Leilani Ledingham
Product

Q3 2023 Product Update

TL;DR

This quarter at Covalent, we shipped:

  1. The Covalent SDK: A Game-Changer for Developers - A seamless tool redefining the developer experience, making coding more intuitive with our transformative SDK.

  2. An Unrivalled Address Activity Endpoint - Single API call magic! Track wallet activity across 150+ chains efficiently.

  3. Extended Chain Support for our Testnet Faucet - Broadening horizons for developers with support for a myriad of new blockchains to test and play.

  4. A Crypto Accounting Tool - No more tax season blues. Simplify your crypto tax calculations with our advanced, open-source tool.

  5. Historical Token Balances - Dive into your wallet’s past. Retrieve historical token balances with precision.

  6. Light NFT Responses - For the collectors out there! Faster, efficient data retrieval for your expansive NFT collections.

  7. Lens Address Resolution - A user-friendly shift! Use a Lens handle and skip the traditional long blockchain addresses.

  8. Nodereal API Packages - Collaborative brilliance with Nodereal, introducing a range of powerful API packages.

  9. Three New Labs Endpoints - An average gas price endpoint, native token balances, and NFT approvals!

  10. 50+ New Chains - We keep expanding our universe. Welcoming Opside chains, BNB sidechains, Avalanche subnets, and more!

Introduction

Q3 2023 has been nothing short of exhilarating for Team Covalent! We've shipped some epic features that reaffirm our stance as a developer-first, data-driven powerhouse in the blockchain world.

The major themes of this quarter include Enhancing the Developer Experience with our Covalent SDK and Testnet Faucet, Expanding Blockchain Support to accommodate an even broader universe of chains, and Optimized Data Access that brings users seamless experiences.

Let's dive right into the details of each update!

Please note - the “What’s Next” section is subject to change based on several factors, including consumer demand, user feedback and market conditions. We are actively working towards these goals, but priorities can shift based on what is best for the company and our overall vision.

The Covalent SDK: A Game-Changer for Developers

What Shipped: The Covalent SDK has been launched, providing developers with function calls instead of HTTP requests. It encompasses both the Typescript SDK and the Python SDK, covering our Class A, Class B, and Pricing endpoints. Read more.

Why This Matters: This transformative SDK streamlines the coding experience by simplifying and optimizing the development process, positioning Covalent as a developer-first company.

What’s Next: Improvements for the SDK based on customer feedback and potential support for other languages.

Unrivalled Address Activity Endpoint

What Shipped: The Address Activity endpoint is now officially available after its beta phase. This tool identifies wallet activity across 150+ chains through a single API call. Read more.

Why This Matters: It provides users with a centralized and efficient method to track wallet activity, reducing the complexity of monitoring multiple chains.

What’s Next:

The Address Activity endpoint is appealing in simplicity, but stay tuned for other ways we can surface cross-chain data insights.

Extended Chain Support for our Testnet Faucet

What Shipped: The Testnet Faucet has been expanded to support a wide array of blockchains, enabling developers to obtain testnet tokens for different chains directly to their wallets. Go to faucet.

Here’s a comprehensive rundown of our offerings:

Blockchain NameDrip Amount
Linea Testnet0.02 ETH
Base Testnet0.02 ETH
Mantle Testnet100 MNT
Scroll Alpha & Sepolia Testnet0.02 ETH
Horizen Gobi Testnet0.02 ETH
Optimism Goerli Testnet0.02 ETH
ZetaChain Testnet0.02 ZETA
Polygon Mumbai TestnetComing soon
Sepolia TestnetComing soon

Why This Matters: This broadens the scope for developers to test and develop on diverse blockchains, enhancing the overall developer experience.

What’s Next:

Stay tuned for Polygon Mumbai Testnet and Sepolia Testnet support!

Crypto Accounting Tool

What Shipped: An advanced, open-source calculator for computing the adjusted cost basis (ACB) and determining capital gains for crypto transactions. Read more.

Why This Matters: This tool simplifies the often complex task of crypto tax calculations, providing crypto enthusiasts and digital asset accountants with a reliable solution for tax season.

What’s Next: Covalent is close to achieving SOC2 compliance, opening up more possibilities in the taxation space.

