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

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 a public sale round 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%.

• Read more: Covalent Network Overview

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.

• Read more: Aurora Partners with Covalent, Bringing Data Accessibility to the Network

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.

• Read more: Bringing Evmos Developers Unparalleled Access to Indexed Blockchain Data with Covalent

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.

Chainlink Event in Vancouver

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.

   • Read the article here: Covalent: A Decentralized Blockchain Database and API

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.

   • Listen to the recording here: The Crypto Rocket Show: Web3 & Data Talk

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.

   • Read the article: Bridge Security: New Tech Means Bridge Hacks Should Be Just a Memory

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.

   • Listen to the podcast here: Ganesh Swami on Granular, Historical Data

Other Media Mentions

• May 4th: Read the press release on Covalent’s launch of staking - Covalent pledges $25M in a public sale round to bring data verifiability to Web3

• May 12th: Read the interview with Ganesh Swami by Victory Square, a Venture Builder - In Conversation: Ganesh Swami of Covalent

• May 16th: Brandon Rochon provides feedback on the centralized versus decentralized exchange argument and what the future could hold for both. - Centralized exchanges vs decentralized exchanges: Can the DEX win out?

• May 16th: An interview with Brandon Rochon and Lahm Ho, CEO of Bomb Crypto and the future of NFT gaming. - Bomb Crypto Prepares for Launchpad, CEO Hosts Text AMA

• May 28th: Erik Ashdown, Ecosystem at Covalent, is announced as one of the judges for the Moonriver Grant Hackathon - Huobi Incubator Announces Strategic Sponsorship with Moonbeam, Introduces the Moonriver Grant Hackathon

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:

• Erik Ashdown, Head of Ecosystem
• Meltem Algan, Events Manager
• Indira Smith, Marketing Coordinator

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 50+ blockchains. Covalent is trusted by a community of 40,000+ developers and powers data for 3000+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

Website | Discord | Telegram | Twitter | Youtube | 微信公众号