Delphi Digital

Delphi Digital is an independent research, investment, and protocol development organization founded in 2018 with the goal of delivering institutional-grade analysis to participants in the digital asset market. What began as a research subscription service has grown into a multi-arm operation combining proprietary market intelligence, venture capital, and hands-on protocol building under one roof.

Origins and Structure

The firm was co-founded in 2018 by Anil Lulla, Medio Demarco, and Tom Shaughnessy Jr., all of whom held CFA certifications and institutional finance backgrounds. From the outset, Delphi was structured as a cooperative coalition of independently operating but interconnected entities: Delphi Research, Delphi Ventures, and Delphi Labs. This integrated model — where the research team's findings inform the investment thesis, and the investment thesis informs what protocols the labs team builds — is central to how Delphi positions itself relative to standalone research shops or pure-play venture funds.

Today the organization operates with approximately 100 employees internationally, producing roughly 700 reports per year.

Delphi Research

The research subscription product, accessible at members.delphidigital.io, hosts more than 1,546 reports covering five broad domains: Macro and Markets, DeFi, Infrastructure, Artificial Intelligence, and Derivatives and Trading. Reports are structured to be the definitive read on a given topic, with typical pieces running 18 to 29 minutes and consolidating primary data, on-chain analytics, and expert commentary.

Alongside long-form reports, the platform offers an Alpha Feed — a real-time stream of data-driven updates — and a suite of interactive dashboards including Bitcoin and Ethereum ETF flow trackers, crypto options cross-venue data, RWA perpetual funding analytics, and sector performance tools.

The research product operates on a pure subscription revenue model — Delphi does not receive compensation from projects it covers, and analysts are required to disclose their personal holdings.

The flagship annual publication is the "Year Ahead" report series. In the 2026 edition, Delphi identified macro liquidity pivots, the emergence of consumer crypto applications, the rise of stablecoins as payment rails, and the maturation of full-stack perpetual DEXs as defining themes. The firm's 2025 predictions demonstrated notable accuracy: analysts identified Hyperliquid's strength when HYPE was priced at $13, predicted the survival and growth of prediction markets, and forecast Solana's continued dominance as the primary venue for on-chain trading activity.

Delphi Ventures

Delphi Ventures is the firm's investment arm, operating as an SEC-registered Exempt Reporting Adviser. The fund concentrates on what it describes as "crypto plus deep tech," structured around six interconnected investment themes: trustless systems, infrastructure, digital innovation, intelligence, atomic technologies, and scientific breakthroughs.

As of 2026, Delphi Ventures has invested in 106 companies, with three portfolio companies reaching unicorn valuations. Notable investments include early participation in Solana, Uniswap, and dYdX. The team uses "Bob," a proprietary AI analyst tool, to support deal sourcing and due diligence.

Delphi Labs

Delphi Labs is the protocol research and development arm, led by CEO José Maria Macedo and CTO Luke Saunders. With a team of approximately 40 researchers and engineers, the Labs group focuses on incubating and accelerating new Web3 primitives. The group has provided consulting and technical contributions to established DeFi protocols including Lido, Aave, and Compound, and operates a dAGI accelerator program.

Solana Ecosystem Role

Delphi Digital has been a consistent and early supporter of the Solana ecosystem. Delphi Ventures was among the early institutional investors in Solana. The research team has covered Solana extensively and, in their 2025 Year Ahead report, forecast Solana's continued emergence as the dominant venue for on-chain trading activity — a call the firm revisited in its 2026 edition.

As of August 2026, Delphi Digital remains active across all three arms, publishing research daily, making new venture investments, and continuing protocol development activity.