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Covalent (CQT) is a protocol that excels in aggregating data from leading blockchain networks. By comprehensively indexing entire blockchains and utilizing a unified application programming interface (API), the platform gains access to valuable data. Covalent's primary objective is to extract granular information from smart contracts and provide a reliable source for blockchain data.
What is Covalent?
Covalent is a project that provides developers easy access to accurate and up-to-date data from the entire blockchain industry. The platform envisions a future where all blockchain data is indexed, enabling the integration of private enterprise data. Covalent's software focuses on achieving cross-chain interoperability, allowing users to develop, validate, index, store, and access information from various blockchains. Users can also earn rewards for their contributions to the platform.
The Covalent team
Covalent was founded in 2017 by Ganesh Swami and Levi Aul. Since its inception, the team has raised over $5 million through two funding rounds, attracting investments from top firms such as Alameda Research, CoinGecko, and Hashed Ventures.
How does Covalent work?
Covalent's software plays a crucial role in indexing the complete history of all blockchain networks. It gathers and organizes extensive data from the blockchain industry, including details from smart contracts, wallet addresses, transactions, and more.
To ensure uniformity, the indexed data is normalized into a standardized format known as "block-specimens." This normalization enables users to query data from different blockchains effortlessly using a unified API.
CQT: Covalent’s native token
CQT is the native token of the Covalent network, offering multiple use cases. Holders can utilize the token for protocol governance, allowing them to participate in voting decisions on proposals that impact the protocol's parameters. Additionally, CQT can be staked to earn attractive rewards within the network.
CQT tokenomics
The total supply of CQT tokens is capped at 1 billion, with all tokens issued in the genesis block. As of now, the circulating supply of CQT stands at 607,920,038 tokens.
CQT use cases
CQT is a utility token for facilitating transactions and interactions on the Covalent platform. Additionally, it holds value as the primary governance token, enabling CQT holders to participate in decision-making processes regarding the protocol. Furthermore, users can stake their CQT tokens to earn additional rewards within the network.
CQT distribution
CQT has a total supply of 1 billion tokens, with 607,920,038 CQT tokens currently in circulation. These tokens are crucial in various use cases within the Covalent ecosystem.
Covalent’s unique role in shaping blockchain’s future
Covalent is at the forefront of consolidating millions of data points from over 100 organizations. The network becomes a one-stop shop streamlining processes and enhancing efficiency by providing a comprehensive and high-quality multi-chain data hub. In the vast landscape of the blockchain industry, Covalent's software plays a pivotal role in making valuable information readily accessible and easily manageable.
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