Data strategies to identify web3 trends — Blockworks webinar recap
Oct 3, 2023
Data strategies to identify web3 trends - webinar recap
The importance of data analytics is hard to overstate, especially for an industry in such constant flux.
Data is how we keep up, and get ahead. The right strategies enable us to make smart and measurable decisions with the highest chance of success, and help us build and market our products with precision.
Recently, we hosted a webinar with Blockworks on this very subject, speaking with a panel of experts convened to discuss the significance of data analytics for investors, builders, and the broader blockchain ecosystem.
Data Interoperability: Uniting Blockchains
The first part of the discussion centered on data interoperability among diverse blockchains.
While open-source initiatives aim to enhance communication between chains, the variance in raw data standards remains a hurdle. Each blockchain has its unique data structure, necessitating an in-depth understanding of data nuances for well-informed decision-making.
Boris Revsin from Tribe Capital noted,
"Blockchain data interoperability is a pressing issue. While open-source initiatives aim to enhance communication between chains, the variance in raw data standards remains a hurdle. Each blockchain has its unique data structure, necessitating an in-depth understanding of data nuances for well-informed decision-making."
Picking the Right Data Partners
Choosing the right data provider is crucial in the crypto industry. The panel emphasized several critical factors when evaluating data providers:
Accuracy matters: Reliable data is a must; errors can be expensive.
Cover all bases: Wider blockchain coverage ensures you see the full picture, especially between ecosystems.
Dedicated support: Quick customer service is a lifesaver in the fast-moving crypto space.
Leverage the power of community: Some data providers, like Flipside, maintain an active community of over 40,000 analysts who can find insights, start conversations, and drive activity.
Navigating Regulatory Challenges
The evolving regulatory landscape is a concern for crypto stakeholders. Regulatory changes can substantially impact projects and investments. To mitigate risks:
Understand Protocol Interactions: Boris Revsin advised,
"Be aware of how your investments interact with various protocols and projects."
Regulatory Tools: Mike Featherstone pointed out,
"Tools like Elliptic and Chainalysis assist in understanding and managing regulatory risks."
Advocacy Through Data: Mike Featherstone emphasized,
"Data can bridge the gap between the crypto industry and regulators. By utilizing data analytics, industry stakeholders can advocate for balanced regulations that encourage innovation while addressing regulatory concerns."
The panelists each had valuable insights to share, along with opportunities for further interaction:
Boris Revsin expressed a keen interest in ongoing discussions within the crypto community. He emphasized their dedication to collaboration and welcomed industry engagement.
Tom Wang shared his commitment to crypto education and suggested people subscribe to his analytics publications.
Mike Featherstone from our team at Flipside underscored the extensive amount of resources at our disposal. These resources reflect Flipside's essential role in providing data analytics solutions that benefit the entire crypto industry.
Amid the constantly shifting crypto industry, data analytics remains essential for success.
Access data on 26 chains and protocols free for 14 days and gain confidence with data-driven decisions.