Bitquery review: Actionable and insightful blockchain GraphQL APIs

Bitquery review: Actionable and insightful blockchain GraphQL APIs

Bitquery is a blockchain data company providing a variety of data products that allow users to analyze, index, and store blockchain data in a unified way. The Bitquery team recently got a $70k grant from Everscale, so let’s find out more about the service and how this collaboration will benefit the entire ecosystem.

In a nutshell, Bitquery indexes data from about 40 blockchains and then makes it easy to retrieve it through its GraphQL APIs. The team created its own Explorer, a showcase for the APIs, and it also has a GraphQL IDE, where users can create queries, test, save, and share them, and visualize the data at the same time.

A quick overview of Bitquery’s APIs

Bitquery has a GraphQL layer for pulling all kinds of blockchain data; however, it has created several vertical-specific APIs, such as:

  • Decentralized Exchange APIs (DEX API)
  • A crypto surveillance vertical (Coinpath API)
  • A fintech data vertical (Digital Assets APIs)

DEX APIs pull all sorts of data from all the chains related to DEX activity in real-time. They can be used to analyze DEX markets, build charts, get analytics, and find arbitrage opportunities.

Meanwhile, the Coinpath API is mainly focused on compliance, investigation, and surveillance, thanks to its use of a sophisticated mathematical algorithm and machine learning. It’s a money flow API, with which you can follow the money on a blockchain. Most of the time, it’s used by compliance companies and investigation companies.

The Digital Asset APIs are designed to provide indexed information on all major cryptocurrencies, and soon you will be able to see EVER in this list!

Digital Asset APIs can be used by various types of businesses and individuals. Some tax companies and wallet portfolio companies use them. Then there are the normal Smart Contract Event API and Method Сalls API, as well as different types of generic blockchain data that can be used by DeFi products or any other products to pull up data, so they don’t need to index blockchains themselves. All they need to do is get the index data and then transform it based on their own applications requirements.

Bitquery currently serves between half a billion and a billion APIs per month to its customers. Some of these customers are very large. All Bitquery users get 100,000 points every month to test the service, which in some cases is enough to launch a small application.

What are the practical uses of Bitquery’s APIs?

One of the most common scenarios is getting and building all sorts of analytics that are unique to each dApp. In general, it’s worth noting that Bitquery APIs can be used to get all sorts of data related to a smart contract, and then mix it up. So, depending on the nature of the dApp, for example, you can see what’s happening on the smart contract, how much money is coming in, how much money is going out, who is transferring it, and where they are transferring it to. You thus get access to how users are using your dApp and what’s happening on it.

Plans with Everscale

Thanks to this collaboration, Everscale will have access to detailed statistics on the use of decentralized applications on the network. Bitquery indexes absolutely the entire chain (which, by the way, very few companies do) so that any user/dApp can get instant access to any data. As a result, it becomes possible to track usage metrics for the network and individual dApps on Everscale.

In addition, Bitquery has many important matrices that are represented in its Explorer, such as transfers occurring, usage, gas, analytics, and the like, which will also become available to the Everscale ecosystem.

In the near future, it will be possible to create a dashboard for each application, which can be displayed to the end-user in its interface. It will also be possible to create your own queries to see how your project or blockchain is performing, which is great in terms of being able to understand what is going on directly through the lens of data rather than something else.

As part of the grant, the team has already started integrating Everscale into Bitquery and indexing all of its data. As soon as all the data is indexed, Bitquery will incorporate it into all of its existing products, and then into all future projects. As long as there are no significant challenges related to the chain’s architecture, the team plans to finish the integration in Q3 of 2022.

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