Delphi's Infrastructure Year Ahead 2025
Episode publishedPodcast: The Delphi PodcastThe Delphi Podcast
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Hello everybody. And welcome back to another episode of the Delphi podcast. My name is Cedars. I'm the head of research at Delphi. I'm here with the infrastructure team now. So this is gonna be a bit more, I guess, in the weeds. So we get a bit, like, technical at times, but hopefully we can have, like, a a good conversation around all this. If If you're a Delphi member, of course, it's on the portal. It's like a 2 hour read, but definitely worth the time to the holidays coming up, take a take a weekend day and kinda, like, go through it a bit. With me is 3 analysts from the infrastructure tea
I think when it comes to high throughput chains, as we've seen with Hyper Liquid, right, they initially started off as a purpose built changes for purpose. And I guess now we're seeing a lot of different applications, you know, spring up, related to lending, you know, Hyperfund, their own pump. File, NFT communities and a bunch of other things. So I think, you know, although people say that, right, maybe Hyper Liquid just has about 4 or so validators. Again, it's, it has a pretty, centralized outlook from a validator point of view. But when it comes to token distribution, I think much better t
That's fair. I think that there is definitely, like, more block space than we've ever had. And so while a lot of people are gonna be building these, like, hyper chains, obviously, I still think power laws kinda will dictate this where in the long run, the top, like I don't know. I always say, like, 3 to 5. It's kind of just like a hand wavy answer, but I don't think it'll be a lot. I do think that the majority of financial activity will happen on a few chains. You know, I think, these high throughput EVM chains, they have a lot of challenges because the EVM just being kind of like a last gen V
You know, when I looked into SwayMove, what it was, how it allowed developers to target particular pieces of state and how those pieces of state related with other pieces of state. Now we're talking about, accounts or smart contracts or even assets. They're pretty interlinked and the relationship between them, you know, whether they're controlled by a single entity or multiple entities, you know, all of that is pretty programmable. I think that allows developers to get a little more creative in how they design, applications. And I think it's also that the way we move or these move chains in ge
So what do you mean by allows them to control state? So,
for example, so smart contracts, right, on SUI they're called, programs. So this program, it can be controlled by a single address or a set of, you know, different addresses and tokens, for example. They are also treated as piece of state similar to programs, similar to wallet addresses. So you have a bunch of these, you know, Lego pieces, in, on the playground. And on top of this, there's this other feature, I think that's specific to swivee move that's about, programmable transaction blocks. What happens here is you can basically bundle multiple actions together with just a single signature.
I think they've done a good job to have, like, make it, like, a very clean, experience like that. They also have I know on Sweetland, you can your whole account is actually an NFT as well. And so that could be dangerous because you can accidentally, like, you know my sweet land account, there's, like, a bid on it on the NFT market, and it's like someone just thinking that you're gonna accept a bid for it or something. Right? But it is cool how you can, like, move a whole account within an application to another address. Right? Like, you c
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