Quick take:

  • Web3 infrastructure remains fragmented as blockchain companies continue to push for interoperability.

  • Startups are launching solutions aimed at enabling cross-chain interoperability.

  • Others are building ecosystems that bridge web2 and web3.

The web3 infrastructure space has become one of the hottest segments of blockchain technology. Startups are jumping into the crypto market to offer services that facilitate the development of web3 products.

Essentially, blockchain infrastructure companies offer Platform-as-a-Service (PaaS) to builders of the web3. This space has become popular among web3 companies looking to pivot to web3, as it enables them to launch web3 products without building their own blockchains from scratch.

On the other hand, established web3 companies are collaborating with blockchain infrastructure startups to enable cross-chain interoperability, allowing users to utilise their digital assets across multiple platforms.

One of the latest companies to dive into the web3 infrastructure space is the developer tooling startup Tenderly. The company is joining the likes of Alchemy, Oasys, and ConsenSys-owned Infura.

Tenderly is building a new product called Web3 Gateway, which it describes as a blockchain tool that will help developers to read, stream and analyse blockchain data.

This is another vertical of the web3 space that blockchain infrastructure providers are looking to address, amid the rapid growth of the sector. Web3 businesses need on-chain data to make informed decisions. Web3 Gateway enables node operators to develop interfaces and analytics tools that informative data for their users.

Alchemy’s supernode API is widely used for better monitoring and analytics, while ConsenSys’ blockchain development tool kit Infura has already attracted more than 430,000 developers, in the process overseeing over $1 trillion worth of ETH transactions.

Mainstream companies are also using the operator nodes approach to gain access to web3 tooling, with Oasys recently welcoming Japanese gaming giant Square Enix in a growing list of node validators that also include Bandai Namco Research, Sega, Ubisoft (which has a similar partnership with Tezos), Netmarble, WeMade, Com2uS and Yield Guild Games.

Validator nodes provide consensus for the verification and maintenance of records of transactions within an ecosystem.

Some of the processes involved in verifying and confirming records via a voting mechanism can be lengthy, leading to inefficiencies in operations but Tenderly claims its Web3 gateway tool is built differently.

“Unlike other nodes, Tenderly Web3 Gateway is tightly integrated with the rest of the Tenderly development platform, eliminating development, test and infrastructure silos from your dApp building process and helping smart contract developers save time and costs,” Tenderly CEO Andrej Benčić told TechCrunch.

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The post Web3 Infrastructure is Becoming a Congested Space as Competition Intensifies appeared first on NFTgators - NFT News and Insights.