Covalent, a leading data services provider, has reached a significant milestone by reaching 300 million active wallets that utilize its comprehensive data services. This represents a notable increase from the 280 million wallets reported in March 2024 and demonstrates a substantial 20% growth since the beginning of the year. The company’s advanced querying technologies, which provide real-time, structured data crucial for developers and end-users in a complex, multi-chain environment, have been the driving force behind this surge. Unlike traditional methods such as running public blockchain nodes, Covalent’s approach tackles scalability issues and the lack of a unified data schema, making it an indispensable solution.
The steady growth in active wallets underscores Covalent’s pivotal role in the industry. It provides historical, structured, and verifiable data that supports a wide range of use cases. These wallets cater to various users, including operators of DeFi protocols, NFT collectors, GameFi players, SocialFi participants, and notably those involved in AI. Covalent’s high-performance on-chain data benefits downstream consumers, enabling developers and businesses to harness accurate and reliable data for numerous applications. This drives innovation and efficiency in the ever-evolving blockchain landscape.
The growth in active wallet addresses since January 2023 has seen a remarkable month-over-month increase. AI is emerging as a transformative force within the Web3 landscape, with rapid development and continuous innovation. To improve the performance of large models and expand training parameters, the new wave of AI heavily relies on high-quality data. Covalent’s structured data solutions are crucial in meeting this demand as they provide the necessary data infrastructure to support existing and emerging AI projects. By advancing real-time data enrichment, Covalent empowers an increasing number of wallets with timely, accurate, and comprehensive information, fostering the growth of the Web3 ecosystem.
Covalent has firmly established its market position and is dedicated to enhancing its technology stack and expanding its service offerings to meet the evolving demands of the blockchain industry. The company’s focus on improving data accessibility and quality through innovations in data infrastructure, querying, and real-time updates is essential for sustaining its impressive growth trajectory and supporting the next wave of blockchain technology adoption. Covalent’s commitment to innovation ensures that it remains at the forefront of the industry, providing critical data solutions that drive progress and empower more use cases with its robust resources.
Looking ahead, Covalent is committed to sustaining its steady month-over-month growth in active wallet enrichment, as evidenced by the consistent increases in previous months. With the milestone of reaching 300 million wallets already achieved and an ecosystem that spans over 225 blockchains, Covalent will continue to build its on-chain structured dataset to support evolving use cases that will shape the future of Web3.
About Covalent:
Covalent (CQT) is a data infrastructure provider for the decentralized ecosystem, solving Long-Term Data Availability for Ethereum and offering infrastructure that can re-execute blobs and shape AI. With CQT staking now back on Ethereum, the expansion of the network towards the Ethereum Wayback Machine begins. This means that AI, DeFi, and other use cases now have unrestricted access to structured on-chain data from over 225 blockchains and counting.
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