Alchemy offers free products to the public, aims to boost the Defi Ecosystem

Blockchain infrastructure provider Alchemy has announced it will offer all its products to the public for free, in order to boost DeFi ecosystem.

By · Aug 12, 2020 . 4min read

Alchemy grows Defi ecosystem

Almost all DeFi projects rely on a third party to access blockchain data. The Defi Protocols like MakerDAO, 0X, and nearly 70% of all DeFi projects rely on Alchemy to access nodes. This amounts to nearly $2.8 billion worth of assets.

For the last two years Alchemy has only served a closed group of projects. Now, it has opened up its entire range of products to the public in an attempt to make DeFi projects more accessible. Alchemy is one of the three main infrastructure providers in this space. The others are Bison Trails and Infura.

Dapper Labs CEO, Roham Gharegozlou explained that his company relies on the services of Alchemy for ‘managing infrastructure’ and ‘enterprise-grade tools and support’. It is often the case that DeFi projects will use all three infrastructure providers mentioned above simultaneously.

These projects use the infrastructure to access distant hardware which is typically owned by Google or Amazon. Alchemy also provides tools that allow developers to easily use blockchain data. This allows the DeFi projects to focus on the retail aspect of their businesses.

Alchemy’s CEO, Nikhil Viswanathan had the following to say:

“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. We are a pipe to a decentralized network, there are other pipes and people can use whatever pipes that they want.”

DeFi has had a remarkable year in terms of growth. Last year, Alchemy alone facilitated $7.5 billion worth of on-chain transactions. While these numbers are huge, the entire DeFi community is made up of only a few hundred people. One of the aims of Alchemy through its release of services to the public is to increase the size of this community.

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