Spencer Noon is a crypto investor, on-chain data analyst, and co-founder of OG Capital — a crypto venture fund. Before OG Capital, Noon was one of the earliest and most prominent crypto analysts to popularize on-chain data as an investment and research tool, first at Digital Currency Group and later as a partner at Delphi Digital. He is best known as the founder of Our Network — a long-running weekly newsletter synthesizing on-chain metrics from dozens of protocols — and for his role as a central voice in building the Crypto Twitter (now Crypto X/CT) data analyst community. His work helped shift the narrative frame for crypto project evaluation away from speculation and toward measurable on-chain fundamentals — a methodology that influenced how DeFi analysts assess protocol growth, retention, and health.
Background
- Nationality: American
- Education: Finance / business background; early career in traditional finance and analytics
- Career trajectory: Digital Currency Group (early crypto investment analyst) → Delphi Digital (partner) → Founded OG Capital
- Known for: Our Network newsletter, on-chain data advocacy, DeFi fundamentals analysis
Key Contributions
Our Network Newsletter:
- Founded Our Network in 2019 — originally a weekly email newsletter featuring real on-chain data analysis from contributors across the crypto ecosystem
- At peak, Our Network had contributors from Ethereum, DeFi protocols, L1s, and NFT platforms — synthesizing protocol metrics like TVL, transaction counts, active addresses, and token velocity
- One of the first systematic efforts to apply equity-like fundamental analysis to DeFi protocols using on-chain data — a methodology now standard in crypto research
Crypto Twitter Data Community:
- Noon was an early architect of the “on-chain data analyst” strain of Crypto Twitter — organizing, amplifying, and curating the work of analysts using tools like Dune Analytics, Nansen, Messari, and Glassnode
- His curation helped legitimize on-chain analysis as a professional discipline, not just a hobbyist activity
- The #OurNetwork hashtag and community he built became a reference point for fundamental crypto investors
Delphi Digital:
- Partner at Delphi Digital — one of the most respected crypto research and venture firms — where he invested in early DeFi, gaming, and L1 projects
- Applied the on-chain data methodology to Delphi’s investment process — evaluating protocol fundamentals rather than solely marketing and community hype
OG Capital:
- Co-founded OG Capital — a crypto venture fund focused on early-stage investments in DeFi, infrastructure, and Web3 applications
- OG Capital’s thesis reflects Noon’s data-first investment philosophy: backed by measurable on-chain traction
Timeline
| Year | Event |
|---|---|
| 2017–2018 | Early crypto analyst work at Digital Currency Group; begins building public crypto analyst presence |
| 2019 | Launches Our Network newsletter — weekly on-chain data digest |
| 2020 | Joins Delphi Digital as partner; DeFi Summer begins; newsletter grows with DeFi |
| 2021 | Our Network becomes a top crypto research newsletter; Noon emerges as influential CT voice |
| 2022 | Continues Delphi Digital work through bear market; on-chain data analysis gains more institutional traction |
| 2023 | Co-founds OG Capital |
| 2024 | OG Capital expands; Noon continues publishing data analysis and investing across cycles |
Common Misconceptions
“Spencer Noon is just a newsletter writer.”
Noon is primarily a venture investor and on-chain analyst. Our Network was a community-building and knowledge-sharing project — not his primary commercial activity. His capital allocation and investment track record at Delphi Digital (and now OG Capital) are the core of his professional contribution.
“OG Capital is a meme fund.”
OG Capital is a data-driven venture fund, not a meme-focused portfolio. The “OG” branding reflects original/early-stage focus, not memecoin concentration.
Criticisms
- Information advantages: As early access to on-chain analysis was not yet commoditized, influential analysts like Noon could potentially trade ahead of publishing insights — a gray area common to all research-adjacent investing roles in crypto
- Limited transparency: Like most crypto VCs, OG Capital does not publish detailed portfolio performance or return data publicly — making it difficult to independently assess investment track record
- Engagement-driven research: Some critics note that on-chain metrics can be cherry-picked to favor bullish narratives, and that high-follower analysts publishing such data can create self-reinforcing price dynamics in smaller-cap DeFi tokens
Social Media Sentiment
Noon is widely respected in the Crypto Twitter analytics community — considered a builder who genuinely contributed intellectual infrastructure to the space rather than purely extracting from it. Our Network is remembered positively as one of the rare projects that elevated data quality on CT. He maintains a relatively measured, intellectually serious presence compared to more hyperbolic CT figures.
Last updated: 2026-04
Related Terms
Sources
- Our Network Newsletter Archive — ournetwork.substack.com. The complete archive of the Our Network weekly on-chain data newsletter, launched by Noon in 2019.
- “Delphi Digital: Building the Research Infrastructure for Crypto” — Delphi Digital Blog (2020–2022). Overview of Delphi Digital’s investment and research methodology during DeFi Summer and the 2021 bull run.
- “The Rise of On-Chain Analytics” — Messari (2021). Survey of the growing field of on-chain data analysis — covering tools like Dune Analytics, Nansen, Glassnode, and the analyst community that built around them.
- “OG Capital: Data-Driven Crypto Venture” — OG Capital Announcement / CoinDesk Coverage (2023). Coverage of OG Capital’s founding and investment thesis.
- “Crypto Twitter and the Rise of Analyst Culture” — The Defiant (2022). Analysis of how Crypto Twitter’s analyst community evolved — from hobbyists to professional analysts managing significant capital.