Nexo lowers Debug & Trace costs by 5X+ with Elastic Business data profile

Petar Stoykov

March 13, 2024 in Customer stories

Empowering DeFi by bridging traditional banking and blockchain technology.

Embracing Chainstack’s cutting-edge blockchain infrastructure has empowered Nexo to significantly enhance operational efficiency and innovation. By leveraging this reliable platform, we’ve unlocked unparalleled access to blockchain services, aligning with our vision of a more accessible and secure digital ecosystem. Together, we’re setting industry benchmarks, demonstrating the transformative potential when technology meets ambition.
Dimitar Bratovanov, Product Manager, Nexo

At Chainstack, our job is all about making new connections—connections that allow us to push the boundaries of what’s possible in the world of blockchain. As a vital partner to pioneers like Nexo in the digital assets landscape, we at Chainstack take immense pride in our collaborations.

Nexo, a renowned global institution for digital assets in the field of digital finance, has committed itself to advancing professional services in the sphere since 2018. Trusted by millions, it enables users across over 200 jurisdictions to capitalize on the potential of their crypto assets.

Alongside these services, Nexo also offers a comprehensive crypto trading platform, a practical solution for staking crypto, an uncomplicated approach to buying crypto using a credit card, and numerous other offerings tailored for novice and seasoned developers alike.

How does all this happen behind the scenes? Let us take you on this exciting journey!

Why Nexo chose Chainstack as its infrastructure partner

When Nexo began evaluating different data providers, they were keen to find a robust solution that would fulfill their expanding blockchain infrastructure needs. With the expectation of finding a robust and reliable partner to support their diverse blockchain requirements, Chainstack emerged as the right choice.

Our potential to provide Nexo with the ability to manage high-volume archive and full node requests across multiple blockchains was especially convincing. This was especially crucial because Nexo’s challenge lies in finding a provider that enables extensive tracking of on-chain activities on various chains with structured and transparent pricing.

One of the standout features that seemed to resonate with Nexo from the beginning was our capacity to manage high-volume requests across multiple blockchains, minus significant downtime. They also appreciated the flexibility of our offerings, allowing them to scale and upgrade nodes as per demand, coupled with extensive protocol coverage, and a competitive and transparent pricing structure, further solidified our partnership with Nexo.

Nexo on Chainstack in numbers

Our partnership with Nexo has been marked by significant milestones and numbers that go on to emphasize the effectiveness and stature of our association.

Nexo, with its high demand and growing implementation of blockchain technology, deploys a significant eight active Global Nodes with us at Chainstack. These nodes are of utmost importance in managing the large volumes of archive and full node requests that Nexo processes. In numerical terms, this accounts for a staggering 232.3M archive node requests and 40.4M full node requests.

Nexo’s operations through Chainstack predominantly utilize the Avalanche, BNB Smart Chain, Ethereum, and Polygon protocols. This diverse protocol integration facilitates efficient tracking of on-chain activities across these blockchains, managing a significant number of requests: 1.2M on the Avalanche protocol, 104.6M on BNB Smart Chain, 38M on Ethereum, and 128.9M on Polygon.

Our work with Nexo demonstrates our commitment to providing Web3 developers with high-performing and cost-efficient blockchain infrastructure. Processing an average of 11.4M debug_traceBlockByNumber, 4.3M eth_getBlockByNumber, and 4.2M eth_getBlockReceipts requests over the last quarter, we have delivered utmost value for Nexo with every call.

Figure 1: Nexo full and archive node RU allocation

Our Business plan, priced at $349, offers immense savings compared to Alchemy’s $11,018 Scale plan and QuickNode’s $2,132 Business plan. This highlights our solution’s cost efficiency, being 30X more affordable than Alchemy and 5X more than QuickNode, underscoring our focus on delivering quality at scale.

Figure 2: Nexo data profile price comparison; Source: Chainstack

These numbers underscore the seamless symbiosis between Chainstack’s reliable and robust offerings and Nexo’s expanding digital asset operations. It further fortifies our commitment to catering to Nexo’s ongoing needs and ensuring its steady growth in the vast crypto and blockchain industry.

What is Nexo?

Nexo was established in 2018 and is a leading global institution in digital assets. With vast experience in FinTech and innovative capabilities of blockchain technology, Nexo helps millions of people to unlock the potential of their crypto assets, contributing to the development of an improved ecosystem. Spanning over 200 jurisdictions, Nexo has more than 7M users, and its influence in the crypto space is ever-growing.

By processing over $130B in just over five years and supporting 60+ cryptocurrencies, Nexo empowers its users to buy and grow their digital asset portfolio securely. Coupled with a security-first approach and a sustainable model, Nexo presents a robust platform for any crypto-enthusiast.

Starting off as a crypto lender, Nexo has grown its capabilities into a 360º service for digital assets which includes yield on assets, a full-fledged crypto exchange, and of course, crypto-backed credit with rates as low as 0% APR.

Nexo offers a simple and smooth on-ramp to the world of crypto via its Buy with Card functionality. Users can instantly fund their accounts and earn up to 16% p.a. via various top-up methods such as Visa, Mastercard, or through on-chain crypto transfers. Thus, it’s not just about buying; Nexo allows its users to earn crypto as well.

The platform also has a seamless crypto exchange which allows its users to trade 60+ assets without fees, exploring various trading methods and utilizing their crypto holdings.

With all these offerings and features, Nexo is not just a lending platform but a comprehensive ecosystem catering to the diverse needs of its user base.

Partnering with Nexo has been an extraordinary journey. Their dedication to enhancing the digital finance landscape aligns perfectly with our mission to provide innovators with the best blockchain services out there. Together, we’re paving the way for a future where Web3 is within everyone’s reach.
Eugene Aseev, CTO & Co-Founder, Chainstack

Bringing it all together

Our journey with Nexo marks a milestone in our relentless pursuit of providing the best blockchain services for our customers. It is a testament to Chainstack’s commitment to helping innovative players like Nexo amplify their reach in the digital assets landscape.

Nexo, being a leading figure in the digital assets space, harmonizes the capabilities of blockchain, enabling a diverse user base to reap substantial benefits from digital assets. The sheer variety of services offered by Nexo, from crypto trading to lending, staking to borrowing, and even making it easy to buy crypto with a credit card, is a testament to their creative adaptability in the digital realm.

Nexo’s journey is a testament to the innovation and limitless possibilities of blockchain, and Chainstack is immensely proud to be a part of it. Together, we are paving the way toward a future where digital assets, driven by the power of blockchain, are accessible to everyone, everywhere.