Nakji Network Indexing Protocol Raises $ 8.8 Million in SAFT Funding

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Nakji Network, an indexing protocol for organizing blockchain data, raised $ 8.8 million in a funding round.

The funding was secured through a sale of Simple Agreement for Future Tokens (SAFT), Nakji co-founder David Kim told The Block. Animoca Brands, CMS Holdings, Primitive Ventures, One Block, Panony and others supported the round. There was no lead investor, Kim said.

With new capital on hand, Nakji is looking to expand its team from 9 to around 30 by hiring more engineers and business development staff, and publicly launching its protocol in the near future, Kim said.

Nakji is an indexing protocol for querying blockchain data that allows the creation of decentralized applications or apps. The protocol can be considered similar to The Graph, which launched last December after several years of development.

Kim declined to comment on how Nakji is specifically different from The Graph, but said, “We’re the answer to getting blockchain data quickly and easily from anything Web 3.0, and our mission is to eat. all the world’s blockchain data. “

Nakji is designed to support any blockchain, not just Ethereum, said Allie Zhang, another Nakji co-founder. The Graph is also blockchain independent and currently supports Ethereum, the Interplanetary File System (IPFS), Polygon, Polkadot, NEAR, Solana, and other networks. Nakji currently supports more than 15 blockchain and sidechain networks, Kim said.

The idea behind indexing protocols is to retrieve data from blockchains because blockchains themselves do not have a query language. The Graph, for example, uses the GraphQL language to index and query data stored on blockchains.

“Nakji is fast becoming a major contributor to Web3 data indexing,” said Kevin McCordic, investment portfolio analyst at CMS Holdings. “Access to data is a vital infrastructure in the blockchain space – building the query layer is one of the last frontiers to cross for a multi-chain universe to reach its potential for impact.”

The Nakji protocol is currently available privately, Kim said, adding that it is expected to be available to the public in the first quarter of 2022.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.


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