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Dune has acquired smlXL to increase its presence within the crypto market and better position itself for growth.
Key Notes
Dune Analytics announced the acquisition of smlXL, another blockchain data provider, during the DuneCon event in Bangkok on November 11.The company also expanded its business offerings to include new on-chain metrics used to gauge crypto adoption rate and Dune Echo, a new platform designed to offer developers real-time access to account and protocol data across 30 blockchains.As the crypto market experiences renewed momentum following the United States presidential election on November 5, numerous companies are expanding their operations to capitalize on this wave of growth. In a strategic move, Dune, a leading blockchain analytics firm known for providing real-time market insights, announced its acquisition of smlXL, a blockchain enterprise specializing in real-time transaction simulation.
According to a Monday report by The Block, the company’s cutting-edge solutions are set to bolster Dune’s offerings. smlXL recently raised $13.4 million from heavyweight venture capital firms like Andreessen Horowitz (a16z) and Greylock Partners in October.
Unveiling the Acquisition at DuneCon
Dune disclosed the acquisition at its flagship event, DuneCon, held in Bangkok, Thailand. The company’s CEO and co-founder Fredrik Haga said the acquisition aims to provide developers with innovative solutions that make it easier for them to build with on-chain data. “SmlXL has built a game-changing new way of getting flexible real-time data from the EVM. Together we will make it 10x easier for developers to build with onchain data,” said Haga.
At the blockchain conference, Dune also announced the launch of a new platform dubbed Dune Echo, which is scheduled to roll out later today at an undisclosed time. The new offering is designed to “enable account and protocol data in real-time, simplifying the development process and enabling faster, more dynamic user experiences”.
It also connects developers with real-time blockchain data across 30 chains, including Ethereum, Solana, and many of its layer-2 networks. While the Dune Echo is still in its beta phase, the blockchain analytics firm said it is one of the “fastest APIs in the industry”.
For now, the new blockchain solution provides data for token balances and transaction queries within 300ms of block propagation.
A New Metric for Blockchain Growth
The blockchain analytic company also unveiled a new metric called the Dune Index during the DuneCon event. According to the firm, the tool is designed to monitor genuine blockchain adoption over time, offering insights broken down by chain and adjusted to filter out potentially manipulated or inflated metrics.
“The Dune Index delivers a comprehensive view of on-chain adoption, allowing any industry observer to gauge the true level of blockchain traction.”
Dune has been in the business of providing on-chain analytics data since its launch in June, 2019. In 2022, the company celebrated itself as a prominent provider of blockchain analytics after reaching unicorn status in just three years, with two first-timers as founders controlling the company’s affairs.
Before the latest acquisition of smlXL, Dune expanded its reach by collaborating with Worldcoin in October to support data accessibility and transparency ahead of the World Chain mainnet launch. According to the announcement, the partnership will see Dune provide comprehensive, on-chain data to the Worldcoin community once the mainnet goes live.
In May, Dune introduced Dune Catalyst, an enterprise solution to simplify blockchain data integration. This platform allows blockchain teams to share data with the global crypto community through fully managed or hosted services.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
