The Success of The Data Alchemist Boot-Camp

TL;DR:

• Over two seasons, the Data Alchemist Boot-Camp has had over 2000+ applications, 600 alchemists join and ~300 complete the boot-camp.

• The 4-week boot-camp teaches alchemists how to create in-depth Reach, Retention, and Revenue (RRR) analysis to answer business questions across multiple chains, protocols, and user types.

• All course materials, including video tutorials, written content, and guest lectures from leading industry experts, are open-sourced. Access the course here.

• We're proud to have helped numerous alchemists land data related jobs in the Web3 industry.

Building the Data Alchemist Community

Inspired by the original Alchemist Program, the Data Alchemist Boot-Camp was an immersive 4-week boot-camp engineered to develop participants skills in Web3 Business Intelligence, expand career opportunities and curate a community of dedicated, like-minded individuals. Season one of the boot-camp had the initial goal of getting 50 applications from people hungry to learn Web3 data analytics. Within a week, that goal quickly ballooned to 1500, fueled by an overwhelming surge of excitement and support from the community. From the 1500 applications, only 250 were accepted into season one where they underwent rigorous SQL-based modules and challenges.

Season two of the Data Alchemist Boot-Camp used a new, compelling, no-code feature of Increment name models. Increment models are the only tool on the market that encodes business logic - Reach, Retention, and Revenue - into an SQL compiler that can write valid SQL for you. The tool takes every possible chart creatable with SQL-based tools and bakes them into a standardized, open-sourced set of dimensions and measures - known as a model. The focus of the boot-camp shifted away from teaching SQL to using our no-code analytics product - Increment - to teach people how to derive value from data.

In just two seasons, the Data Alchemist community has had:

• 2000 Applications.

• 600 dedicated Alchemists that are using Covalent's products.

• 250 Alchemists that have successful completed one of the seasons.

The rigorous program is not for the faint-hearted; it demanded dedication, commitment, and a thirst for knowledge. We're proud to have helped bridge the gap between Data Alchemists and experienced blockchain professionals, offering opportunities for learning and career advancement in the industry. A considerable number of the Data Alchemists have already gone on to secure analyst positions in the industry, showcasing the real-world impact of this boot-camp.

Preparing Analysts For The Wild of Web3

The Data Alchemist Boot-Camp equipped alchemists with skills and frameworks to analyze all types of Web3 businesses. The boot-camp delved deep, teaching how to segment and analyze by chain, protocol, and user types. Key course components included:

• Blockchain networks: Understanding the structure of blockchain data and how it’s used to form impactful analysis is important when building meaningful analytics that can drive results.

• NFT marketplace comparisons: Through the lens of Increment's analytics framework - Reach, Retention, and Revenue (RRR) - alchemists learned what makes one NFT platform stand out from the rest.

• DEX traction: Alchemists used RRR framework to carry out a comprehensive, detailed analysis of a token's cross-chain DEX traction. This includes tracking the flow of capital, analyzing buy and sell volumes, understanding liquidity utilization, and much more. The insights gathered from this analysis were then be used to make a decision on where to fund a liquidity mining program.

• Risk in lending markets: On-chain lending is one of the most complicated and important applications of blockchain technology. Therefore, using metrics around leverage, risk, and capital flows, alchemists analyzed the impact of token prices on lending markets.

Furthermore, the Data Alchemist Boot-Camp was enriched with guest lectures from industry experts:

• Adam, CTO at Raleon, focused on the complexities of user segmentation in the Web3 space.

• Luke, PM at Covalent, discussed the role of brand and distribution in the success of NFTs.

• Firestorm, Strategy at Dexalot, provided insights into the future of DEXs and their relation to traditional finance.

• Robert, Research at 1kx Network, delved into the intricacies of risk in decentralized lending markets.

• Daniel, Data Lead at Safe - previously Gnosis Safe - spoke about the future of account abstraction and how it can 10x the Web3 user experience.

• Danning, Data at Flashbots, presented data on MEV and it's impacts on the user experience.

• Max Glassman, Analytics and Strategy Head at LayerZero, gave a talk on bridges, interopability and how LayerZero uses on-chain analytics.

To watch the course material from season two, click the youtube video below!