Covalent reaches 9% staking supply, integrates two blockchains, and receives over 350 in hackathon registrations! Covalent

Indi Smith

Marketing, Covalent

Covalent reaches 9% staking supply, integrates two blockchains, and receives over 350 in hackathon registrations!

Jun 6, 2022

TL;DR:

  • By today (June 2, 2022) our MaxCap multiplier’s ratio will have increased from 6:1 to 12:1, our biggest increase yet.
  • 350 registrations and a record breaking 37 submissions in the hackathon Hack Money 2022.
  • 2 new partnership announcements celebrating the integration of Aurora and Evmos chains.
  • Covalent’s going to Consensus 2022, from June 9th to 12th.

Message from Ganesh

Covalent Network

On May 4th, Covalent announced its pledge to contribute $25 million in funding for data verifiability in Web3 and bringing staking to the Covalent Network. Since then, the staking parameters have increased every two weeks to ensure operators have the safest staking security with open-access to all token holders. By today, the MaxCap multiplier’s ratio will have increased from 6:1 to 12:1, our biggest increase yet. This means that the maximum a Network Operator can accept in delegations is 2,100,000 CQT, and the circulating supply staked will go from 4.9% to 9%.

Partnerships

Covalent Integrates with Aurora

On May 23rd, Covalent announced its integration with Aurora, an Ethereum Virtual Machine (EVM) created by the team at the NEAR protocol. Aurora delivers a turn-key solution for developers to operate their apps on an Ethereum-compatible and scalable platform with low transaction costs for users.

Covalent Integrates with Evmos

On May 30th, Covalent announced its integration with Evmos, a scalable, high-throughput Proof-of-Stake (PoS) blockchain that is fully compatible and interoperable with Ethereum. Developers will be able to have all the desired features of Ethereum, while at the same time, benefit from the Tendermint core PoS implementation.

Developer Relations

Hack Money by ETHGlobal 2022

We’re thrilled to have taken part in HackMoney organized by EthGlobal, where we saw a record number of 37 submissions for our DeFi Analytics Dashboard/App bounty. Two of the Hackathon finalist winners, Whip, and Wido Router, both used our API for their projects.

Whip: Treasury Analytics Tool

Meetup-in-a-Box Organized by Alchemist in Nigeria

One of our Alchemists, Kingsley Eyo, hosted Meetup in Uyo, Nigeria. The topic of discussion was “Introduction to Web3 and building a Career in Web3”, and more than 25+ people attended the Meetup.

We were fortunate to be able to attend Web3: The Future of Technology and Consensus hosted by Chainlink in Vancouver, BC. This was the first of regular meetups scheduled to take place, involving web3 topics like DeFi, security, data consensus, and more!

Consensus 2022

Publications and Features

  1. On May 13th, David Shuttleworth at ConsenSys wrote an in-depth analysis about Covalent. This article highlights our decentralized network of blockchain data, our mechanism design, and our tokenomics.

  2. Also on May 13th, Brandon Rochon, Data Scientist at Covalent, appeared on the GAINS Associate podcast, discussing data business in web3, read scalability, and block reorganization with other web3 professionals.

  3. On May 25th, Daniel C. Park, Data Journalist at Covalent, published his commentary on how Nomad bridge is trading off latency for absolute security in response to the bridges that have been robbed of a billion dollars this quarter alone.

  4. On May 30th, Ganesh Swami, CEO and co-founder of Covalent, participated in a podcast with Crypto News discussing P2E games, why we need granular, historical data, on-chain analysis, current challenges in the data space, tax season, Unified APIs and APIs in crypto.

Other Media Mentions

Events

Covalent is pleased to announce that we’ll be going to Consensus, from June 9th to 12th. Make sure to say hi!

Team going to Consensus 2022:

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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Spotlight

Read
Open Sourcing a Critical Component of the Covalent Network: The Block Specimen
by niall on Jan 26, 2022

TL;DR:

  • Covalent is excited to ship 4 brand new products:
    • a new whitepaper specification for the “Block Specimen”, a novel invention to securely extract data from blockchains with cryptographic proofs
    • an open-source reference implementation of the Block Specimen (a set of patches atop the popular Ethereum client Geth)
    • the Covalent Network roadmap
    • a set of imagery as wallpapers to celebrate the Covalent Network progress
  • To date, no one has addressed the read scalability issue in Web3. The Block Specimen presents a unified, canonical schema that can be applied across multiple blockchains.
  • With the reference implementation now open-source, we expect to see broad adoption of the specification across blockchain ecosystems.
  • The first phase of the Covalent Network, which includes CQT single-sided staking, is expected to go live at the end of Q1 2022.

Company

Read
Covalent reaches 9% staking supply, integrates two blockchains, and receives over 350 in hackathon registrations!
by indi on Jun 6, 2022

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