The Future of Blockchain Data : Our Investment in Allium
Large scale ETL (extract, transform, load) processes are a critical part of any data pipeline. They are responsible for moving data from one place to another, transforming it into a usable format, and loading it into a destination system.
In the world of blockchain, these processes are even more complex.
In web2, the engineering team building a payment processing system will convey to the analytics team the data schema. In web3, any programmer can create transactions & inject meaning into fields.
How does a web3 analyst or product manager or consumer make sense of data at scale?
As thousands of developers build & trillions of dollars worth of value are stored on blockchains, this problem compounds geometrically. In the early days of web3, this problem was limited to a relatively small set of developers.
Today, 56% of Fortune 500 companies are working on on-chain projects. Stablecoins now process more than twice as much transaction value as Visa every month. Bitcoin ETFs counts $63b in assets under management. BlackRock & Fidelity have launched tokenized Treasury products with nearly $1b in assets combined. Stripe now allows its merchants to accept payments in Ethereum, Solana, & Polygon without transaction fees. PayPal’s stablecoin has more than $0.5b in assets.
Understanding what data means across this universe isn’t easy.
In the future, every software will have a web3 component. Major financial institutions will offer a broad suite of tokenized products. Merchants will accept payments in a variety of cryptocurrencies.
Behind each of these products lies a complex data pipeline. Allium is a leader in this space, providing the most robust data solutions in web3. We are excited to support Allium on this journey and look forward to the innovations they will drive in the blockchain space.
Allium ingests & normalizes web3 data & works with leaders in the space including Visa to drive transparency into stablecoins, Stripe to fight fraud in payments, Grayscale to enable broader adoption of web3 in the public market, and Phantom to provide the most secure wallet for users.
Allium collaborated with Visa to measure the growth of stablecoin users, 27.5m monthly actives at the time, as well as isolate bot & human transaction activity.
We are thrilled to announce our investment in Allium, alongside friends at Amplify & Kleiner Perkins.
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