Feb 2023#Opinion

TOP 20 Best Web3 Companiesyou should know about

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Oleg Kalugin

Senior Manager, Performance

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Oleg Kalugin

Senior Manager, Performance

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25 min

According to statistics, the number of web3 developers is now at its peak and continues to grow. With their number, more and more top web3 companies appear on the market. In this article, we suggest that you familiarize yourself with the best representatives of the third generation Internet.

Decrypt says that at the moment there are more than 10 thousand well-known web3 companies in the world of cryptocurrencies and blockchain. Despite the bear market in 2022, investment in web3 amounted to 7.1 billion dollars, which is 4.5 billion more than in the previous year, which recorded bitcoin peak price.

At first, the main investors of Web3 projects were narrow-profile funds that specialized in investing in cryptocurrencies. However, now we can notice the presence in this niche of many giants, world-famous venture capital and other investment funds, showing great interest in the growth of digital assets.

Major investors include Tiger Global, Sequoia Capital, PwC, AIMA, Elwood and many others.

Our experts and crypto market analysts have compiled a list of the top 20 web3 companies, each of which is a leader in its field, providing quality services for users, developers, investors and business owners.

After reading the article, we also recommend that you also check out the video from Paul Barron Network, in which he recorded a complete guide to the web3 market of companies for 2023:

Top Web3 Companies of 2023 | ULTIMATE GUIDE

This will help consolidate the material and get the most up-to-date market information.

Best solutions for crypto users & investors.

1. Brave Browser

FOUNDING YEAR: 2015
DESCRIPTION: Web browser

Brave Browser is one of the most famous representatives of web3 projects, which has already become popular in a wide audience. First of all, it is designed for users for whom privacy and security are essential conditions for being on the World Wide Web.

However, it is also a great solution for your personal computer or laptop for everyday work. The browser is equipped with built-in customizable protection against advertising and collection of personal data. If viewing ads is not something aggravating for you, by disabling ad blocking, you can also earn.

What are the advantages of Brave Browser?

  • Built-in ability to integrate IPFS and onion routing for enhanced security.
  • The ability to earn cryptocurrency from direct advertisers for viewing ads in a special mode.
  • A built-in cryptocurrency wallet that allows users to buy, store, sell and exchange crypto assets.
  • Security and privacy. The browser has built-in functions for changing IP, proxy, encrypting incoming and outgoing traffic. In addition, you can add multiple user accounts with different privacy settings.
  • Good optimization. The browser consumes less system resources and consumes data more economically, which allows you to increase laptop battery life and save paid mobile data.
  • Independent search tool, free video calls, customizable news feed and playlists available even offline.

How to earn cryptocurrency in Brave browser?

Users have the opportunity to earn BAT (Basic Attention Tokens) and subsequently use them to pay for services on their favorite sites or to buy other cryptocurrencies.

In order to start receiving rewards, you just need to turn on the ad viewing mode and determine the intensity of its display. Subsequently, you can return the default settings and continue to use the browser in the usual way. It will continue to protect you from annoying ads by blocking them securely.

As stated, even by refusing to view ads, the user will retain the necessary level of security, privacy and convenience in work.

2. Social.network

FOUNDING YEAR: Still in development
DESCRIPTION: decentralized social network

Still under development Social Network already attracted the attention of the community. Earth DAO engineers became its initiators, developers and direct sponsors.

The developers planned to create a completely decentralized social network based on Ethereum. Its tools will allow community members to transfer any data and assets through the Earth wallet, an open source browser-based wallet (similar to Metamask, but with support for the Bitcoin network and ICP).

Given the current volume of information on the web, little is known about this project yet. Nevertheless, already at this stage, the Social Network potentially has every opportunity to become one of the best Web3 companies in the world.

3. Crypto.com

FOUNDING YEAR: 2016
DESCRIPTION:  Crypto exchange & services

Cypto.com was developed in 2016 and today functions as a full-fledged, popular and in-demand crypto ecosystem.

The platform includes decentralized applications, an exchange, as well as tools such as:

  • More on DeFi.
  • Crypto Earn.
  • Crypto.com App.
  • Crypto Credit 

… and other equally useful services.

