June 2021 Community Update: CQT is Live! Covalent

Niall Yorke

Product, Covalent

June 2021 Community Update: CQT is Live!

Jul 5, 2021

June was a landmark month for Covalent. Following years of building and months of persistent technical, legal, ecosystem, and governance foundational work, CQT went live! Here’s what happened with Covalent and the community throughout June 2021.

Key Highlights

  • The Covalent Query Token, CQT, is here! CQT is the native token to the Covalent network which is progressively decentralizing. CQT serves three purposes:

    • CQT is a governance token, whereby token holders vote on proposals to change the system parameters.

    • CQT is a staking asset. Validators will earn fees for answering queries and indexing data.

    • CQT is a network access token which fulfills data queries for users of the API.

      We have also developed the ‘CQT Dashboard’, your one-stop shop where you can find trusted and up-to-date information regarding $CQT such as the contract address and where it’s being traded. In the future, this will be a place to stake CQT in liquidity pools and on the Covalent network.

  • We have added two blockchains to our ever growing list of indexed networks.

    1. Arbitrum: The first of many L2 networks we plan to index, Arbitrum is an L2 scaling solution for Ethereum. It is a suite of Ethereum scaling solutions that enables high-throughput, low-cost smart contracts while remaining trustlessly secure. Developers are encouraged to use the Covalent+Arbitrum integration page as a reference.
    2. RSK: RSK is the first general-purpose smart contract platform secured by the Bitcoin Network. RSK’s Contracts goal is to add value and functionality to the bitcoin Contracts ecosystem by enabling smart contracts, near-instant Contracts payments, and higher scalability. Read more about the integration and what endpoints are available here.
  • Ganesh sat down with YourStory, India’s biggest and definitive platform for startups and entrepreneurs, to discuss Covalent, its humble beginnings and the direction in which it is heading.

  • Our Head of Token Marketing, Jackie, hosted two discussions during the month of June.

    • Uniting The Prairies - Blockchain & Cryptocurrency.
    • Canadian Blockchain Association for Women - The Importance of Scaling & Why Placing Value on Crypto Communities Matter.
  • As part of #OneMillionWallets - Fantom Edition, Ganesh was joined by Sid from SpiritSwap and Simone from Fantom to discuss scaling blockchain ecosystems and the importance of community. The full discussion can be found here.

  • Erik, Head of Ecosystem at Covalent, joined Boxmining where, along with its respective community, talked about the latest happenings with Covalent and upcoming trends in the cryptocurrency space. Check it out here.

  • Covalent is also hiring! Open positions can be found here.

Community

From MRI images of the Covalent logo to amazing Covalent-powered DeFi applications being built at hackathons, the Covalent community continues to amaze.

Covalent Alchemist Program Update

In just a matter of 3 months, we’ve been able to grow the Alchemist community to 2,000 members with great initiatives taken by hundreds of driven individuals from all over the world.

  • 30+ Covalent regional communities are currently running and have seen about 23% total growth in numbers of people joining.
  • We now have managerial categories that have been created for the 200+ leaders who have performed above and beyond that provide mentorship to others in the program to strengthen soft skills, learning HR, project management, event planning, running meetups, checking the quality of work, and more!
  • We’re continuing to have workshops led by Alchemists with our last successful one where a Solidity Alchemist taught the community about smart contracts, NFTs, and pulling data using the Covalent API.
  • We introduced a Health & Wellness challenge where Alchemists were encouraged to show how they are making fitness a habit and helping others reach their goals during the pandemic.

Hackathons

We spent a fair bit of time this past month talking about the importance of hackathons which also include our Genesis story. We also had 4 hackathons running simultaneously as we ramped up our developer engagement. The past month included:

  • Wrapping up the hackathon with Moralis which included a $5K bounty prize.
  • Over 30 teams building with Covalent at HackMoney by ETHGlobal which ends in early July.
  • Indexing the RSK network and then sponsoring 2 bounties worth $10K as part of the Sovrython event with Gitcoin.
  • Completing of our record-breaking #OneMillionWallets - Fantom campaign which set a new bar for participation in terms of both quantity and quality. Over 3,500 registrations, hundreds of wallets created and every single hackathon submission was of top quality. We even had a young developer from Trinidad & Tobago mention what an opportunity this hackathon was to help change the mindset around software development in his country and onboard his community into crypto. Here are some hackathon project highlights:

Technical Update

  • Both Arbitrum and RSK have been indexed, offering unparalleled data access to both networks.
  • Introducing UniSwap Clone Endpoints “XY=K”: Class B endpoints provide an exchange, liquidity, swap and other granular and historical data for large DEXs such as PancakeSwap and SushiSwap, which are clones of the core Uniswap code base. Thus, we revised our approach to building out a set of universal endpoints which can be applied to any supported Uniswap clone to fetch swap, volume, liquidity, pool, token, and other key metrics. All the user has to do is simply replace the DEX name in the API calls with the name of a supported Uniswap clone. The current supported Uniswap clone DEXs include SushiSwap, QuickSwap, Pangolin, SpiritSwap, and SpookySwap.
  • PancakeV2 now provides liquidity data for all exchanges active in the last 7 days, an update from 1 day only. PancakeSwapV2 exchange-refresh fetches both 24-hour and 7-day liquidities. This update stores the set of exchanges active within the last 7 days.
  • Added BNB, Fantom, Avalanche and Matic as pricing platforms with native chain gas tokens added as fiat quote_currency.

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

Alpha Alarm

  • We crossed 1M impressions on Twitter and received record engagement from the community.
  • The initiative is now almost entirely run through the Alchemist program with 20+ alchemists involved directly in technical research.
  • We began expanding the research program to cover more topics than just Alpha Alarm. This will be called the Research Lab and more will be announced at a later date.
  • Stay tuned on Twitter for an in depth Analysis of Uniswap V3 to find out how the new protocol can achieve up to 4000x the capital efficiency of V2.

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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