Covalent Network (CXT)

Basics

• Founded in:
• Mainnet release:
• Based in:
• Blockchain data provider

History

• From their Twitter (30-4-2021):

"Today, we’re excited to announce the launch of the @Covalent_HQ Network; the decentralized data infrastructure layer of Web 3.0. This launch will gradually move the platform beyond a centralized blockchain data API."

Token

Utility

• The token is not out yet, neither is any information about it (30-3-2021).

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Polkadot, will be using MoonBeam (30-4-2021)

How it works

• From their Discord (30-3-2021):

"Covalent is a Unified REST API service which gives visibility to Billions of Blockchain data. To query this API, you need an API KEY. When you sign up and create an account, you're assigned an API KEY."

Governance

• At the moment (30-3-2021) users have to create a user account at Covalent to access APIs.

• From EthHub (4-5-2021):

"The Covalent Network will resemble a virtual, global co-operative for blockchain data and will be governed by the Covalent Query Token (CQT) which will allow holders to propose, vote on, and make changes to the parameters of the network."

Roadmap

• Can be found [Insert link here]
• Covalent said (26-3-2021) the team is expecting to index a total of 12 blockchains by the end of the year.

Audits

• Bug bounty program can be found [insert here].

Usage

• From CoinDesk (26-3-2021):

"The data provider reports the number of customers using its data has increased to over 100 customers, and the number of blockchains indexed has increased from one to six."

Projects that use or built on it

• Will be a data / explorer provider for Skale (10-8-2020).

Competition

• The Graph and Unmarshal.
• Covalent is a company which offers users accounts with access to blockchain data and APIs.
• Their own website has a comparison between them and The Graph in which they highlight the following differences (30-3-2021):

1. Covalent indexes every single block and tx. Whereas with The Graph users tap into created subgraphs or have to make them themselves.
2. Covalent caters to wallets and companies, and The Graph to DApps.
3. Covalent has paying companies and revenue, The Graph "hasn't started commercialization yet".
4. Covalent has support for 7 blockchains, The Graph is only starting to become multichain.

Pros and Cons

Cons

• Had investment from Alameda Research/FTX, which came out (11-11-2022) during the FTX crash. This could mean fall-out risk.

Team, Funding, Partnerships, etc.

Team

• Full team can be found here (30-3-2021) "We are a 25-person distributed team".
• Ganesh Swami; co-founder & CEO
• Levi Aul; co-founder & CTO
• Adrian Jonklaas; CFO

Funding

• From CoinDesk (26-3-2021):

"Covalent has closed a $2 million funding round, led by South Korea’s Hashed. Other participating investors included Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, as well as blockchain protocol firms including Moonbeam, Avalanche, Near and Elrond, Covalent said Wednesday. Last year, Covalent closed a $3.1 million funding round.

• Matter Labs; took part in the $50M Series B raise, aimed for zkSync (8-11-2021).