---
type: entity
entity_type: company
name: Delphi Digital
domain: internet-finance
status: active
tags: [research, crypto-research, metadao]
---

# Delphi Digital

**Type:** Crypto research and advisory firm  
**Status:** Active

## Overview

Delphi Digital is a crypto-native research firm providing market analysis, protocol evaluation, and mechanism design insights.

## Research Contributions

### MetaDAO ICO Behavior Study

Delphi Digital's study of MetaDAO ICO participant behavior identified that 30-40% of participants are "passives/flippers" who allocate for exposure rather than conviction. This creates structural post-TGE selling pressure independent of project quality, meaning even fundamentally sound ICOs face mechanism-driven headwinds in initial trading windows.

**Implications:**
- Post-TGE token performance mixes project-specific signals with structural mechanism selling
- Separating quality signals from passive-base liquidation is analytically difficult
- ICO success (reaching minimum raise) does not predict post-TGE price stability

## Timeline

- **March 2026** — Published MetaDAO ICO behavior study documenting 30-40% passive/flipper participant base