June 8, 2023
Amberdata delivers comprehensive data and insights into blockchain networks, crypto markets, and decentralized finance, empowering financial institutions with historical and real-time fundamental (on-chain) and market data for research, trading, risk, analytics, reporting, and compliance. We eliminate the infrastructure setup, integration challenges, and maintenance headaches to access digital asset data, reducing cost and time to market for entering the digital asset class.
Fast Facts:
Market: Web3 Asset Ratings
Use Case: AI and ML blockchain product development
Data Needed: Blockchain, DeFi, and crypto market data
Benefits: Scalable and multichain digital asset data, all within a single API
Metafide:
Metafide is a leading blockchain ratings company that utilizes cutting-edge AI and machine learning technologies to provide real-time ratings and analysis for blockchain assets. Metafide’s mission is to bring transparency, trust, and unparalleled insight to the rapidly growing blockchain ecosystem, empowering businesses and investors to make data-driven decisions.
Metafide's Search for an Efficient Solution
Metafide recognized the significant investment required to collect crypto data independently. Setting up and maintaining their own nodes would have consumed valuable time and resources that could be better utilized in developing their core product. They needed a solution that could provide them with reliable and up-to-date crypto data without the burden of constant management.
To develop a comprehensive understanding of the crypto market, Metafide required
data from various sources encompassing crypto market data, decentralized finance (DeFi) data, and blockchain data. However, they encountered challenges in finding a single provider that offered all the necessary data pillars. Other providers had either fragmented datasets or did not cover the full spectrum of data required by Metafide's team.
Building the required data infrastructure and scaling operations would have incurred substantial costs. Metafide estimated that developing the necessary data and services for their product, as well as scaling operations, would have amounted to millions of dollars in expense.
Situation:
Metafide required real-time digital asset data to power its proprietary AI and machine learning product. With malicious actors creating distrust for assets within the blockchain system, Metafide was on a mission to instill more confidence in crypto by providing users with an intuitive cross-chain rating system. However, in order to build their product, Metafide needed comprehensive data that covered blockchains, crypto spot, futures, swaps, options markets, and DeFi lending protocols & DEXs. Building the required data infrastructure themselves was not an option, and as product development began Metafide had to find a multi-chain, scalable data infrastructure solution.
Results with Amberdata:
Amberdata emerged as a game-changer for Metafide by providing a comprehensive data solution that encompassed market data, DeFi analytics, and blockchain insights through a single API. This eliminated the need for Metafide to invest in developing its own data infrastructure, resulting in significant cost savings. By leveraging Amberdata's robust and reliable data offerings, Metafide avoided millions in expenses associated with building and maintaining their own data pipelines.
Metafide experienced a seamless integration process with Amberdata. The support team at Amberdata proved to be highly responsive and addressed all queries and clarifications that Metafide required during the integration phase. Additionally, Amberdata's comprehensive API documentation played a vital role in helping the Metafide team fully grasp and leverage the entire suite of data offerings. This facilitated a smooth and efficient integration, minimizing disruptions to Metafide's development timeline.
With the support of Amberdata's solutions, Metafide was able to accelerate its product development timeline. They successfully delivered a fully functional product within a mere three months, a feat made possible by the seamless integration and reliable data access facilitated by Amberdata. Additionally, Metafide's ability to offer their API in under five months allowed them to expand their reach and develop an algorithmic ratings product capable of predicting events such as the depegging of USDC.
"Partnering with Amberdata has allowed us to accelerate our roadmap and provide real-time algorithmic ratings for all exchange-traded assets in a fraction of the time and for a fraction of the cost to develop it ourselves. To do what we do, at the scale that Metafide does it, would be just about impossible without Amberdata."
Frank Speiser, CEO and Co-Founder of MetaFide
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