October 12th, on-chain data analysis platform Parsec announced the completion of a new round of $4 million financing, led by Galaxy Digital, with participation from Uniswap Labs Ventures, BODL Ventures, Robot Ventures, CMT Digital, and others.

This is also the second round of financing obtained by Parsec, which was established in 2020. Prior to its official launch in January 2021, Parsec received a seed round of financing of $1.25 million led by Polychain Capital, with Robot Ventures, Volt Capital, Free Company, and Eric Conner, Alex Pack, and Will Price following suit.

On the current data analysis track on the chain, there are already multiple players layout, such as the fully open data analysis platform Dune Analytics, Flipside, and Footprint Analytics, as well as data product services Nansen, 0xScope (Watchers), and Arkham. The former type generally requires users to make it themselves, while the latter type supports users to make queries under limited definitions.

The investor Leland Lee of the Galaxy Venture team, which was invested by Parsec, stated in a statement: "Companies like Parsec will play a key role in bringing more institutions onto the chain, providing deep DeFi and NFT data transparency, enabling auditing, risk management, and advanced trading strategies."

Amidst the increasingly fierce competition in the on-chain data analysis sector, Parsec's financing may not be considered substantial, but its ability to attract attention from many, including Uniswap, is enough to demonstrate Parsec's unique strengths.

Maximum Customization and Modularity Dashboard

Similar to other on-chain data analysis platforms, Parsec also accesses blockchain data captured by node creators through APIs. Currently, Parsec provides data analysis services in four areas: DeFi, NFT, chain data, and lending. In terms of DeFi, Parsec provides API services for loan interest rates, trading volume, token flow, contract events, and more. In terms of NFT, Parsec's API services include floor price, feature price, real-time trading, trading volume, payment flow, contract events, and more.

Parsec founder and CEO Will Sheehan recently stated that Parsec's competitive advantage lies in its highly customizable and modular dashboard: "We have the best data visualization - we offer users over 110 customizable components, all in real time. Our data is shared through dashboards and visualizations, allowing traders to understand and act quickly."

Parsec's application attempts to create a "professional broker-like experience without custody friction". Parsec is equipped with real-time data streams and rich high-fidelity visualizations, depicting a typically opaque market landscape. In its initial version, traders will be able to delve deep into DeFi's market structure using over 30 unique components, from prices to interest rates to on-chain data (feature list). Traders can also track their investment portfolios and trades within the application, providing a professional broker-like experience without custody friction.

Sheehan said that Parsec currently supports eight blockchains - Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto, and Mantle - and plans to add 5 to 10 more blockchains in the coming months. Sheehan added that some networks interested in Parsec include Polygon, Scroll, Monad, dYdX, and Berachain.

TEAM Selected Data, Allowing Users to Integrate

Currently, Parsec has only 8 employees, and Sheehan hopes to recruit some technical personnel. On the day of announcing the new round of financing, Parsec also released a new feature - TEAM, and opened its API to the public. Previously, the API was only available to invited participants.

Team is a DeFi and NFT analysis product that includes comprehensive tools, a complete Parsec feature set, API access, and account management services. The API allows developers and analysts to integrate Parsec's data into their own systems. Additionally, the tool will be able to help users share resources with Intel, such as private address labels and layouts. Parsec notes on social media that "this API (TEAM) also aggregates all the curated data we've built using our new python SDK."

At the same time, Parsec has also differentiated the pricing of various products, offering free services for the general public who want to experience it, and providing a variety of products ranging from $60 to $500 per month for those who want more in-depth options. The newly launched TEAM pricing is also the highest at $500 per month.

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