New York, NY, November 30, 2022 – Coinbase Ventures and Binance Labs backed Covalent, a Web3 data provider offering an industry leading Unified API, announced today a significant milestone to help scale the Ethereum blockchain: a partnership with native zkEVM solution Scroll. This partnership establishes Covalent as the first Web3 data aggregator to provide complete data transparency to zkEVM blockchains.
As developers aim to improve Ethereum’s speed and lower transaction fees, zkEVM – a technology rapidly gaining traction – embeds zero-knowledge (zk) rollup functionality into Ethereum’s compute structure. Blockchains supporting zk-rollups greatly increase efficiency and reduce data demands by “rolling-up” a huge number of data transactions into one block and moving computation and state-storage off-chain.
“Ethereum is one of the most popular blockchains, but it suffers from slow transaction speeds and high fees, which major updates like The Merge have attempted to solve. Scaling solutions are constantly innovating to enhance the capabilities of Ethereum, and zk-rollups are making considerable waves,” said Ganesh Swami, CEO and co-founder of Covalent. “Working with an innovator in the zkEVM space enables us to obtain and aggregate never before seen data from Ethereum rollups, which will uncover immense value for our API users and positively impact the Ethereum ecosystem.”
The partnership with Scroll enables Covalent to access a fresh data pool from scaling solutions built upon Ethereum, extending its tremendous breadth spanning 50+ supported blockchains including alternative sources (appchains, L2s, etc), and impressive depth by ensuring all data is captured from the genesis block as access to the highest quality Web3 data remains in great demand by protocols, institutions, and dApp developers.
To learn more about Covalent, visit covalenthq.com or follow @Covalent_HQ on Twitter.
To test out the new Scroll endpoints, please visit here.
Scroll is building a fully EVM-Equivalent general-purpose zk-Rollup built for the purpose of scaling the Ethereum network. Scroll aims to be the most developer friendly zk-based scaling solution by offering developers a seamless DApp migration experience between Ethereum layer-1 and Scroll.
To learn more about Scroll visit https://scroll.io/ or follow @Scroll_ZKP on Twitter.