Dune as Supplier and Substitute

This reveals that Artemis depends on a rival that is steadily moving up the stack into Artemis’s core job. Dune helps Artemis by supplying raw dashboards and tables that non technical users can pull into Sheets, but the same product also gives power users enough direct chain data, SQL access, and now stablecoin specific classifications to do much of the work without ever opening a curated terminal.

• The supplier role is literal. Artemis launched an ARTDUNE Sheets function that lets users pull Dune dashboards straight into Excel or Google Sheets, so Dune data can sit inside the Artemis workflow while Artemis adds packaging and ease of use.
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• The substitute risk comes from workflow overlap. Dune’s stablecoin dataset and dashboard cover 38 chains, 200 plus stablecoins, normalized multichain balances, and address classification, which means an analyst who can write SQL can answer many of the same questions Artemis is built to simplify.
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• This is different from Allium’s threat. Allium is selling underlying enterprise data infrastructure and powers Visa’s public stablecoin dashboard, while Dune is dangerous because it starts with analyst friendly community research and can pull advanced users away before they need a higher level terminal.
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The market is heading toward tighter competition between raw data platforms and opinionated research terminals. As Dune keeps productizing stablecoin analysis, Artemis will need to win by making the last mile much faster and more useful for non technical teams, not just by sitting on top of third party data.