Web3 infrastructure startup Tenderly takes on Infura, Alchemy with new node offering • TechCrunch
Starting Web Developer Tools 3 with Love is to get into the knot 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 is based on the company’s monitoring stack, which it says indexes more than nine billion transactions across more than 20 blockchain networks.
While many blockchain and crypto companies struggle to grow amid unfavorable market conditions, infrastructure providers like Tenderly Remains relatively resilient in the face of headwindsbacked by the continuing trend of developer interest in building web3 products.
The new offering is a sign of competition between Web 3 infrastructure providers, putting the startup in direct competition with ConsenSys, the company that owns the popular node-as-a-service provider Infura, and Alchemy, another widely used node provider in the industry. Prior to that, Tenderly focused solely on the smart contract space with a dashboard and API that helped engineers develop, test, and monitor the integrity 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 from the dapp building process and helping savvy contract developers save time and costs,” Tenderly CEO Andrej Benči told TechCrunch in an email.
Amazon Web Services (AWS) node providers are often compared to web3 companies because they provide an important layer of the blockchain infrastructure. One aspect of Tenderly offerings that sets it apart from other contract providers is its transaction simulation platform, which Benči said it already offers 50 million simulations per month for web3 apps like Instadapp, Yearn, Safe and Yield.
The Belgrade-based, Serbia-based startup raised $40 million in Series B that was announced in March of this year, before cryptocurrency prices began to drop dramatically. The funding came just months after the start-up’s first round and was announced in the same month with Alchemy’s $200 Million Series C Extensionwhich estimated the value of the latter company at $10.2 billion.
The company says its platform is used by tens of thousands of developers from apps like Uniswap, Yearn Finance and OpenSea and that it works with the majority of the 100 largest Ethereum projects, TechCrunch reported in March.
Yasmine Razavi, a growth investor at Spark Capital who helped lead the company’s investment in Tenderly, told TechCrunch that the startup’s new offering came as a result of its developers finding they couldn’t rely on existing contract providers for their purposes and decided to instead build that capacity themselves.
“The issues you hear with Alchemy and Infura mostly revolve around their inability to scale,” Rizvi said.
According to Razavi, customers have reported that Tenderly’s offering is three times the performance of Alchemy based on beta testing conducted by the company. While its performance has yet to be validated in the public domain, this offering clearly brings Tenderly closer to being a full-fledged Web 3 infrastructure services provider and thus a formidable force in the sub-sector.
“With this latest release, we are completing our comprehensive promise to our developers, supporting them from the first steps of writing and debugging smart contracts to providing full infrastructure support for dapps once they reach the mainnet,” Benci said.