PARSIQ’s Data Lakes: Empowering Web3 Projects to Put Users & Products First

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PARSIQ

7 min readJan 26, 2023

Here in the 21st century, data is at the heart of everything we do. Whether you are requesting your next Uber ride, or checking your latest crypto balances, data has a constant presence and necessity in our everyday lives, even if we may not actively see it.

At PARSIQ, we know that the instruments that power and feed us this data are more important and necessary than ever before. As a Web3 focused company, we understand just how critical it is for other Web3 projects to quickly, efficiently, and economically access data on the blockchain.

It is with this understanding that we set out to build an all-in-one solution for all Web3 and blockchain data processing needs. We do this through the introduction of our latest product — PARSIQ Data Lakes.

Introducing PARSIQ’s Data Lakes

Web3 solutions are complex. Whether a project is launching a blockchain game, or running an online exchange, development teams not only have to create their core solutions, but also peripheral supporting systems and structures to properly feed and extract information to and from those core offerings.

We believe that this separation of on-chain and off-chain data will continue for the foreseeable future. Value that could otherwise be unlocked via the combination of off-chain business logic with on-chain data will therefore continue to be separated — potentially leading to missed opportunities, insights, and profits.

PARSIQ’s Data Lakes are designed for those Dev teams which have no interest, no resources or no time in building these peripheral solutions, and combining such solutions with on-chain data.

For those teams who:

Don’t want to create their own indexers
Don’t want to maintain their own infrastructure for these supporting systems
Simply want to have their data processed and cleaned for them — so that they can take the information and run

Data Lakes allow project teams to focus on what they do best — building and delivering their own Web3 solutions and offerings to their communities.

PARSIQ’s Data Lakes are customized centralized data platforms, each of which is specifically designed and tailored for our customers. How does this work?

Step 1: We gather your unique requirements
Step 2: Understand the problems you are solving for
Step 3: Deliver exactly what you need

Data Lakes are secure, fast, and cost-effective platforms which allow their users to analyze, consume, and provide data as required.

Available across multiple blockchains, PARSIQ’s Data Lakes are designed to regularly ingest data from the blockchain of interest. This is done in real-time, so that users of the Data Lakes can retrieve the latest information — down to the most recent block. Using Data Lakes, projects can then have easy access to data assets which have been stored within.

PARSIQ’s Data Lakes are for ALL Web3 Projects

We envision our Data Lake offerings to fulfill two critical needs:

Provide meaningful, actionable, fully customised, real-time, and cost-efficient data to the end-users of its customers
Enable its own customers to leverage blockchain data to drive key business decisions and outputs of future product and service offerings

PARSIQ’s Data Lakes are blockchain, business, and Web3 project category agnostic. Further, in the event that one protocol is operating on multiple chains, PARSIQ is able to provide an overview of all the relevant chains through one API.

NFTs, GameFi, DEXes, and more — if a project requires data from the blockchain, PARSIQ is the solution that should be considered.

To get an understanding of how these Lakes can be leveraged, we dive further into some of the category subsets below.

NFTs

For NFT Holders

Broadly speaking, NFTs have a variety of different data attributes which end-users are interested in. From the numbering of a collection to the rarities associated with the different metadata traits of an NFT, when users want to know about the collections in their wallet, they want to know about the collections in their wallet. It is then, expected that the projects which these NFTs are associated or tied with can deliver this information seamlessly to the end user.

For NFT Projects

With countless NFT offerings launching each week — even during the bear market, it is of critical importance for those teams behind these launches to obtain every edge possible to stand out in the sea of both PFP and non-PFP offerings. With PARSIQ’s Data Lakes, not only can they deliver metadata information seamlessly to their holders, but they can also design analyses and run analytics on their userbase. Leveraging PARSIQ, a project could run the following analytics to better understand its buyers:

Wallets which are holding their NFTs, as well as understanding the other contents which may be stored in the same wallet (e.g. NFT collections from other projects)
Wallet activity of those NFT holders of a particular project (e.g. understanding the number of NFTs being held, how those holdings may be changing over time, and possibly cross-referencing those changes to externally significant Web3 events)
Wallet balances — which may provide a glimpse into how much an NFT project’s typical user is able to spend on other product offerings based on the contents of their wallet
NFT and wallet history over time — understanding using both real-time and historical data how its user base is evolving through the subsequent months and years after a certain collection has launched.

