Covalent (CQT) has announced significant growth in active wallets using its data, with a number now surpassing 280 million across the Web3 ecosystem, an increase from +240 million at the beginning of January 2024. This growth highlights the impact of Covalent in providing structured, comprehensive, and verifiable blockchain data to downstream consumers like AI. As a crucial element in a variety of applications, from DeFi to AI, Covalent plays a vital role in addressing the challenges of modern blockchain data needs and driving innovation across multiple sectors. The structured data provided by Covalent aims to overcome challenges in acquiring, storing, and utilizing blockchain data at scale, benefiting developers and end users alike.
The active wallets using Covalent’s data represent a diverse user base, including users from DeFi protocols, NFT collectors, GameFi players, and SocialFi users. As a leader in structured data and long-term data availability in the Web3 ecosystem, Covalent is well-positioned to support rapidly growing sectors such as AI, which heavily rely on structured data. By focusing on real-time data enrichment, Covalent aims to empower more wallets with timely, accurate, and comprehensive information, driving further growth in the Web3 ecosystem. The intersection of Covalent’s data with AI showcases the increasing importance of structured data in fueling transformative applications in various industries and everyday life, emphasizing the significance of high-quality, large-scale data sources.
Looking towards the future, Covalent is committed to enhancing its technology stack and expanding its service offerings to meet the evolving needs of the blockchain industry. The organization is prepared to continue its growth trajectory with upcoming innovations aimed at improving data accessibility and quality, essential elements for the next phase of blockchain technology adoption. Covalent has established itself as the largest data availability layer in Web3, enabling millions of users to participate in the new economy through products in AI, Big Data, and DeFi. By democratizing access to structured data through a Unified API, Covalent serves developers, analysts, innovators, and thousands of customers with real-time data access to over 225 blockchains and counting.
Covalent’s role as a critical provider of structured blockchain data not only supports existing Web3 applications but also aligns with the increasing interest and importance of AI applications reliant on massive datasets of structured data. Covalent’s constantly updating dataset, expanding with each new block and structured blockchain, is becoming increasingly vital in the intersection of AI, Web3, and other cutting-edge technologies. Thousands of Web3-specific applications currently utilize Covalent’s data, and the rising interest in AI signals a wave of new developers keen to explore innovative use cases leveraging Covalent’s resources. This growing synergy between AI, Web3, and Covalent’s structured data lays the foundation for groundbreaking advancements in a wide range of industries and applications.
In conclusion, Covalent’s dedication to providing structured, comprehensive, and verifiable blockchain data has positioned it at the forefront of the Web3 ecosystem. With a focus on supporting diverse applications, including AI integration, Covalent continues to drive innovation and growth in the blockchain industry. By expanding its technology stack, enhancing data accessibility, and delivering high-quality data services, Covalent is poised to meet the evolving demands of the industry and contribute to the development of transformative technologies across various sectors. The organization’s commitment to democratizing access to structured data through its Unified API underscores its long-term vision of building the Ethereum Wayback Machine and enabling millions of users to participate in the new economy of Web3 products.
