The growing Web3 space is creating a vast buildup of information that goes beyond the simple transaction record on the blockchain. This information itself is turning valuable and becoming the basis for more apps.
The problem of timely blockchain data is transforming into a tool for potential growth in Web3. Data is needed in multiple use cases, from fast and timely DeFi price services to tracking the complexity of NFT trading. Play2Moon picked some of the well-established and newer producers of tools that specifically focus on data for analytics or for usage in smart contracts.
ChainLink: General Oracle Source
ChainLink is still one of the main oracle providers, especially for pricing data. ChainLink also requires at least some fee payments for its calls, which need to be covered by the app team.
ChainLink remains an important hub, as its data is then integrated into secondary building tools, some of which access the data and then offer it off-chain to third parties.
ChainLink has also sparked a revolution in offering off-chain processing, similar to the way of work for smart contracts. Because of its first-mover advantage, ChainLink is often at the base of other oracle-related Web3 tools.
Chainjet: Alert Tools for Decentralized Social Media
Chainjet takes data both from on-chain and off-chain sources, making them available in a no-code building environment. Chainjet offers developers to create price or post alerts and integrate them into apps.
Chainjet also uses the Lens Protocol tools for decentralized social media, connecting Web2 and Web3. Some of the use cases include NFT tracking, user behavior, and pricing.
Dune Analytics for Web3: The Community Data Platform
Dune Analytics emerged as a community-based data reporting platform, which offered dashboard-style data for multiple blockchain events. Dune Analytics also wants to make the data accessible, and now offers a plan for app builders to access and integrate the available data points.
In 2023, Dune Analytics added Web3 options, with the potential to be used in Web3 apps, NFT trading and more.
Dune Analytics also offers community-generated data on NFT and DeFi liquidity, which may be key to app tokenization, mints and transfers of value. The dashboard also tracks specific collections and DeFi projects.
NFTScan: Tracking Whale Traders
The value of NFT collections often lies in buyer and seller interest. Tracking deals is thus important for owners and issuers. NFTScan solves the problem of providing timely data, which may be used for automated NFT trading and determining a fair price.
Marketplace builders or other app owners can integrate the NFTScan data, helping their buyers make more informed decisions for NFT trades.
Syntropy Net: Real-Time Data Streams
Syntropy Net aims to bring the most accessible, gas-free data, immediately available for Web3 apps.
Driven by Web3 expansion, Syntropy created its unique Data Availability Layer, aiming for data scalability. Syntropy places some of its data streams off-chain to avoid delays, allowing for higher app speeds with no fees.
Syntropy will also aim to become a central source of data, becoming a market mover to seek advantage. In June 2023, Syntropy presented its main product targeting the Web3 space and developers with the potential for rich, real-time data.
Ignitions: Player-Focused Data
Ignitions is a curated, fee-based Web3 integration hub, offering data services that are tailored to its clients.
Ignitions has focused on gaming and Web3, offering personalized access to data. Reliability is the key to the Ignitions pack, taking the fast RPC approach to avoid data failures and delays.
Gelato Network: Scalable Operations and Data Services
Gelato Network is a growing powerhouse of Web3 tools. Recently, Gelato added its own nodes to Arbitrum, making it possible to deploy apps to the Arbitrum blockchain much faster. Gelato Network also aims to simplify data calls and achieve gassless access through its API available for developers.
Gelato Network also offers off-chain oracles, a new addition in 2023, redistributing gasless access to existing on-chain data.
Mnemonic: Web3 Data and Intelligence
Mnemonic aims to help Web3 projects from the point of NFT pricing strategies. The NFT frenzy of 2021 is over, and overpriced NFT are often left without attention. Having a reliable pricing strategy is key for new mints. Mnemonic provides intelligence to achieve the best pricing at current market conditions.
Mnemonic is in for the long run, securing a $6M funding round in June 2023, while partnering with top blockchain services.
Band Protocol Oracles: Connecting Smart Contracts
Band Protocol is one of the older sources to supply reliable data to smart contracts. Data collected may come from on-chain or off-chain events.
Band Protocol is also not a passive source of tools. The blockchain startup actively reaches out to developers with a recently launched grants program.
The end goal is increased security for smart contracts and fast, reliable data availability.
Flipside Crypto: Keeping Data Free
Flipside Crypto is on a mission to provide as much data as possible for free. All types of analysts may use the services of Flipside Crypto, as well as developers. Flipside Crypto also aims to become a part of the next wave of Web3 apps with data-driven solutions.
Flipside Crypto offers multi-sided blockchain data, including user and adoption tracking, which is key to games. The data tool hub is also reaching out to developers, with potential employment in Web3 data services.
Data services for Web3 keep evolving, getting integrated into apps directly. Currently, data services are created on an ad-hoc basis and often protected by a paywall. Offering apps with no time delay and clearer price settings may change the environment of Web3.
