Summary of Covalent (CQT) development in the first quarter of 2024

In the first three months of 2024, Covalent has made great strides in promoting AI development through the industry’s most complete Web3 data set, increasing Ethereum Wayback Machine integration, applying token buyback mechanism, supporting Support many new chains and organize airdrops for projects in the ecosystem.

Summary of Covalent (CQT) development in the first quarter of 2024

Performance indicators

Covalent (CQT) strengthens its position as the leading data infrastructure solution in the blockchain industry. With the goal of expanding the ecosystem, maintaining the ability to provide stable data to support the process of building artificial intelligence (AI) products.

Below are some parameters summarizing Covalent’s operations in the first quarter:

• Total number of supported blockchains: 225

• Total number of CQT staking: 116 million tokens

• Total number of CQT investors: 10,200 wallets

• Number of individual wallets: 396,000 wallets

• Amount of CQT bought back: more than 200,000 tokens

• Total number of API calls: 14 million

Promoting the growth of AI segment

As the crypto market sees a surge in AI projects and widespread adoption of rollups, the need for a unified technical framework to support these models also emerges. Covalent is at the forefront of this paradigm shift, helping the likes of SmartWhales, BotFi, Laika AI and Entendre Finance realize their solutions, leveraging the project’s deep data sets.

Introducing the Ethereum Wayback Machine

Ethereum Wayback Machine is Covalent’s solution to meet Ethereum’s data needs in the era of rollups. It allows developers, researchers and the ecosystem to access standardized and encrypted historical data without the need for intermediaries. The Ethereum Wayback Machine can support uses such as AI model tuning, machine learning, risk estimation, and more.

Covalent also recently announced the expansion of its operator team to serialize, standardize and store Ethereum data and blobs safely and securely. Through decentralization of data feeds and on-chain data verification, Covalent continues to increase the number of blockchains supported through the Unified API tool to 225 blockchains.

Covalent starts token buyback program

As an important step towards converting revenue from off-chain to on-chain, Covalent recently launched a token buyback program using project revenue. This is a major milestone in forming a self-sustaining ecosystem, paving the way for other upgrades to the data query node in 2024.

Covalent’s own token is CQT coin that has both administrative functions and can participate in staking. Operator stakes CQT to participate in network operation, ensuring security and honesty in blockchain data authentication. Covalent holders can also participate in voting on important decisions on the network.

Airdrop Wormhole and projects in the ecosystem

Covalent also announced an airdrop program of projects in the ecosystem for CQT staking holders. As the market increasingly appears layer-1 and layer-2, CQT stakers will have the opportunity to benefit directly from the blockchains that Covalent supports infrastructure.

With the recent Wormhole airdrop event, CQT stakers who interact with the bridge will have the opportunity to receive W tokens.

Expand infrastructure with new cooperation agreements

Covalent has added 8 new names to the list of blockchains that store data, including Taiko, Movement, Gnosis Chain,…

This demonstrates our commitment to democratizing access to blockchain and promoting transparency in the market.

Covalent’s upcoming offline activities

After attending ETHDenver 2024 and leaving many impressions on the community, the Covalent team will continue to be present at many other major events in Q2/2024 to discuss topics such as Data Availability, DePIN and the future of financial industry, with a focus on:

• Hong Kong Web3 Festival: 06 -09/04

• Hack Summit by Hack VC 2024: 09 - 10/04

• TOKEN2049 Dubai: 15 - 19/04