The blockchain data analytics sector has seen a lot of investment this year, with Messari and Chainalysis also closing funding rounds.
Ethereum data platform Dune Analytics yesterday announced the conclusion of a Series A funding round in which it raised $ 8 million. The round was led by Union Square Ventures and also saw the participation of Multicoin Capital, Dragonfly Capital and Redpoint Ventures.
Founded three years ago in Oslo, Dune Analytics has had a modest start with the mission of making cryptos data freely accessible. Anyone can use the platform to create and share Ethereum data analytics.
Ethereum London hard fork happened 24 hours ago. Result achieved: 4700 ETH was burned ($13m equivalent) https://t.co/GgXY57YzAD @ DuneAnalytics # EIP1559 pic.twitter.com/5F74BDRqAM
– Anton Bukov 🦇 🔊 (@k06a) August 6, 2021
Users of the platform, called Dune Wizards, can access data for free and transform it into queries, charts and dashboards. Metrics such as non-fungible token trades (NFT), gas costs, and decentralized trading volumes (DEX) make up the more than 40,000 analyses available on Dune. Decentralized autonomous organizations (DAOs) have also begun to leverage Dune to develop live financial reporting.
With the almost daily emergence of new cryptocurrencies and blockchain projects, the amount of data available on public blockchains is growing exponentially, which means an increased need for an accessible way to analyze them.
Nick Grossman, partner of Union Square Ventures, said yesterday in a blog post : ” Crypto is moving faster every day, and the only way to keep up is to take advantage of crypto’s fundamental primitives: 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’ve seen a huge amount of investment 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 seeing the value of blockchain data analysis.
The Dune Analytics funding announcement yesterday follows last week’s announcements of Messari’s $ 21 million Series A funding and Chainalysis’s valuation at more than $ 2 billion after its $ 100 million Series D funding round in March.
