Covalent (CQT) recently crossed +240 million active wallets utilizing its data, a major milestone cementing the company as the data availability layer for Web3.
Addressing massive challenges associated with acquiring, storaging, and providing useful blockchain data at scale, Covalent employs effective solutions. The network’s Unified API stands as a transformative force, delivering benefits to both developers and end users.
Accessing Blockchain Data Made Seamless
Web3 development requires real-time blockchain data across multiple ecosystems. The common approaches like running public blockchain nodes doesn’t scale in a multi-chain environment nor for the average user who just wants to interact or build something. Other solutions involve complex SQL queries and constant delays in data indexing. These friction points hinder rapid development and ultimately the adoption of Web3.
Covalent addresses these challenges with its Unified API, SDK, and GoldRush UI kit. Together, this live data interface for developers offers a unified approach to the data availability needs for Web3 businesses and institutions. With a simplified workflow and +200 supported networks, Covalent’s offerings are built for the evolving needs of developers.
240 Million Active Wallets: A Testament to Covalent’s Impact & Growth
As of December 2023, Covalent successfully enriched a staggering 240 million active wallets across the entire Web3 ecosystem and continues to grow. This number indicates the impact that Covalent has had on various blockchain ecosystems, showcasing the platform’s execution on its vision for an immediately available and persistent data layer.
To visually represent the expansive impact, Covalent unveils a chart breaking down the number of wallets benefiting from its data enrichment across different blockchains. The emphasis on “real-time data” is crucial for blockchain applications where timely and accurate information is paramount. These wallets are users engaging with DeFi protocols, NFT collectors, GameFi players, SocialFi users for a variety of use-cases.
Besides displaying the total aggregate number of wallets of 130 million, Covalent has provided a chart based on per-chain counting, offering a nuanced perspective of each chain. This feature provides a granular, in-depth view of the blockchain landscape, showcasing precisely which wallets on which chains are most frequently utilized by our users. In essence, these charts become a powerful tool for understanding the diverse preferences and patterns of Covalent’s Unified API’s user base, facilitating a comprehensive analysis of the Covalent-enhanced blockchain ecosystem.
Future Outlook
With a steadfast commitment to being the leader in structured data and data availability in Web3, Covalent is also positioned to support exponentially growing categories such as AI which thrive on structured data. Covalent’s Unified API will continue to evolve, providing a platform with intricate insights into the ever-expanding blockchain ecosystems and cross-chain networks.
By pursuing advancements in real-time data enrichment, Covalent continues to empower an increasing number of wallets with timely, accurate, and comprehensive information, while also fostering the Web3 ecosystem. In this environment, every developer can benefit from Covalent’s robust data products, including DeFi, Exchanges, Wallets, and much more.
About Covalent
Covalent ($CQT) powers the data layer in blockchain, enabling millions of users to build the new economy. It stands out for its deep commitment to democratizing blockchain data availability. Since its inception, Covalent has been helping developers, analysts, and enthusiasts with comprehensive, real-time data across over 200 blockchains. Learn how Covalent is building the Ethereum Wayback Machine.
For more information, check out Covalent’s: Official Website | Twitter | Discord | Telegram | Blog | API Guides
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