We’ve Been #BUIDLing — What to Expect from PARSIQ in 2023 and Beyond
What a start to 2023 it has been! Crypto markets aside, PARSIQ has been steadily building — adding chains, adding tools, and adding to our overall portfolio to support Web3 businesses with the data they need.
Since the start of the year, much has been happening behind the scenes at PARSIQ. During February, all department heads gathered in Tallinn to set the tone for 2023. It had been a while since many of us had seen each other, and the face-to-face interaction — against the backdrop of our new PARSIQ HQ in Tallinn, ended up being the perfect start for the new year.
For this gathering, it is likely that many of you have already seen the photos we’ve posted on Twitter. However, what wasn’t captured were the varying discussions and sessions which were held — as we refreshed existing goals, established new ones, and strengthened our strategy forward to become a premiere data provider in the Web3 space.
February quickly passed, and with the team recalibrated, we began our work for the new year — releasing updates, reaching out to prospects, and attending events.
As you may know, our Product and Business Development (BD) teams are fresh off of a highly successful two week visit to ETHDenver — rekindling connections made from prior years, and establishing new relationships with those who have joined the fold. While I was not personally there, the team and I had regular touch points throughout their visit. The connections and the energy coming from the event was palpable — and I could feel it even all the way from Dubai (where I was spending the week taking high level meetings).
Much has been done in the first three months of this year. Now, as we embark on Q2 — I’m excited to share some of the wins we’ve been able to celebrate, and the road to come for the remainder of 2023.
During Q1, we announced that our Tsunami API had launched on Arbitrum. We followed that update just two weeks later with a related announcement — that Arbitrum Classic had also been indexed. These additions add to our portfolio of blockchains we already support, which includes Ethereum, BNB Smart Chain, Polygon, and Avalanche.
At ETHDenver, we launched our ABI decoder, giving developers a valuable tool to decode the raw data which Tsunami extracts from the blockchain. Coupled with our Real-Time Filters which were released earlier in the year, we believe we have a combination that is difficult to beat in the Web3 data space.
On February 24th, we announced a major expansion to our NFT Data Lake — adding support for Arbitrum, Avalanche, Polygon, and BNB Smart Chain. We followed this up just four days later by launching a JS client for Tsunami, offering our customers a library of functions that we’ve ready-made for users of our API.
For Q2, I am excited to announce that we will look to add to the L2 chains which we support, by supporting our sixth chain — Optimism. We also will continue to expand our public Data Lakes, by releasing a DeFi Data Lake which goes across multiple chains, launching a Balances Data Lake (more details to follow), and releasing our Uniswap V2 data lake.
Additionally, our Developer team is hard at work in finalizing our first public release of the SDK (a soft launch was done at ETHDenver). Upon release, our SDK will allow our customers to build their very own Data Lakes. We plan to have multiple SDK releases, each of which offers unique possibilities — including the ability to host a Data Lake on a customer’s own infrastructure, or with PARSIQ. We know that every business is unique and has different needs, and we want to serve those needs as best as we can.
Going into Q3 and Q4, we look forward to building off of our V2 launch with a Uniswap V3 Data Lake, as well as a Data Lake Marketplace. A new iteration of the SDK along with the Marketplace will foster a new era of network effects, as third party developers can build, list and monetize anything they deploy on the PARSIQ Network.
Of course — we did not forget our PRQ token and our commitment to refresh our tokenomics. This will be shared further below.
The PARSIQ community is well aware that a refreshed tokenomics model has been in the works for some time. We acknowledge that our business and products are vastly different than when we first launched our $PRQ token many years ago.
I know that many of you have been eager to see and understand our new tokenomics structure. We understand it has been a long wait — but know that behind the scenes, we have been working hard to ensure that our new tokenomics properly fits PARSIQ’s refreshed business model.
After much time, I am happy to share with you the following high-level details regarding our updated tokenomics:
The PARSIQ tech stack will be divided into the following frameworks to cater to all user types:
Semi-centralized, distributed, PARSIQ-hosted data solution for companies looking for reliable software providers with 24/7 support and SLAs.
