Entrepreneurship Web3.0 Column | Interview with Chain Catcher and RootData co-founder Hunter: Asset data transparency revolution, breaking the Web3 information fog!

Author: Mankiw Brand Department

Opening words

Startup Web3, chat every Wednesday!

"Startup Web3.0" is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankiw LLP. Every Wednesday night, we invite industry leaders, first-line institutions, and well-known entrepreneurs to be guests in the live broadcast room. Through positive voices, rational discussions, and experience sharing, we help the compliance and healthy development of China's Web3.0 industry.

Web3's asset forest is flooded with information, and it is difficult to distinguish true from false. How to dig out the real gold from the massive noise? How can asset data platforms light up the lights for entrepreneurs and investors? In this issue of "Startup Web3.0", Niu Xiaojing, a lawyer at Mankiw Law Firm, talks with Hunter (He Ming), co-founder of RootData. From the media's original intention of Chain Catcher to the data revolution of RootData, Hunter, with seven years of practical experience in Web3, shares how to use a one-stop platform to crack information asymmetry, empower users to avoid pitfalls and increase efficiency, and reveal the transparent key of Web3 asset data, injecting trust and rationality into the industry!

(The audio transcription has been processed by AI, so there may be omissions and errors)

Welcome this episode’s guest, please introduce yourselves to everyone!

Hunter: Hello, everyone in the live room! I’m Hunter, and I’m the co-founder of Chain Catcher and RootData. Chain Catcher is a Web3 media founded in early 2018. It is considered to be an early blockchain public account in the Chinese-speaking area. It focuses on news, investment and financing, and project dynamics. It has been almost seven years now, and has teams in Vietnam, Japan, and South Korea. I think it’s doing well in the Chinese-speaking area and has some influence.

RootData is a Web3 asset data platform launched in 2022. It provides one-stop query of project, institution and person information, and has served over 2 million users. I used to be an Internet entrepreneur. In early 2018, I entered Web3 by chance because of the suggestion of an investor friend. From Chain Catcher to RootData, I stumbled all the way. I am very happy to talk about Web3 data with you today. Welcome to pay more attention to Chain Catcher and RootData, and feel free to ask questions!

Q1: From Chain Catcher to RootData, where does the entrepreneurial inspiration focusing on asset data come from?

Hunter: Haha, this is completely a coincidence, I was forced to do it! When we were Chain Catcher, as a media person, we often had to check project information, such as who is the team of a certain project, how much money has been raised, and what it does specifically. It turns out that Web3 does not have a one-stop platform at all! If you want to check a project, you have to go to the official website to read the white paper, and then you have to go to X to read the tweets, and then go to Discord to ask the community. It takes a lot of effort. Sometimes after searching for a long time, I can't even figure out which country the team is in, which is very frustrating. We practitioners find it so troublesome, wouldn't ordinary users be even more confused?

By 2021, Web3 investment and financing were extremely hot, and the information was even more chaotic. For example, if you want to know which projects a certain institution has invested in, or where the project party is, there is no place to check! We thought at the time, Web2 has platforms such as Crunchbase and Qichacha that integrate corporate data, why can't Web3 have it? It just so happens that Web2 has a platform for selected data, so we said: "Web3 must have something similar!" In early 2022, we launched RootData, wanting to make a Web3 version of "Qichacha", using investment and financing data as an entry point to meet our own needs, and also serve investors, entrepreneurs, and even other media people. The original intention is very simple: to solve information asymmetry, make Web3 data transparent and easy to check, like Baidu Encyclopedia, and anyone can use it!

Niu Xiaojing: The positioning of "Web3 Qichacha" has captured the major pain points of the industry.

Q2: How does RootData break the information asymmetry of Web3?

Niu Xiaojing: Web3 has a huge amount of information. If you swipe over the X, it will be full of noise. It takes ten times more effort to find valuable data. How does RootData help users filter information and solve core judgment problems? What are your key areas of focus?

Hunter: The amount of information in Web3 is really frightening, and it is very complex! When you open X and swipe, you may find that it is full of KOL orders, project bragging, or meme jokes. It is like looking for a needle in a haystack to find some useful data. The core goal of RootData is to reduce the cost of obtaining information and solve information asymmetry. We are different from CoinMarketCap (CMC) or Coingecko. They focus on price, K-line, and transaction volume. We deal with "underwater data" that CMC cannot find, such as:

Project fundamentals: Who is the team? What country are they from? What track are they in? Especially for early-stage projects that have not yet issued a token, such as seed rounds and pre-A rounds.
Investment and Financing Dynamics: Which institutions invested in this project? What else did this institution invest in? What is its influence?
Community popularity: Through the X-index, you can see who is following the project? Who has unfollowed it? Is the project highly recognized by the community?

