Share this article
DeFi Angels, VC Firms Back $2M Round for Data Provider Dune Analytics
Ethereum data firm Dune Analytics, which has stood out from the pack for its focus on DeFi projects, has raised a $2 million seed round.
By Ian Allison
Updated May 9, 2023, 3:11 a.m. Published Sep 23, 2020, 8:01 a.m.
Make us preferred on Google
Ethereum data firm Dune Analytics, which has stood out from the pack for its focus on decentralized finance (DeFi) projects, has raised $2 million from a mix of seasoned crypto investors and DeFi angels.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Announced Wednesday, the seed round was led by Dragonfly Capital and included Multicoin Capital, Coinbase Ventures and Digital Currency Group (the owner of CoinDesk).
The list of angel investors in the round included the likes of Compound’s Calvin Liu, Matteo Leibowitz of Uniswap and Aave founder Stani Kulechov. Yearn creator Andre Cronje, who also participated in the round via a non-dilutive grant, said for the record that “Dune has been a lifesaver.”
Fredrik Haga, Dune Analytics CEO and co-founder, said Cronje of Yearn didn't want a stake, but simply wanted to support the project. “That was pretty amazing,” Haga said. “I think that type of gratitude and support with no strings attached is amazing. I think you wouldn’t find that in any other industry.”
The Dune Analytics team, based in Oslo, Norway, attributed its success to being open and community-driven.
“It’s kind of like a GitHub-type of product where you have collaboration built-in, but it also has more of an end-to-end product experience where you can create charts and dashboards,” Haga said of his firm’s flagship offering. “We give people access to the whole dataset and they can build on each other and instantly share what they’re doing. I think that offers powerful insights and details into how these systems operate.”
Armed with the new funding, Dune will be making the service easier for users to interact with each other and lowering the bar a little to engage more with non-technical users.
“There’s so much low-hanging fruit that we can grab, it’s great to have the bandwidth to do it,” Haga said.
In addition, the two-man team of Haga and co-founder Mats Julian Olsen will be hiring more staffers across Europe to work remotely and help deal with the thousands of analytics calls being fielded and a 10% growth in visits to the website each week.
“It’s been quite crazy,” Haga said of DeFi’s accelerating insanity. “We try to catch enough sleep but otherwise it’s pretty much around the clock.”
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
