Tori Pre-deposit Vault opens June 23. • Verifiably delta-neutral yield. • Institutional-grade risk curation by @RockawayX. • Real-time reserve transparency via @AccountableData. • Infrastructure partner @upshift_fi.

One of our portfolio companies, @testmachine_ai, just topped the EVMBench leaderboard for AI vulnerability detection on EVM smart contracts. If you are building in DeFi and take security seriously, worth a look.

We recently led the round for @tori_finance, a protocol bringing institutional delta-neutral yield strategies on-chain, unlocking return amplification, composability, and access that traditional finance can't offer. Today we sat down with @0xNox_eth to go deep on the podcast: • How the carry trade actually works and why FX hedging spreads persist. • How positions survive a 30% currency drop. • The security architecture, from NAV oracles to lessons from recent DeFi exploits. • Why this yield was previously gated behind 8-9 figure balance sheets. • How real-time on-chain transparency actually works under the hood. • And how tokenization turns a strong baseline yield into something significantly more powerful.

Thrilled to speak at the @solana Accelerate AI conference on May 6 in Miami next week! This will be a really good conference and I'm very excited for it. See you there!

big congrats to @AliHabbabeh and the XO team imo XO is the most serious player yet in user-generated markets if you have a highly engaged audience — sports, crypto, geopolitics, culture, finance, etc. — consider joining their ambassador program if elected, you’ll be able to create your own markets and earn a share of trading volume generated by your audience, giving them interactive content while unlocking a new monetization channel program details: research.xo.market/introduci… (disc. @Delphi_Ventures is an investor)

7 months ago I said YB was imo the most exciting new DeFi primitive this cycle. Bear market just stress-tested it: - 99% TVL retention while defi shed $80b - $3.84m in protocol fees to YB lockers - 0 security incidents through a stretch of brutal hacks elsewhere Thesis playing out. GG @newmichwill, @llamaintern and the rest of the @yieldbasis team

During our lifetime, the human brain will be confronted with a new interface: the computer I believe that we’ve crossed the reality-chasm and computers for our brain and this is no longer science fiction. Neurotechnology and brain computer interfaces are at the earliest stages of clinical and commercial viability. These technologies are already delivering life-changing clinical outcomes and will reshape how we interact with technology. Today we are publishing our investment thesis for how we’re evaluating opportunities in neurotech: delphiventures.io/writings/n…

Thrilled to be a judge for @consensus2026 Pitch Fest on May 6 at 4pm at the Hackathon Stage in Miami! I'll be actively looking for early stage Crypto and AI projects to diligence for @Delphi_Ventures Signup! See you there consensus.coindesk.com/

Our new report "Jupiter: A Gassed Up Giant" is Live and Free to read! @JupiterExchange did $184M in protocol revenue in 2025 with no venture funding and a near-zero capital base. JUP now trades at roughly 9x annualized revenue while Aave trades at 20x. The disconnect comes down to categorization. The market sees a cyclical DEX aggregator, but the team has spent the last 18 months shipping 10 new product lines while defending 80% of Solana spot aggregation. What makes this durable is the product flywheel underneath it. Perps auto-route collateral swaps through the aggregator, generating billions in spot volume as a byproduct. JLP earns yield from perp fees and a third of its AUM flows into Jupiter Lend as collateral. Jupiter ranks as the third-largest perp earner behind only Hyperliquid and EdgeX. When JupNet goes live and GUM opens access to equities, commodities, and forex, every new asset class feeds volume across the entire stack.

looking to meet builders working on hard problems at @EthCC my dm is open

Sunday, March 29. Cannes. Sunset catamaran cruise the evening before EthCC[9]. No stage, no panels. Just the right people on the water. Hosted with @Delphi_Ventures, @Rockaway_X, and @AccountableData. Join a curated guest list of top DeFi protocols, investors, founders, and institutional market makers. Apply: luma.com/9vw5hg8f

Thrilled to be leading @tori_finance's seed. Most on-chain yield is reflexive, it originates from within crypto and compresses the moment markets cool. Tori sources returns from an entirely different universe: institutionally scalable delta-neutral and HFT strategies in TradFi that have consistently generated strong low double-digit APY for decades. Completely uncorrelated to crypto market direction. Access to this was previously gated behind 7-figure minimums and accreditation. Now it's open to anyone with a wallet. The real unlock though is what crypto adds to this. DeFi composability lets users recursively leverage their position, pushing effective yields considerably beyond the baseline. You can't do that with a traditional fund share, this is a case where bringing something on-chain makes the product strictly better. Add full on-chain verifiability of every position and you get TradFi-grade transparency alongside access and composability that TradFi simply can't offer.

