Bittime – Powerloom, a network designed for Composable Data, further increases blockchain data accessibility with expansion to the Base ecosystem and the launch of over 5,200 Snapshotter Lite Nodes.
The expansion was marked by the launch of the first mint node on Base, an Ethereum Layer-2 scaling solution developed with support from Coinbase.
Along with this expansion, Powerloom also managed to print more than 5,200 Snapshotter Lite Nodes.
This demonstrates Powerloom's strong commitment to increasing the utilization of actionable on-chain data across Layer 1 and Layer 2 networks.
Easy Snapshotter Lite Node Setup
With this strategic move to Base, Powerloom introduces the first opportunity for Base users to mint node data.
This opens up new avenues for users to engage with on-chain data. This expansion will change the way data is collected and utilized in the ecosystem base.
Powerloom's advantage lies in the ease of setting up Snapshotter Lite Node with just one click, without requiring special infrastructure, making it easier for user participation.
Swaroop Hegde, Co-founder of Powerloom, emphasized the importance of this development: “Reaching over 5,200 Snapshotter Lite Nodes is a testament to the confidence and growth of Powerloom's mission.
Our expansion into the ecosystem base marks an important milestone in the growth of the technology and community. This step is critical as we continue to make on-chain data access more democratic. This is just the beginning of an exciting journey."
This expansion includes technical optimization and integration of solutions such as Optimism Stack, along with better participation opportunities for Snapshotters in various data markets within the ecosystem base.
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Data Snapshots and Markets
Snapshots are collections of on-chain data collected by the Snapshotter Lite Node from various data markets, primarily focusing on DEX token pairs/pools such as the USDC-ETH pair on platforms such as Uniswap (V2) and Aave.
These Snapshotters are the cornerstone of the Powerloom ecosystem, collecting valuable data from blockchain and on-chain data markets. The Lite version of Node is designed to be easily accessible and requires minimal technical expertise.
Over the past month, the Powerloom network has generated more than 250 million snapshots, with daily output increasing to around 10 million snapshots. This shows the scale and impact of their operations.
Powerloom has become the premier source for broad, scalable, and trusted data sets, ideal for the development of data-rich products such as dashboards.
The integrity and reliability of network participants ensure the accuracy and thorough validation of every data, offering developers a strong foundation for building applications with confidence.
Powerloom data marketplace offers precomputed, validated, and easily accessible APIs for DeFi protocols and smart contracts, serving a wide range of use cases.
As Powerloom continues to expand its capabilities and ecosystem partnerships, the future looks bright.
With plans to expand its reach further into Base and other Layer-2 solutions, along with technical improvements and greater participation in the data market, Powerloom is poised to remain a leader in the blockchain data infrastructure sector.
About Powerloom
Powerloom is known as the leading protocol for on-chain data, addressing the dynamic data needs of smart contract-based applications, including DeFi, GameFi, NFTs, and more.
The platform encourages peer-to-peer participation to reach a consensus on state transitions and event emissions across smart contracts.
By unlocking the potential of on-chain data, Powerloom enables developers to build sophisticated dashboards, smart bots, advanced aggregators, and insightful trackers with a focus on data integrity and adaptability.
Every data point in the Powerloom dataset is peer-validated, consensus-backed, and available on IPFS, ensuring unmatched transparency and trust.
Powerloom Opportunities and Challenges in the Future
Powerloom's expansion to Base offers various exciting opportunities but also comes with challenges that need to be faced.
1. Opportunity
- User Base Growth: A rapidly growing Ecosystem Base could be a potential source of new users for Powerloom. Base users who are interested in on-chain data will be facilitated by the presence of Powerloom on the platform.
- Increased Data Volume: The more users participate in the Powerloom network via Snapshotter Lite Nodes on the Base, the greater the on-chain data volume generated. This will make the Powerloom data set even richer and more valuable.
- Strategic Collaboration: There will most likely be strategic collaboration between Powerloom and other projects and protocols in the ecosystem base. This kind of integration can drive innovation and wider adoption.
2. Challenge
- Competition: As on-chain data becomes increasingly important, competition in the blockchain data infrastructure sector is also becoming fiercer. Powerloom needs to continue to innovate and improve its services to maintain a competitive advantage.
- Network Decentralization: One of Powerloom's main focuses is network decentralization. Integrating Snapshotter Lite Node into a relatively new ecosystem base brings its challenges in ensuring long-term decentralization.
- Data Market Adoption: Powerloom needs to work on increasing its data market adoption. As more developers take advantage of the APIs Powerloom offers, the utility and overall value of the network will increase.
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Conclusion
Powerloom's expansion into Base is a strategic move with great potential to strengthen its position as a leader in blockchain data infrastructure.
By taking advantage of existing opportunities and overcoming the challenges faced, Powerloom can continue to grow and develop into a trusted and easily accessible on-chain data source for developers around the world.
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