Serotonin: How a Crypto Growth Agency Built a Scalable Data Practice on Dune

Serotonin operates at the intersection of crypto strategy and execution. Its data team runs analysis across three simultaneous axes: client target audiences, product-market fit signals, and protocol activity tracking. All of it is onchain, no PII “(Personally Identifiable Information)”, no traditional tracking. Wallet behavior and contract events are composed into insights that entire campaigns are built on.

As the agency expanded its services, so did the demands on its data infrastructure. Serotonin needed a platform that could not only support a wide range of use cases simultaneously but also scale sustainably with its own operations.

Serotonin doesn't use Dune for one thing. With 99 dashboards, 2,753 queries, full API integration, and clients who depend on live protocol data, Dune sits at the center of every data workflow the agency runs.

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"We see Dune not as a simple data platform, but as an infrastructure layer we can delegate to. From targeting audiences for our clients or building beautiful dashboards to track protocols, to building complex pipelines for reporting and developing customized API endpoints, Dune packages everything we need to accomplish that." — Rodolfo Lima, Analytics Manager, Serotonin

To solve the cost problem as the operation grew, Serotonin adopted the Dune dbt Connector. By migrating from ad hoc queries to structured, incremental dbt models that run directly on Dune, the team eliminated redundant compute across the board. The same analysis that previously required repeated full query runs now processes only new data, keeping pipelines production-ready at a fraction of the prior cost.

Serotonin currently runs 32 dbt models on Dune. Migrating from ad-hoc queries to structured incremental models reduced data infra cost by over 50%.

Explore the Dune dbt Connector →

Serotonin's growth team uses Dune dashboards as control surfaces, not just deliverables. For the Moonwell deposit campaign on the Mamo asset, the team built a live Dune dashboard that tracked deposit activity, retention by asset type, and performance by deposit tier in real time. Optimization decisions during the campaign were made directly from dashboard signals, not from exported reports or after-the-fact reviews.

Mamo Dashboard on Dune

The results: $524,900 in retained deposits at a $21.92 retained CAC “(Customer Acquisition Cost)”. Overall retention hit 92%, with 96.88% retention on the headline Mamo asset and 100% retention at the $100K tier.

Because of the data efficiency Dune provides, Serotonin's testing cadence for growth campaigns has moved from monthly to bi-weekly.

Serotonin's PR team uses onchain analysis to build pitches and research outputs that give media and clients something genuinely useful. Recent examples include an XRPL network analysis cited by Decrypt and the Aleo Privacy Gap Report, a data-driven piece conducted for Aleo Protocol. These outputs get widely shared because they're grounded in verifiable onchain data, not claims.

Serotonin's research team recently leveraged Dune to create various charts in their report on the State of Onchain Credit. This included data from protocol dashboards for Maple Finance, Cap, Credit Coop, Wilcat, USD.AI, and a custom query created by Serotonin that featured APYs for a variety of prominent onchain credit assets.

Serotonin builds Dune dashboards directly for protocol clients so their own teams and community can publish crypto-native content. Moonwell runs an active content program on X using a Serotonin-built Dune dashboard to track Mamo activity. Cork Protocol co-wrote a series of pieces on vault models using Dune data, one of which was co-marketed by Maple.

Serotonin ran a full analytics and incentive design engagement for Solstice, from pre-TGE benchmarking through live campaign execution, with Dune as the source-of-truth layer throughout.

The first step was using Dune to run TGE analysis across comparable protocols. That analysis informed the incentive standards and capital allocation model for Solstice's Flares campaign. From there, Serotonin designed and operated a complete analytics stack across dbt, Snowflake, Metabase, and Python to power the incentive layer and optimize multipliers ahead of TGE. The Dune API and Trino integration filled onchain data gaps and validated results at every stage.

The team also built the official public Dune dashboard for Solstice's token listing and community, and developed a custom API to track TVL retention for eligible wallets from the Season One Campaign who chose a vesting reward option. Solstice replicated this data design directly into their protocol's execution layer to determine user loyalty and generate ongoing rewards.

Since the Flares campaign launched, Solstice has grown from $160M to approximately $380M in TVL.

Explore Solstice Dashboard —>

Curated by Dune:

• tokens.transfers — Track token movements across 40+ EVM chains; the foundation for wallet activity analysis, fund flow tracing, and audience segmentation across client campaigns.
• tokens_solana.transfers — Every SPL token transfer event on Solana; used for high-frequency Solana client analytics where volume and speed make raw data unwieldy.
• prices.minute — Minute-by-minute token pricing across all supported chains; joined against transfer and event data to convert onchain activity into USD-denominated metrics.
• tokens_ethereum.balances — Daily ERC-20 token balances per wallet on Ethereum; used to measure portfolio composition, track deposit retention, and profile target audiences.
• solana.instruction_calls — Every program instruction executed on Solana with decoded arguments and execution context; the raw layer powering protocol-level analytics and DeFi flow tracing.
• contracts.contract_mapping — Maps contract addresses to their project names and creators across EVM chains; used to attribute onchain activity to specific protocols and enrich pipeline outputs with human-readable project labels.

dbt Models and Materialized Views:

• dune.serotonin_data.defi_deposits — Serotonin's own incremental model tracking deposit events across DeFi protocols; powers campaign dashboards like the Moonwell deposit tracker.
• dune.serotonin_data.morpho_vault_events — Custom model capturing vault-level events on Morpho; used for vault risk analysis and research.

Serotonin is actively exploring Dune MCP to build AI-oriented data tools for clients and internal use. This will drastically reduce time-to-insights for the team and scale their data service operation even further.

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"The way of building Data-as-a-Service is not the same anymore. We're exploring Dune's new AI capabilities to develop AI-oriented data tools for clients and internally." — Rodolfo Lima, Serotonin

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