Nansen admits neglecting DeFi plans during the NFT craze

August 4, 2022 Coin Telegraph

Nansen has registered over 130 million addresses and has grown 30% despite the crypto downturn in 2022.

Despite the general downturn in the cryptocurrency markets throughout the year, Ethereum (ETH) blockchain analytics platform Nansen has continued to report impressive growth numbers.

CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered over 130 million addresses and has grown 30% despite the crypto downturn. Svanevik credited much of his success to the value of blockchain platforms, notably those based on Ethereum.

Cointelegraph reached out to Nansen's Andrew Thurman for more insight into the company’s success. Thurman, a Simian psychometric enhancement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized it would be a big area for the company and became its most popular section. He added:

"As a result, I think we neglected our DeFi plans a bit. However, we’re really focused on strengthening that again and balancing that out with NFTs. We had to realize that our aim to be the Super App of Web3 meant NFTs are important, but they aren’t the only important thing."

With Nansen's client base continuing to rise, Thurman added that the firm is definitely seeing a shift in favor of business clients (B2B). He explained that at the end of the year, Nansen will most likely have more B2B earnings than individual sales, which was precisely the opposite last year. As a result, Thurman said that Nansen must change their approach if they want to expand and satisfy the increasing user demand.

On its growth plan, Thurman spoke about the platform's creation of a new yet-to-be-launched portfolio product that will allow customers to keep track of their assets across 40+ blockchains and over 400 DeFi platforms in addition to the recently announced research project dubbed Alpha.

When asked what advice he would give to other firms wanting to follow in their footsteps, Thurman responded:

"Cryptocurrency is an industry experiencing 0-to-1 uptake in terms of users, use cases and market cap. It’s a massive new playing field where winners can emerge."

Founded in 2020, Nansen is a blockchain analytics platform for crypto experts and investors that tracks data and research on Ethereum and other blockchains. Aside from research, Nansen is also recognized for index aggregates such as the NFT-500, which track the performance of the top 500 ERC-721 and ERC-1155 token collections on Ethereum. Last year June, Andreessen Horowitz invested $12 million into the company.

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Bitcoin mining

Burfa intends to purchase new cryptocurrency mining equipment from Bitmain to boost its data-center capacity.

Estonian technology conglomerate Burfa is turning to Bitmain to supply key cryptocurrency mining infrastructure to its Narva-based data center, offering a glimpse into the arms race underway for high-performance computing resources.

The $26 million agreement will allow Burfa to double its data-center capacity and secure a steady supply of processing equipment over the coming months. The industrial sector is facing an acute shortage of specialized GPUs and SSDs as more of these resources get gobbled up by crypto-intensive firms that are ramping up Bitcoin (BTC) mining during the bull market.

Burfa will start receiving the new equipment as early as summer, the company announced Wednesday.

"There are clear limits to hardware production and this contract places us among a dozen or so major clients in the world who could secure such a large volume of additional resources,” said Ivan Turygin, the chairman of the board at Burfa. “All others will have to wait until the supply chains are restored back to normal or pay a lot more for the equipment on the secondary market.”

He also said that growing cryptocurrency adoption, as evidenced by the now $1.7 trillion digital-asset class, will serve as a boon to Burfa’s expansion plans moving forward.

Burfa was founded in 2013 as a developer of cryptocurrency mining equipment. The company pivoted to high-performance data centers in 2017 before migrating its operations to the Enefit Technology Park, which is the largest in Northern Europe.

Du Shisheng, the vice president of Bitmain’s mining division, spoke about his company’s long-standing partnership with Burfa:

"The Burfa Group companies have been our long-term and trusted customers. This is also the basis for the current contract, ensuring that Burfa gets state-of-the-art and most efficient technology for developing their high-performance data centers.”

Bitmain is one of the world’s largest makers of crypto mining equipment. The company filed for a public listing in September 2018 but didn’t follow through with its plans. At the time, a publicly-listed Bitmain was earmarked to be worth up to $50 billion.

data center