Covalent: Covalent Partners with Shyft Network to Enhance Risk Scoring for Liquidity Pools
Author

Niall Yorke

Product, Covalent

Covalent Partners with Shyft Network to Enhance Risk Scoring for Liquidity Pools

Nov 5, 2020

VANCOUVER, November 4th, 2020 - Covalent is delighted to announce that we are partnering with Shyft Network, a blockchain public protocol that allows encrypted, attested and secure data transfers while enabling anyone to develop applications and infrastructure for global citizenship, trusted data and regulatory-compliant privacy.

Shyft Network’s solution can be thought of as a Web 2.0 and 3.0 O-Auth2-type interface with 2FA applications. Shyft Network allows for encrypted, attested, and secure data transfers between those who own data (Data Owners), those who hold data (Data Custodians, or Trust Anchors), and those who request data (Data Consumers). Shyft Network’s goal is to minimize entities that have custody over user data by providing an attestation framework that enables data validation and presents optionality around data availability and sharing. By integrating with Covalent, Shyft Network will now have an additional data source that will validate the actions of wallets to ensure they are not used for illegal purposes, like money laundering, or any other suspicious activities. This is enabled through Covalent’s ability to provide granular, historical per wallet data. Ultimately, this partnership will enhance the reliability of the Shyft Network, and compliment the institutional DeFi offering that Shyft is bringing to the market.

Quote from Ganesh, Covalent’s CEO

Shyft Network is filling an important gap in DeFi in that users need secure data transfers. Through Covalent’s ability to provide full historical context of blockchain data at a granular level, along with Shyft Network’s infrastructure, this partnership represents a step toward validated and trusted data for both users and projects.

Quote from Juan Aja Aguinaco, Co-Founder of Shyft Network

We have spent the past three years building a protocol that would allow users to embed trust and validation into data. By partnering and integrating with Covalent, we can offer users a reliable way to increase data integrity and usability. We strongly believe that current decentralized finance offerings are falling short of the quality and reliability that users should get; with strong, data-backed identities, users and projects can better manage counterparty risk. Ultimately, we envision a DeFi realm that can fully compete with centralized and traditional finance products, and offer better solutions to society.

About Shyft Network

Shyft Network is a public protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks. By incentivizing individuals and enterprises to work together, Shyft Network allows for the layering of context on top of data, turning raw data into meaningful information. To learn more, visit www.shyft.network.

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 40+ blockchains. Covalent is trusted by a community of 30,000+ developers and powers data for 3000+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

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