Blockchain data provider Covalent has announced the launch of its decentralized data query network to power web 3.0 infrastructure.
Covalent is a data analytics company that gives developers access to the most exhaustive range of blockchain data in the market. Covalent has powered the data behind major crypto, DeFi and NFT projects such as 0x, Zerion, Balancer, Reef, and NFTX. Currently, the Covalent API has indexed eight blockchains, providing granular and historical blockchain data from Polygon (formerly Matic), Binance Smart Chain, Polkadot, Fanton, Elrond, Cosmos, Avalanche, and Ethereum.
Covalent’s network launch moves the platform beyond a blockchain data API, enabling token holders and developers to engage with the network in new ways with a data query service, token dashboard, governance forum and Covalent block explorer.
Historically, data analytics have been outsourced by large corporations or government bodies, but Covalent’s decentralized data query network puts data back in the hands of users. Unlike other data networks, users of the Covalent API, whether token-holders or not, will have the ability to query data across Ethereum, Polygon, Binance Smart Chain, Fantom, Elrond and Avalanche, gaining insights into their ecosystem. The Covalent API holds terabytes of data and is a candidate for a single point of failure, the decentralized network launch addresses this challenge.
“Covalent is now a part of the critical infrastructure piece that many projects in the space rely on. We take this responsibility seriously and the only undefeatable architecture is a decentralized one. Our previous centralized solution has been reimagined as a decentralized network with improvements for our existing customers and their workflows,” said Ganesh Swami, CEO & co-founder of Covalent.
Covalent also launched the Covalent Query Token (CQT) on Ethereum, a network access and governance token, via a public sale. The sale is not available to residents of the USA, Canada and China. Holding CQT allows the ability to vote on a governance forum which covers improvement proposals, development ideas and suggestions for Alpha Alarm, a daily DeFi data series powered by Covalent.
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