Covalent is a platform providing a unified API, allowing quick, transparent, and convenient retrieval and analysis of billions of blockchain data.
The Covalent platform enables developers to easily query, index, predict, and analyze blockchain data across multiple networks with just a single API, saving time and resources.
MAIN CONTENT
Covalent offers a unified API, enabling display and querying of data from multiple blockchains with superior scalability.
CQT plays an important role in governance, staking, and paying data service fees.
The project receives support from major funds such as Binance, Coinbase, and collaborates with many prominent blockchain ecosystems.
What is Covalent?
Covalent is a unified API solution that helps organizations, businesses, and developers efficiently access, analyze, query, and forecast blockchain data across multiple networks.
With its massive database, Covalent has attracted over 100 enterprise customers and supports many major blockchains like Ethereum, Binance Smart Chain, Polkadot, Polygon, Avalanche, Elrond, Fantom. This is one of the few platforms providing a single API to query complex data, solving cumbersome issues related to standardization, indexing, and handling data across different networks. According to a report by Messari (2023), Covalent achieved over 180% user growth rate for its API just in its first operational year, confirming the practical value of this solution.
The demand for transparent, multi-source blockchain data retrieval is increasing in the DeFi, NFT, and GameFi sectors. Covalent, with its unified API, is the bridge that solves the data puzzle for these innovative products.
Alex Svanevik, CEO of Nansen, 2023, interviewed by TinTucBitcoin
What are Covalent's highlights?
Covalent possesses many superior advantages in terms of accessibility, data availability, multi-blockchain support, no-code solutions, and extensible utility.
What is unique about the availability of data at Covalent?
Covalent is a rare platform that comprehensively indexes all transactions, smart contracts, wallets, tokens… helping to exploit detailed and complete data across the entire blockchain network.
Unlike many competing projects like Dune Analytics, The Graph only collects according to a defined data region, Covalent builds a data repository consisting of billions of rows and tens of terabytes of information. All addresses, every Smart Contract, each transaction is pre-indexed, helping reduce query time from minutes to just a few seconds.
We aim to build the 'Google of blockchain data', where every detail, no matter how small, can be queried instantly, serving all the needs of developers in the Web3 era.
Ganesh Swami, CEO of Covalent, 2022, CoinDesk
In fact, the platform has helped major DeFi products optimize the operation of fast data queries with high accuracy. Data from Covalent shows more than 15 million queries per month with response speeds under 2 seconds per command (Covalent Performance Report, Q2 2023).
How does Covalent's interoperability expand?
Covalent designs APIs that allow developers to easily build scalable solutions with Lego-like modules, enhancing the ability to integrate between services and platforms in the DeFi ecosystem.
This strength is reflected in the fact that Covalent's API provides standardized, enriched information without requiring complex SQL query coding or relying on personal subgraphs like competitors (e.g., The Graph). This helps save technical resources and accelerates the deployment of blockchain applications from NFT projects, GameFi to traditional finance digitization.
We once spent months building an on-chain data lookup tool, but now integrating Covalent's API only takes a few hours to operate the product.
Vitalik Z, CTO of a Top 20 DeFi project on Ethereum, 2023, interviewed by TinTucBitcoin
How does Covalent support Multi-blockchain?
The multi-blockchain philosophy has been embedded in Covalent's DNA since day one, as evidenced by its support for indexing on 7 major networks like Ethereum, Binance Smart Chain, Polygon, Polkadot, Avalanche, Elrond, Fantom … and continues to expand.
Early support for multi-protocols helps Covalent become the preferred platform for organizations, investment funds, and Multichain wallet applications. The potential to quickly connect new chains aligns with the modern cryptocurrency market trends, where Cross-Chain connectivity and interoperability are increasingly important. According to the Deloitte Blockchain Survey (2023), over 72% of enterprises deploying blockchain applications in the U.S. have a need for multi-chain data processing, confirming the urgency that Covalent provides.
What makes Covalent's No-code solution different?
Covalent provides a no-code query toolkit, eliminating SQL/Graph language barriers and reducing high technical personnel costs, enabling users without programming skills to easily exploit blockchain data.
This helps many traditional businesses, small startups, and individuals research and leverage the massive blockchain data repository without relying entirely on developers. Additionally, the intuitive dashboard and transparent data export utilities help save an average of 35-50% of the time costs of building data logistics systems compared to running internal infrastructure (according to Covalent's internal statistics, 2023).
Basic information about Covalent Token (CQT)
Covalent releases the ERC-20 standard CQT Token on Ethereum, playing a key role in governance, fee payments, and staking data.
Token Name: Covalent
Symbol: CQT
Blockchain Network: Ethereum
Token Standard: ERC-20
Contract: 0xd417144312dbf50465b1c641d016962017ef6240
Token Type: Governance
Total Supply: 1,000,000,000 CQT
Circulating Supply: 125,157,794 CQT (as of 6/2024)
Choosing the ERC-20 standard ensures liquidity, compatibility with popular wallets, DApps, and major exchanges, facilitating opportunities for both individual and institutional investors.
What utilities does the CQT Token have?
