Delphi Daily

At the risk of sounding like a broken record, projects live and die off developer momentum. The crypto space is at an interesting juncture: existing layer-1 smart contracting blockchains are gaining momentum as an endless list of projects are built on top of them (think Synthetix and Maker on Ethereum), while a new basket of layer-1s are just starting to launch. It’s a battle of vertical versus horizontal competition where the former has innovative dapps and stronger communities  while the latter arguably has better base layer tech. 

You can’t build on top of a layer-1 until the foundation’s cement is somewhat dry, so it’s always worth taking a look at the developer activity of these chains to identify trends. Below, we compiled GitHub commit and star data from notable chains. Those to the left are ordered by funding size (smallest to largest) since their token is not liquid and to the right chains are ordered by their projected market cap 10 years in the future to normalize for early high issuance schedules.

Of chains with illiquid tokens (a rough proxy for t

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