Easily power up apps, with the richest data, using a leading blockchain API
Tl:dr Summary
1) Explain Covalent in 1–2 sentences?
2) Does Covalent’s API have a product-market fit?
- a. API’s are critical middleware
- b. Covalent’s API is already-built & actively-used by major protocols
3) How is Covalent leading competitors?
- a. Continuous indexing
- b. Multichain
- c. Entire-chain indexing
- d. No-code: Easy, Quicker, Lower cost & Ready to Use
4) Who is driving Covalent growth?
- a. Team
- b. Investors & Advisors
5) What are the CQT token metrics?
6) What case studies demonstrate Covalent’s API?
1) Covalent in 2 sentences:
1. Apps critically-need data to add new (& enhance existing) use-cases — richer data gives their users more valuable services.
2. Covalent’s industry-leading API is easier, lower-cost, quicker-to-use & provides richer data, across multiple chains vs competitors.
2) Does Covalent’s API have a product-market fit?
a. APIs are critically needed middleware:
Individual chains have already grown into the powerful ecosystem’s on their own (think of Ethereum, Polkadot, Solana). APIs can be used to query data in any one of these ecosystems. But Multichain APIs can also act as a bridge to share data across multiple ecosystems. Imagine how useful & valuable layer 2 apps will become once they have easy access to the data of multiple major layer 1 ecosystems?
APIs 101: APIs allow programs to communicate with each other. They create a network for data (by connecting data across major chains) & making this easily available to apps.
b. Covalent’s API is already-built & actively-used by major protocols
No ‘whitepaper promises’: Covalent’s team spent months building before actively marketing. The product is not only built but already trusted & actively used by major industry protocols.
Over 80 projects are now using Covalent’s API, this list is growing quickly so please check back regularly for updated numbers. www.covalenthq.com/categories/ecosystem/
2) How does Covalent’s tech exceed competitors?
You no longer need to be a developer to access the richest blockchain datasets, across multiple chains. Imagine the apps that can be built.
Covalent’s API: Continuously-indexes multiple whole-chains & places this data into an easy no-code API.
Any developer will appreciate the mountain of work that has gone into making this possible. Let’s break it down:
a. Continuous indexing:
Data is live, updated every 3 seconds & readily available. Users demand up-to-date data — e.g. you’re checking your wallet balance: you definitely don’t want balances that are delayed. The same goes for every other app; live data is simply more usable.
b. Indexing multiple chains:
Apps on one chain are limited to that one ecosystem. Covalent give apps access to data across multiple chains (Ethereuem, Avalanche, Binance, Polygon/Matic, etc). Multichain tech is far more work to build, but the benefits are clear:
· diversifies the risk of an app across multiple chains
· allows much richer data (which makes apps more useful & valuable to users)
· allows apps to reach into multiple, diverse communities globally (serve a much larger market)
c. Indexing whole chains:
Covalent is the only project to fully index entire blockchains. Most APIs index a small subset of data. This monumental task was well worth the effort: the depth & breadth of data available on Covalent’s API is enormous. And the richer the data, the more useful & valuable apps can be built.
d. Easy, no-code API:
This is where Covalent streaks ahead. You don’t need developer expertise. All non-tech team members can use the API to access this goldmine of blockchain data growing daily. This is a game changer for many reasons:
· Lower cost: fewer developer hours
· Quicker: no delays requiring a subgrapher or developer to custom build
· Ready to use: seamlessly integrate with your existing projects
· Easier: Opens up the API to be used by a much larger group of people (e.g. a marketing team member could jump on the API & quickly pull powerful data they need).
2) Who is driving Covalent’s growth?
A project is only as strong as its people. Find out who is behind Covalent’s leading tech:
a. Team
Covalent has 25 experts spread globally, with more than 100 years of cumulative expertise in decentralized tech and crypto.
While the above is crucial — there’s something even more important. Naval summarizes it far more eloquently than I ever could:
“the number one predictor of whether or not a company will find product-market fit: High shipping cadence.” — Naval Ravikant
This means that the most successful tech teams in the world are those who consistently deliver.
Covalent’s Team track-record speaks for itself:
- this Team relentlessly built throughout the bear market of 2018 (for those of us there, we all know: there was zero excitement about crypto, many projects dropping >90% in value, and teams/users/investors left en masse).
- Instead of trying to do everything (‘shiny object syndrome’ which is so common in crypto), they uncompromisingly focused on building the best API.
- Today the reward is clearly worth it; Covalent has the only no-code API that fully-indexes multiple chains. Thanks to this rockstar team below. Imagine what they will deliver in the years ahead:
For full bio’s and LinkedIn links: www.covalenthq.com/about/
a. Investors & Advisors
Covalent raised $3.1 million in an oversubscribed round, from leading investors in the blockchain space. It goes without saying that this group of investors conduct extensive due diligence on deal flow before investing in a project.
Link to full article: www.covalenthq.com/blog/covalent-funding-oct-2020/
2) Sound Token metrics
$CQT token
CQT will be used to incentivize the creation of the long tail of use-cases of apps using the Covalent Network’s database. The key purpose of the token:
Validating & Staking:
Validators earn fees for answering queries. CQT is a staking asset. Token holders have the option to delegate voting rights to validators.
Governance:
Holding $CQT allows you to vote on important governance proposals that will improve system parameters e.g. new data sources, specific Geo-Locations, and data modeling requirements.
2) What case studies demonstrate Covalent’s API?
Covalent’s API has extensive use-cases. To see the API in action you can read through the examples below. Of course, these remain just the tip of the iceberg; it’s exciting to consider the possibilities that lie ahead:
· Uniswap Traction Analysis:
www.covalenthq.com/blog/understanding-uniswap-data-analysis/
· Tether analysis:
www.covalenthq.com/docs/learn/tether-analysis
· Dai Stablecoins velocity:
www.covalenthq.com/blog/dai-stablecoin-velocity/
· Set Protocol & Gnosis wallets:
www.covalenthq.com/blog/defi-user-research-set-gnosis-safe-part1/
· dYdX liquidation analysis:
www.covalenthq.com/blog/defi-series-ep2-dydx-liquidations/
· InstaDApp reveue model:
https://www.covalenthq.com/blog/introducing-defi-series-ep1-instadapp-revenue/
· Defistats, Independent source of on-chain metrics:
· CryptoKitties Traction and Revenue Analysis:
www.covalenthq.com/blog/understanding-cryptokitties-revenue-analysis/
Covalent is clearly leading one of the most important (& fast-growing) parts of the crypto ecosystem — to follow new developments as they happen, follow the links below:
For more, visit:
- Twitter: @Covalent_HQ
- Telegram: https://t.me/CovalentHQ
- Discord: https://discord.gg/M4aRubV
- Web: https://www.covalenthq.com/
