Co-founder & CEO
@duneanalytics
. Down with music, books, crypto, startups, tech, outdoors, freestyle skiing, great design in any form factor, coffee, wine etc.
We started from the bottom, and merely 3 years later
@DuneAnalytics
became a unicorn company at only 16 employees.
Think we never struggled? Wasn't hungry, yeah?
Here’s the story of our fundraising journey 👇
400 Billion USD transferred monthly in stablecoins on Ethereum the last 3 months.
How would I know...?
5 lines of SQL lol.
Might be the future of finance idk ¯\_(ツ)_/¯
The story of when
@DuneAnalytics
applied to
@ycombinator
in 2018
Was on the video call 9PM Friday night and sat there for 2 hours without it working
Never got rescheduled, then got bulk rejected a few days later
Took us another 6 months after this to close our pre-seed
Some “everything is falling apart” sentiment out there.
Not at Dune.
Total 2021 burn $1M.
Current runway: 25 years.
Keep hitting new ATHs on all key metrics throughout this year.
Things we will ship next months will blow your mind.
Bear market born and raised 🫡
For Dune's first 3 years of existence our total burn was $660k.
If you're not able to raise a ton of money and hire a big team, don't get discouraged.
... not having money is actually more of a feature than a bug when you're getting started!
Hate to be a party poopoooor but...
So much 101 startup knowledge seems to be forgotten in the race to just launch tokens in crypto these days.
I think the space has *not* become useful enough that decentralized governance should be a priority.
Lil thread 👇
I despise folks like this.
Our industry is suffering badly because there are too many folks like this and I would never let all the blood, sweat and tears I've poured into Dune over half a decade help enrich charlatans like this with a dumb airdrop.
What I don't like about airdrops:
- creates get rich quick "communities"
- is an absurd spending of capital to farmers
- creates no long term value for anyone
If Dune wanted to do a token we'd done so a long time ago, but we haven't and we won't.
Most folks have no idea how many incredibly expensive hours of data engineering and infrastructure maintenance the Dune API is about to save this whole industry from.
If you apply for a job at
@DuneAnalytics
please avoid any LinkedIn corporate BS CV jargon. Show us that you have a soul and have done something great not that you "excel at operational excellence in key functional areas of core business questions in lol wtf those this even mean"
I really do wonder how much money goes into doing KYC / AML across the world and how much bad stuff it actually prevents. Does anyone beyond policy makers think this stuff is net positive?
3 years ago today
@mewwts
and I founded
@DuneAnalytics
🌱📊🎂 🤯
While $$$ are in abundance today, I've used the occasion to tell the story of when money wasn't a thing for crypto startups 📉
Read my post on the early days of Dune, the hard knock life👇
but hey, we did do the startup school videos on our own which was a great resources and it didn't cost us 7% of the now $1B company :)
something something lemons and lemonade
1/
THE REVOLUTION WILL NOT BE REPORTED QUARTERLY📺👀🔥
Crypto is community first and compounding - data will be the same🧑💻📈
Wall Street suits are already losing out to bedroom heros across the world👔📉
My post on the future of financial data 👇
How did we navigate getting so many no's? How did we adjust according to investor pushback? What fundamental convictions did we stick to? What changed from the seed to the A? How we raised a B in 0 days?
Get the learnings and juicy details in the post 👇
Might be 30 today, might be into this Ethereum thing. My IRL friends certainly seem to thing so.
Also, thanks to all of you internet frens for making lyfe weird, fun and interesting ✌️
Just found Dune's v6 seed deck
We finally finally closed $2M after 1,5y of fundraising.
Just
@mewwts
+ me - initially no salary for ~8 mo, then we made about ~$40k/year for over a year.
No hiring, no token, no marketing spend.
What seed cos in crypto can match this today?
Spoke to FT about why I'm leaving Norway along with so many others.
The startup scene in Norway is getting more exciting, but our politicians are putting big sticks in ambitious founder's wheels with a poorly designed and ever increasing wealth tax.
New technology paradigms enable new product categories📈
Blockchain represent the world’s first open, publicly accessible and always updating dataset
Within this paradigm we at
@DuneAnalytics
are building the worlds first:
Community Data Platform🧙♂️🧙♀️🪄
Investors be like
2017: you must have a token
2018-2020: no token plz
2020-2021: you must have a token
2022-current: no token plz
The reality is that you should only have a token if it makes sense for your product/business *independent* of hype cycles
Can I kick it? Yes, Dune can!💪
Doing something for a short period of time is easy, doing it for a long period of time is hard.
