Alchemy Goes Public With Developer Platform in Bid to Grow DeFi Ecosystem

Blockchain infrastructure startup Alchemy, which helps decentralized finance projects run or access nodes, just launched its full suite of products to the public, after a two-year closed beta serving teams including MakerDAO and Kyber Network.

DeFi projects like MakerDAO, 0x and others all use Alchemy's solutions to access Ethereum blockchain data, rather than run their own nodes.

Alchemy CEO Nikil Viswanathan said more than 70% of top Ethereum applications and more than $2.8 billion worth of assets locked in DeFi rely on Alchemy for access to blockchain data.

"We've replaced all the infrastructure providers for most of them," Viswanathan said, referring to "Hundreds" of Ethereum startups that pay for Alchemy's software services.

Dapper Labs CEO Roham Gharegozlou, said in a press statement his startup relies on Alchemy for "Managing infrastructure," plus "Enterprise-grade tools and support," so the team can focus on shipping code.

Developers pay startups like Infura and Alchemy for access to distant hardware and tools to easily use blockchain data.

"Right now, building with blockchain, it's like trying to build a skyscraper with a hammer and a shovel. Alchemy is bringing the construction equipment so it's easier to build things," Viswanathan said.

"As the de facto standard in blockchain, Alchemy already powers the most sophisticated teams," investor Paul Veradittakit of Pantera Capital said in a press statement.

Both Alchemy co-founders graduated from Stanford University and attracted investment from their alma mater as well.

"Our mission is to make blockchain development accessible to every developer," Viswanathan said, describing the newly public beta.