Today, our team couldn’t be more excited to introduce our subscribers to Delphi Data! Data-driven research is at the core of everything we do, and this product aims to arm our clients with some of the proprietary dashboards that guide and complement our research. To kick things off, we’re launching two dashboards today accompanied by a brief report, which walks through how to best use them.

The first two dashboards we’re releasing for Institutional members are: Developer Activity Explorer and a Low-Mid Market Cap DMR Dashboard. To help provide some context, we’ve put together a Thematic Insights report to help walk through these dashboards. For the next week, we’re making all of this public for the community!

This is just the beginning for Delphi Data. Over the next few months, we’ll be adding a lot of additional dashboards and some exciting new features to our Member Portal, but we want to hear from you! Feedback, additional ideas, things you want to see; our goal is to build the most valuable platform for all our subscribers, so your feedback is paramount is helping us achieve that.


As researchers covering the blockchain space, our goal is to find great projects early. We’re fortunate to have been able to do this with REN, SNX, RUNE, NXM, and others. However, with an average of 70 new tokens listed each month, it’s difficult for us to dive into each one at the depth required to independently gauge their potential.

In this report, we begin by exploring the difficulty of uniformly quantifying developer activity due to the fungible nature of commits and lack of a unique id for work, as well as our solutions to this challenge.

We also explore the correlation between developer activity and a project’s future success, particularly regarding token price-performance where we see a notable, and we believe actionable, correlation for projects with low market cap to developer activity ratios. We then go on to derive a metric representing the ratio of developer activity to market cap and explore using that as a filter for new projects.

Lastly, we introduce our new Delphi Data dashboards for exploring developer activity, allowing our members to track developer activity for projects, and identify projects with a promising ratio of developer activity to market cap in real-time. 

Key Takeaways:

  • Developer activity correlates to a project token’s price growth, particularly for low market cap projects
  • Low market cap projects which went onto achieve greater than 10x price growth had on average 2.5 times more daily active developers and 3.5 times more daily commits than projects with negative returns
  • Using a derived ratio of market cap to developer activity as a filter resulted in identifying projects which achieved average price growth of 31.05x, outperforming Bitcoin by 3000% over the same period
  • Quantifying developer activity requires careful data preparation due to the difficulties of using git commits as a proxy for work


Each of these projects have a small market capitalization and may or may not a demonstrated market or a viable product now or in the future. We are listing these projects here (i) to highlight those projects, in our opinion, that seem interesting, and (ii) to provide you with information about projects you may not have otherwise encountered. Due to the inherent risk and uncertainty of small cap projects, we advise extreme caution and due diligence before getting involved in any as any contribution you may make could become illiquid or be completely lost. Delphi makes no representations or warranties about of the listed projects here



Developer Activity Explorer


Low-Mid Market Cap DMR Dashboard


Luke Saunders Calendar
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