Disclaimer: This blog post describes methodologies for calculating CQT supply and market capitalization on third-party websites. We are not responsible for any CQT metrics reported by these or other websites. We encourage you to please read this post, our CQT token economics page, and do your own research on Etherscan!

TL;DR: Covalent is providing additional granularity on circulating supply. There is no change to CQT supply reported on Covalent’s website; nevertheless, two third-party websites, Coingecko and CoinMarketCap have updated the circulating supply of CQT and as a result the market cap that they calculate as well.

We started working on Covalent over 4 years ago. Looking back, we’ve never wavered in our resolve to build the best approach to understanding blockchain data. It’s gratifying to see the market starting to understand and appreciate our unique approach and philosophy. Here’s a letter I shared with our stakeholders highlighting the key moments that defined Covalent over the last twelve months.

TL;DR: From September 10-12th, the Covalent team embarked on our first company retreat in Whistler, Canada!

With everyone on the team vaccinated, this was the first time we could assemble the whole crew for a weekend of fun (and a little strategy 😉).

This time last year, Covalent had 3 employees. Over the course of a year we raised funds, launched CQT, hired over 30 people, expanded our community to 2500, listed on multiple exchanges, included L2 chains, and more. We aren’t stopping any time soon.

This retreat was a celebration of how far we’ve come, but also how many great things we know are on our path ahead.

VANCOUVER, May 10th, 2021 - Covalent, an indexing/querying blockchain data provider, has closed $10 million in funding from a CoinList Public Sale. The new funding will bring the Covalent Query Token, CQT, to the public for the first time as Covalent continues to move toward a community-led project.

Blockchain technologies can change the world. However, despite the proliferation of digital assets on the blockchain, granular and historical blockchain data is almost impossible to access. It is time-consuming and computationally intensive. If blockchain-based products are to become attractive to mainstream users, the builders should be able to analyze blockchain data without having to invest considerable resources in trying to make sense of highly unstructured and unstandardized data.

When I took a walk with Ganesh in Robert Burnaby Park in February, my intention was to catch up with a friend and fellow tech entrepreneur. Little did I know that it would lead to me joining Covalent, the rocketship blockchain data analytics company that Ganesh, Levi, and the rockstar team they have assembled are building just a few weeks later.

I met Ganesh through a mutual friend at SFU. Back then, we were just dreamers and wide eyed undergrads. Learning and absorbing everything going on around us. Fast forward a few years, I was working with Blast Radius and Ganesh was trying his hand at social games. One Friday, a few of us met up for beers and that’s when I handed my old business card to Ganesh. Those days he was renting a desk at A Thinking Ape’s office. Later that same business card got me a job with A Thinking Ape and we found ourselves working in the same office. Over the next 2 years I saw Ganesh work hard and stay relentless.

Covalent is at the forefront of changing the traditional ways we look at, define, and access big data. They’re providing the industry what it truly needs - a true representation of what transparency looks like.

Three years ago, Covalent did not exist. Despite a challenging 2020 for everyone, Covalent and the entire crypto space has thrived. Covalent has scaled from a small project with two passionate founders to a project with global ambitions. Here’s a letter I shared with our stakeholders highlighting the key moments that defined Covalent over the last twelve months.