Survival of a startup can't be taken for granted, so I'm proud and happy that we celebrate Dune's 5th bday this week🍾🥳🎉
The coffee must flow ☕️
Thanks to everyone that came out to the Data Brew in Singapore this gm 🤝
Always good to meet Wizards and crypto data folks around the globe 🌏🧙🪄
So much of
@DuneAnalytics
is still just an MVP!
We're coping with crazy growth and trying to keep the wheels spinning while building out several much requested and crazy powerful features across the whole experience.
If you like Dune today you will be 🤯^2 in the near future👀
"When they want to shut it down, I say double down"
-
@fredwilson
@mewwts
and I started Dune when virtually no investors would touch our industry in 2018. We had no salary for the better part of a year, but kept pushing.
In 2020-2022 there were a lot of tourist investors
Open blockchain data is a way bigger opportunity than siloed, paywalled data platforms from the TradFi past.
There's so much data to digest and we are committed to educating, rewarding and empowering a new generation of Wizards to make crypto data accessible for the community🧙
gm
We’ve raised $69,420,000 in Series B Funding, led by Coatue 🦄
We’ll use the funds to double down on our mission of making crypto data accessible!
& to educate, reward and empower a new generation of on-chain analysts aka Dune Wizards 🧙♂️
👇
What a year 2022 has been🤯
Inflation ripped, the bear market is back, frauds were exposed, easy mode is over
Nevertheless, we’re soon entering our 5th year of operations at
@DuneAnalytics
and are keeping on keeping on no matter what🫡
A 2022 recap👇
Norway has sadly gone from a bad to a horrible country to start and operate a startup in.
Now with two taxes on unrealised gains and paper value (wealth tax and exit tax).
A toxic startup-killing tax cocktail with no real reason to exist beyond ideological tunnel vision.
The Norwegian government is killing their startup scene.
The tax system was already bad enough for entrepreneurs, but now they’re taking it even further.
If you leave the country having raised money for your startup, you’ll now have to pay an exit tax of >30% of your startup’s
I have said it before and I will say it again:
We simply can't have nice things as long as these are in the top 10 and for now the market *should* keep punishing us for our sins
Alpha leak: if you sign up for the $999/month premium plan on Dune you might be more eligible to receive the airdrop that is never going to happen.
👀👀👀👀👀
Thanks so much to everyone that came out and made DuneCon a magical day💫🪄
Heartwarming to see how vibrant and alive the Dune community is despite the market sentiment🫶🧙
Finally the industry is starting to use the wealth of data we have access to, the data must flow!💽🌊
Taking a moment to celebrate our seed round with *the world's best coffee* from
@timwendelboe
(few), my
@Sightglass
cup (for the SF/VC vibes) and a damn croissant (never forget the Ye references) ☕️🥐
We're in the process of rolling out several major efforts that will make
@DuneAnalytics
>10x more powerful incl. both paid and free experiences!🚢💪
We're hyped but we also know it won't be perfect out of the gate. Please give us feedback and we'll improve as fast as we can🤝🫡
Too many companies pour millions into their brand, but give you shitty swag 😑
At
@DuneAnalytics
we strive to make our drip too hard 🔥
Excited to share the Dune Lookbook and why we think swag matters 👀
At company offsite last week I told the team that we can't rely on VCs to keep us warm anymore...
so we've got to bring our own heat...
...and therefore we've made our own fleece vest 🔥🦺🫡📈
Tuesday night in Oslo with all the kids half my age.
10 years since I lived in Whistler for a season and my skiing skills peaked.
Still know some stuff tho🙆♂️
The Norwegian state now represents 66% of the Norwegian economy and with the new state budget today it’s growing.
Wonder how far this number can go before it breaks…?
Pre-seed
Raised March 2019
Round size: $250 000
Fundraising time: 7 months
Team size: 2 founders
Absolutely brutal. No salary for 7 months. A ton of investor no's, even with paying customers. "Crypto market is too small, crypto data too open" they would say.
Identify and solve problems.
Don't build tech for the sake of tech.
Don’t build DAOs for the sake of building DAOs.
Don’t launch tokens for the sake of launching tokens.
It's been an insane year 🤯🔥💯
I'm taking two weeks off work and Twitter to charge up for even bigger things to come 🗻⛷💆♂️
Take care, see you all in 2022 frens✌️
Ok, enough trolling: some cool Dune product announcements incoming next week! 🫡🚢💯
Meanwhile, I wish everyone a great weekend!... Yes, even the farmers!🤗
Talking to investors for our seed round they've usually been pretty blown away when they hear we are just two guys✌️
They are🤯^2 when they learn that I'm not an engineer and that
@mewwts
build and operate the tech side of
@DuneAnalytics
alone! Most underrated dev in crypto!??🧐
When I first learned that Dune Analytics was just two guys in Oslo, my head exploded. They managed to build a product that nearly everyone in the industry uses, all on a shoestring budget
Now imagine what they’ll build with more money in the bank 🤠
Thrilled to be in the round!
