Covalent (CQT) has seen a significant growth in active wallets within the Web3 ecosystem, with the number surpassing 280 million, up from +240 million in January 2024. This demonstrates Covalent’s impact in providing structured, comprehensive, and verifiable blockchain data to downstream consumers like AI. With its ability to deliver performant structured onchain data, Covalent plays a crucial role in supporting various applications, from DeFi to AI, and driving innovation across multiple sectors. The company’s structured data is designed to address challenges in acquiring, storing, and providing useful blockchain data at scale, benefiting both developers and end users.
Covalent’s active wallets represent a diverse user base, including DeFi protocols, NFT collectors, GameFi players, and SocialFi users. As a leader in structured data and long-term data availability in the Web3 space, Covalent is well-positioned to support rapidly growing verticals such as AI, which rely heavily on structured data. By constantly updating its dataset with each new block and blockchain structure, Covalent aims to empower an increasing number of wallets with timely, accurate, and comprehensive information, while also fostering the Web3 ecosystem. The intersection of Covalent’s data with AI and Web3 signals a new era where the quality and scale of data sources are critical for the transformative potential of AI in various industries and everyday life.
Looking ahead, Covalent is focused on deepening its technology stack and expanding its service offerings to meet the evolving demands of the blockchain industry. The organization is committed to sustaining its growth trajectory by introducing innovations that enhance data accessibility and quality, essential components for the next wave of blockchain technology adoption. Covalent aims to continue democratizing access to structured data through its Unified API, enabling millions of users to build products in AI, Big Data, and DeFi. As part of the DePIN ecosystem, Covalent serves developers, analysts, innovators, and thousands of customers with real-time data access to over 225 blockchains and counting. The company is dedicated to building the ‘Ethereum Wayback Machine,’ ensuring long-term data availability for the Web3 ecosystem.
In conclusion, Covalent’s growth in active wallets within the Web3 ecosystem highlights its significant impact in providing structured, comprehensive, and verifiable blockchain data to downstream consumers like AI. By addressing challenges in acquiring, storing, and providing useful blockchain data at scale, Covalent plays a crucial role in supporting various applications and driving innovation across multiple sectors. The company’s dedication to enhancing data accessibility and quality, along with its commitment to democratizing access to structured data through its Unified API, positions Covalent as a key player in the blockchain industry’s evolving landscape. With a focus on continuous innovation and collaboration, Covalent is poised to shape the future of Web3 and empower users to unlock the full potential of blockchain technology.
