On June 25, Rocktree and Covalent held a Space themed How to use Covalents billions of data points to drive AI growth, and Mandy from Odaily Planet Daily served as the host of this Space. Odaily Planet Daily took everyone into Covalents data home through Covalents recent milestones and the participation of industry celebrities.
The following interview content is compiled and edited by Odaily Planet Daily.
Odaily Planet Daily: Could you please briefly introduce Covalent? Covalent has achieved 100 billion on-chain transaction resolutions to ensure the integrity of artificial intelligence and verifiable long-term data availability. How can we prevent bias and data manipulation in AI models? What is the key role of Covalent in Web3+AI?
Ganesh swami: Covalent is the home of Web3 data. More specifically, Covalent is the largest indexer in the Web3 space. “Indexing” means grabbing blockchain data, structuring it, and storing it in a way that makes it easy to access in the future.
Covalent currently indexes approximately 225 blockchains, providing this data to developers via an API, and to analysts through our Increment (dashboard/analytics) and GoldRush (block explorer toolkit) products. All of these are freemium products, with revenue flowing back to the Covalent network – the stakers and node operators who maintain these decentralized index operations.
The data generated by blockchain transactions or any other network protocol is inherently unstructured, which means that additional steps are needed to clean, organize and categorize this data to make it more accessible, readable and usable for developers and end users. This is what indexing means.
If you think about the structure of the current Internet (Web2), there are a handful of protocols that define how information is transferred, stored, and secured. Then, there are a handful of large Web2 giants (like Google or Baidu) that own the infrastructure that facilitates this Internet and make data more accessible through search engines, developer APIs, large-scale AI models, and more.
The Covalent Network structures and secures Web3 data in a decentralized way to achieve similar results. You can think of it as a cryptographically secure data pipeline that connects unstructured receipts of all transactions across 230+ blockchains and any database you want. At every step, operators on the Covalent Network are ensuring the provenance and quality of the data and signing their work with proofs. If this work is deemed invalid by challengers, they will lose their funds because only staking CQT tokens can work for the network. Therefore, all of this activity is coordinated and incentivized by CQT tokens and produces the largest structured long-term data reserve in Web3. This enables a lot of innovation and industry applications because they now rely on high-quality indexed data.
AI models are extremely sensitive to their inputs (training data). The data must be cleaned and structured into the appropriate format in advance, and the models require a lot of data. This is why Covalent has become popular among developers building AI and crypto applications.
Odaily Planet Daily: Covalent has made significant progress in the first and second quarters of 2024. Can you share these progress with everyone? What important milestones will CQT have in the third quarter?
Ganesh swami: In the first half of this year, Covalent has achieved a lot.
We launched GoldRush Kit, a modular block explorer toolkit that anyone can use to create their own block explorer on any chain indexed by Covalent, with customizable UI components.
We continue to serve thousands of clients, including some of the major Wall Street and financial institutions like Fidelity and EY, as well as crypto-native groups like Consensys and Rainbow Wallet, who access and use our data to drive insights and innovation in their business, accessing 59 TB of data from 8.8 billion transactions on the Covalent network since genesis.
We are moving previously off-chain demand-side revenue on-chain through our community staker rewards distribution system, through our token buyback program. This program is an ongoing program that we will gradually advance in 2024 and 2025, helping to control supply and create a network flywheel where fiat revenue actually supports the network.
Weve made significant improvements to Covalents unified API and have the most powerful and simplest single way to create data inputs useful to innovators and builders.
We launched in the QuickNode 시장 and announced our collaboration with Infura/Microsoft/Tencent on the Decentralized Infrastructure Network (DIN) to bring together key players and advance the DePIN industry as a whole.
We successfully migrated the staking contract from Moonbeam to Ethereum, which greatly simplified the staking/delegation process for network participants, eliminated the risks associated with bridging, and increased participation in the staking supply from 11% to nearly 20%.
With this migration, we’ve brought on new node operators Thunderhead, Corthos Capital, and Restake, with a team of potential operators set to join in the coming weeks.
We announced partnerships with Cronos zkEVM, Celo, Gnosis Chain, Movement, MELD, Taiko, Optimism, Berachain, Sei EVM, OKX’s X1, Blast, Xai, ApeChain, and multiple other projects.
Arthur Hayes joins us as an advisor to accelerate our global growth.
We have also launched our ecosystem airdrop program, starting with Wormhole, and just announced partnerships with Taiko and zkSync, with more airdrops to CQT stakers this year. This is a huge step forward as we have a lot of ecosystem partners coming online as well.
We support 300 million wallets across 230+ chains, all backed by Covalent data, which is a huge metric and achievement.
Looking ahead to the rest of the year, we have a lot to look forward to:
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We’ve just previewed our new Covalent vision and are looking forward to launching it fully soon, so stay tuned to our X account and community updates.
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We will soon be launching Covalent’s Ethereum Time Machine (EWM). This will leverage the Covalent network to build a long-term data availability solution to address the current shortfalls of other DA projects on the market, which only maintain 14-18 days of blockchain data! We are truly on our way to becoming the primary resource for all of Web3, and data growth is unstoppable.
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We will be decentralizing the query node component of the Covalent Network and introducing multiple new operators (for all roles) – this means more ways for the wider community to participate in the network.
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We will be working deeply at the intersection of Web3 and AI, collaborating with many projects that leverage Covalent for AI training and high-quality computation.
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We are launching Project New Dawn, one of our largest and most ambitious initiatives this year, with many plans for growth and ways to make the network more autonomous.