GameFi

For Holders who own in-game NFT assets

Web3 games will be able to provide in-game information regarding the NFT data assets that its users hold. From the entire collection that is currently connected to the game via the wallet, down to the metadata describing the rarities, capabilities, and performance of the various assets — Web3 gamers will be able to see the relevant metrics related to their NFT assets in real-time.

For Web3 Gaming Projects

Centralized Web2 games have the capability of gathering and analyzing various KPIs and performance metrics related to their users. This helps them to understand what is working within the game, what isn’t, and as well, what it is that their users like and dislike. With this data, gaming companies can continually tweak and optimize their offerings in an effort to keep their player base happy and entertained. Web3 gaming platforms need these capabilities as well — but how can this information be obtained with key elements of the data stored on decentralized blockchains? Leveraging PARSIQ’s Data Lakes, Web3 games could design similar methods to perform analyses of their player population — and iterate their offerings to continue providing entertainment that their customers can enjoy. In particular:

NFT game assets can be assessed to understand which offerings are seen as the most valuable (not just based on a current price, but also its use, and retention of asset)
Web3 games can understand churn, based on wallets which are holding and using their in-game assets over time
If NFT renting capabilities are enabled, games can assess which of their assets are regularly locked up for rental, and understand performance metrics behind those rentals, as well as rental duration and what users typically use the rented assets for
Similar to reviewing NFT metrics (not related to games), Web3 gaming platforms can also assess the wallets of its holders — understanding what other in-game assets (of other games) that the wallet may hold, thereby shedding additional light and color as to the other likes and interests of their users.

Decentralized Exchanges (DEXes)

For DEX Users
Users in the crypto ecosystem to trade and turn fast profits require immediate, up-to-the latest block kind of data. From novice to sophisticated traders, these users want to know what their daily profits are, their yields, ROIs, TVLs, and more. Providing the latest balances, prices, and other critical financial data is a bare minimum expectation — PARSIQ helps DEXes with Data Lake solutions which won’t let them down.

For DEXes
Like all businesses, DEXes exist to make money. Their continued relevance can only be achieved through constant iteration and improvement of its product and service offerings. By leveraging PARSIQ’s Data Lakes, DEXes can get insights into its users and the transactions which they are regularly making.

Identification of the big players (whales) in its ecosystem may be helpful to understand how these market movers leverage the platform
Understanding popular token pairs gives platforms an edge as to what other potential product offerings it may want to offer in the near future to take advantage of this popularity
Offering automated accounting services — because Data Lakes provide solutions to keep track of transactions and trades, this gives a DEX an additional advantage to attract new customers to its platform, especially those who have deep tax considerations.

The Use of PARSIQ Data Lakes Going Forward

The relevance of our Data Lakes does not start and end with just NFTs, GameFi, and DEXes. Leveraging the above scenarios, it is possible to implement these solutions for DAOs, Web3 projects launching their own tokens, and even Web2 companies which are making small pivots into the decentralized world.

PARSIQ’s Data Lakes give projects an easy and efficient way to access data across the multiple blockchains which it supports. As illustrated above, this data not only can be used to deliver and serve the requirements of end users, but can also be highly leveraged by the underlying projects to learn more about their customer base and their behaviors. Using this data, projects can make more educated decisions about how and where to continue to develop their offerings — so as to ensure the continued success of what has been launched for the long term.

Are you looking to deliver instant and relevant data to your users and to learn from information that is stored on-chain? Reach out to the super-friendly PARSIQ team today!

About PARSIQ

PARSIQ is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API provides blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time and historical data querying abilities. ‘Data Lake’ APIs allow complex data querying & filtering for any project; specifically designed and tailored for our customers blockchain data needs.

Supported chains: Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum + more to come