Covalent vs The Graph - Competitive Analysis | Covalent

Covalent vs The Graph

How do these data query middleware protocols compare?

Ease of use.

Immediate utility.

Covalent continuously indexes every single block, transaction, wallet balance and position. Billions of rows of data are immediately available for your project via an API without having to write any code.

Time to ship: 5 minutes

The Graph

Large entry barrier.

Projects need to hire and budget for a blockchain engineer to work on a "subgraph" before it is useful. Engineering talent is the most sought after resource in the blockchain space!

Time to ship: 20+ hours

Target market.

Built for Enterprises. Available to All.

Covalent's APIs are built from the ground up to support a diverse, sophisticated and demanding customer-base with billions of dollars at stake. Covalent powers all the major wallets for taxes, forensics and other emergent use cases.

Verdict: Proven and battle tested across multiple use cases and target markets.

The Graph

Only for DApps.

The Graph's customers are mostly DApps early in their life-cycle. DApps have smaller and less-demanding data requirements.

Verdict: Single use case and target market.

Market validation. Paying customers.

Revenue generating.

Covalent has multiple paying customers and reached profitability in 2020. As the industry starts to understand the value of Covalent, revenue will also scale to support the token economics.

Verdict: Clear value and revenue drivers.

The Graph


The Graph hasn't started commercialization yet and it is unclear if their customers will ever pay for their services.

Verdict: Unclear monetization prospects.

Multichain support.

Multichain in our DNA.

Covalent already indexes and has customers on 7 different blockchain networks, including Matic and others (to be announced soon). One unified API for all blockchains.

Verdict: Future-proof and scales across use cases and networks.

The Graph

Only for Ethereum.

The Graph only supports Ethereum today and it is unclear what their multichain future looks like.

Verdict: Limited applicability today.

Ecosystem partners.

Over 50 projects building and succeeding with Covalent.