Sentio XYZ, an end-to-end observability platform to help you gain insights, secure assets and troubleshoot transactions for your decentralized applications today announced that it has raised $6.4 million in funding to bring modern observability to decentralized applications.
Lightspeed Venture Partners led the round, with participation from industry heavyweights Hashkey Capital, Canonical Crypto, Essence VC, and GSR Ventures. The term “citizenship” refers to the practice of gathering information from a variety of sources in order to create a more comprehensive understanding of the world’s population.
A DApp’s entire backend infrastructure is comprised of smart contracts. Smart contracts are more mission-critical than Web2 counterparts because they frequently handle user assets directly and are more vulnerable to exploits due to their openness and composability. While Web2 observability solutions like Datadog and Elastic are widely available, Web3 observability solutions are scarce and fragmented.
As a result, DApp developers are forced to develop and host in-house solutions, cobble together fragmented third-party tools, or, in many cases, run their DApps without adequate monitoring and visualization.
According to Fortune Crypto, cybercriminals stole over $3 billion from crypto networks and protocols in 2022, nearly doubling the $1.55 billion stolen in 2021. $718 million was stolen from decentralized finance protocols in October 2022 alone.
Sentio provides bespoke and flexible on-chain data collection engine for building dashboards that can’t be built on other platforms, according to Blake West, co-founder and CTO of Goldfinch. Meanwhile, Alejo Pinto, Founder of Pontem Network, highlighted how the team uses Sentio’s API to spin up a stat page that the entire community can benefit from, adding that they are a data-driven team and set high bars when it comes to observability solutions for their DEX.