6. The current total supply of USDT has reached 78 billion US dollars. Once a new reliable stablecoin is born in the future, its ceiling will be very high. In other words, the stablecoin market is currently the largest market in the crypto space.

7. If the assets on the chain want to obtain enough credit endorsements, they need to continuously increase the collateral. Not all collaterals are good, and as the collaterals reach a certain level, this model will definitely appear in the center. All problems with stablecoins.

8. Calculation Another interesting point is that it tries to create as many incentives as possible to try to really keep the value anchoring, which is essentially a kind of self-entertainment game.

9. A good issuance strategy is a moat for the project. The whole point of the Token issuance mechanism is to improve the ability of value discovery.

10. The real innovation of encryption is to create an incentive system in a decentralized way, so that decentralized projects can provide the same level of service as centralized services, that is, to use decentralized methods to rebuild centralized ones. world.

11. Is the DAO where everyone votes on everything? I don't think so, I think governance needs to be professionalized i.e. dedicated committees or groups that have the power to make decisions in a certain area and then report to the rest of the DAO.

12. We believe that each person's on-chain identity will be based on NFTs owned by the individual, but to do this requires composition through specific operations. Additionally, I think NFTs can also be an integral part of project loyalty metrics and retention strategies.

13. Many times, it is very difficult for people to hold NFTs for a long time. Although there are many solutions to solve this difficulty, such as empowering NFTs and giving relevant discounts to those who hold NFTs, there is a problem with these solutions. It is zero-sum, and in this model, there will always be people who sacrifice some of their interests.

The following is the original text of the dialogue. TechFlow has deleted it without changing the original meaning. The full text is long and contains a lot of information. Please bear with it. If there are some compilation errors in some details, please forgive me.