2022 Q1 Report Covalent

Ganesh Swami

Co-founder, CEO, Covalent

2022 Q1 Report

Mar 26, 2022

TL;DR:

  • 8000+ more Web3 developers building with our Unified API and 1 blockchain integration
  • 10 product releases including additional support for Solana, an NFT dashboard template, rich NFT market data, and XY=K endpoints support for more DEXs and marketplaces
  • The Covalent Network releases: Open sourcing the Block Specimen, publishing the Covalent Network Documentation, and shipping the Covalent Network Homepage.
  • We released our free GameFi e-book Infinite Games - How Axie Infinite and Play-to-Earn is Transforming Gaming

We kicked off 2022 with great momentum and doubled down on execution in our mission to bring complete visibility to on-chain data through one unified blockchain API. This quarter, thousands of new developers are building with the API, we released granular NFT data for multiple blockchains, and implemented game-changing technology called The Block Specimen that enables the secure export of blockchain data. And we’re just getting started!

As Web3 gets more adoption and more applications are being built, the need for deep, granular, historical blockchain data is becoming increasingly important. A key focus for Covalent this year is decentralizing the protocol, forming the Covalent Network. A novel platform and the first data pipeline to make use of cryptographic proofs, we are just around the corner from a monumental milestone in the development of the Covalent Network.

Q1 Updates

Covalent growth in 2021

8,000+ More Blockchain Developers

Our developer community continued to grow this quarter. At the beginning of the year we had over 15,000 developers and now there are 23,000 developers building with our Unified API.

1000+ More Projects Building

Covalent’s Unified API is powering over 1000 more projects this quarter. There are now more than 2500 projects to date.

1 Blockchain Integration

Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, integrated with Covalent in January. We now have a total of 30 indexed blockchains.

15 Developer Events and $90,000 USD in Hackathon Bounties

We’ve sponsored 12 hackathons and ran 3 workshops, including a webinar for Klatyn’s developer community. For context, last year we sponsored 20 hackathons in total and we’ve already supported 12 hackathons this quarter. We’ve provided $90,000 USD in bounty prizes this quarter.

$CQT and Governance

The Covalent Query Token (CQT) is the governance and staking token that powers the Covalent Network. Our community passed the final vote on the proposal to index the Cronos chain and we have started the integration process with Cronos.

We believe in providing a high degree of transparency with our token economics, which is why we report our supply and provide detailed CQT updates about our current, historic, and future CQT supply.

10 Product Releases

We are continuously releasing new updates to enable developers to build faster and easier. This quarter, our API engineering team has focused on adding NFT data for more marketplaces.

The Covalent Network

Covalent is leading the way in decentralizing our database to access Web3 data and this will happen in four phases over the next year. This evolution will make the API a public good where the network will be powered and maintained by the global community. We are currently generating Block Specimens and mining them on the testnet proof chain before our mainnet launch.

  • Block Specimen whitepaper: Provides details on the game-changing invention of Block Specimens to securely extract data from blockchains with cryptographic proofs. The block specimen, a technical specification addresses the read scalability issue that plagues blockchains, and now this is open source and available on Github if you want to adapt the quote for your ecosystem.
  • We published the Covalent Network Docs which will serve as the home of all resources regarding the Covalent Network.
  • An open-source reference implementation of the Block Specimen (a set of patches atop the popular Ethereum client Geth).
  • The Covalent Network homepage.
  • New wallpapers to celebrate the progress of The Covalent Network.

1 Research Publication

We did our biggest drop in Q1 with our free GameFi e-book Infinite Games - How Axie Infinite and Play-to-Earn is Transforming Gaming. Our unified API provides rich data and we’ve done a deep dive on a few blockchain games.

2 Major Events

We’ve been traveling the world to connect with people in other ecosystems where we led workshops, spoke at events, and sponsored hackathons. The two major events we participated in were:

ETHDenver 2022 Conference

Our leadership team and developers had a wonderful time connecting with partners, friends, and people from many communities. We hosted an NFT battle developer workshop and Harish Raisinghani, Head of Developer Relations, was the keynote speaker during the opening ceremony.

Avalanche Summit 2022 in Barcelona

We announced our partnership with Chainstack to support Avalanche subnets, which are custom blockchain networks that allow builders to choose features to serve diverse needs. Our team also led two workshops for the summit’s hackathon on how to build on Avalanche with our unified API and explored Web3 use cases.

5 Media Publications

  • See media coverage on our press page including CNBC, Cointelegraph, and Forkast.

Q2 Roadmap

As blockchain technology is increasingly being adopted and more use cases are being created, Covalent is well-positioned to continue scaling as an essential Web3 data layer.

We have a growing number of blockchains scheduled to be indexed to provide developers with more best-in-class Web3 data, including Harmony, Cronos, and Aurora. You can expect us to double down on our leading NFT APIs, code templates, widgets, and Replit to allow teams to fork code and focus on product as well as business models.

We’re continuing to ramp up the number of hackathons we support and have joint hackathons scheduled in collaboration with blockchain partners, including Klaytn and IoTeX. The joint hackathons will engage more developers to build on the newly indexed chains.

As we progress in decentralizing the Covalent Network, the next phase will include Block Specimens being mined on the mainnet proof chain and people will be able to stake their CQT to earn rewards. CQT is the native token of the network where all the data proof and query settlements are denominated in this currency.

Q2 Events

The next few months are packed with events! We will be at:

Thank you for all of your continued support! We look forward to sharing more exciting updates. You can join our mailing list for regular news or reach out to me directly.

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

About Covalent

Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 32+ blockchains. Covalent is trusted by a community of 27,000+ developers and powers data for 1000+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

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