August 2025 Recap — Speed, Scale & the $CXT Onchain Flywheel
August was a very busy month, and if Covalent was an engine, every action was focused squarely on the growth of this engine.
From ultra-fast onchain data infrastructure upgrades, new integrations across 150+ chains, compliant exchange listings, to revenue-driven buybacks, everything shipped fed into a simple, repeatable loop:
Expand chain coverage to power more developers with Covalent’s integrated data platform. Upgrade infrastructure to maintain the promise made to developers, which generates revenue, allowing for the purchase and later burn of $CXT. Continue doing this repeatedly, only faster, better and cheaper than every other competitor.
By doing this, the Covalent flywheel grows. Let’s look at what happened this month.
Financials — A Revenue-Backed Token
Every integration, every query, every API call generates usage. Usage generates revenue. Revenue buys $CXT. Supply later shrinks. The core engine of revenue is directly integrated into the token.
900,000 $CXT in Buybacks — Taken Out of Circulation
In August alone, Covalent bought back around 900,000 $CXT off the open market through daily buybacks. In totality, over 7.7M $CXT (0.77% of the supply) has been bought back onchain over the past year. With later planned burns and the token already being fully unlocked, this supply is never coming back. This mechanism lays the foundations for a deflationary token.
Listed on Revolut — MiCA Compliant
$CXT is now live on Revolut, Europe’s largest fintech platform with 60M+ users.
Revolut only accepts projects that are MiCA compliant. This means that not only does it validate that $CXT is MiCA compliant, $CXT is also accepted in one of the most regulated consumer crypto venues in the world.
Read the full release here.
Product — Ultra-Fast Infrastructure for AI Agents, HFT Bots, and Builders who Need Speed
We started August with new firepower for Covalent’s GoldRush Streaming API that powers sub-second blockchain apps, AI agents, and bots. These use cases are where real market growth is happening right now, so it’s important to stay focused on making sure the product serves the needs of the market.
Update Pairs Stream
GoldRush now supports ultra-fast updates for DEX pairs, including USD price, volume, market cap, and liquidity, across Ethereum, Base, and BNB Chain. (More coming soon)
This is ready-to-use for:
Ultra-Fast Compliance
Trading and HFT bots
AI agents
All of it streamed sub-second, out of the box. Read more here.
GoldRush Livestream with Eco Foundation
Head of DevRel Harish joined Eco Foundation to walk through how to build with GoldRush, from accessing ultra-fast trading data to powering gaming, AI, and cross-chain queries.
If you’re shipping anything that reacts automatically to chain state, this is your backend.
Check out the recording here.
Ecosystem & BD — A Massive, Growing Network
Covalent now supports 150+ chains, making it the largest onchain data network in crypto. But Covalent’s real strength is the velocity with which builders are shipping on top of it. This symbiotic relationship is the core revenue engine of Covalent.
HyperEVM x Covalent
Hyperliquid launched HyperEVM, a custom-built EVM L1 optimized for trading and AI Agents. Covalent supported these efforts by offering GoldRush support day 1 and by taking part in their hackathon. Co-Founder Ganesh also joined their X Space Launch to break down how Covalent and GoldRush are powering infrastructure for ultra-fast onchain traders.
Awaken Tax Case Study
Covalent’s GoldRush published a case study about AwakenTax, sharing how without GoldRush tax reporting for 100,000+ wallets wouldn’t be possible.
“We couldn’t have built Awaken without GoldRush as a reliable, multichain data partner.”
Read the full release here.
Speed Runs on Base
In August, Covalent published a full report on how Base became crypto’s fastest-growing chain.
The data spoke for itself:
$3.4B+ in total assets bridged
47,000+ creator tokens minted
36M+ DEX volume in a single week
Sub-second chain activity from apps like Zora, Aerodrome, and Coinbase Wallet
But the core insight wasn’t just about growth, it was how important reaction time is becoming a core need in the market. With HFT bots, and automated flows running across Base, the winners aren’t the ones with the biggest bankrolls. They’re the ones who react to what the chain does first. In other words, latency, not throughput, is now the bottleneck.
That’s why Base is supported on the GoldRush Streaming API from day one. It delivers decoded onchain events, balances, swaps, liquidity depth, all lightning fast, giving agents and apps on Base the reflexes they need to operate immediately.
Read the full report here.
WallChain Leaderboard Launch
Covalent kicked off the WallChain Quack Leaderboard to celebrate and reward the creators shaping the Covalent conversation.
$200K in $CXT rewards
$40K/month across the top 80 contributors
No cliffs. No vesting. Fully unlocked.
The leaderboard launched mid-August and it's already growing fast.
This is about culture and community velocity. Read more here.
Wrapping Up — The Flywheel, Fully in Motion in August
Let’s step back and look at the system.
Covalent supports 150+ chains, with ultra-fast onchain data through its sub-second data co-processor, which feeds GoldRush APIs to power onchain bots, HFT systems, AI agents, consumer apps, tax tooling, wallets, and more. In Q2 alone, the GoldRush Streaming API had over 57k concurrent subscriptions, and ~99% of the Streaming API usage is pulling from the ultra-fast Open High Low Close Volume (OHLCV) endpoint, meaning there is a huge onchain sub-second data demand from high-frequency trading bots.
That activity turns the flywheel:
Chains integrate their data into the Covalent Sub-Second Data Co-Processor.
Builders ship fast with ultra-fast infrastructure.
Revenue flows in.
Protocol buys back $CXT.
Supply later gets burned.
Loop repeats.
It’s simple. It scales. It compounds.
This isn’t speculative; this is a real revenue engine supporting real users and earning real cash flows. Heading into September, we have so many exciting announcements to look forward to, and of course, every action Covalent takes again directly supports this revenue loop, spinning the flywheel faster.