Crypto.com cooperates with many regulatory and supervisory bodies around the world. Despite this, the creators strive to provide their users with the most convenient, safe and confidential conditions for buying, selling and using various cryptocurrencies.

Using the Crypto.com app, you can purchase over 100 popular cryptocurrencies at the current market price, receive dividends from personal assets. Here you can also issue your own “Crypto.com Visa” plastic card and make secure crypto payments in regular stores.

It is worth noting that their crypto wallet does not belong to the custodial type. This means that crypto.com does not have access to the assets and seed phrases of users' wallets.

How to make money on crypto.com?

Users are provided with two main types of passive income:

  1. Crypto Earn allows platform users to earn profits by depositing tokens into the protocol with one of the best market APYs.
  2. DeFi Earn which is integrated with Compound, Aave Lending V2, CRO Staking, Cosmos Staking, Yearn Earn V2. The bottom line is that you provide your coins to other users as a loan through the platform, in return you receive your interest.

If you want to get a loan, then you can use their Crypto Credit service, where users can get their “crypto loan” with LTV up to 50%.

Remember, countries regulate their lending conditions, so they may differ. For residents of Hong Kong, Singapore, Switzerland, Malta and the United States, this option is not available at all.

4. Coinbase

FOUNDING YEAR: 2012
DESCRIPTION: Institutional Crypto exchange

Coinbase was first launched in 2012. This is an American company characterized by a decentralized structure and the absence of an official headquarters.

Starting from a small platform, Coinbase has now grown into a serious, large-scale public company. In 2021, this ecosystem was successfully listed on Nasdaq.

Coinbase is a multifunctional ecosystem with many services that will be useful for traders, private and institutional investors, and individual entrepreneurs.

What products is Coinbase ready to offer to its users?

  • The main site and mobile application allows you to purchase, exchange and store crypto assets.
  • Coinbase Wallet - receiving, storing, sending cryptocurrencies.
  • Coinbase Pro is a standalone marketplace with smart and rich functionality.
  • Coinbase Earn tutorials. Lessons to get acquainted with the world of cryptocurrencies and trading. After completing the training, users receive a small amount of cryptocurrency.

Unlike others, the exchange only has a spot market, while margin trading is available only to Pro users. In addition, there is no futures trading.

Despite the leading positions among web3 projects and exchanges in general, Coinbase is not a universal solution. The exchange is aimed at a specific target audience.

Coinbase is the ideal solution for institutional traders. Special solutions have been created for them:

  • Coinbase Custody;
  • Coinbase Prime.

Both platforms are suitable for institutional-level trading and offer a separate service for the safe and secure storage of crypto assets.

5. BlockFi

FOUNDING YEAR: 2017
DESCRIPTION:  Centralized crypto lendings & APY deposits 

BlockFi is one of the best solutions for those people who don't like their money lying around. This is a centralized financial system (CeFi) that allows you to earn interest from holding assets. There is even an opportunity to issue a credit card, receiving cashback from purchases. True, for this you first need to leave a deposit. Thus, BlockFi guarantees itself financial security.

BlockFi is one of the giants of crypto lending. They provide loans in stablecoins, cryptocurrencies and US dollars. Clients are often large and small firms doing both online and offline business.

BlockFi Products

income deposits. Earn up to ~15% APY on yourcryptocurrency deposits. To make a deposit, you must go through the KYC procedure to verify your identity.

It is worth noting that the yield depends on the asset and the reserved volume.

Credits. BlockFi provides loans to secure your crypto assets. You can get a loan directly in USD, which is especially important for businesses and other offline organizations. The loan rate is 4.5%, which is on average lower than traditional US banks offer. There is a possibility of early repayment, without additional overpayments.

Credit card with bonuses. You can issue your own Visa Signature and pay for any purchases. For this you will receive 2% cashback in your chosen coin. You can use the card absolutely free of charge, without the need to pay for maintenance or issue.

Pros of BlockFi:

  • Convenient interface;
  • Favorable credit system;
  • Possibility to issue a card;
  • Full compliance with the law.