We focus on several points:

Differentiated data: RootData does not duplicate price data with CMC, but focuses on investment, financing, team, and community information. For example, if you want to check projects in the RWA track, RootData can tell you which projects there are, who is the leader, and how much financing there is in one click, but CMC does not have these at all.
One-stop experience: Integrate on-chain data (such as wallet transfers, token unlocking) and off-chain data (team background, financing news) to save you from running ten platforms to check. For example, when you check Worldcoin, RootData can tell you what other projects its founder has done and what other similar projects there are.
User-friendly: The basic functions are all free, and ordinary users can easily check projects, entrepreneurs can find investments, and investors can see trends. For B customers, wallets such as TokenPocket and Bitget Wallet, or AI platforms such as Sahara, can connect to our API, train models, and answer questions such as "What is the RWA project with the most recent financing?"

For example, if an entrepreneur wants to find investment, I would say: "Open RootData, click the 'Investment and Financing' tab, and see which RWA projects have been invested in by recently active institutions, such as Paradigm and a16z, and what tracks they prefer." This is ten times faster than running X or the official website yourself! We want to make Web3 data query as simple as Google search.

We can also help project owners figure out the track. If they are doing RWA or DeFi, our database has a large number of tags that can show leading projects. For example, for RWA project owners, I would say: "Look at the top projects. What are their teams like? What are they working on? How are they different from your project? What do you think of these leaders?" We also distinguish between projects that have issued coins and those that have not, for easy comparison.

If a Chinese founder wants to find financing, we can recommend investment and financing institutions, which VCs are interested in RWA. You can also see competitors, similar projects, and even who these projects are following? Which institutions prefer RWA? All of this can be found directly on RootData. We just want to make it simple and direct to find data, so that you don’t have to take detours!

Q3: What are the essence and misunderstandings of Web3 asset data?

Niu Xiaojing: Is there any misunderstanding about RootData's asset data? Can you explain to the friends in the live broadcast room the nature of asset data and the value it brings to entrepreneurs and investors?

Hunter: Asset data is indeed easy to be misunderstood in Web3. Many people think that it is just to check K-line, transaction volume, or directly equal to on-chain data. In fact, RootData's asset data is more general, covering projects, institutions, people, investment and financing, community dynamics, both on-chain and off-chain. The misunderstandings are mainly in two points:

Timeliness: Some people think that RootData data is not timely. For example, a while ago, a senior executive of Binance resigned, and we recorded old data and did not update it, which was complained by users. There is also a project whose official website said that there was a certain member, but later there was an internal adjustment, and we did not catch it, so the data was inconsistent. Web3 changes too fast, and we cover more than 100,000 projects. It is inevitable that there will be delays by relying on machine crawling and manual sorting. Once, a big boss in the primary market quoted our data and said that there were discrepancies, and the problem was magnified. We checked and found that the project party did not update the external information, and we recorded the old information. This sounded the alarm for us. Now the Top 200 projects are verified monthly, and popular tracks like RWA and AI are updated weekly.
Accuracy: Off-chain data is not as transparent as on-chain data. Team background and financing information must be obtained from official websites, X, and the media. If the project party does not disclose it, it is easy to make mistakes. For example, Binance’s organizational structure problem, that person resigned, but the external information did not change. We recorded the old situation and made a mistake.

The essence of asset data is the transformation from "data to information". On-chain data, such as wallet transfers, NFT transactions, and token unlocking, are raw materials, open and transparent, but ordinary people cannot understand them. RootData is organized into readable information, such as "This address transferred 100ETH, behind it is a DeFi project, the team is from the United States, and it has raised 5 million". Off-chain data, such as team changes and financing news, are organized into "This project was invested by a16z, and the competing product is XX".

Working with data is not like doing math problems with standard answers, it is like writing an essay, there is no end. If you record all the project information of Binance today, and someone leaves tomorrow, and you don’t catch it in time, users may have complaints. This situation is rare, but it does exist.

The value to entrepreneurs is to find investment, check competitors, and determine the track. For example, RWA project parties can see Ondo's team and financing path and optimize their BP. The value to investors is to avoid pitfalls and increase efficiency. For example, when Worldcoin was at its peak, 10 million US dollars were unlocked every day, and the selling pressure was huge. RootData can remind you not to chase high prices. In another case, a certain institution was blacklisted by Binance. RootData users found the projects it invested in and quickly sold the coins to avoid disaster. We do not pursue perfect data. Web3 changes too fast to be perfect, but we want to make the data as transparent and timely as possible to help users save time and make decisions, like a reliable guide.

