Vancouver, BC, April 5th, 2024, Chainwire

Key Notes

  • Covalent enables a new era of AI innovation with its extensive historical and real-time dataset
  • The Ethereum Wayback Machine is a key solution designed to maintain the availability of blob data as Ethereum evolves
  • The Covalent Network's token buyback and revenue model is the first step in bringing off-chain revenue on-chain
  • Covalent’s retroactive ecosystem partner airdrops is a significant step towards a more decentralized and interconnected ecosystem
  • Recently, Covalent has indexed seven new chains including Taiko, Movement, Gnosis Chain, and more
  • The Covalent team is set to participate in various events in Hong Kong and Dubai in early Q2

Covalent Metrics Overview

Covalent (CQT) stands as a leading force in powering the data layer in blockchain infrastructure. With a relentless focus on expanding its reach in the ecosystem, enhancing long-term data availability—and harnessing historical data for Artificial Intelligence (AI) training and quality inference—Covalent continues to push the boundaries of structured data and innovation. Below is an overview of the metrics that solidified Covalent as the largest on-chain data layer in Web3:
Covalent Q1 Metrics Overview

Future Proofing The EVM Ecosystem and Powering AI

As the landscape witnesses a surge in AI projects and the widespread adoption of rollups, the necessity for a unified schema to accommodate the burgeoning array of language models becomes increasingly apparent. Covalent is at the forefront of this paradigm shift, witnessing a myriad of new use cases materializing and being swiftly integrated into production.

Several projects, including SmartWhales, BotFi, Laika AI, and Entendre Finance, are utilizing Covalent's data infrastructure to innovate AI-powered solutions. Leveraging Covalent's extensive datasets, these projects are revolutionizing decentralized finance and blockchain analytics.

Users can get the details here:

Introducing the Ethereum Wayback Machine

Covalent’s Ethereum Wayback Machine is an open-source solution addressing the challenge of long-term data availability in Ethereum’s “Rollup Era”. It empowers developers, researchers, and ecosystem participants to access enriched and cryptographically secure historical data without relying on centralized intermediaries. Ensuring that Ethereum continues to thrive and remains as a robust platform for innovation, the EWM supports diverse use cases such as AI model fine-tuning, machine learning, risk estimations, and beyond.

Covalent also recently announced that it is expanding its operator base. This initiative is designed to organize, standardize, and securely store historical data on-chain for Ethereum EVM state execution and data blobs. By progressively decentralizing its data pipelines and expanding its network to verify on-chain data, Covalent can continue to expand its structured dataset to serve a wide range of use cases across its indexed 225+ blockchains through the Unified API.

Total CQT staked on The Covalent Network

Covalent Turns on Token Buyback Program

Introduced as a significant step in transitioning off-chain revenue onto the blockchain, Covalent recently launched its token buyback program via business revenue. This represents a pivotal move towards cultivating a sustainable revenue-driven ecosystem and serves as the first step in the right direction for the upcoming advancements in query nodes later this year.

The native token of The Covalent Network, CQT, plays a dual role in staking and governance. Operators stake CQT to participate in network operations, ensuring network security and honest behavior while verifying data extracted from blockchains. CQT holds a crucial role in governance, enabling holders to vote on on-chain proposals.

Wormhole Incentivize Drop & Ecosystem Program

Covalent has revealed an exciting prospect for CQT stakers – future and retroactive ecosystem partner airdrops. As new layer-1 and layer-2 blockchains come to market to iterate and improve on token distribution methods, CQT stakers and network operators stand to directly benefit from the support Covalent provides to blockchain foundations.

With the recent Wormhole token airdrop, CQT stakers who have engaged with Womrhole’s Portal Bridge could have found themselves eligible for the distribution of W tokens. With over 225 blockchains integrated and indexed and enriching over 240 million wallets with its data, Covalent powers a multitude of these opportunities for those engaging with The Covalent Network.

Expanding Data Infrastructure with New Integrations

As the indexing and querying middleware for blockchains, Covalent has recently added seven new chains to its roster, including Taiko, Movement, Gnosis Chain, and more. This expansion underscores Covalent's dedication to democratizing blockchain data access and promoting transparency in the decentralized ecosystem.

Covalent’s Upcoming Roadshow

The Covalent team’s participation at ETHDenver 2024 was full of enriching experiences engaging with the ecosystem. There were many discussions over the week surrounding topics such as Data Availability, DePIN, and the future of decentralization. Find out more in their latest blog post.

The team will also be traveling throughout April, attending various events in Hong Kong and Dubai:

  • Hong Kong Web3 Festival 2024
  • Date: April 6-9
  • Location: Hong Kong Convention and Exhibition Centre
  • Hack Summit by Hack VC 2024
  • Date: April 9-10
  • Location: Cyberport, Hong Kong
  • TOKEN2049 Dubai 
  • Date: April 15-19
  • Location: Madinat Jumeirah

Final Thoughts

As Covalent propels forward, its commitment to furnishing essential data infrastructure remains steadfast, paving the way for transformative advancements in the digital era. With a steadfast focus on expanding its ecosystem, shaping Artificial Intelligence, improving data availability, and strengthening its cross-chain networks, Covalent continues to lead the forefront of innovation within the blockchain space.

About Covalent

Covalent (CQT) is the home for Web3 data, enabling millions of users to build the new economy of products in AI, Big Data, and DeFi. Its deep commitment to democratizing access to structured data is delivered through a singular Unified API for everyone. A core aspect of the DePIN ecosystem, Covalent serves developers, analysts, innovators, and 1000’s of customers with comprehensive, real-time data access to +225 blockchains & growing. Learn how Covalent is building the long-term data availability ‘Ethereum Wayback Machine’.

For more information, users can visit Covalent’s Twitter/X


Dahlia Fu

Disclaimer: Press release sponsored by our commercial partners.

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