Cons of BlockFi:

  • Commissions for withdrawal of funds;
  • Centralized structure;
  • Support for a limited number of assethis,

Conclusion: the project is more suitable for legal entities and investors.

6. MakerDAO

FOUNDING YEAR: 2017
DESCRIPTION: crypto lending & stablecoin

MakerDAO is a unique decentralized lending platform built on the Ethereum blockchain network. The issuance of a crypto loan is carried out by registering a collateralized debt position (CDP) through the Oasis smart contract.

Immediately after the successful registration of the CDP, the borrower receives personal DAI tokens. This is a stablecoin, the exchange rate of which depends on the current exchange rate of the US dollar.

MakerDAO is also one of the first decentralized applications to become famous in the DeFi market.

The platform was created in 2018 on the basis of the Ethereum blockchain network. The project developers saw the development of a decentralized service and the creation of a protocol for issuing liquid stablecoins as the main goal.

It is a well-established system of smart contracts. Its economic structure is built on two tokens:

  • COME ON;
  • Maker (MKR token).

The first of these tokens is sold against the security of digital assets through the Maker (Oasis) protocol. As a result, customers of the service can maintain the liquidity of DAI by receiving a secure stablecoin in return.

The DAI price is supported by current stabilization fees, called Stability Fees, as well as the TRFM algorithm, which can change the size of the bet if the market starts to fluctuate.

The stable development of the MakerDAO protocol is also achieved with the help of the MKR token. It is used as a kind of smart contract resource of the system. MKR holders get access to protocol change voting (DAO Governance). Based on the results of the voting, the minutes are amended accordingly.

Users can vote on a number of parameters, including the rate of liquidation of collateral, the maximum amount of debt, the amount of fines and stabilization fees. Thus, the decision on the choice of the company's development vector is made directly by the community represented by MKR holders.

NFT & Metaverse.

7. Meta

FOUNDING YEAR: 2004 (Facebook),  re-branding – 2021
DESCRIPTION: Worldwide incorcoration

Meta is the largest Web3 company on our list. In fact, this is the familiar Facebook, but rebranded.

This rebranding was a major event for many media outlets. As noted in the company, this name was not chosen in vain: it illustrates the corporation's plans for development in the direction of the metaverses.

To fulfill their goals, Meta has partnered with Oculus to release a new VR headset called the Oculus Quest.

This is one of the few real developments that will help users get to know the metaverse as closely as possible.

Reality Labs (Meta) is a division of Meta that focuses on developing innovative software solutions for the Metaverse.

A striking example of their developments is Quest. Such equipment will soon become an essential tool for interactions in the space of augmented reality.

8. Guildfi 

FOUNDING YEAR: 2021
DESCRIPTION: web3 metaverse for gamers

GuildFi this is another thriving web3 company on our list. Its goal is to take the interaction of gamers with the Metaverse to a new level, greatly simplifying the use and increasing the final value for the end user. GuildFi brings together and empowers many of today's gaming communities. The project has its own token ($GF). Based on the ERC-20 standard.

Its market capitalization is currently $4.3 million.

GF coins can be obtained by exchanging for the following cryptocurrencies:

DAI, ETH and USDC

Before that, there were already attempts to create such projects, but users claim that it was quite difficult to navigate in them. All because of the complex and incomprehensible structure.

Players have to delve into the principles of operation already at the initial stages of getting to know the platform. It turns out that before learning how to play the game itself, players also had to deal with cryptocurrencies. As a result, such projects began to scare away most of the gamers.

GuildFi is open to users and strives to develop a homogeneous and understandable ecosystem of gamer communities in the metaverse. The structure now includes:

  • Gaming communities;
  • Investors;
  • NFT;
  • Games.

The development team sets itself the task of creating a single metaverse in which players of various games could exchange in-game resources.

At GuildFi, every gamer is valued. Therefore, by creating such a metaverse, they will enable players to exchange in-game resources, regardless of their type or quantity. This will help gamers become more mobile in terms of game selection.

