Alchemy Insights, Inc. is the latest crypto startup to become a deca unicorn after a $200 million equity investment led by Lightspeed Ventures and Silver Lake valued the infrastructure company at $10.2 billion.

The swelling valuation – Alchemy weighed in at $3.5 billion in last October’s Series C – came amid a surge of new business for the behind-the-scenes San Francisco-based crypto company, which builds Web 3 developer tools used to create decentralized apps (dapps) on Ethereum and other networks.

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“We’ve seen our user base grow 300%,” CEO Nikil Viswanathan said in an interview. He noted Alchemy’s near 50-person team is now expanding globally.

Alchemy’s B2B developer products help prop up non-fungible token (NFT) trading venues such as OpenSea.

Alchemy's latest fundraising follows a $207 million funding round raised by blockchain infrastructure firm Blockdaemon last month. That firm was valued at only $3.25 billion, however.

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Web 3 Infrastructure Giant Alchemy Tops $10B Valuation in $200M Funding Round

A key player behind decentralized applications on Ethereum and other chains continues to swell.

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Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s