Quick take:
- Vybe Network enables the Solana community to query, index and exchange on-chain data.
- One of Vybe’s key components is data indexing, where anyone can host and provide data to the network.
- The new funding will be used in aiding the decentralisation of data access and storage.
Web3 data network, Vybe, announced today the close of a $10.5 million Series A funding round led by FTX, with additional participation from Sino Global, Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund and EBT Group.
Launched last summer, the company provides data infrastructure and software that enables the Solana community to query, index, exchange and analyse on-chain data so that meaningful insights and metrics can be extracted from protocols in order to build Web3 dApps and analytics.
The network also allows users to easily access and utilize both real-time and historical data from the Solana blockchain.
One of Vybe’s key components is data indexing, where anyone can host and provide data to the network in a permissionless and transparent manner. The new funding will be used in aiding the decentralisation of data access and storage, allowing any user – regardless of background or proficiency – to participate in the network, monetise and share their data, power innovative dApps and gain insights into favoured Solana protocols.
“We’ve seen an unprecedented industry need for an infrastructure like Vybe as new innovations in this space are rapidly evolving,” said Arun Dass, CEO and Founder of Vybe. “This funding will accelerate the delivery of our product, advance developers in experiencing more empowerment and fuel participation in the community.”
Vybe’s infrastructure sits on a middle ground between the blockchain and user-facing dApps or marketplaces. Building on its existing technology, the company will help users advance their existing data query and index skills while also benefitting from new advancements in blockchain technology.
“Ingesting and processing a broad range of on-chain Solana data is a highly non-trivial technical challenge, yet provides exceptional value to decision-makers within a wide range of organizations in the ecosystem,” said Matthew Graham, CEO of Sino Global Capital. “We believe that Vybe’s technical approach to the problem is the most scalable in the industry and that their highly experienced team has the drive and know-how to ship it to mainnet faster than anyone else. We are proud to have supported Vybe during their Series A and are looking forward to supporting the team as they continue to grow and build their product.”
As it enters this next phase of growth, Vybe aims to be a leading data provider and an infrastructural component of the Solana ecosystem, where users can participate as data providers or leverage on-chain data to create analytics or data-intensive dApps. The company’s products include the VYBE app and Serum Analytics.
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