Web3 developer tooling startup Tenderly is getting into the node game with a new product it announced today called Web3 Gateway. The product will help web3 developers read, stream and analyze blockchain data, the company said.
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 struggle to grow in adverse market conditions, infrastructure providers like Tenderly have remained relatively resilient to the headwinds, buoyed by the trend of steady developer interest in building web3 products.
The new offering is a sign of competition among 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 widely used node provider in the industry. Before that, 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 dapp build process and saving smart contract developers time and costs,” CEO of Tenderly Andrej Benčić told TBEN in an email.
Node providers are often compared to Amazon Web Services (AWS) for web3 companies 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 transaction simulation platform, which: Benčić said it already provides 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, announced in March this year, just before crypto prices started a substantial drop. 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.
The company says its platform is used by tens of thousands of developers of apps such as Uniswap, Yearn Finance and OpenSea and works with the majority of the top 100 Ethereum projects, TBEN reported in March.
Yasmin Razavi, a growth investor at Spark Capital who helped lead the company’s investment in Tenderly, told TBEN that the startup’s new offering was the result of the developers discovering that they could not rely on existing ones. node providers for their purposes and decided to build out instead. that ability itself.
“The issues you’re hearing about Alchemy and Infura have mostly to do with their inability to scale,” Razavi said.
According to Razavi, customers report that Tenderly’s offering is three times better than Alchemy’s, based on beta testing the company has conducted. While its performance has yet to be validated in the public domain, it is clear that this offering brings Tenderly closer to being a full-suite provider of web3 infrastructure services and therefore a more formidable force in the sub-sector.
“With this latest release, we deliver on our end-to-end promise to our developers by supporting them from the very first steps of writing and debugging smart contracts to providing full infrastructure support for dapps as soon as they hit the ground running. network have come”, said Benčić.