Historical Token Balances

What Shipped: A new endpoint was added to fetch historical token balances for a given wallet address at specified dates or block heights. Read more.

Why This Matters: It provides users with a detailed historical context of their assets, which is crucial for various financial and analytical purposes.

What’s Next: Extended chain support will be added based on customer demand.

Light NFT Responses

What Shipped: Introduced lightweight response features for NFTs, providing faster and more efficient data retrieval for large NFT collections. Read more.

Why This Matters: It significantly enhances user experience by speeding up data retrieval times, which is especially useful for wallets with a vast collection of NFTs.

What’s Next:

More NFT endpoints are being released shortly, including NFT floor prices, volume, and sales count.

Lens Address Resolution

What Shipped: Support for Lens Protocol address resolution has been added across the API, allowing users to use a Lens handle instead of traditional addresses. Read more.

Why This Matters: It simplifies the address input process, making it more user-friendly and reducing errors associated with long blockchain addresses.

What’s Next:

Our list of address resolution support is growing, with ENS,  RNS,  Lens Handles, and Unstoppable Domains resolving automatically. We will continue to respond to the market and expand this offering as we introduce new endpoints.

Nodereal API Packages

What Shipped: In collaboration with Nodereal, new API packages, including the Wallet Toolkit, Lens API Toolkit, and Multi-chain Balances APIs, have been introduced. Check them out.

Why This Matters: It facilitates seamless integration of the Covalent API for those already utilizing the NodeReal infrastructure, combining the strengths of both platforms.

What’s Next:

We are continuing to expand our partnerships with other industry data providers, including Bware and Chainstack!

Three New Labs Endpoints

What Shipped:

  • NFT Approvals Endpoint: Covalent's new NFT approvals endpoint (currently in beta) has been launched to allow easy monitoring of NFT approvals. With this, users can differentiate between spenders with access to specific token IDs and those granted permissions across all tokens.

  • Native Token Balance Endpoint: The exclusive Get Native Token Balance endpoint is now available. This endpoint specializes in fetching just the native token balance for a given wallet address, providing streamlined access to essential data.

  • Average Gas Price Endpoint: The pioneering Average Gas Price endpoint is introduced to the Covalent ecosystem. This tool is crafted to deliver average gas prices for distinct event types, primarily Uniswap v3 swap events, ERC-20 transfer events, and native token transfer events.

Why This Matters:

  • NFT Approvals Endpoint: As NFTs grow in importance in the Web3 realm, the complexity of transactions intensifies. This makes the security of users' NFTs paramount. Covalent's new endpoint offers a solution to monitor and ensure the safety of these valuable digital assets effectively.

  • Native Token Balance Endpoint: By focusing solely on native token balances, users can get rapid insights without the noise of additional data, enhancing the overall user experience and efficiency.

  • Average Gas Price Endpoint: With emergent chains lacking comprehensive gas trackers, users often struggle to determine optimal gas prices. Our endpoint simplifies this by aggregating gas projections over different time spans, providing users with an invaluable tool to navigate the blockchain terrain.

What’s Next:

  • Continuous improvements to these endpoints in the beta phase based on user feedback.

50+ New Chains

We’re always expanding, and this quarter is no exception. We’ve indexed:

  • 21 Avalanche Subnets

  • 12 Opside Rollups

  • Opside Pre-Alpha Testnet

  • Opside Public zkEVM

  • 5 BNB App Sidechains

  • 3 OP Stack Chains

  • Base

  • Linea

  • zkSync

  • Horizen EON

  • Telos

  • Tomochain

  • Scroll Sepolia Testnet

  • Metis Testnet

  • ZetaChain Testnet

Conclusion

Q3 at Covalent can be summed up as a trio of progress: Innovation, Expansion, and Precision. We've raised the bar, added new dimensions to our offerings, and refined our existing tools to be even better.

As we gear up for the next quarter, rest assured we're fueled by your feedback and eager to push the boundaries even further. Stay tuned, and thank you for sharing this journey with us. The best is yet to come!


About Covalent:

Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers and analysts use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 225 + blockchains. Covalent is trusted by a community of 40,000+ developers and powers data for 5,000+ applications, including 0x, Zerion, Rainbow Wallet, Rotki, Bitski, and many others.