Covalent, the leading blockchain data provider, has launched its decentralized data query network to power web 3.0 infrastructure. This launch moves the platform beyond a centralized blockchain data API, enabling token holders and developers to engage with the network in new ways.
Unlike other data networks, users of the Covalent API, whether token-holders or not, will have the ability to query data across Ethereum, Polygon, Binance Smart Chain, Fantom, Elrond, and Avalanche, gaining insights into their ecosystem.
“Covalent is now a part of the critical infrastructure piece that many projects in the space rely on. We take this responsibility seriously and the only undefeatable architecture is a decentralized one. Our previous centralized solution has been reimagined as a decentralized network with improvements for our existing customers and their workflows.” – Ganesh Swami, CEO & co-founder of Covalent
The Covalent API holds terabytes of data, and regardless of industry best practices, is a candidate for a single point of failure. The decentralized network launch addresses this challenge and will help scale with the onboarding of applications using the API.
1/ @Covalent_HQ has launched the #Covalent Network – a #decentralised #data infrastructure layer for #web3 with @MoonbeamNetwork . "The Covalent Network will resemble a virtual, global co-operative for blockchain data." 🚀Kudos to Team Covalent for reaching this milestone! https://t.co/tD9oLNGUQD — Lumos Labs (@LabsLumos) April 30, 2021
Covalent is also launching the Covalent Query Token (CQT) on Ethereum, network access, and governance token, via a public sale starting April 29th. The sale is not available to residents of the USA, Canada and China.
The governance forum will also include suggestions for the Alchemist Ambassador program, which Covalent is allocating 1% of token supply into, equating to millions of dollars. Applications to participate in the programme are open to everyone and participants are given $1,000 to $5,000 in CQT a month to help develop Covalent’s ecosystem and engage with the community. As of today, the project has attracted over 2000 people.
Covalent’s network launch also includes an explorer for Covalent blocks which covers total transactions, average block time, total blocks, miner addresses and more.
In the past six months, Covalent has closed two funding rounds totaling $5.1 million to power its network launch.
Since last October, the number of customers employing Covalent’s data has grown to over 100 customers and the number of blockchains indexed has increased from one to eight – the most exhaustive in the industry – with the team expecting to index a total of 12 blockchains by the end of the year.
Covalent is a data analytics company giving developers access to the most exhaustive range of blockchain data in the market. Covalent has powered the data behind major crypto, DeFi and NFT projects such as 0x, Zerion, Balancer, Reef, and NFTX. Currently, the Covalent API has indexed eight blockchains, providing granular and historical blockchain data from Polygon (formerly Matic), Binance Smart Chain, Polkadot, Fanton, Elrond, Cosmos, Avalanche, and Ethereum.
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