Covalent (CQT)

Covalent Coin Price & Market Data

Covalent price today is $1.28 with a 24-hour trading volume of $14,832,863. CQT price is down -6.3% in the last 24 hours. It has a circulating supply of 110 Million CQT coins and a total supply of 1 Billion. If you are looking to buy or sell Covalent, Crypto.com Exchange is currently the most active exchange.

What is Covalent?

Covalent is a blockchain data provider. Developers can integrate with its API to bring in data points such as transaction, wallet balance, NFTs, and more.

Instead of sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end-users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.

Investors of Covalent includes Woodstock Fund, 1kx Capital and Mechanism Capital, Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and other ecosystem partners. A public sale round on CoinList was held and a successful $10 million in funding was closed.

What is CQT?

CQT token has two roles. Firstly, as a governance token, where token holders will be able to vote on proposals to change the system parameters such as new data sources, specific geolocations and data modelling requirements. And secondly, as a staking asset.

Who are the founders of Covalent?

Covalent is built by an experienced team of data scientists and blockchain and database engineers passionate about improving and scaling blockchain technologies. Ganesh Swami, CEO and Co-founder, is a physicist by training and started his career designing algorithms for cancer drugs in the pharmaceutical space. His first company is listed on the NYSE. Levi Aul, CTO and Co-founder, built one of the first Bitcoin exchanges in Canada and was part of the team that built CouchDB at IBM.

What makes Covalent different than other data providers?

• Data availability: Covalent indexes the entire blockchain. This means every single contract, every single wallet address, and every single transaction are available to developers.
• Multi-blockchain support: Multichain is one of the main DNA. Covalent already indexes seven different blockchain networks with many more to be announced soon.
• No-code solution: Covalent believes in a no-code solutions for users in which developers interface using a single unified API.

Use Cases

• Taxes: Every single DeFi action is a taxable event and having access to this data helps firms be compliant. If a trader uses Coinbase, they can quickly download a CSV of their trade data - besides Covalent, there is no such thing for a decentralized exchange like Uniswap or 1inch.

• DeFi: DeFi protocols, such 0x and Zerion to name a few, use the Covalent API to pull real-time, granular blockchain data. What makes the Covalent API such a critical infrastructure piece for these projects is that not only can they pull wallet specific data, but they expand their service to display data across multiple chains. This significantly enhances their product offering and fundamentally improves the user experience.

  In the case of Zerion, the exact data the DeFi investment dashboard is pulling ranges across multiple chains including Polygon, BSC and Ethereum and includes transactional data, as well a user’s token balances, and transaction history.

• NFTs: As the popularity of NFTs has boomed over the past number of months, it has become increasingly important for NFT projects to be able to provide a means of analysis. Given that the Covalent API provides such, Covalent has become the leading NFT data provider. NFT projects such as ChainGuardains and Ethermon are now using the Covalent API to not only power novel features specific to each project, but to again improve the user experience.

• DAOs: Reliable and real-time data are critical in making informed decisions, facilitating governance and allowing individuals to invest, consume, and participate in the DAO phenomenon. It should come as no surprise then that DAOs are using the Covalent API. Individuals can use the API to view and examine proposal interactions so that one can understand how active members are in creating proposals and voting on them as well as if members are voting for, or against proposals in general.