Web3 Indexing
VeradiVerdict - Issue #223
Web3 indexing
Blockchain technology offers a solution for transparent and decentralized data storage. Information stored on-chain is open, permissionless, and backed by its immutable nature that provides data trust and integrity. While on-chain data is available for everyone to verify and utilize, it is expensive to derive semantic meaning in a reliable and efficient manner. Blockchains are distributed ledgers; data needs to be indexed to serve the needs of applications. As the explosion in web3 developer activity continues, we need a reliable data readability layer to speed up product innovation.
Nxyz seeks to improve web3 by offering indexing and data infrastructure that is performant, flexible, and reliable. A spin-off from Neeva, nxyz ingests data straight from blockchain in real time and provides developers with a robust API suite for easily accessing on-chain data. Currently, there are more than 4000 DApps that interface with various chains with different schemas and routing systems. The slowness of data retrieval and the necessity for high throughput creates hurdles for protocols and projects. Nxyz's multi-chain API allows any engineer to acquire specific on and off-chain data across wallets, transactions, NFTs, and smart contracts by reading blockchain into real-time data streams. With a lightning-fast API that offers immediate data support in less than 200 milliseconds, the company is enabling developers to focus on building at scale.
The Case for nxyz
Blockchains have emerged as the decentralized and transparent data storage paradigm. While blockchains are the ideal solution for decentralized data storage, they have their own set of problems. As vital as the decentralized infrastructure of distributed ledger technology is, the verification procedures used to assure data integrity can slow down querying and general blockchain performance.
Indexing providers dApp developers offer fast access to data. It is vital to offer easy data navigation inside the crypto networks in order to take advantage of the transparency and decentralization of data storage that blockchain enables. However, the market's current solutions struggle with infrastructure issues like reliability, a significant lag behind chains, and lengthy processing times. With its massively parallel infrastructure, nxyz provides a solution that provides dependable, low latency, and high real-time connectivity to the blockchain that dApps require.
How to use nxyz
The current nxyz API suite consists of a wallet, token, and collection endpoints that considerably simplify data retrieval.
Steps to interface with nxyz
Pick the desired endpoint from the currently supported list here. This contains predefined APIs that cover common entities (NFTs, ERC 20's, & balances) and also support complex needs such as the ability to specify a custom indexing pattern for any set of contracts.
Input the endpoint-specific values parameters such as wallet address, chainID (Identified for blockchain eg. “polygon”), etc.
Make the request like any other API call and obtain the desired data.
Since its launch earlier this year, nxyz has processed over 5 billion transactions to provide real-time blockchain data. Nxyz offers a multi-chain index of Ethereum, Optimism, BSC, Avalanche-C, and Arbitrum. This solution can greatly speed up popular blockchain applications and let developers concentrate on their core products.
Team
Nxyz was incubated in Neeva, a private ad-free search engine, and browser, before being spun off into its own product. For the past year, co-founders Sridhar Ramaswamy, Todd Wang, and Nathan Wiegand, among many others, have employed their expertise in creating some of the biggest distributed systems on the internet to develop a solution to scale blockchain innovation. Before leaving his position to start Neeva, Sridhar was the SVP of Ads and Commerce during his time at Google. Todd and Nathan are also distinguished engineers who previously worked at Google and Neeva before joining nxyz as CTO and VP of engineering, respectively.
Final Thoughts
Blockchains and new L1s are rapidly taking over as a venue for decentralized practices. Although this has been a fantastic innovation, it has also presented its own difficulties because there is no one optimum way to interface with this data storage. To enable scalable innovation, nxyz provides a lightning-fast API for interacting with on and off-chain data. With low latency and support for several chains, the platform offers seamless web3 data indexing. With a solid early customer base that includes companies like BitGo, Citrus, Fractal, Crossmint, and others, nxyz is poised to streamline web development by providing easy access to both on-chain and off-chain data.
- Paul Veradittakit
DISCLAIMER
Pantera Capital Puerto Rico Management, LP and its affiliates (“Pantera”) makes investments in crypto assets and in blockchain-related companies. Pantera and/or its affiliates or personnel may be an investor in, or have relationships or other business arrangements related to, certain instruments, companies and/or projects discussed herein. This document does not contain any advertisement for Pantera’s investment advisory services, or any other services or products, whether provided by Pantera or otherwise. The information and opinions presented in this document are solely those of Paul Veradittakit; they do not represent, and should not be interpreted as representative of, the views of Pantera or any other individual working for Pantera, and do not represent investment, legal, tax, financial, or any other form of, advice or recommendations. Neither Pantera nor Mr. Veradittakit is acting, or purports to act, as an investment adviser or in a fiduciary capacity with respect to any recipient of this paper. Information contained in this document is believed to be reliable, but no representation is made regarding such information’s fairness, correctness, accuracy, reasonableness or completeness. There is no obligation to update this document or to otherwise notify a reader if any matter stated statement or information contained here changes or subsequently is shown to be inaccurate. Nothing contained herein constitutes any representation or warranty as to future performance of any financial instrument or company. Forward-looking statements should not be relied upon, and performance or outcomes may differ materially from what is contemplated herein. Opinions included here incorporate subjective judgments or may be based on incomplete information. This document does not constitute or contain an offer to sell or a solicitation to buy any securities or a recommendation to enter into any transaction, and no reliance should be placed on this document in making investment decisions.
DIGESTS
Sam Bankman-Fried says he regrets filing for bankruptcy: Report
The former CEO had a wide-ranging interview in which he made a number of startling remarks.
All Custodial Crypto Exchanges Should Adopt Proof-of-Reserve Programs, but Even That Isn’t Enough
After last week’s FTX debacle, customers who don’t wish to take custody into their own hands should demand far better from their service providers.
BUSINESS
Coachella NFTs Sold for $1.5M—Now They’re Stuck on FTX
Following FTX’s collapse, assets on its NFT marketplace can’t be withdrawn—and some FTX-minted NFTs are broken too.
Gemini Restores Service to Exchange After Outage Spooks Investors
Gemini went down today for less than an hour after announcing its lending partner was pausing withdrawals.
REGULATION
Janet Yellen: FTX Meltdown Shows Need for 'More Effective Oversight' of Crypto
The Treasury Secretary reiterated concerns that trouble in the crypto market could eventually "raise broader financial stability concerns."
Republicans Secure US House Majority, Will Shift Path for Crypto Bills
Results from the Nov. 8 U.S. election finally saw Republicans win at least 218 seats, splitting control of Congress as urgency for crypto legislation is on the rise.
IN THE TWEETS
NEW PRODUCTS AND HOT DEALS
Singapore-Based Crypto Exchange Bitget Opens Operations in Brazil
The company has integrated with the government’s payment system Pix and has started to allow crypto purchases with Brazilian reals.
Matter Labs Nets $200M to Build zkSync Ethereum Scaling Platform
A week after zkSync V2’s “baby alpha” launch, Matter Labs said it would open-source its code and push for improved standards around rollup development.
LETS MEET UP
Los Angeles, Nov 21-25
New York City, Nov 28 - Dec 2
Los Angeles, Dec 21 - Dec 30
PEER Summit, Salt Lake City, Jan 6-8
Walks and coffee meetings in San Francisco throughout the year!
ABOUT ME
Hi, I’m Paul Veradittakit, a Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. I’ve been in the industry since 2014, and the firm invests in equity, early stage token projects, and liquid cryptocurrencies on exchanges. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.
Thanks for reading VeradiVerdict! Subscribe for free to receive new posts and support my work.
How does nxyz profit from making blockchain data more accessible?