At the moment, it is quite difficult for a player who has spent several thousand hours in one game to switch to something new, also due to the fact that he does not want to lose all the accumulated game experience and valuable in-game items. Given this level of player loyalty, developers don't always put in enough effort to release quality updates or add exciting new developments to the game's story. GuildFi will help partially solve this problem.

9. OpenSea

FOUNDING YEAR: 2017


DESCRIPTION: NFT marketplace

OpenSea is the largest marketplace for NFTs and other digital collectibles. Their total volume on the site is more than $100 billion.

OpenSea operates on the following blockchains:

  • Solana;
  • Klaytn;
  • Ethereum;
  • Polygon;
  • Decision.

Such well-known NFT collections as DeGods y00ts, CryptoPunks, Moonbirds, Pudgy Penguins, Bored Ape Yacht Club and many others are traded on their market.

OpenSea is a centralized marketplace used by a huge number of users to buy, sell and exchange NFTs.

In simple terms, the OpenSea platform is an online store with the richest and most exclusive range of NFTs.

On OpenSea you can buy:

  • Items from crypto collections;
  • in-game items;
  • Website domain names.

Today, OpenSea owns about 90 million tradable NFTs on its cross-chain platform.

10. DEFY

FOUNDING YEAR: 2017
DESCRIPTION: p2e game in metaverse

Mobile game DEFY was created specifically for earning NFT players. DEFY is built on the Polygon L2 platform, capable of immersing players in the metaverse.

It miraculously combines the features of the real and virtual worlds. DEFY's gameplay is built around a step-by-step code-breaking tutorial, during which the player can earn in-game items, travel through augmented reality, and explore the earthly world.

The DEFY gaming economy is based on the principles of sustainability and scaling into the future. It uses a two-currency model and many gaming assets. Players get access to various earning mechanisms, including passive and active ones. Users can start the game without any cash investment.

Several statuses are available to players: regular, premium, exclusive. Depending on the status, the player has an improved model for earning in-game currency.

In-game story.

Pop culture is woven into the DEFY structure, making it easy to create a Player VS Environment (PvE) story.

The operatives, along with the hacker guild, join forces to protect the metaverse from the evil oligarchy of Future Systems.

As the game progresses, participating in PvP and joining factions will increasingly involve the player in the in-game universe, gradually increasing the duration of the gameplay. At the same time, economic complexity will also grow.

FCOIN (Future Systems Coin) is the main game currency. This is a special points system that rewards players for completing certain actions and purchases made in the mobile app. It plays an important role in building a properly functioning economic model of the game.

11. Candy Digital

FOUNDING YEAR: 2021
DESCRIPTION: sports NFT collections & trading platform 

Candy Digital is a sports NFT startup that has raised about $100 million, with a $1.5 billion preliminary valuation.

Candy Digital works on the basis of the Palm blockchain, which was used by the company to set the minimum network fees.

Although the first Candy Digital NFT collection was based on Ethereum (with a minimum price tag of 4.5 ETH), OpenSea rated this solution as not the best for their Web3 business concept, all because of the network's high fees at the time.

In October 2021, Candy Digital launched its own token and NFT trading platform. The sale round was attended by such large investors as Athletes Syndicate, Softbank, Insight Partners and Chaos Ventures.

Team.

The startup was successfully launched in 2021 by Michael Novogratz (founder of Galaxy Digital), Gary Vaynerchuk (sole trader) and Michael Rubin (manager of an online sporting goods store).

Subsequently, Candy Digital has reached its peak of development, creating mass-market sports NFTs. Their most popular NFT collection was the Los Angeles Dodgers, which was dedicated to one of the main games of the MLB season.

After some time, the company decided to develop a beta version of a site with tools for trading tokens, with the aforementioned MLB as a partner.

Blockchain services provider.

12. Chainalysis

FOUNDING YEAR: 2014
DESCRIPTION:  Blockchain legit-checking platform

Chainalysis greatly simplifies control over the legitimacy of using cryptocurrencies, which is especially important for businesses or government regulators.

Today, one of the main problems of introducing cryptocurrencies into everyday life is the frequent use of digital assets in order to circumvent the law or launder money.