Q4: How does RootData ensure the accuracy of off-chain data?

Niu Xiaojing: A friend in the live broadcast room asked: How to calibrate the accuracy of RootData's off-chain information? What is the difference with the transparent data on the chain?

Hunter: Haha, this is a very professional question! On-chain data, such as wallet transfers, token unlocking, and NFT trading, can be checked through Etherscan and Dune Analytics. They are open and transparent, and RootData can directly capture them, so there is no problem with accuracy. Off-chain data is more troublesome, such as team background, financing information, and project dynamics. They rely on official websites, X, CoinDesk, and other channels. The information is not transparent, and it is easy to make mistakes if the project party does not update it. We have three ways to ensure accuracy:

Data traceability: Each piece of information indicates the source, such as "Raised 10 million, source: CoinDesk 2024.5.1 report" or "Team information, source: project official website". Users can see the source by clicking on it, like the citation of an academic paper.
User feedback: RootData has a feedback mechanism, you can submit errors by clicking on the project page. For example, if a project team changes, users can send us an email or @ us on X, and we will verify and update. This helps us a lot!
Regular verification: Top 200 market value projects are verified once a month, and popular tracks (RWA, AI, DeFi) are updated weekly. The technical team runs the script, compares the official website, X, and media, and manually checks it again.

The difficulty of off-chain data is that Web3 is too "rough", haha! Many projects do not disclose their teams, or have fake information on their official websites. For example, there was a project that claimed to have a big boss, but later it was found that it was a staged photo shoot, and we were cheated. This friend is right, the off-chain data is completely different from the on-chain data, and the transparency is poor. Correction is a long-term job. We can only capture more sources, more feedback, and more verification to get as close to the truth as possible.

Q5: What are the differentiated advantages of RootData compared with its competitors?

Hunter: RootData is positioned quite differently from CMC and Coingecko. A few days ago, I talked with the boss of CMC in Hong Kong, and he asked me, "Why do you want to do this? It's a lot of work, but the return is slow!" Indeed, the data track is hard, but RootData has its own niche. There are three advantages:

Focus on off-chain data: CMC and Coingecko focus on price, K-line, and transaction volume, while RootData focuses on investment and financing, team, and community popularity. For example, if you want to check the team background and financing path of the RWA project Ondo, CMC has no data, but RootData can give you a full picture.
Label filtering: We have more than 1,000 labels, covering AI, RWA, DeFi, and meme coins. Users can filter "AI projects that have not issued coins" or "RWA projects that are not listed on Binance" with one click, which is time-saving and accurate.
Dynamic function: We recently launched an X-index to analyze who follows and who unfollows a project. For example, if a project is unfollowed by a16z, it may indicate risks, which CMC cannot find. We also plan to launch a points system to encourage users to build collections and provide feedback.

Competitive products inspire a lot:

CMC/CoinGecko: Their interface is simple to the point of being fool-proof. I learned the ultimate in user experience. RootData optimizes search and is as intuitive as Google.

Messari/TokenTerminal:
It focuses on research reports and on-chain analysis, which is professional but expensive. RootData borrows from labeling, but is more inclusive, and basic functions are free.
Crunchbase:
Web2 has comprehensive data integration, but is not specialized in Web3. RootData fills this gap.

Compared with similar platforms, such as CryptoFundResearch, the data is incomplete, while RootData is more comprehensive. But the challenges are also great, with a large amount of data and high maintenance costs. RootData has been burning for two years, relying on Chain Catcher to feed back, like "raising a child". Now ToB advertising (project parties buy advertising space) and API cooperation (wallets and exchanges use data) are starting to make money, but profitability is still being explored. The boss of CMC asked us why we did this, and I said: "Because no one has done it all, Web3 needs it!" We don't reinvent the wheel, but specialize in underwater information that others haven't done.

Q6: What is the unique design of RootData’s collection function? Can you introduce its design intention and highlights?

Hunter: Collection is an interactive feature of RootData. The original intention is to allow users to interact better, just like browsing forums and Douban groups. Users can create collections by themselves, including projects, institutions, and people. For example, a KOL created a collection of "100x Potential RWA Projects" and selected ten projects he was optimistic about. Everyone can collect and comment on them, just like the topic discussion on X. We created a collection of "Dead Projects" ourselves, listing the projects that have run away or failed, and reminding users to avoid pitfalls. There are also "Tsinghua Background Projects" and "AI+DeFi Projects" to supplement the blind spots of labels. The collection can be updated at any time, like a dynamic "project list".