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We will expand liquidity across multiple platforms (CeFi and DeFi) and multiple regions to support the growth of the community and bring access to the network.
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We’re excited that our core team continues to grow and we recently strengthened our Marketing organization with three new hires, including a head of focus on APAC, to prepare for expansion in 2024.
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In terms of go-to-market, we have unleashed a multi-regional strategic approach through community building, product adoption, and increased influence. We know how important it is to be as local as possible, and we are very excited about the Chinese market and the wider Asian market. People really understand cryptocurrency and understand its huge value and technical power, so we have created local language communities for each region.
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We have introduced a new round of strategic investors to Covalent and we will announce the new list of investors in the third quarter.
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We will continue to announce more chain and dApp partners as always.
Odaily Planet Daily: Arthur Hayes, co-founder and former CEO of BitMEX, recently announced that he has joined Covalent as a strategic advisor. Congratulations. How will Arthur Hayes support the development of Covalent? Why did Arthur Hayes choose Covalent?
Ganesh swami: Covalent had worked with his company on the first AI project, but not the first DeFi project. He knows us very well and is aware of our historical and real-time data. This allows him to provide us with more specific and effective advice.
Arthur is one of the most articulate voices in the Web3 space for fundamental arguments, and he has a large audience that follows him and evangelizes some of his insights, which Covalent will benefit from.
He has extensive experience and amazing achievements in the cryptocurrency field, and has extensive resources to open doors that the project could not open before and start expansion in new areas.
Covalent is one of the first AI but non-DeFi projects to work with his company Maelstrom. He understands the vast amounts of historical and real-time data we have, and it will be very interesting to expand its use cases to drive more innovation.
Odaily Planet Daily: AI is an unstoppable trend. Covalent has been in this field for a long time and has the natural ability to empower the development of AI+Web3. Do you think Covalents potential is currently underestimated? For secondary investors, do you think now is a good time to join the community and support Covalent?
Ganesh swami: We have been building for many years, building networks, expanding integrations, and attracting some of the worlds leading companies as customers. Especially in the past year, we have developed ways to ensure the sustainability of the network as a major resource for Web3, and many companies can rely on this resource.
AI is becoming more and more interesting in Web3, and we have successfully made our mark in this space, building the largest set of structured data availability in Web3, which is favored by AI developers and builders. We have also obtained SOC 2 certification, which is an important milestone, making it very valuable for financial regulatory groups on Wall Street or international companies that need such data certification to know that we have ensured the security and integrity of the data from beginning to end.
Now is definitely a great time to join the community and support Covalent Network, we are growing rapidly and our global community is expanding.
Odaily Planet Daily: Let’s talk about data and indicators. I want to give everyone the opportunity to look at the Covalent Network from various angles. From a data perspective, you have achieved a lot of growth in many areas. Can you share with us some data that impressed you?
Ganesh swami: We now support more than 230 blockchains. In addition, there are more than 300 million wallets supported by data provided by Covalent. Currently, there are more than 30,000 developers using the Covalent network to develop more than 3,000 major projects across chains. At the same time, our social community has grown rapidly on X (formerly Twitter), Discord, and Telegram, reaching hundreds of thousands of users.
Today I am very happy to see that we are getting attention in China and a lot of people are interested in us. We now have 32 operators operating independently on our network.
Odaily Planet Daily: What is the New Dawn Plan? What benefits can CQT holders or stakers get from it? What does this mean for the development of the ecosystem? Covalent Ecosystem 공중 투하 Plan As part of the New Dawn Plan, the airdrop for CQT stakers is in progress. What other partner token airdrop plans are there in the future?
Ganesh swami: The New Dawn Project is a series of plans of Covalent. It does not refer to a specific plan, but a series of operations to be implemented one by one. For example, we migrated to Ethereum to make it more convenient for users to operate, which is part of the New Dawn Project.
The airdrop program we mentioned is also part of the New Dawn plan. In addition, we have formulated a new vision as a company, which is also part of it.
Overall, the New Dawn Project is about the long-term development of Covalent’s integrated corporate governance and the transformation of the ecosystem.
Odaily Planet Daily: After adjusting the maximum staking multiple, how will Covalent Network continue to strengthen its staking infrastructure and create more value for the community? Are there ways for C-end users to participate in strengthening the network?
Ganesh swami： Next we may introduce more stakers in one of two ways. So far, we have received a lot of related consultations and inquiries.
First, one of the ways we are already operating now is to add more operators and operators in the network. In addition, we have completed some operations and will debug them through more governance in the future, which may increase the data by 100% or more.
We will also consider helping operators join us in more flexible ways, such as through smartphones and more convenient ways to solve the problem of how to adjust the number of relevant stakers when faced with large amounts of data and more customers.
Odaily Planet Daily: How do you view the value of Covalent in different use cases, not just limited to the Web3 field?
Ganesh swami： I think one of the key advantages of Covalent is its highly flexible state. This flexibility allows us to get timely information about every transaction on every chain. Once new user cases or opportunities emerge, we can quickly understand and launch relevant use cases.
Looking back at our development history, from the initial DeFi API application, to the NFT API application, to the game API application, and now the AI user case, we have always been able to capture various information as quickly as possible. In the long run, we will make progress in other areas.
Although this month is coming to an end, there may be more good news for Covalent and our community next month. I am sure we will have more to share with you in July.
This article is sourced from the internet: Review of RockTree Covalent Space: The engine driving data innovation in multiple fields
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