PRESS RELEASE
Covalent has achieved a significant milestone by reaching 300 million active wallets that are utilizing its extensive and comprehensive data services. This represents a notable growth of 20% since the beginning of the year, surpassing the 280 million wallets reported in March 2024. The surge in active wallets can be attributed to Covalent's advanced querying technologies, which provide real-time, structured data that is essential for developers and end-users in a complex, multi-chain environment. Unlike traditional methods that often face scalability issues and lack a unified data schema, Covalent's approach has become indispensable.
Supporting the Next Wave of Innovation in AI
The continuous growth in active wallets demonstrates Covalent's pivotal role in the industry, as it provides historical, structured, and verifiable data that supports millions of use cases. These wallets cater to a diverse range of users, including operators of DeFi protocols, NFT collectors, GameFi players, SocialFi participants, and most notably, those involved in AI. Covalent's high-performance on-chain data benefits downstream consumers, enabling developers and businesses to leverage accurate and reliable data for various applications. This drives innovation and efficiency in the rapidly evolving blockchain landscape.
MoM Growth in Active Wallet Addresses since January 2023
AI is emerging as a transformative force, with explosive development and continuous innovation within the Web3 landscape. The new wave of AI heavily relies on high-quality data to enhance the performance of large models and expand training parameters. Covalent's structured data solutions are crucial in meeting this demand by providing 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.
The Cumulative Number of Wallets Engaging with Covalent's Data, Broken Down by Blockchain
Covalent has established a strong market position with its month-over-month growth. The company is dedicated to enhancing its technology stack and expanding its service offerings to meet the evolving demands of the blockchain industry. Its focus on improving data accessibility and quality through innovations in data infrastructure, querying, and real-time updates is crucial 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 demonstrated by the consistent increases in previous months. With a milestone of reaching 300 million wallets already achieved and an ecosystem of over 225 blockchains, Covalent will continue to build its on-chain structured dataset to cater to evolving use cases, powering the future of Web3.
About Covalent
Covalent (CQT) is a company that provides data infrastructure for the decentralized ecosystem, solving Long-Term Data Availability for Ethereum. Its infrastructure allows for the re-execution of blobs and shapes AI. With CQT staking now back on Ethereum, the network expansion towards the Ethereum Wayback Machine commences, enabling AI, DeFi, and other use cases to have unrestricted access to structured on-chain data from over 225 blockchains and counting.
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