On December 25, Solana data indexer, SolanaFM, announced the completion of an angel round of financing jointly led by Coinhako and Etherscan Ventures. The new funds will be used to accelerate SolanaFM’s product development.
When talking about this round of financing, Nicholas Chen, CEO of SolanaFM, said: “We have received many other VC offers, but we finally decided to cooperate with Etherscan and Coinhako, first because of their strong influence in the industry, and second because of their strong influence in the industry. They also have similar business lines and customer groups to SolanaFM.”
SolanaFM is positioned as a data indexer focusing on the Solana ecosystem. The so-called indexer is actually doing three things in disassembly: one is to obtain the original blockchain data from all nodes; the other is to process the original data into a queryable format; the third is to store the queryable data set in the database so that users can access quickly and easily.
With the explosion of the Solana ecosystem, users’ demand for query and analysis of data on the chain has also begun to grow. However, when users such as investors, developers, and data analysts try to access the original Solana data, they will find that this is quite troublesome. The reason for this is that the current Solana ecosystem’s block explorer has limited functions and API calls also have restrictions. This is the gap in the market that SolanaFM wants to fill.
Specifically, SolanaFM hopes to use its infrastructure architecture to obtain and store all historical data on the Solana chain, and provide dynamic APIs to allow all kinds of users to freely retrieve and access it. In addition, SolanaFM features many specific front-end dashboards where some commonly used data are displayed more intuitively and visually on the dashboard.
Currently, SolanaFM has officially launched. From the perspective of the dashboard products that ordinary users can directly access, the SolanaFM team has done some retrieval and retrieval of six major categories of commonly used data such as accounts, blocks, block rewards, projects, transactions, and tokens by calling its API.
Take transactions as an example. When you click “Explore”, you can see the average number of successful transactions, failed transactions, average sent value, average received value, average transaction cost, etc. of the Solana network in the past period of time. It is presented in clear diagrams in three dimensions.
It is worth mentioning that SolanaFM currently uses a multi-level payment model. The first access level is Starter level, which grants access to the historical data of the last two months, and can be inquired up to 100,000 times per month; further up is the Pro level at 299 US dollars per month which allows for complete historical data query. The number of queries per month is also increased to 2,000,000, and the query efficiency per minute (QPM) is increased to 120; the final level is the Enterprise level and it includes not only complete historical data queries, but they also offer more number of queries and QPM at 100,000,000 and 200 respectively with dedicated support.
From the perspective of product positioning, it is difficult not to think of SolanaFM as The Graph of Solana. The Graph is a data indexer for networks such as Ethereum. Although The Graph stated at the beginning of the year that it will be integrated into Solana, the delay maybe because the development environment and programming language of the two are completely different. This work has not been completed so far. As Solana’s native data indexing service, SolanaFM has already existed in the ecosystem giving it a first mover advantage.
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