The blockchain data analytics industry has received a lot of investment this year. Messari and Chainalysis both completed funding rounds

Ethereum data platform Dune Analytics announced yesterday the completion of a Series A funding round in which it raised $8 million. Union Square Ventures led the round, with Redpoint Ventures, Dragonfly Capital, and Multicoin Capital all participating.

Dune Analytics was founded in Oslo three years ago with the mission of making crypto data free and openly accessible. The platform allows anyone to share and create analysis of Ethereum data.

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

Platform users are known as Dune Wizards. They can access data free of charge and turn it into queries and charts, and dashboards. Metrics such as non-fungible token (NFT) trades, gas costs and decentralised exchange (DEX) volumes make up the more than 40,000 analyses available on Dune. To develop financial reporting, decentralised autonomous organizations (DAOs), have begun to leverage Dune.

With new cryptocurrencies and projects on the rise, there is an increasing amount of data on public blockchains. This means that it is more important to have an easy way to analyse it.

Union Square Ventures partner Nick Grossman said in a blog post yesterday, “Crypto is moving faster every day, and the only way to keep up with it all is to leverage crypto’s core primitives: community and composability. You can be certain that Dune is being used to help others, both now and in the future.

We’ve seen an enormous amount of investment in crypto this year with institutions funding many crypto projects. Many investors now see the value in blockchain data analytics, despite the rapid growth of the crypto sector.

Dune Analytics’ funding announcement yesterday comes on the heels of last week announcements of Messari’s $21 million Series A funding and Chainalysis’ valuation of more than $2 billion after its $100 million Series D financing round in March.