On-Chain Data Analytics: The Dune Investment Brief

Frequently Asked Questions

01.What is on-chain data analytics infrastructure?

On-chain data analytics infrastructure is the layer of software that reads raw blockchain transaction records and turns them into queryable dashboards and reports. Dune Analytics, a billion-dollar-valuation platform backed by a Coatue-led Series B in February 2022, is the leading example, letting analysts query indexed blockchain data without running their own node infrastructure.

02.How does Dune Analytics differ from DeFiLlama?

Dune Analytics is a general-purpose query and dashboard platform where users write SQL against indexed blockchain data to build custom analysis. DeFiLlama is a purpose-built aggregator that standardizes one specific metric, total value locked, using open-source adapters that call each protocol's on-chain state directly. Investors use Dune for custom research and DeFiLlama for a fast, comparable TVL benchmark across protocols.

03.Who is the target audience for on-chain data analytics investment?

The audience is capital allocators, family offices, and fund managers who need independent verification of protocol activity before committing capital, rather than relying solely on a project's own marketing claims. On-chain analytics platforms give these allocators a way to check user growth, liquidity depth, and transaction volume directly against the ledger, which is why the category has attracted institutional-grade venture funding.