The funny thing about this going viral is that this meme implicitly insults everyone a little bit.
FWIW I live in Europe myself. While I don't love cookie banners and midwits, general access to healthcare+education and all over pretty functioning civil society is nice.
I want Dune to be the Rick Rubin of crypto.
Maybe be a name on the back of the cover but mostly just low key be there and empower good folks to do the best work of their lives.
Seed
Raised August 2020
Round size: $2 000 000
Fundraising time: 15 months
Team size: 2 founders
Took us 5 attempts to do a seed. In Feb 2020 we went to SF and could not raise $1M. Someone could have owned 10% of Dune for $1M 2 years ago. No investor in Silicon Valley wanted to.
Massive milestone for
@DuneAnalytics
today - the first 3rd party dataset on our new data platform.
So excited to work with Flashbots to bringing more transparency and accessibility to MEV data.
s/o
@_dsalv_
on the Dune team for making this happen 💪
Excited to announce.....
Flashbots data is now live on Dune 🤖🤖🤖
We partnered with Flashbots to make MEV data accessible to the Web3 community
Flashbots is the first third-party dataset we’ve released on Dune!
🧵
Friendly reminder that you don't need a mountain of cash to build a startup 🌞
Forget the vanity metrics of funds raised and headcount - just build something useful all day erry day🫡
How we operate at Dune
Most day-to-day comms go in
@height_app
(works well sync and async)
Gdocs for specing all ~>1 day efforts
Notion as wiki
Email for broadcasting high level info
Minimal use of chat(don't use Slack) and meetings
ICs typically spend <3 hours in meetings/week
There are a very limited amount of industries that are truly interesting at the current time.
Crypto currently offers the most
💫 ambitious
🤙 fun
🌪️ fast paced
work in the world.
My breakdown of why and what it's like to be part of this community.
ETH price during
@DuneAnalytics
two first year of existence.
Went down 80% during our first 6 months of operations.
Didn't really care then, don't really care now.
Build something useful and
I used to have some respect for the Bitcoin OGs... but comparing
@VitalikButerin
to Elizabeth Holmes is just childish clickbait and displays a lack of integrity and decorum...🤦♂️
Investors:
What's your go to market strategy?
Me:
High quality socks
Data room with customer story:
"Hi Dune Team,
After receiving these awesome socks, we are curious about integrating your API. Could you send us a key?
Thanks!"
The difference between crypto and every other industry is that you can learn with real data first, show off your work and then get a top job
In all other industries you need a good job in the first place to get access to real data
Get started today on
Groupchats blowing up right now. Every well-funded crypto startup is trying to hire senior crypto data analysts
Demand >>> Supply
Most people with the skills are (1) already in a fulltime job (2) contracting and fully booked for the next few months (3) rich and retired
tfw you go to your investor's office and don't have to wonder for a second whether or not they are still all in on crypto
not that many VCs dare to be truly contrarian and with you for the long term, but
@usv
are
In these times it's important to remember why we are here!
@DuneAnalytics
mission is to make crypto data accessible
...and today we're sharing our vision:
To empower and connecting the curious, through data! 🧙♀️🤝⛓🧠
What does that future look like?👇
A world of a thousand chains is upon us ⛓️🌏💫
Dune's number 1 priority this year is to support every single interesting chain out there!🫡
If you want to get your chain's data on Dune - learn more and get in touch here:
Please help spread the word!🙌
Top
@DuneAnalytics
Wizard
@richardchen39
on regretting not investing in Dune with
@1confirmation
😇
If there's any reconciliation the list of folks in the same boat is pretty long. As late as Feb 2020 no one would fund our $1M seed round ¯\_(ツ)_/¯
Series A
Raised May 2021
Round size: $8 000 000
Team size: 6
Fundraising time: 1 week
Tables turned. We were hot, and everything was different. I experienced the most overwhelming week of my life.
*Extremely* excited to announce
Dune Engine v2
It's a complete overhaul of our entire data architecture, a massive performance upgrade
Dune 🧙♂️ are about to get a lot more powerful.....
🧵
gm fam, we have some *massive* news for you today! 🔥
A new chapter for Web3 data has been opened 🧙♀️🪄📖👀
The team has worked super hard on this for months, hope you like it 🫶
Our mission is to *make crypto data accessible*
Today we’re excited to announce some major progress:
- The Dune API live for all users
- Revamped subscription plans
- More power for free users
Flexibility & collaboration is going ⬆️⬆️⬆️
Here’s how 🧵