Chainalysis aims to create effective technologies for verifying the legitimacy of crypto transactions, which will increase the trust in decentralised finance from the public and regulators.

The project has its own headquarters in New York and provides services to more than 60 countries around the world.

Chainalysis is no longer a small crypto startup. Their services are used by governments of different countries, large financial corporations, insurance companies, stock exchanges, as well as other cybersecurity departments.

How does the service work?

The work is based on the principle of blockchain oracles. Oracles are a set of smart contracts that allow you to send and receive information from sources outside the blockchain.

Thus, each decentralized finance project connected to the oracle can be instantly checked for a ban on specific addresses from the sanctions lists.

As a SaaS, the project has its own API module for connecting to oracles.

Their software allows you to quickly and conveniently connect projects such as:

  • Exchangers;
  • Payment services;
  • Centralized marketplaces.

These and other platform tools help governments of different countries and financial institutions track transactions carried out through the blockchain. As a result, it becomes possible to effectively monitor the legitimacy of transactions and combat money laundering.

13. LexDAO

FOUNDING YEAR: 2019
DESCRIPTION: lawyers & developers DAO

LexDAO is a decentralized autonomous organization run by Wyo. The project brought together lawyers and blockchain developers whose goal was to create a legally secure crypto space to help individuals and legal entities feel secure.

Community members themselves describe the project as “not a law firm or even a corporation.”

They have combined TokenSoft ERC-1404 with Atpar ERC-2222 for their own regulatory token, which will pay out to the holders of the company's assets, according to their shares.

LexDAO is designed to ensure the reliability and full legitimacy of cryptocurrency transactions. The platform also provided for the possibility of disputes that arise during the voice.

MetaCartel Ventures, the investment arm of the DAO, is actively using LexSecurityTokenFactory tools to tokenize 20 investment products. This is a major step forward, since MCV is the same DAO, but with participants' assets (their total amount is about $10 million).

The LexDAO team announces plans to use the mentioned tokenization standard for all levels of security, as well as in the development of interfaces and to reduce network costs.

LexDAO engineers created their technology based on Ethereum -LexTokenizeto simplify the implementation of smart contracts. As a result of a thorough code review on etherscan, each issued token will have its own interface with customization options.

Similarly, the LexDAO team has developed a personal ToS token that is added to the tokens as an ipfs hash.

14. Secret Network

FOUNDING YEAR: 2017
DESCRIPTION: blockchain security provider 

Secret Network has a decentralized network of nodes that uses innovative privacy algorithms to ensure the anonymity and security of cloud computing.

The decentralized network of nodes runs in a secure environment (TEE) backed by delegated proof of stake or simply DPoS consensus.

Most decentralized finance (DeFi) protocols are built on smart contracts and run on the Ethereum blockchain.

The Secret Network cryptosystem serves as a platform for private DeFi projects that use Secret Network privacy mechanisms in their work. This includes, in particular, secure execution of environments or TEEs.

The platform also offers a host of services and tools, including private smart contracts, Secret Network Bridge, and staking.

The Secret Token Bridge provides users with the ability to convert a native SCRT coin into an interoperable SCRT token for later use on blockchain networks.

It is known that the vast majority of blockchains supported by smart contracts are public. The Secret Network uses strictly private smart contracts in its work, which have securely encrypted data (input and output) to guarantee their 100% confidentiality and security.

The developers of this platform believe that the privacy factor is the main key to the mass adoption and launch of Web3 and blockchain technologies into widespread use.

Private-style smart contracts combine many of the benefits of the ease of use of Ethereum smart contracts, the privacy of Monero, and the scalability of Cosmos.

As a result, the developers of Secret.Network managed to combine all these features, form a powerful platform for a new generation of Web3 applications that provide a new level of privacy.

15. Biconomy

FOUNDING YEAR: 2019
DESCRIPTION:  blockchain protocol API

Biconomy is another leading Indian startup in the Web3 space. This project is a cross-chain transaction protocol.

Sachin Tomar, Ahmed Al-Balaghi and Ankit Jindal are responsible for its creation.