There are three highlights:

User co-creation: Anyone can create a collection, including KOLs, retail investors, and project parties, to increase interactivity.
Additional information: The collection fills the gaps in labels, such as "dead projects". The database is difficult to systematize, but the collection can be presented flexibly.
Community-driven: The collection is like a small community where everyone discusses and collects, increasing stickiness.

The experience of Chain Catcher was a great help. Chain Catcher is like an "electronic newspaper", screening high-quality content, and each piece of news is marked with the source, such as CoinDesk and Chain Catcher exclusive. RootData continues this screening logic, but is more like Qichacha, integrating on-chain and off-chain data. The collection function combines the advantages of both: like Chain Catcher's "content selection" and RootData's "data interaction". For example, when checking a project, the RootData page will be attached with Chain Catcher's reports, or news from CoinDesk and The Block, which can be viewed by clicking on it. It is very comprehensive. Chain Catcher and RootData are connected. Chain Catcher provides content and RootData provides data. The collection is a "community-based" extension of the two.

Q7: How does RootData empower novice Web3 users?

Hunter: Web3 is really like a "high-level math problem" for newcomers, it makes you dizzy! RootData is very friendly to newbies, especially those who want to trade coins or learn about the project. How can I help?

Project overview: No need to go to X, official website, or Discord, RootData provides team, financing, and track information in one stop. For example, for the AI project Worldcoin, RootData can tell you what other projects its founder has done and what similar projects there are, saving you the trouble of climbing over the firewall to check information.
Pitfall avoidance tool: provides unlocking volume and X index data. For example, when Worldcoin was at its peak, 10 million US dollars were unlocked every day, and the selling pressure was huge, so novices could avoid chasing high prices. In another case, a certain institution was blacklisted by Binance, and RootData users found out the projects it invested in, and quickly sold the coins to avoid a big loss.
Tag navigation: Use tags (RWA, AI, DeFi) to quickly find popular tracks and potential projects, like a "newbie map".

I suggest newcomers to get involved and feel the market. Read the news on Chain Catcher every day and check the popularity ranking of RootData. I am afraid that I can’t keep up if I don’t read it for two days! Web3 is very practical, and it is useless to just listen without practicing. For example, if you buy Worldcoin, RootData can check its unlocking amount, predict the selling pressure, and decide whether to run. RootData is like a "beginner's guide", helping novices avoid pitfalls and integrate slowly. Don't be afraid, Web2 users, soak in RootData, try more, and you will get started soon!

Q8: Is there any data that reveals Web3 user sentiment, reaction anxiety or trends?

Niu Xiaojing: Does RootData background have statistics on hot topics that users are concerned about? What anxieties or trends does this data reflect among Web3 users?

Hunter: Yes! RootData has a popularity ranking, like Weibo hot searches, based on user searches and clicks. When you open the website, you can see which projects, tracks, and people are the most popular. For example, RWA has been very popular recently, and users are searching for related projects, checking the leaders, financing, and teams. AI and DeFi also often dominate the list.

The user sentiment is obvious: chasing the ups and downs. When a project is popular, the search volume can increase tenfold overnight, like the "herd effect" on X. For example, when a certain AI project was called by a KOL, the search volume of RootData skyrocketed, but the high point is often the turning point, and retail investors are easily trapped. This reflects the emotional decision-making of Web3 users, chasing hot spots and fear of missing out (FOMO). We often say internally: "When the heat is high, calm down and don't rush blindly!"

From the trend point of view, the hot search tracks in 2025 are RWA, AI, and DeFi. Entrepreneurs like to check investment and financing, and investors care about unlocking volume and X index. We are discussing the refinement of user portraits, such as "Is the return on investment of RootData users higher than that of non-users?" This can help us optimize products and make users more rational. RootData is not like an exchange that can see which coins are bought the most, but it can see the search tags, such as the popularity of RWA and AI. This is the same as Weibo hot search, which is highly emotional. RootData wants to be a "cooling agent."

Q9: What explorations does RootData have for derivative businesses?

Niu Xiaojing: Has RootData ever tried derivative business? Can the experience of FTX debt acquisition be extended? What new directions will it take in the future?

