Nice first to 10.
My thoughts- Dalph did great fighting at Raiden's natural midscreen footsie range. Lots of his early losses were not fighting in that space and trying to go toe to toe with Liu Kang in jab range. Dalph adapts and plays distance footsies and gets some wins (does well around the 20ish minute mark if I remember correctly), and then Happy starts using his projectile game as an adaptation.
Dalph needs to work on hit and block confirming B12. He lost some rounds doing the wrong ender. Also a few input errors (especially early in the set) that I get all the time as someone coming from Thunderwave, so I can relate. For a long set, he's relying on B12 far too much. It just becomes a predictable spacing and attack pattern that Happy picked up on. I really feel Dalph did the best when he started mixing it up, throwing in F2, the occasional F3, etc.
So, my overall analysis (as someone who is not nearly as good as these players, so don't take it wrong :-p )
Dalph needs to be more mindful of his range, work with his other strings to better contest that range, and work on properly hit confirming B12. That said, I think it was a strong set by both players and I'm glad it was posted.