Blockchain analytics platforms and analytics databases for querying and visualizing data are exploding in popularity with the rise of blockchain and cryptocurrencies. A blockchain analytics platform is a software application that allows users to analyze data and transactions on the blockchain.
Such platforms can help identify patterns and irregularities in blockchain data, which can help organizations mitigate risk and prevent fraud.
Organizations should consider several factors when selecting a blockchain analytics platform. The first consideration is the type of blockchain data to be analyzed. Not all blockchain analytics platforms are created equal; some are designed for analyzing specific blockchain protocols, such as Bitcoin and Ethereum.
The second consideration is the features and functionality of the platform. The platform should offer a wide range of features, such as data visualization, querying, and blockchain exploration. It is also important to consider the scalability of the platform; the platform should be able to handle large amounts of data and transactions.
The third consideration is security. The platform should provide a high level of security, including data encryption and user authentication.
Finally, the organization should consider the price of the platform. The price should be reasonable and fit within the organization’s budget.
When selecting a blockchain analytics platform, it is important to consider the needs of the organization and the features of each platform. Blockchain analytics platforms are a vital tool for mitigating risk and preventing fraud in the blockchain ecosystem.
Let’s take a look at the best options on the market.
Dune Analytics is a “community-driven” analytics database for querying and visualizing data on the Ethereum network.
The platform currently hosts over 18,000 user-built dashboards for DeFi alone. And more than 11,000 NFT data dashboards.
Dune Analytics raised a total of $80 million over its first three funding rounds.
Dune Analytics is part of the Blockchain Analytics meta trend.
Blockchain analytics is growing due to a fast-growing number of use cases, such as accessing public financial data, connecting IoT devices, authenticating data, and tracking supply chains.
Here are additional examples of trending blockchain analytics startups:
Parsiq is a blockchain intelligence platform used to analyze, detect and prevent crypto fraud.
The startup raised a total of $3 million in funding over its first two rounds.
Elementus is a blockchain query engine.
Elementus raised $12 million in initial startup funding led by Velvet Sea Ventures.
AllianceBlock is an analytics platform that integrates DeFi with traditional finance.
The company joined the Binance Labs accelerator in 2021.
Hubx is a blockchain analytics platform that tracks critical transaction and investor data.
The growth of blockchain analytics platforms
Blockchain analytics platforms are growing in popularity as blockchain and cryptocurrencies become more mainstream.
These platforms allow users to analyze data and transactions on the blockchain, which can help organizations mitigate risk and prevent fraud.
When selecting a blockchain analytics platform, it is important to consider the needs of the organization and the features of each platform.