Hunter: We are still exploring the derivative business, and it is still in the early stages. We have tried a wave of FTX debt acquisition, but it did not grow, was not unique enough, and the effect was average. We have limited strength and focus on data. Now we are trying two directions:

OTC transactions: matchmaking for over-the-counter transactions. For example, if a project like BabyDoge or Berachain’s token has a discount, and someone wants to buy it, RootData can act as a middleman, like Web3’s “Xianyu”. The demand is huge, but it must be compliant.
Points system: optimize user points, encourage the creation of collections, and feedback data. In the future, it may be combined with NFT or token economy to increase community stickiness, like a "data DAO".

In the long run, we want to serve transactions. The ultimate goal of the Web3 project is to enable transactions, but domestic regulations are strict, so we have to find a compliant path. Now we have made some money from API cooperation. TokenPocket and Bitget Wallet use our data, and AI platforms such as Sahara use it to train models to answer questions such as "the RWA project with the most recent financing." In the future, we may do intelligent query or OTC scale, but now "the future is uncertain", so we have to try and see. Web3 changes too fast, and plans can't keep up with the changes!

Q10: What advice do you have for Web3 entrepreneurs?

Niu Xiaojing: What advice do you have for Web3 entrepreneurs, especially those who build data products? Share a life insight and summarize your experience in entrepreneurship or life. Someone in the live broadcast room also asked: Will RootData consider grabbing Web3cast information?

Hunter: Let me start with three pieces of entrepreneurial advice:

Profit first: Don't regard issuing coins as the only way out! Many project owners asked me: "How can we make money without issuing coins?" I said that Web3 startups should learn from Web2, grasp real needs, and earn cash flow. RootData survived by ToB advertising and API, and it has the opportunity to grow bigger if it survives long enough. Issuing coins is just a financing option, like Binance using BNB to raise funds to build a platform, but the core is that the product is easy to use.
Beware of false demands: Don’t set limits for yourself and assume that users only care about a certain track. For example, thinking that “listing on Binance = Niucoin” is a false demand, and only really useful products (like GMX) can attract users. RootData did on-chain analysis in the early days, but it couldn’t compete with Dune Analytics, so it decisively cut it off and focused on off-chain.
Do the right thing: Don't touch quick money like Ponzi schemes, CX, and contract orders. In the early days of Chain Catcher, someone approached us to promote Ponzi schemes, but we refused directly. RootData insists on transparent data, does not cut leeks, and slowly wins trust.

Regarding Web3cast, it is a forum used by OG, similar to Tieba, and registration costs 5 USD. We have not considered capturing its data yet. There is too much information on X to capture, and the API is too busy! Web3cast has a high threshold for Chinese users, and our data team has to dig it out specifically, which seems unnecessary. Now X's data cannot be loaded, so Web3cast will be put aside for the time being, but it may be considered in the future.

Q11: Share a life insight!

Hunter: Do the right thing and know your conscience. I am deeply influenced by Wang Yangming and Duan Yongping. I read a lot of Yangming's philosophy of mind last year, and "To Conscience" particularly touched me. You don't know the result of a thing, but if you feel it is right, just do it! Web3 has many temptations, and Ponzi schemes and runaway coins can make quick money, but I never touch them.

After seven years of entrepreneurship, from Chain Catcher to RootData, I don't chase the rise and fall, but work hard on products. Bitcoin is the right asset with strong consensus; fixed investment in altcoins is often a wrong decision with high risks. RootData's vision is to make Web3 assets transparent and help users make rational decisions, which is the right thing to do.

In the early days, some people pushed us to promote Ponzi schemes and exchanges, but we refused. Those Ponzi schemes look lively, but they will hurt people if they collapse. Web3 is a voluntary risk. You can sell coins when they rise or fall, but Ponzi schemes prevent you from leaving. So, do the right thing and follow your heart, and you will naturally be rewarded. Duan Yongping said: "Do the right thing, and leave the rest to time."

Niu Xiaojing: Thank you Hunter for your sincere sharing for an hour and a half! From the media original intention of Chain Catcher to the transparent revolution of RootData, from the hard-core function of "underwater data" to the entrepreneurial philosophy of "doing the right thing", it is full of practical information and countless inspirations! Web3 needs more practical builders like Hunter to promote the industry towards transparency, trust, and rationality. Friends who want to communicate further can reply "business card" in the background of the official account to get Hunter's contact information. RootData is also recruiting, so please contact us if you are interested! We will talk about the RWA special topic next Wednesday, welcome to follow! That's all for tonight, thank you everyone, good night!

Hunter: Thank you, Lawyer Niu, and thank you to my friends in the live broadcast room! Welcome to follow RootData!

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