Flipside Crypto, which provides blockchain analytics and business intelligence to crypto companies, has raised $50 million at a $350 million valuation.
The round was led by Republic Capital. Other investors included True Ventures, Galaxy, Terra, Dapper Labs, M13 and Blockchain Coinvestors.
Flipside analyzes blockchain networks through a process it calls “chainwalking” to gain insight into the impact of on- and off-chain activities on holders, miners, voters and token holders. This data is curated and made freely available to analysts. Flipside receives portions of grants and delegations for managing this data, Dave Balter, CEO of Flipside Crypto, said in an interview with The Block. Managing and directing bounty programs also forms part of this strategy, Balter explained.
The goal with the new funding is to continue deploying on additional Layer 1 and Layer 2 networks as well as developing bounty and analytics solutions, said Balter.
“We produced 30,000 bounties in March 2022 and are on track to blow that out of the water in April,” said Balter.
Flipside’s open data platform aims to encourage participants to collaborate on challenges through a bounty program. In April, for example, one blog post highlights a total of 18 bounty questions that participants, known as analysts in Flipside's system, can take part in to receive a reward. In one beginner-level challenge involving Solana, analysts were tasked with tracking the top 20 wallets in terms of sales volume on Magic Eden since March. The bounty was 1.29 SOL.
The company paid out more than $2 million in bounties last year and onboarded 19,000 analysts in March. The goal is to continue “to build solutions to scale and process bounties into the many hundreds of thousands each month,” said Balter.
In October, the company contributed intellectual property to MetricsDAO, to help organizations access analytics for crypto projects. The new funding will also be used to activate more DAOs over the coming year, according to Balter.
Flipside Crypto previously raised $7.1 million in September 2019 at a $32 million valuation. The company currently has 66 people on staff and is aiming to grow to 85 people by the end of the year.
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