Blog Banner: 2020 annual report – third year in at Covalent

2020 annual report – third year in at Covalent

Three years ago, Covalent did not exist. Despite a challenging 2020 for everyone, Covalent and the entire crypto space has thrived. Covalent has scaled from a small project with two passionate founders to a project with global ambitions. Here's a letter I shared with our stakeholders highlighting the key moments that defined Covalent over the last twelve months.

Hey guys,

Ganesh from Covalent here. 👋

We are well on our way into 2021, and the Covalent team wishes everyone a wonderful new year! Thank you all for your continued support.

2020 was a big year for Covalent, and the most pivotal yet in our firm's history. We closed an oversubscribed private sale round, and have seen a massive increase in the number of customers using our blockchain data API. Our product was validated in the market, and our team expanded rapidly to take on the challenge of blockchain data inaccessibility.

Below are a few highlights from the past year.

Covalent's growth in 2020

1. Team

2020 was a year of hypergrowth for Covalent. We grew our headcount by 900%, from 2 co-founders to now a strong team of 18 including network architects, software engineers, product managers, marketers and more.

2. Customers

We are happy to announce that this was the year we found product/market fit. We started the year with just 3 projects, and now have over 70 teams building atop our blockchain data API, representing a 2300% increase. About 500 developers on these teams use our API.

On top of all that, this was the year we became profitable, securing top enterprise clients such as Consensys Activate.

3. Mature API stack

With the number of customers and their diverse use-cases, we've been able to expand the breadth and deepen the scope of our API. Covalent's unique data architecture enables new use-cases which we've been able to address and push the industy forward.

4. Hackathons & Community Events



We launched two successful crypto-data hackathons this year, Dungeons & Data and our One Million Wallets campaign. With thousands of participants, we were truly humbled and impressed to see the sheer creativity in the Covalent community.


5. Covalent's Hidden Gems Podcast

In 2020, we lauched our podcast "Hidden Gems" - with a specific focus on the people, projects and data in the crypto industry. The metric we are most proud of is the number of people who've used these episodes to reference-check projects before taking on a new job.

6. Blockchains Indexed

Covalent believes in a multi-chain future. With this in mind, we were able to expand our blockchain data offerings. We offer the richest data for the Ethereum blockchain, and will be announcing 6 more blockchain partnerships.

7. Community Growth

This year was the kickstart to us building a passionate community of blockchain data scientists within Covalent. Across our Telegram, Twitter and Discord channels, we've been able to grow from 50 to over 10,000 active members.

8. Capturing Mindshare

We were busy capturing mindshare in the crypto community throughout all of 2020. A few high-profile events that we spoke at include EthDenver, EthSingapore, and Gitcoin KERNEL program.

Check out our EthDenver talk below:


We were also able to contribute to exclusive publications such as the Defiant:


Check out the full blog post on the Defiant here.

Looking ahead

2020 has been an amazing year for us. For 2021, we are looking to build on this solid foundation and continue our mission of bringing true transparency and visibility across all crypto-assets. We can't wait for you to see what we have planned.

We welcome you to join our mailing list or directly reach out to me.

Much love, Ganesh Swami Co-Founder and CEO, Covalent