At DuneCon 2024, the 1inch team shared an electrifying session on the transformative power of analytics, demonstrating how they turn raw bytecode into actionable insights and groundbreaking business strategies.

Key learnings from the talk:

• 1inch's unique journey with analytics:
  • Their partnership with Dune Analytics began in 2019 to scale insights as their products and user base grew.
  • The open-source nature of Dune aligns with Web3 principles, allowing public, verifiable, and actionable analytics.
• Overcoming technical challenges:
  • 1inch's gas-efficient router, designed for user savings, makes standard analytics difficult due to non-standard event logging and compressed bytecode.
  • They developed the 1inch Spellbook, an open-source repository of data models using DBT (Data Build Tool), enabling reproducible analytics, code optimization, and a single source of truth.
• Custom methodologies for accurate volume calculation:
  • To counter inflated figures caused by flash loans, MEV, or incorrect token metrics, they introduced a rigorous four-step filtering process.
  • This approach ensures that only genuine user interactions are captured, distinguishing between real and synthetic volume.
• Empowering teams with self-service analytics:
  • The creation of the 1inch Swaps Table has dramatically improved efficiency, cutting execution times and simplifying queries.
  • Dashboards tailored for business, marketing, and technical teams empower independent data exploration and hypothesis testing, reducing reliance on the analytics team.
• Business impact:
  • Market share dashboards allow their BD team to identify competitive insights, evaluate product performance, and plan strategic campaigns.
  • Marketing teams use analytics to assess campaign effectiveness, while technical teams leverage tools like DuneScan to optimize protocol performance and address architectural inefficiencies.
• Breakthrough innovations:
  • DuneScan: An advanced blockchain explorer built on Dune infrastructure, showcasing call hierarchies, transaction origins, and custom labels for enhanced transparency and analysis.
  • Decentralized Exchange Comparison Service (DCS): A year-long study analyzing 2 million transactions to compare the performance of 1inch products with competitors.

This session highlighted the immense potential of on-chain data analytics, bridging technical complexities and strategic business applications.

👉 Watch now to uncover how the 1inch team is pushing the boundaries of data science in Web3, making their analytics tools invaluable for business growth and ecosystem advancement! 🚀