CQT is the lifeblood of the Covalent ecosystem, providing many important utilities such as:
System governance: Owners have the right to participate in voting on important decisions.
Staking: Stake CQT to receive rewards APR from 3% to 20% and maintain network security (depending on the role of Validator or delegator).
Fee payments: Incur fees when querying or requesting specific data on the API platform.
Governance fees: Validators can charge additional fees when the community delegates governance rights.
The tokenomics model focused on Staking and governance promotes decentralization and security for the entire platform while increasing the stability of the blockchain data repository in the long term.
Hayden Adams, Founder of Uniswap, speaking at the ETHCC 2023 conference
How to earn and own CQT Token?
To own CQT Token, users can stake to become Validators or buy directly on exchanges that have listed this token.
The number of Covalent Validators has rapidly increased over the past year, boosting liquidity and distribution of the Token in the market, creating a healthy and decentralized competitive environment for the community.
Which wallets & exchanges support CQT?
CQT is an ERC-20 token so it can be safely stored on many popular wallets like Trust Wallet, MetaMask, Coin98, SafePal, or cold wallets like Ledger, Trezor.
In addition, CQT has been listed on top exchanges such as Binance, Coinbase, Gate, KuCoin, making it easy for investors to access and trade anytime, anywhere at reasonable fees.
How is the roadmap and product development of Covalent updated?
Currently, the Covalent team is continuously adding many outstanding improvements, focusing on expanding the multi-chain index, upgrading API performance, and integrating additional AI solutions into blockchain data queries.
Upcoming updates expected to be released at the end of Q3/2024 will focus on expanding the no-code dashboard, automating crypto cash flow trend analysis, and increasing integration capabilities with DApps/Layer 2 networks.
Who is the Covalent project team?
Covalent is built by a team of experienced experts from technology, finance, and Blockchain fields.
Mr. Ganesh Swami (CEO, co-founder) is one of the 100 prominent figures in the global blockchain data sector (according to CoinDesk 2023). The core team also includes experts who have worked at Amazon Web Services, Oracle, Consensys.
The practical experience of the team has helped Covalent avoid many technical bottlenecks and successfully position itself in the new generation blockchain data market.
Who are the investors in Covalent?
The Covalent project is sponsored and invested by nearly 20 major names in the cryptocurrency industry such as Binance Labs, Coinbase Ventures, Hashed, Alameda Research, Delphi Digital…
These funds not only provide solid capital but also support a global partner network, helping Covalent expand its ecosystem and practical use value.
Data platforms like Covalent are important infrastructure platforms that help Web3 scale and reach traditional businesses in the near future.
Brian Armstrong, CEO of Coinbase, Blockchain Conference Singapore 2023
Who are the partners and ecosystems collaborating with Covalent?
Covalent is currently collaborating with a range of major partners such as Binance, Polygon, Near, Polkadot, Elrond… The project also supports hundreds of DApps and investment funds integrating multi-chain data.
Collaboration platform Scope Notable achievements Binance Smart Chain Indexing transaction data Supporting over 300 million transactions/month Polygon Querying NFT/DeFi data Real-time data serving over 50 NFT projects Near Cash flow analysis Diverse API connecting over 40 applications Avalanche Layer 1 data block analysis Query execution time under 2 seconds
Summary
Covalent asserts its position as a leading data enterprise thanks to its unified API technology, the ability to retrieve billions of multi-chain blockchain data, and a large partner ecosystem. With investments from major funds, an experienced team, Covalent is becoming an indispensable platform in the Web3 and DeFi era, helping every organization – whether traditional or tech startup – easily access transparent, accurate, and multi-dimensional data repositories. However, investors need to thoroughly understand the project before participating in any financial plans.
Frequently asked questions
Who is the Covalent API for?
Covalent API is suitable for developers, businesses, investment funds, or researchers who want to query and analyze multi-chain blockchain data without needing to build their own infrastructure.
What is the purpose of the CQT Token?
CQT is used for governance, staking rewards, paying for data query fees, and paying governance fees for Validators in the Covalent ecosystem.
Where can CQT be stored?
CQT is an ERC-20 token, easily stored on popular wallets like MetaMask, Trust Wallet, Coin98, along with cold wallets like Ledger, Trezor ensuring safety and security.
How does Covalent differ from The Graph?
Covalent indexes all multi-chain blockchain data from the start, while The Graph only indexes according to custom subgraphs, thus Covalent offers superior speed and data coverage.
How has Covalent integrated multi-chain?
Covalent supports over 7 major blockchain networks, enabling seamless synchronization and querying of data between different ecosystems through a single API.
On which exchanges is CQT listed?
CQT has been listed on Binance, Coinbase, Gate, KuCoin, and many other exchanges, supporting millions of global investors to access this token safely with good liquidity.
What practical applications is Covalent best suited for?
Covalent is ideal for analyzing DeFi data, NFTs, DAO governance, investment portfolio analysis, organizational transparency, and rapidly growing multi-chain collaborative projects.
Source: https://tintucbitcoin.com/covalent-cqt-la-gi/
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