Web3 infrastructure startup takes Tenderly over Infura, Alchemy with new node offering TechCrunch

Web3 developer tools startup Tenderly is getting into the node game with a new product announced today called Web3 Gateway. The product will help web3 developers read, stream and analyze blockchain data, according to the company.

The offering builds on the company’s observability stack, which it says indexes more than nine billion transactions across more than 20 blockchain networks.

While many blockchain and crypto companies have struggled to grow in unfavorable market conditions, infrastructure providers such as Tenderly have remained relatively resilient to headwinds, buoyed by the trend of continued interest from developers for creating Web3 products.

The new offering is a sign of competition between Web3 infrastructure providers, as it puts the startup in direct competition with ConsenSys, the company that owns popular node-as-a-service provider Infura, and Alchemy, another node provider. widely used in Industry. Previously, Tenderly focused solely on the smart contract space with its dashboard and API that helped engineers develop, test, and monitor the health of decentralized applications.

“Unlike other nodes, Tenderly Web3 Gateway is tightly integrated with the rest of the Tenderly development platform, eliminating development, testing, and infrastructure silos from your application building process and helping developers to smart contracts to save time and money,” said Tenderly’s CEO. Andrej Benčić told TechCrunch in an email.

Node providers are often compared to Amazon Web Services (AWS) for Web3 businesses because they provide a critical layer of blockchain infrastructure. One aspect of Tenderly’s offering that sets it apart from other node providers is its trade simulation platform, which Benčić said it already serves 50 million simulations per month to Web3 apps such as Instadapp, Yearn, Safe and Yield.

The Belgrade, Serbia-based startup last raised a $40 million Series B round announced in March this year, just before crypto prices began a substantial decline. The funding came just months after the startup’s Series A round and was announced the same month as Alchemy’s $200 million Series C expansion, which valued the latter company at $10.2 billion. of dollars.

The company says its platform is used by tens of thousands of app developers such as Uniswap, Yearn Finance, and OpenSea and works with the majority of the top 100 Ethereum projects, TechCrunch reported in March.

Yasmin Razavi, a growth investor at Spark Capital who helped lead the company’s investment in Tenderly, told TechCrunch that the startup’s new offering is the result of its developers finding out they don’t. couldn’t rely on existing node providers for their needs and decided to build instead. this ability themselves.

“The issues you hear with Alchemy and Infura are mostly about their inability to scale,” Razavi said.

According to Razavi, customers report that Tenderly’s offering performs three times better than Alchemy’s based on the company’s beta testing. Although its performance has yet to be validated in the public domain, it is clear that this offering brings Tenderly closer to a full Web3 infrastructure service provider and therefore a more formidable force in the sub-sector.

“With this latest release, we complete our end-to-end promise to our developers, supporting them from the very early stages of writing and debugging smart contracts to providing full infrastructural support for dapps. once they reach the mainnet”, Bencić said.

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