Nansen cut 30% in 2023 and the cheap/free analyst crowd kept moving to Dune; now the same pressure is climbing up the stack. Dune’s 346 stablecoin SQL models across 38 chains and MCP access tell you where margin survives: curated labels, normalized transfers, freshness, and warehouse pipes into Snowflake/BigQuery, not one-off dashboards. If AI turns dashboard building into a commodity, the next fight is whether Dune can charge institutions for provenance and uptime without hollowing out the public wizard economy that made the data useful in the first place.

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