Semi-centralized, self-hosted data solution where clients can pull initial data from Tsunami, but aggregate and host it on their internal servers using on-premise PARSIQ technology.
Decentralized data solution — Data Lakes being run and data verified by multiple distributed parties.
For the more centralized approach, the stake (or rent) to access model will stay as a viable option.
For the decentralized part of PARSIQ, the token will play a key role along with the public SDK and Data Lake Marketplace as PRQ will be essential to leverage this open-source solution.
The mechanics will include (Note: subject to mid-development changes & modifications):
- $PRQ staking mandatory for running your Data Lake on PARSIQ
- Revenue share for Public Data Lakes in $PRQ with a burn mechanism
- $PRQ burned based on usage of third-party deployed Data Lakes (similar to gas in Ethereum)
In summary, third-party deployment of Data Lakes and their usage will drive PRQ utility in the form of locking PRQ out of circulation and deflationary burn based on API usage, creating a direct correlation between adoption and active PRQ token supply/demand.
Additionally, a PARSIQ DAO is planned to give token holders certain voting rights on tokenomics, integrations, grants and more to foster community involvement in governance of the open-source decentralized part of the PARSIQ Network.
Simply put — what we do only goes so far without validation from our customers that what we are doing is working. I am happy to share that it is — and the results speak for themselves. Our most recent wins include VirtuSwap, Magic Square, and DeFi Yield. Each is utilizing PARSIQ’s suite of data products to fit their distinct needs, across their unique value propositions. I am excited to see our customer’s enthusiasm for our products — and the value that we are clearly delivering on to satisfy their data needs.
We recently concluded a Twitter Spaces, wherein we invited VirtuSwap to discuss more about why they selected PARSIQ, and their plans for the future. I highly encourage you to take a listen, if you haven’t already.
Beyond the borders of Web3, we have also announced partnerships with ESG DAO and Boli. With ESG DAO, we’re looking forward to helping bridge existing gaps in ESG rating systems and driving a positive impact across the world. Our partnership with Boli is equally exciting, where we are serving as blockchain strategic partners by consulting on their blockchain integration plans for the smart city plans which they have for the Maldives.
With the roadmap shared, our team is moving full steam ahead. I believe that as we release new products, support more chains, and implement more Data Lakes, we will be able to grow our customer base within existing and new markets.
We are moving into a new era of Web3 adoption. While many Web2 companies were sitting on the sidelines during late 2021 through 2022, we are beginning to see that they are starting to take the plunge into the world of Web3. There will be massive opportunities as established technology and media companies look to leverage blockchains for the next generation of consumers. Of course, we also can’t forget about governments — who will look to leverage blockchains and blockchain data to enhance existing processes, and/or to drive compliance and regulatory decisions. Our goal for this year is continue to build on the relationships we already established with governments who are investing in emerging tech and integrate our technologies across emerging markets.
Besides this, PARSIQ is starting to play a key role driving the profound changes with topics such as asset tokenization, climate tech, gaming, ticketing, and more, where our technology is already being implemented as we are beginning partnerships with strategic players in these respective fields. A lot of work has been done behind the scenes and in 2023 we will be demonstrating the initial fruits of this labor.
All the while, we will continue to do what we have always been doing — #BUIDLing. I look forward to a productive year that will continue to reinforce the relationships which we have built, and forge new relationships with customers and partners. Built for developers, by developers, we will look to increase our engagement with our developer community — collaborating with partners on hackathons, and providing new and exciting incentives for projects to build on PARSIQ. 2023 is the year of adoption for PARSIQ, within Web3 and outside of it.
If you made it this far, thanks for reading. I hope you are all excited for what’s to come for PARSIQ in the coming year. To our customers, partners, investors, community members, and all of those who root for us — thank you for your support. We truly could not do this without you.
I’m excited for the remainder of this year, and excited to share more along the way.
Are you ready? Let’s do this.