Dune

Asset managers use Dune to track the performance of tokenized funds and the wider onchain market for real-world assets when they plan their own products. Hedge funds read prediction market activity and onchain money flows as alternative data for their trading decisions. Banks and brokerages, exchanges, payment firms, stablecoin issuers and tax and audit firms form further client groups of Dune. UBS and the crypto ETP issuer 21Shares are among the customers of Dune, next to crypto firms such as Coinbase.

Dune sells curated datasets on stablecoin supply, transfers and holders across all major chains, and on tokenized real-world assets by issuer, underlying asset and chain. Further datasets cover token balances and transfers on 23 EVM chains, perpetual futures trading, payments and the prediction markets Polymarket and Kalshi. Every dataset arrives normalized, so a data team can count transfers or holders without first decoding the smart contracts of each issuer itself.

Dune Market Data Feeds is the real-time product of Dune and streams normalized trades from more than 200 decentralized venues on 12 chains. Each trade message carries price, size, venue, pool and the onchain transaction that settled it, and Dune states a p95 latency of 1.34 seconds for spot trades and 590 milliseconds for perpetuals. Market makers, exchanges, asset managers and hedge funds use the feeds to price tokenized equities around the clock, to check best execution and to watch stablecoin pegs. Onchain trade streams of this kind are one of several types of market data feeds that trading desks combine with exchange and vendor data.

Analysts write SQL in the browser against DuneSQL, a query engine that Dune forked from Trino and tuned for blockchain data. A query result can become a chart, and several charts form a dashboard that anyone can view, copy and adapt to a new question. Many public dashboards on stablecoin supply, decentralized exchange volume or prediction markets come from this circle of independent analysts, who share their queries openly.

The Dune API runs saved queries, returns their results and manages data from inside other software, so a dashboard figure can feed an internal risk report or an app. Teams that would otherwise build their own blockchain data indexing can use Datashare instead, which places the curated Dune tables in Snowflake, BigQuery, Databricks or Amazon S3. Data engineers run their dbt models on Dune through the dbt connector, and BI tools such as Power BI, Metabase and Hex connect through a Trino connector.

Dune has indexed more than 100 blockchains and holds over three petabytes of data, from Ethereum and layer-2 networks such as Base, Arbitrum and Optimism to Solana and the XRP Ledger. For each chain the data catalog offers raw transactions, decoded smart contract events and curated tables such as decentralized exchange trades, token transfers and prices.

Viewing public dashboards and query results on Dune is free, while running, refreshing or exporting a query uses credits. New accounts receive a one-time trial of 2,500 credits for up to 14 days with the features of the Plus plan, and paid plans then include a monthly credit allowance that resets with each billing cycle. Members of a team account share one credit pool, and usage above the monthly allowance is billed up to a limit that the account owner sets.

Fredrik Haga and Mats Olsen founded Dune in Oslo in August 2018 after they had left their jobs at the Norwegian media group Schibsted. In February 2022 Dune raised a Series B of 69.42 million dollars led by Coatue, with Multicoin Capital and Dragonfly taking part, at a valuation of one billion dollars. Fredrik Haga, co-founder and chief executive, said at the time that the money would pay for more blockchains, an API and a much larger team. Dune has raised 80 million dollars in total and employs more than 50 people.