The Biconomy protocol is available on most blockchains and aims to provide its API for many services. For example, on its basis, you can create a payment gateway of a decentralized type.

The main goal of Biconomy is to turn blockchain payments into the most accessible payment tool for every user.

In 2022, the developers of Biconomy managed to attract investments totaling about $9 million to their project.

This allowed the issuance of its own BICO token, market capitalization of which currently stands at 187 million dollars.

16. Arcana

FOUNDING YEAR: 2019
DESCRIPTION:  dApps tools & storage layer

Net Arcana also worth to be included in the top 3 Indian Web3 Startups Web3. This project was created in 2020Mayur Relekar, Abhishek Chaudhary andby Aravind Kumar.

The headquarters is located in Bangalore. In a short period of operation, the platform managed to raise about $2.3 million. One of the main tasks of Arcana today is the formation of the XAR community and the improvement of the platform on the Ethereum blockchain.

Arcana's main goal is to develop innovative tools and data storage for web3 developers.

The founders of the project are confident that Arcana is able to open up new opportunities for developers in terms of secure and reliable decentralized data storage and development of Startups,lized Web3 applications.

Dev tools platforms.

17. 0x

FOUNDING YEAR: 2017.
DESCRIPTION:  open-source blockchain protocol.

0x protocol is one of the conceptual embodiments of the third generation Internet. Not so long ago, DEXs that came to replace traditional centralized crypto exchanges made it possible to look at the exchange of tokens in a new way.

0x went further and developed a product that will allow users to create their own dApps or decentralized exchanges using a standard set of tools.

Cases of hacker attacks with theft of funds on centralized exchanges are not uncommon, so storing your own funds, and even more so business assets, is not so safe on CEX, despite the constant improvement in protection levels.

The development of a personal decentralized exchange can be an excellent opportunity to create the most secure trading business space with a high transaction speed. It is also important that decentralized exchanges do not allow influence on the course of trading by its owners.

All 0x members get unlimited access to features and tools to create and launch new applications for trading and exchanging cryptocurrencies. There are also available tools that allow you to create applications for OTC trading with ERC20 tokens.

The creators of 0x are working hard to improve and expand the current set of protocol tools that will help enthusiasts create more and more useful decentralized applications for the community. The current functionality already allows you to create full-fledged decentralized crypto exchanges and issue your own tokens.

To create a token, it is only necessary to determine its main technical and economic parameters, such as the issued volume, quantity, initial price, etc.

18. Alchemy

FOUNDING YEAR: 2017
DESCRIPTION:  blockchain platform for dApps

Founded in 2017,  Alchemy continues to improve software solutions for blockchain developers. Here you can create scalable decentralized applications using integrated tools. At the same time, developers will be freed from many routine processes. For many template tasks, you can find ready-made solutions.

The platform allows you to scale products such as:

  • NFT;
  • Wallets;
  • DeFi platforms;
  • Games;
  • Blockchain tools;
  • Web2 applications.

Alchemy's principle of operation is similar to what the well-known market giants - Amazon and Apple used to do, creating special platforms for developers to ensure comfortable and safe work in the cloud, on a personal computer and mobile phone.

Similarly, the Alchemy team has unveiled a project that makes it easier for developers to interact with modern blockchains.

The Alchemy software toolkit is a ready-made set with which you can quickly and easily scale decentralized applications, primarily based on the Ethereum blockchain. By applying them, developers can quickly solve complex and multi-layered problems.

The main distinguishing feature from other similar platforms is the support for L2 networks.

Although the Ethereum blockchain became the ancestor of decentralized applications and finance, its speed, high network fees and poor scalability (before the transition to PoS) did not meet modern requirements. Ethereum was often not suitable for running large decentralized projects with high transaction throughput while maintaining low network fees.

The solution to the problem was add-ons in the form of L2 networks, which almost did not have the problems listed above.

Alchemy supports many well-known L2 blockchains, including:

  • Optimism;
  • Polygon;
  • Solana;
  • Decision;
  • Crypto.org;
  • Starknet;
  • Speed.

