The blockchain data analytics sector has invested heavily this year, with both Messari and Chainalysis also closing funding rounds
Ethereum data platform Dune Analytics yesterday announced the completion of a Series A funding round that raised $ 8 million. The round was led by Union Square Ventures, which also included Multicoin Capital, Dragonfly Capital and Redpoint Ventures.
Founded three years ago in Oslo, Dune Analytics came from humble beginnings with a mission to make crypto data freely accessible. Anyone can use the platform to create and share analysis of data from Ethereum.
Ethereum London Hard Fork happened 24 hours ago. Result achieved: 4700 ETH were burned (equivalent of 13 million US dollars) https://t.co/GgXY57YzAD @DuneAnalytics # EIP1559 pic.twitter.com/5F74BDRqAM
– Anton Bukov 🦇🔊 (@ k06a) August 6, 2021
Platform users, known as Dune Wizards, can access data for free and turn it into queries, charts, and dashboards. Metrics such as non-fungible tokens (NFT), gas costs and decentralized exchange volumes (DEX) make up the over 40,000 analyzes available on Dune. Decentralized Autonomous Organizations (DAOs) have also started using Dune to develop live financial reports.
With new cryptocurrencies and blockchain projects popping up almost daily, the amount of data available on public blockchains is growing exponentially, which means a greater need for an accessible type of analysis.
Nick Grossman, a partner at Union Square Ventures, said in a blog post yesterday: “Crypto is moving faster every day, and the only way to keep up with all of that is by leveraging the core primitives of crypto: community and composability. Whatever happens, now and in the future, you can be sure that someone is using Dune to help themselves and the world understand it. ”
We have seen tremendous investments in the crypto space this year, with institutions funding a wide range of crypto projects. With the rapid expansion of the crypto sector, many investors are now also realizing the value of blockchain data analysis.
Yesterday’s Dune Analytics funding announcement follows on from last week’s announcements that Messari’s $ 21 million Series A funding was raised and Chainalysis was valued more than $ 2 billion following its $ 100 million Series D funding round in the March.