Dune Analytics, a community-first web3 analytics platform, announced it has raised $69,420,000 in a Series B round led by Coatue, with additional participation from existing investors including Multicoin Capital and Dragonfly Capital. This latest round values the Company at $1 billion, following its $8 Million Series A which was conducted in August 2021.
Dune makes on-chain crypto data accessible and consumable through its community-powered platform. The Company provides state-of-the-art tools that allow data to be extracted, queried, dissected, and visualized in the form of real-time dashboards. Dune will leverage the funds to create an infrastructure that distributes financial rewards for user-generated content, attracting and incentivizing engagement from up to one million new web3 analysts, known as Dune Wizards, within the community. Dune Wizards will not only be able to create customized visualizations that communicate real-time on-chain intelligence, they will also receive financial compensation for their ongoing engagement and contributions.
Dune Analytics Co-founder and CEO, Fredrik Haga, commented, “Despite being radically open, web3 data remains largely underutilized. At Dune, we want to make this intelligence readily accessible and reward the analysts working to turn this data into digestible, real-time actionable insights. In legacy finance, only insiders get access to valuable data. Dune supports the next generation of analysts who will neither wear suits nor work for investment banks. Instead, these pioneers will have quirky animals as profile pictures and collaborate openly across the world. Being a Dune Wizard will be both more fun and profitable than being a Wall Street analyst.”
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Adoption of real-time analytics, dashboard visuals, and automated reporting is thriving throughout legacy finance, having generated ~$14 billion in revenue in 2021. In the crypto community, however, usage is still nascent.
Blockchains are a globally shared public backend where thousands of apps and millions of transactions and apps create vast amounts of data every day. This open data represents an opportunity that is many times bigger than any data analytics business or product the world has seen to date. There are a ton of insights in crypto data, but without skilled and incentivized analysts coupled with great data tooling, those insights will remain hidden beneath the surface.
Dune Analytics is advancing data literacy across the crypto marketplace, opening up access to insights that are otherwise only made public on a quarterly basis in legacy finance.
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The Company’s platform currently supports data queries for five blockchains: Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI, with plans to incorporate all Layer-1 and Layer-2 smart contract platforms.
“Ever-increasing amounts of capital flows through the crypto ecosystem, in turn producing extremely valuable data. The Dune community is extracting knowledge from this data at scale. Dune will provide the necessary tools so that users of all skill levels will be able to conduct more thoughtful, impactful analysis and gain deeper insight into the ever-evolving world of web3,” noted Dune Analytics Co-founder and CTO, Mats Olsen. “We’ve got an exciting roadmap ahead to continuously improve our community-first platform. We hope to enable a 100x performance increase this year, and in time, our application will support more collaborative features for teams, APIs and support for every major crypto network.”
Funds from the raise will be used to educate, reward, and foster a new generation of analysts, who will be empowered with real-time, actionable insights into web3 data. To date, more than 10,000 analysts have created 100,000 pieces of analysis on Dune that cover a wide range of metrics, enabling users to take full advantage of previously inaccessible data. Utilizing the platform’s inherent flexibility; users can create industry-specific analyses with live insights, such as OpenSea NFT trading volume, and customizing dashboards with comprehensive financial reporting (i.e. balance sheets and P&L statements).
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