Many currently popular blockchain projects have been developed using Alchemy services. You may have already heard about many: Radar Relay, Axie Infinity, Augur, Kyber, Cryptokitties. 

Including large NFT trading platforms: NBATopShop, OpenSea, SuperRare, Dapper Labs. 

Today, Alchemy's clients include Coinbase, PwC, Adobe, and other large firms.

19. Polygon

FOUNDING YEAR: 2017
DESCRIPTION:  Layer 2 blockchain network

Polygon is one of the most famous second-level (L2) blockchains built on ethereum. Over the past two years, Polygon has become an integral part of all known Web3 applications and Platform.

With high transaction speeds, compatibility with erc-20 addresses, and low network fees, Polygon has long been an alternative for ERC-20 token holders when gas fees on the Ethereum network could be $100.

This network appeared as another Indian crypto startup. Among its developers are Indian entrepreneurs Jayanti Kanani, SandipNailval and Anurag Arjun.

Polygon was aimed at quickly and efficiently solving a number of large-scale problems. Features of the architecture and functionality of the blockchain provided the creators of the platform with ample opportunities for developing decentralized services and applications based on it.

20. Covalent

FOUNDING YEAR: 2017
DESCRIPTION: Blockchain data analytics

Covalent is a multichain protocol that provides access to an archive of blockchain records. Such development can become an integral tool in the design of new large-scale decentralized solutions. Often, developers need to explore a lot of network data to solve specific problems.

The rapid development of blockchain technologies leaves behind huge amounts of data. It is not possible to obtain information in a structured and standardized form in the shortest possible time; additional manual data processing is often required. Covalent aims to solve this problem.

Covalent is a multichain protocol with an API that allows you to access the entire database. As stated, the protocol managed to index historical data almost from the very beginning of blockchain development.

Where can Covalent be used?

Such a product is always aimed at a narrow audience: developers, regulators, corporations. This is clearly not a solution that we may need in everyday life. However, Covalent already allows you to:

  1. Improve wallet performance
  2. Create a tax system
  3. Monitor the market

Such projects allow large corporations to create innovative products to improve the quality of life through the use of big data (Big Data).

FAQs

What are Web3 Startups?

Web3 startups are new projects of enthusiasts designed to contribute to the development of decentralized finance by developing an innovative product or platform. Such crypto startups, unlike traditional ones, are carried out through ICO, IEO, IDO, IGO and other forms of decentralized finance.

Financing of Web3 startups is carried out by selling tokens in several rounds. The price and the maximum amount of tokens for purchase may vary depending on the round of the token sale or the status of the user on the launchpad/exchange.

Crunchbase reports, now there are more than 15 thousand companies in the world of cryptocurrencies, many of which started as crypto startups.

What are Indian Web3 Startups?

India is one of the countries with the largest number of developers, which is also true for the cryptocurrency industry. Cryptocurrencies in India have long become mainstream, and the number of startups created within India is growing every year. The peak was recorded in 2022.

Here are some famous Indian web3 startups:

  • Polygon;
  • Arcana Network;
  • Biconomy;
  • LegicDoc;
  • Lighthouse Storage.

Conclusion

The global focus on the world of cryptocurrencies and decentralized finance has given birth to a new generation of the internet called Web3. Already today, we can observe that the advent of the third generation Internet has made a splash in the startup market. Their number is growing every day, which creates an effective competitive environment that contributes to the emergence of truly useful products for users.

At the same time, the number of investments is also growing. As we wrote above, over the past 2022, the amount of investment in web3 amounted to $7.1 billion, exceeding the result of last year by 273%! It can be assumed that the industry is experiencing its peak of development, despite the bear market. Against the backdrop of all the attention and optimism, there are great opportunities to launch your own web3 startup.

For a successful launch, you must have the appropriate knowledge and professional skills. Even if you are confident in the quality of your product, this may not be enough. We recommend that you seek help from professionals who, due to many years of experience, thoroughly know the rules of the game in this market. For this, you can use blockchain consulting for web3 companies

As a result, you will be able to focus on the complex development of your product, minimizing the risk of marketing errors, which will help minimize risks, save money and attract more investment.

 

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