Crypto Research Platform Evolution

Jason describes building a crypto research and analytics platform (Blockworks Research) that provides institutional-grade information about crypto protocols, treating them as businesses rather than esoteric entities. The platform evolved from simple research reports to a comprehensive data analytics solution.

Key Points:

• Initial Product - Research Reports:

  • Started with analysts writing 10-page reports on crypto protocols
  • Focused on protocol performance, metrics, and analysis
  • Priced at $25-100 per month initially
  • Cost about $1M to build with 8 analysts and engineers

• Evolution to Data Platform:

  • Aggregated protocol governance information
    • Manually scraped forum discussions and proposals
    • Built database and frontend interface
    • Later automated these processes
  • Added analytics product for protocol metrics
    • Track revenue across different protocols
    • Compare user metrics between exchanges
    • Monitor protocol financials

• Market Opportunity:

  • Similar to successful information platforms:
    • Politico Pro (sold for $1B)
    • Refinitiv (sold for $27B)
    • Bloomberg Terminal ($9B in subscription revenue)
  • Targeting institutional investors allocating to crypto
  • Focus on treating protocols like businesses (e.g., MakerDAO doing $100M revenue)

• Business Model:

  • Subscription-based access to research and data
  • Converting small percentage of media audience to research platform
  • Following Bloomberg's model of starting with one asset class and expanding