Dune — analytical resource about the blockchain industry, created by the cryptocurrency community, influential figures, and experienced traders.
Dune positions itself as a platform with cryptocurrency data, developed by the community and for the community. Anyone can write articles, conduct analysis, or create infographics, making the resource rich in information and useful data.
It is worth noting that Dune Analytics started as a small team of two people in 2018. Today they have transformed into the equivalent of Github for blockchain data. The service has attracted several leading investors in this industry, including Dragonfly Capital, Binance, and Multicoin Capital.
- What is Dune Analytics?
- History
- How Dune Works
- Types of Data Used by Dune
- Creating Dashboards and Content on Dune
- Conclusion
What is Dune Analytics?
This service takes on-chain data and allows users to easily slice, visualize, and analyze it. But this is just a surface description.
It took Dune only 3 years to achieve unicorn status with a valuation of $1 billion. This is its uniqueness, and this is why it is compared to Google, despite such an interface.
Besides the user interface, there are several important points:
- Firstly, the service introduced a reward model for community members aiming to improve analytics. Dune does not claim omniscience. Instead, they offer users rewards for creating dashboards, meaning the platform operates exclusively on user-generated content.
- Secondly, Dune uses blockchain data, which web2 companies do not have. Users have access to a wide range of data types with excellent visualization charts, as well as tools for tracking the top 1000 Ethereum wallets. This type of data is extremely useful for investors and in other situations, with instant access. In the right hands, this becomes an extremely valuable tool.
- The service is free. Yes, there is also Dune Pro costing $390 per month, but this is for those who need additional features. And even the Pro account is cheaper than many other analytical platforms. Premium account holders can skip queues and perform parallel queries, as well as receive privacy settings for their dashboards and queries. Finally, the Pro account allows exporting data in CSV format.
It should be emphasized that the free version already offers many possibilities, so beginners do not need to purchase the Pro version.
History
The cryptocurrency portal Dune was founded by Mats Olsen and Fredrik Haga, former employees of the Norwegian financial company Schibsted Media Group. In 2018, these specialists in smart contracts and analytical tools decided to create their own company, aiming to use blockchain as the primary technology.
For several years, Dune developed exclusively with its own funds and resources. In 2020, the company completed its first investment round, attracting $2 million. Subsequently, two more funding rounds were conducted, resulting in Dune receiving $77.4 million in investments.
The key investors included cryptocurrency funds Dragonfly, Multicoin Capital, Coatue, Coingecko, the venture arm of the crypto exchange Binance, and several other companies.
How Dune Works
Traditional companies usually publish their reports quarterly. In contrast, blockchain data is available immediately.
This allows the application of these data quickly and effectively. Such interactivity changes the nature of blockchain, as we receive real-time feedback.
In other words, the blockchain can be viewed as a living organism that reacts to users' actions based on their data. These reactions are then fed back to users in the form of new data, creating a continuous feedback loop.
Types of Data Used by Dune
The cryptocurrency resource Dune aggregates data from multiple blockchains and transforms it into useful information using charts, statistics, dashboards, and other types of visualization.
On Dune, you can find the following types of data:
- trading volumes on various exchanges, NFT marketplaces, and for specific non-fungible token collections;
- documentation analysis, Whitepapers, and tokenomics of various projects;
- guides for obtaining retrospective drops and instructions for passing test networks (Testnet);
- market analysis and trader analytics;
- reviews of DeFi protocols, lending platforms, DEXs, staking and liquidity farming programs;
- cybersecurity materials;
- analytical data on fees of various networks, reviews and tracking of cryptocurrency wallets, and on-chain activity.
To start working with the desired resource, you need to enter its name in the search bar or go to the Discover section. Here the data can be filtered by necessary parameters or categories.
Thanks to this, Dune materials are distinguished by high quality and up-to-date analytics.
Creating Dashboards and Content on Dune
To publish your own analytics on the Dune platform, it is important to understand how the SQL programming language works and how to extract data for your materials. Developers with experience can master this language in 2–3 weeks, but beginners will need more time and effort.
To create analytics on Dune, you need to follow these steps:
- Go to the New Query section: This section allows you to start a new query for data analysis.
- Select a blockchain: You need to determine the blockchain you will work with and from which to pull data.
- Find a data set: Use special tags to search for the necessary data set and create your own dashboard.
Dune also offers the Dune Engine V2 algorithm in beta testing mode. This algorithm allows you to search for specific projects and protocols, providing relevant information on them. This helps users find and analyze data more efficiently.
Below is a comparison table of Dune Engine V1 and V2:
| Function | Dune Engine V1 | Dune Engine V2 |
|---|---|---|
| Availability | Full | Beta testing |
| Data Search | By tags and data sets | By projects, protocols, and information |
| Complexity | Easy | More complex |
| Functionality | Limited | Extended |
Experienced developers can master SQL in 2–3 weeks, thanks to their existing knowledge in programming and databases, while beginners will need more time as they have to learn the basics of programming and databases.
Dune provides powerful tools for data analysis and visualization, allowing for the creation of high-quality and up-to-date analytics. By following the indicated steps and using available resources, users can significantly simplify the process of creating analytical materials.
Conclusion
Dune — is a versatile cryptocurrency resource with an advanced data update mechanism, suitable for both ordinary users and owners of cryptocurrency startups and projects. It provides up-to-date information on many issues, making it an indispensable tool for anyone interested in cryptocurrencies.
The Dune platform also offers a range of useful features for its users. For example, you can filter materials by various parameters, add dashboards to "Favorites," and even earn revenue for your research. These features make Dune not only a useful tool for data analysis but also a platform for professional growth and monetization of analytical skills. However, it is worth noting that Dune is excellent only for data analysis, while earning on this platform is not possible.
