Dune Analytics becomes a “Unicorn” with $69.4 million fundraise

Dune Analytics is one of the more popular Ethereum-powered community-driven analytics platform. The Web3 analytics platform has recently closed a Series B fundraise, worth $69.4 million.

Coatue led the following round with the participation of Multicoin Capital and Dragonfly Capital. Dune Analytics basically allows users to access Web3 data, filtering it into convenient charts, graphs, and comparative metrics.

The platform has stated that these new funds will bolster infrastructure, honing a concept that offers financial incentives. Its announcement notes:

“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.”

Moreover, they added:

“Dune Wizards will not only be able to create customized visualizations that communicate real-time on-chain intelligence, [but] they will also receive financial compensation for their ongoing engagement and contributions.”

However, Dune Analytics isn’t the only platform garnering such attention. Many analytics platforms have performed superbly past 12 months. Moreover, various blockchain and crypto-related analytics companies have raised millions in financing.

Recently, the NFT data and analytics platform Cryptoslam raised $9 million. On the other hand, Coin Metric had raised $15 million in May 2021. Also, Messari had raised $21 million in August 2021.

As of now, Dune Analytics offers data queries for five blockchains: Ethereum, Binance Smart Chain, Xdai, Polygon, and Optimism. Besides this, the company is planning to “incorporate all Layer-1 and Layer-2 smart contract platforms.”

Co-founder and CTO of Dune Analytics, Mats Olsen said that the crypto ecosystem with its newfound data is “extremely valuable”. Moreover, the firm hopes to boost the platform’s performance this year.

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