Introduction
Zeroswap is pleased to announce that it will be collaborating with Covalent to offer traders better visibility on various activities on the platform. Although the digital asset space has been growing exponentially over the course of the past few years, the tooling required to understand what is going on with each transaction at the block level is still nascent.
Covalent has been a services provider solving the challenges of understanding transactional intricacies for clients such as Frontier, Skale, Matic, Coingecko and Consensys over the past few years. Zeroswap will be integrating Covalent to enable traders to export their trading data, enable trading on basis of pre-configured blockchain events & have access to order book data. We look at what this means below.
If a trader is using Coinbase, they can use Coinbase’s centralized database to assess tax liabilities etc. If you are using a DEX like Oasis, Uniswap or ZeroSwap, there’s no such thing. As DEXes are growing in popularity, this becomes a critical barrier to mainstream consumer and institutional adoption of crypto. Covalent solves for this.
Tax filing ready trade-data exports
A major barrier to entry for new digital asset traders is the lack of information around how taxation is to be filed. Intricacies in DeFi such as staking yields, IoU tokens and flash-loans make it considerably harder for the average accountant to understand what is going on with a particular trade. Covalent’s KeepSafe solution has already been solving this problem for clients that approach them. We are looking at making a deep-integration possible with Covalent to enable users to instantly export their trading data in a format that makes it easy to integrate with traditional accounting software. Covalent’s API will be used to provide much more granular data than what is possible through existing wallet interfaces.
Pre-programmed blockchain trade
While retail users in the cryptocurrency industry today rely on conventional data providers such as Glassnode and Santiment to observe blockchain transactions and trade with it, the ability to programme the trading itself is limited. Covalent’s data granularity combined with a decentralised exchange should make it possible for users to take positions on basis of a large transfer occurring on-chain or observing that the average wallet size for a particular network is increasing (indicating accumulation).
Zeroswap’s focus on the market-maker suite combined with Covalent’s data should make the combined product a boat trader's dream come true.
Dex Orderbook Exports
While conventional data platforms like Tardis.Dev can retro-actively offer data for order-books, no major solution currently exists for decentralised exchanges. This makes it inherently harder for quantitative traders to understand the nature of strategies that are used in decentralised exchanges. Covalent’s integration to Zeroswap should make it possible for our dex order book data to be available to traders looking to understand the nature of the platform in depth. This in exchange should make it easier for more institutional clients to be interested in actively partaking in Zeroswap’s markets
Why this matters
Data is critical for institutional players that are in the sidelines about engaging with decentralised finance today. Our objective is to address their most pressing needs in the immediate future. We start with data through our integration with Covalent. They are an industry-trusted source for blockchain specific information and have been able to integrate with multiple blockchains at a fraction of the time their peers take. Given that they are a venture, much like ours — we hope to be able to grow together in the months to come.
Quote from Ganesh, Covalents CEO
“Both Covalent and ZeroSwap realize the importance of user experience in improving both DeFi and DEX adoption. This integration proves just that. Covalent is delighted to be partnering with ZeroSwap and being the data provider that will empower the ZeroSwap trader.”
Quote from Chandrashekar Ram, ZeroSwap CEO
“Covalent is the industry’s trusted source for blockchain-specific data, which is critical for users engaging with DeFi today. With this integration, our objective is to address the user’s most pressing needs and to understand what is going on with each transaction at the block level. With this partnership, we will be able to grow together and provide data for multiple blockchains from one UX.”
This partnership is another step toward improved data transparency and the adoption of DeFi. Moving forward, Covalent and ZeroSwap will be providing continued support to one another.
What’s next
Zeroswap is actively looking for more partners to develop the product suite. We started with a wallet interface (Frontier) and have now solved for data. Covalent will also be enabling support for Binance Smart Contract in the weeks to come. This will make our on-going collaboration one of the more sophisticated products in the BSC chain. We will be in touch in the coming weeks with more updates on the product-suite. If you are interested in building alongside us, reach out to contact@zeroswap.io
About Covalent
Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to data that is normalized, unified and granular.
About ZeroSwap
ZeroSwap.io is a Multi-Chain, Zero-fee, On-chain Trading protocol with Liquidity Mining, DeFi Token Offering, and DEX Aggregation. The protocol will reward users every time they make an on-chain trade and provide liquidity to existing DEXes. All transactions would be Gasless with Zero Trade Fee.
We Just Raised 2.2 Million Dollar to Build MultiChain DEX — https://medium.com/zeroswaplabs/tagged/fundraise
