Rediscover Dune: a powerful free on-chain data analysis tool.

Original Title: "Rethinking Dune: Perhaps the Strongest Free On-Chain Analysis Tool for the Common People"

Original Author: Leshka.eth

Original translation: Odaily Star Daily

Dune is a company that focuses on analyzing Web3 data, providing comprehensive data analysis tools and dashboards for users in the cryptocurrency market and blockchain technology.

In the highly digital era, Dune's data analysis tool provides users with real-time market dynamics and price trends, helping users develop better investment strategies. Whether users are novices or professional investors, Dune can provide relatively comprehensive and accurate data analysis and market intelligence. Dune raised a total of $80 million in three rounds of financing from giants such as @dragonfly_xyz, @multicoincap, and @coinbase.

Why is analyzing on-chain data important?

On Ethereum and other blockchain platforms, data is stored on the chain, meaning that all transactions, contract states, and events are recorded on the blockchain, and this data is immutable and cannot be deleted. Therefore, tracking on-chain data is crucial for developing and using blockchain-based applications.  

Ensure the accuracy and integrity of data: Since the data on the blockchain is immutable, tracking the data on the chain can ensure the accuracy and integrity of the data. This is particularly important for applications in the fields of finance, insurance, and supply chain.

Real-time monitoring of contract status and transactions: Tracking on-chain data can help developers monitor contract status and transactions in real-time, promptly detect errors or abnormal situations, and take necessary measures. For developers, these data can also provide better understanding of user needs and market trends, and provide strong support for the development and optimization of Dapps.

Analysis and prediction of market trends: Tracking on-chain data can help analyze data such as coin prices, market trading volume, and position holdings, thereby predicting market trends and making better investment decisions.

Automatic execution of smart contracts: Tracking on-chain data can help smart contracts execute automatically, for example, triggering specific events or conditions in the contract.

In short, tracking data on the blockchain is crucial for developing and using blockchain applications. It ensures the accuracy and integrity of data, allows for real-time monitoring of contract status and transactions, analysis and prediction of market trends, and automatic execution of smart contracts, among other things.

Dune is how to obtain data?

Compared to traditional industries, it is easier to obtain and analyze data on the blockchain.

Although the technical details of each chain are not exactly the same, every blockchain follows the logic of "proposing a transaction - reaching consensus - adding to the chain". There are various consensus mechanisms in the blockchain, but once consensus is reached, information about the latest block will be broadcasted in the blockchain network, allowing all nodes to know about this new block and record it.

In theory, anyone can run their own node, so transparency is very high in the blockchain world, allowing data analysts to access complete information about anything that is happening. However, Dune accesses blockchain data captured by node creators through APIs, allowing Dune to focus on creating the best data access experience while node creators focus on running nodes as efficiently as possible.

The data obtained from the node creator is generally in the form of hash bytecode. After receiving these bytecodes, Dune extracts them into a table called "raw data" through its data engine, and then parses them through smart contracts to obtain the information.

After data analysis, it is then created into easy-to-read visual charts and data dashboards using SQL (an advanced language used for storing, manipulating, and retrieving data in a database).

举个例子，带你玩转 Dune

translates to

For example, take a tour of Dune with you

After opening the Dune website, you can see many trend data dashboards, including on-chain statistics for many Dapps such as Ethereum, Arbitrum, Optimism, etc.

We take the digital dashboard of @LayerZero_Labs as an example:

Some key information can be extracted from this:

Over one million wallets are currently using LayerZero.

Users who have conducted more than ten transactions (generally considered to be active and genuine users) account for 15% of the total.

The proportion of users who have used LayerZero for no more than one month is 66%.

Meanwhile, we can retrieve the transaction count and amount of any wallet using LayerZero by its wallet address.

We can also create custom digital dashboards:

If you are proficient in SQL language, you can directly write query code in the Dune panel:

In addition, we can also use ChatGPT to generate SQL query code:

To perform a search, simply paste the code into the editor and click "Run".

Then click save, and you can add some description for this data dashboard:

In short, Dune is a very powerful tool. The data dashboard design on Dune is intuitive and easy to understand even without data analysis skills.

It can greatly help Web3 players, developers, and others to better understand the digital asset market and blockchain network, formulate better investment and trading strategies, optimize DApps and smart contracts, and improve the security and reliability of the blockchain network.

If you can make good use of ChatGPT+Dune, I believe it can greatly help Web3 players, developers, etc. to better understand the digital asset market and blockchain network, formulate better investment and trading strategies, optimize DApps and smart contracts, and improve the security and reliability of the blockchain network.   

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