We backed Sam @0xNox_eth and the @tori_finance team because we think one of DeFi's biggest opportunities is bringing new unique exogenous assets on-chain that can become collateral across the stack. Our thesis is simple: tokenization is very powerful in that if you have a low-volatility, yield-bearing asset you can use it as collateral, borrow stables at a lower rate, and loop back into the same asset. The effective yield you end up with is material relative to anything you can access elsewhere. The key is the asset needs to be reliable enough to lever at high LTV without liquidation risk. That's the hard part and what Tori is uniquely built for. There are well-established yield strategies in TradFi — money market instruments, short-duration sovereign paper, arbitrage funds — that generate appealing USD returns on a delta-neutral basis with zero crypto exposure. The yield source is well-understood. The problem is: a) They're locked behind bureaucracy, borders, minimums, and accreditation. b) Even if you access them, your capital is dead. You can't borrow against it. You can't compose it. You just earn the base yield. Tokenization changes that. Tori deploys into these same instruments across global markets, fully hedged back to USD, and wraps them into a composable token. By doing so it creates an exogenous asset uncorrelated to crypto with an appealing, low-volatility yield that you can borrow against. Your otherwise locked capital all of a sudden becomes productive. And because Tori operates globally, yield isn't dependent on a single region. If spreads compress in one geography, capital rotates to another. Scalable and accessible to anyone on-chain. I'm very excited to back Sam @0xNox_eth on this journey. He's consistently shown us what exceptional founder DNA looks like. Give him a follow

Delphi Ventures is proud to sponsor the @NousResearch Hermes Hackathon. The repo is trending on GitHub as developer activity hits all time highs. Hermes has gone viral for a multitude of different use cases Stay tuned for the winners! @Delphi_Ventures is an Investor in Nous

$GRASS is one of the clearest ways to play the intersection of AI and Crypto. A generational founder with millions of deployed devices on Solana accruing the most valuable asset (Data) for Major AI Labs. Incredible well run company. @Delphi_Ventures is a proud investor 🌱

There is a ridiculous amount of signal on noumena.com/research/ by the AI mastermind @_xjdr Looking at the Quote Tweets people are calling it A Gold Mine and The Equivalent of the alchemists notebook in the middle ages If you look at his most recent posts he is doing insane things. In one he built an automated AI researcher that found a better training configuration all on its own. In another he stress tested all the hyped 2025 AI trends (canon, mHC, engram) to see if they actually worked. In another he designed a networking system (RDEP) that treats an entire cluster of connected GPUs as one single pooled brain. I'm beyond excited for XJDR to release more on Noumena as time goes on. He is releasing highly differentiated frontier level engineering research around the most complicated subjects (Mixture of Experts) For those who are also not technical, I'm sharing Gemini Deep Think's take on the impact of his last three papers. XJDR will do incredible things in 2026 and beyond for AI. Highly recommend following and getting involved.

Strongly recommend following @IridiumEagle and @ambient_xyz and getting involved with their testnet if you're an AI enjoyer Ambient is building an SVM compatible proof of work L1 that supplies verified inference through a 600B parameter AI model and through a variety of fine tunes for different use cases Ambient has two cornerstones that will strongly resonate 1/ The models are underpinned from PoW. So physical hardware around the world underpins Ambient's AI models. As more come online the model gets smarter and can service inference faster and cheaper. 2/ Travis is an open source champion. He is building for the counter world away from centralized models which is becoming ever more important especially as China goes closed source (See GLM 5.0, Qwen AI lead getting fired post new Open source release and Llama hasnt relased a model since 2001). Some slightly more technical advantages of Travis' design - Speed: It uses Solana's Proof of History for speed but replaces Proof of Stake with a new Proof of Logits algo. Miners secure the network by running useful AI models instead of solving random math. - Efficiency: It drops the computing power wasted on verifying AI outputs to under 0.1 percent. Validators achieve this efficiency by checking a single random word of the AI output instead of the entire text - Censorship Resistance: The architecture uses built in privacy primitives to ensure censorship resistance @Delphi_Ventures is proud to back Travis, Max and Ambient!

Absolutely insane progress by @getoro_xyz They have grown into one of the largest private data collection companies on earth They are solving the the AI data bottleneck by capturing the largest permissioned datasets of real human behavior. This data is crucial for big AI labs and for Oro in its future endeavors. - Voice: 3.8TB of audio from 3,000 active contributors in 47 languages - Social: 310M structured data points per month across 1.24M live connections - Health: 11.7M wearable data points per month from 392,000 live connections - Finance: 3M financial data units per month across 150,000 live connections So with these data points what are the use cases? - Voice: Voice models, agentic AI, world models, and physical AI - Social: Deeper agent memory, tight personalization, and reliable reasoning - Health: Sleep disorder detection, recovery anomaly flagging, and burnout prediction - Finance: Fraud anomaly detection, spend classification, and automated trading agents Oro has grown into a key player in the data space for AI and they're growing extremely fast. And yes people get rewarded for providing their data/connections. Very happy Oro is a @Delphi_Ventures portfolio company Get started: getoro.xyz/

MEGA is live, and so is our new markets page! See realtime data for any market on Aori, with gasless instant swapping between any token.