Luabase raises $4.5m to get reliable web3 data at scale

Quick Take

  • Luabase has raised $4.5 million from investors including Costanoa Ventures and 6th Man Ventures. 
  • Luabase is an SQLbased data analysis platform that streamlines blockchain data querying and mitigates expenses.  

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