July 2021 Community Update: Launching Double Rewards with Sushi Onsen! | Covalent

July 2021 Community Update: Launching Double Rewards with Sushi Onsen!

Aug 4, 2021

This month we’ve continued to see a flood of activity and new developments in the crypto community. With so much buzz it can be challenging to stay focused, but that’s exactly what we’re doing and we’re seeing the rewards (in doubles). Here’s what happened with Covalent and the community throughout July 2021.

Key Highlights

  • Covalent’s newest integration with the Sushi Onsen Program has officially been launched, featuring 2x rewards (CQT and SUSHI) as additional benefits for Liquidity Providers. Our users can now trade CQT, add liquidity in our USDC/CQT pool, and deposit their LP tokens in our 2x reward farm in order to grow their CQT and SUSHI holdings. More information on how to participate can be found here: here
  • We had our 4th Community Call, in which we discussed the next steps for Covalent. In particular, we are committed to focusing on single-sided staking with CQT. In the coming months we will be releasing educational content explaining single-sided staking (S3), how it adds value to our token, and what features make the Covalent network unique. We will be doing a staking bootcamp as part of a learn-to-earn initiative, where users will be rewarded with staked CQT and NFT badges for completing assignments.

Watch the full community call here:

  • Our own Pranay Valson attended the ETHCC Conference from July 20-22, in Paris. We got to soak up all of his learnings from the events attended and even an impromptu conversation with Vitalek Buterin. The main topics were EIP1559, NFTs, metaverses and the intersection between DeFi and CeFi.
  • The Covalent team assembled in person! Our wonderful Operations Manager Elizabeth organized a company lunch where many of us were able to meet for the very first time for some “Covalent Bonding” (haha). Here’s a photo as proof:
  • If you’d like to join our team, open positions can be found here!

Community

The community that we’ve built continues to inspire us by showing their support and taking steps towards their own growth and development. This month especially we championed #OneBillionLivesChanged which we’re carrying forward as we expand our reach. Being a CQT holder and participating in our network is opening doors for people, whether it’s through completing a new course, working towards their fitness goals, getting new job opportunities, or just improving their day-to-day lives.

Ambassador Alchemist Program Update

We have officially grown to 2500+ alchemists in a time frame of four months, making us one of the most vibrant and successful communities in crypto. Taking a moment to reflect on this success, we came to realize two very clear next steps:

  1. Summer Break! Our alchemists haven’t stopped grinding, and we wanted to give everyone a chance to celebrate their accomplishments, spend time with family, and join our fun events like the Alchemist Olympiad here.

  2. Alchemist 2.0! There is no end in sight for this community’s growth, and that means we need to think about a structure that moves away from season-by-season tasks. Taking inspiration from FWB and BanklessDAO (to name a few) we’re going to be making the transition to a more autonomous and self-managed community. This will involve guilds, voting/governance, job boards and more!

Read more about the Alchemist Journey and what’s next here!

Hackathons

As you know, Hackathons are close to our hearts, and we’re proud to share some more successes in this department.

  • We recently wrapped up at HackMoney by ETHGlobal, which tallied 231 projects submitted -several of which used the Covalent API for its fast retrieval of historical on-chain data! Read more here!

  • Sovrython, a virtual conference and Hackathon took place from June 4th - July 18th 2021. Covalent joined as a sponsor and given our indexing of RSK, presented a wallet and an analytics challenge to developers. We saw so many quality submissions that we chose 8 winners!

  • We’re thrilled to be sponsoring HackFS which will be ongoing through August! Over $175,000 is up for grabs in a mission to build the foundation for the decentralized web. Ganesh and Leilani spoke about Covalent’s place in web3 in a note-worthy webinar leading up to the Hackathon which you can find below.

Alpha Alarm

  • We successfully launched the Alchemist Research Lab, involving our Alpha Alarmers and welcoming new users to deepen their understanding of blockchain data analytics.

  • Within the Research Lab, we had alchemists create training assignments to roll over their knowledge and teach others. This was very well-received as people were excited to get more hands-on experience with our API!

  • The Research Lab will continue to grow and transform as we embark on Alchemist 2.0.

Product / Technical Update

  • Palm Mainnet and Testnet are now fully indexed. It is a new NFT ecosystem for Culture and Creativity, built efficiently with Ethereum. Creators using the Palm ecosystem will benefit from super-low gas fees, and the Palm ecosystem will reward both creators and participants. Covalent is making it possible to easily access data on Palm by simply changing the ChainID on our API requests. https://covalenthq.com/networks/palm

  • We have added animation _url for NFTs. This will enable developers to use the NFTs endpoint to return animated NFTs thus improving the overall developer experience and aesthetics.

  • We have a new field burned  to the NFTs Metadata endpoint. This is a new feature where a burned NFT will not be returned when it has been burned, thus the metadata holds the information that it has been transferred to a null address, which is what is means for an NFT that has been burned. Developers querying the NFT metadata endpoint are now able to know when a previously existing NFT is no longer in existence. This information is returned in the metadata responses and thus developers can easily indicate to their end users, using custom error messages the unavailability of an NFT

  • Primer: Fixed and added more functionality of ”$toInt” This feature has been implemented as closely to mongodb as we see it. This enables API users to carry out rich queries such as Ex: for converting a token id from the raw_log_topics array

primer=[{“$match”:{“$toInt”:“log_events.0.raw_log_topics.3”}}]
  • There are a host of other updates to the XY=K endpoint which you can read on the Changelog.

Read more on the API Changelog: https://www.covalenthq.com/docs/changelog

About Covalent

Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.

Twitter: @Covalent_HQ

Telegram: https://t.me/CovalentHQ

Discord: https://bit.ly/Covalenthq_discord

Leilani Ledingham

Communications, Covalent

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