Blockchain technology is becoming increasingly complex and precise, timely data is quickly becoming a valuable commodity. The primary catalyst for this expansion is DeFi and the rapid innovation happening in the space. Beyond inflated gas prices on the Ethereum network, DeFi also contributes to data congestion.
Developers looking to create products, services, or protocols face a real issue. Blockchain data is messy, disorganized, and bringing it to an effective structure is challenging for the best of engineers. In other words, developers need sources of accurate data and solutions that help them quickly organize data.
Covalent eliminates the troubles of connecting to hundreds of protocols, making millions of API calls, and getting distracted by shiny objects. Especially for DeFi developers, Covalent can cut away work weeks from their schedule.
Covalent is one of the leading blockchain companies that design for enterprises and make their software available for all. Their solution helps projects streamline operations, efficiency, speed, and lowers the expenses for structured blockchain data.
Covalent’s Value Proposition
Covalent is a Canadian crypto startup based in Vancouver. They launched their business in 2018 with a mission to become the leading provider of blockchain transaction data and crypto research software.
Today, they are an integral part of the ecosystem, collaborating with high caliber companies such as Loopring, Consensys, CoinGecko, SKALE, Matic, Cryptosheets, InstaDapp, Frontier, and Authereum.
Covalent’s primary goal is to empower companies with significant blockchain data processing capabilities and enhance their development capabilities.
Companies looking to innovate in cryptocurrency and blockchain will require data. The problem is that this data is incessantly growing in a non-standardized format. The cherry on top, there are hundreds of applications, protocols, and platforms. Without Covalent, generating structured data for meaningful business insight is a developmental nightmare.
Business needs track the cryptocurrency ecosystem’s progress and grow accordingly, adding additional workload and pressure on developer teams. Companies are caught in a cycle of ever-increasing needs to allocate resources to accomplish a semblance of market understanding.
These problems are not solved by the currently existing data infrastructure, which often involves a brute force method for data acquisition, which is resource-intensive.
With Covalent, developers save hundreds of active development time.
The Covalent Solution
Covalent is an enterprise-grade solution that supports a wide range of data-based use cases like exchange, custodianship, and taxation. It is a no-code, zero-config solution that doesn’t require a specialized software engineer. Covalent is hard at work to develop the DeFi SDK toolkit and address unsolved emerging use-cases in the industry.
The cutting edge of DeFi continually pushes the ecosystem to exponential growth, leaving many questions and challenges behind. DeFi created hundreds of assets that are difficult to value, such as synthetics or liquidity provider tokens. This creates an environment where it is almost impossible to develop a consolidated view of the marketplace.
Current portfolio management solutions leave a lot to be desired.
With Covalent’s robust API, developers and their users can gain transparency and visibility of assets across all blockchain networks.
Covalent structures the disordered blockchain data and analyzes it by its proprietary technology to deliver institution-specific answers. Covalent helps businesses in accessing synthesized blockchain data to gain insights and accommodate decision-making processes.
Full suite API
Covalent provides a full suite API solution that enables developers to integrate customer-specific data in their projects. The Covalent API is RESTful, meaning it is designed around resources that are available through web interfaces.
It can be used to pull balances, currencies, rations, event logs, ROI, and Value at Risk (VaR) for all blockchain-based assets. Liquidity providers can further benefit through the API’s features of providing the real-time ROI of currently open positions.
The API can be used to access personalized data reports containing historical and current investment performance of every data asset type to individual wallets. Covalent’s DeFi SDK is currently used by decentralized applications such as Zerion and InstaDapp to access Ethereum data economically, immediately, and accurately.
Covalent is a hyper-active crypto startup focused on solving one of the most critical challenges in the crypto industry. Their API solution provides developers with powerful data analytics tools that help them save time and eliminate time complexity, improve data structures, and incentivize the development of Dijkstra-type algorithms.
Covalent has 25 billion rich transactions indexed, available for developers at the snap of a finger. It provides up to 30,000 price feeds for fiat and crypto pairs and has access to more than 200,000 smart contracts for querying.
This data is updated every 30 seconds, making Covalent one of the most regularly updated data analytics solution on the market.