Crypto Gloss

Delphi Digital

Delphi Digital is a research-led crypto investment and consulting firm founded in 2018. The firm built its reputation by publishing deeply sourced macro and protocol-level research before transitioning into active venture investment. Delphi is best known for its early conviction on Axie Infinity (AXS) — one of the most successful gaming token calls in crypto history — and for incubating protocols like Astroport, Mars Protocol, and others through its Delphi Labs arm. The firm had significant exposure to Terra’s LUNA ecosystem, which resulted in heavy losses in the 2022 collapse.

Background

Delphi began as a pure research shop, publishing institutional-quality reports on token economics, protocol mechanics, and market structure. The quality of its research gave it credibility with projects seeking advisory relationships, which evolved into equity and token positions. The firm later launched Delphi Labs, a protocol incubator focused on building DeFi applications within the Cosmos and Solana ecosystems.

Leadership

  • Tom Shaughnessy — co-founder, known for early macro and institutional crypto research
  • Yan Liberman — co-founder, focused on market and investment strategy
  • José Maria Macedo — key figure in Delphi Labs, focused on DeFi protocol design and incubation

Notable Investments & Calls

  • Axie Infinity (AXS) — early investment and public research backing; AXS rose from cents to $150+ in 2021
  • Terra/LUNA — significant ecosystem backing via Delphi Labs incubated projects; sustained major losses in the May 2022 LUNA collapse
  • Frax Finance — early backer of the fractional-algorithmic stablecoin
  • Dopex — options protocol on Arbitrum
  • GMX — perpetuals protocol
  • Astroport, Mars Protocol — Cosmos/Terra ecosystem DeFi protocols incubated by Delphi Labs

Controversies

The Terra/LUNA collapse in May 2022 dealt significant reputational and financial damage to Delphi. Several protocols incubated by Delphi Labs were deployed on Terra and lost most of their value overnight. Delphi published a post-mortem acknowledging the risks and losses.

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