In an intriguing move amidst volatile crypto conditions, Alchemy, a dominant player in the web3 developer infrastructure and boasting a valuation of $10.2 billion last year, has successfully incorporated Satsuma into its realm. Satsuma, a standout in blockchain data indexing, will now enrich Alchemy's portfolio under the name "Alchemy Subgraphs."
Despite the prevailing bearish sentiment in the crypto arena, this acquisition is not a reactionary measure. Mike Garland, Alchemy's insightful product manager, elucidated to The Block that this decision pivots solely around Satsuma's exceptional product and its passionate and growing user community. He nostalgically equated this to Alchemy's initial journey, highlighting that integrating Satsuma was a natural progression in Alchemy's mission to eradicate development hurdles.
This isn't Alchemy's maiden venture into acquisitions. They made headlines last year by taking under their wing ChainShot, a revered web3 developer education platform.
So, what makes Satsuma tick? As a pivotal entity in blockchain data indexing, it empowers developers to turbocharge app creation. The complexities of crafting a successful blockchain-based app are manifold. For instance, to compute metrics like the total value locked of a decentralized finance protocol, developers embark on the arduous task of systematizing and updating blockchain transactions. Satsuma revolutionizes this, making the process more intuitive and cost-effective.
A testament to Satsuma's prowess is its impressive seed funding of over $5 million, spearheaded by industry giants Initialized Capital and Archetype. With a powerhouse team of six, all are set to transition to Alchemy, enhancing its talent pool.
Jonathan Kau, the visionary co-founder and CEO of Satsuma, expressed his enthusiasm about the union. For him, it's a blend of two entities determined to redefine blockchain indexing and democratize the decentralized internet landscape. This collaboration with Alchemy propels them further into achieving this monumental vision for the web3 ecosystem.
