TL;DR: Axie Infinity is about to reach 10M all-time players, arguably the most-used blockchain application that is live today. We are writing a 4-part series focused around the explosive growth of Axie Infinity. This first part is a cohort analysis which highlights Axie Infinity’s sky high player growth and retention and contrasts it with the low popularity and retention of some in game functions (such as breeding). All insights are derived from on-chain data provided by Covalent.
Axie Infinity is by far the most popular blockchain game with more than 8.3M players all-time and over 1M daily active players. The game began on the Ethereum blockchain and has since moved to a gas-free chain made specifically for the game, called Ronin. With Covalent, we could analyze data from both of these chains and look at the full evolution of Axie Infinity, but let’s focus this analysis on the recent history and the game’s explosive growth fueled by the Ronin chain.
This analysis will center around the players in each of the five categories shown in the table below. We will look at the acceleration of growth, compare new and existing users, and examine month over month player retention in each category.
TL;DR: When we started the Alchemist Program back in February this year, little did we know it would take on a shape of its own – to become one of the most vibrant community programs in web3, with 2500+ members participating from over 100 countries. The next step of the program’s evolution from being community-led to community-owned is here.
Today, we are excited to announce the launch of AlchemistDAO at MCON 2021 in Denver. AlchemistDAO stems from the first version of the Alchemist Program and brings together a community of innovative data-nerds within the Covalent network, breaking barriers, and creating a new economy powered by data. We want the Alchemists to explore aspirations, pursue queries, and own their future in a space where contributions become currency.
We believe that everyone should have access to education, a high-quality network, career opportunities, and a space to explore their purpose. With AlchemistDAO, we are creating that space for data nerds like us, who want to understand more about the data and the possibilities that it unlocks.
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.
TL;DR: These past 4 months we have seen an amazing turn of events surrounding the Covalent Alchemist Ambassador Program. It took on a life of its own, becoming one of the most vibrant communities in crypto. We are proud to say we have a team of 2,500 Alchemists who have showcased initiatives above and beyond expectations.
The mission and vision of the program has always been to create opportunities for individuals to further their careers, receive mentorship, access educational tools not accessible in their regions, have a safe space to grow, and more. At Covalent we understand the importance of focusing on community and allowing it to scale and is why we decided to allocate 1% of our total Token Supply to this program.
TL;DR: On last week’s Twitter Spaces we dove into hype cycles in crypto. Joining Ganesh was Joel John from LedgerPrime, Marc Weinstein from Mechanism Capital, Siddharth Jain from DefiDollar and Covalent moderator Pratik Gandhi. Our panellists explored three topics; platforms vs. applications, exogenous factors driving demand, and investment cycles. The consensus was that we have yet to cross the chasm to the mainstream market, but this cycle has created a lot of opportunities for both individuals and investors. Wise practices in hype cycles are to follow the teams who have a strong core and who contribute value regardless of the market conditions.
Join us every Wednesday at 10 am Pacific as take apart key topics in the crypto space!
TL;DR: Our most recent Twitter Spaces featured 4 exemplary DAO founders who were gratuitous to share their thinking behind DAO infrastructure. We had Dennison Bertram from Tally, Cooper Turley from Audius, Eyal Eithcowich from DeepDAO, Shreyas Hariharan from Llama with Pratik Gandhi from Covalent moderating. We discussed a wide range of topics from the core ideas that make DAOs tick, to the current state of infrastructure, gaps/opportunities to builders, treasury management best practices to governance/legal frameworks.
This session was by far our most attended Twitter Spaces session we’ve had with over 200 members listening in at its peak.
‘DAO’ stands for Decentralized Autonomous Organizations: think of internet-native communities with a built-in governance framework tied in an executable code. The members of a DAO go after a shared set of goals to use web 3 native tools to make decisions open, transparent, and efficient.
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.
Covalent joins the Moralis Avalanche Hackathon to advance Web3 development with their one unified API.
Covalent is excited to officially join the Moralis Avalanche Hackathon and support this community of nearly 100,000 developers building the Web3 future. The hackathon, which starts on Monday December 6, currently offers a prize pool of over $350,000 USD with just the top three prizes totaling over $100,000 USD for projects using Moralis and the Avalanche network.