Luabase, a start-up that is making blockchain data easier to use, has raised $4.5 million from Costanoa Ventures, 6th Man Ventures, and the founder of thirdweb, a platform for developers to build applications.
Luabase, which coins itself as “the modern data stack for web3,” allows users to mitigate the cost of querying large sums of blockchain data with SQL, analyze it in Notebooks and embed the data in various applications via its API.
The current querying landscape is heavily user-intensive, requiring people to build entire data pipelines from scratch, Luabase founder Michael Ritchie told The Block. Blockchain data can be extremely expensive to download and decode for any given query. In addition, a small error can result in having to run and pay for those same queries again, all while having to store this large sum of data.
The potential market for these services as mainstream companies migrate toward the web3 world is massive. Case in point: The increasingly popular company Dune Analytics, which does similar work and targets retail users, was valued at $1 billion in February.
The company will support every Ethereum Virtual Machine (EVM) chain within the next few months, and launch Github integration in September and its own SDK later this year, it said in an announcement.
Luabase stores, optimizes, and decodes billions of data rows and offers sub-second querying times. Users can build datasets and visualizations from the data they queried in a collaborative environment.
Its API allows integration of any dataset or visualizations in popular platforms such as Discord, Google, and Slack. The Luabase API is currently used by thirdweb and OpenZepplin, platforms that developers use to build more secure blockchain applications.
Luabase currently offers support for major blockchains such as Ethereum, Polygon, Avalanche, Bitcoin, and Solana, among others.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.