A number of prominent investors and projects have donated $ 2 million to Covalent, a project building a decentralized blockchain data provider.
Hashed Ventures hosted a tour with Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures and more. Blockchain projects such as Moonbeam, Avalanche, NEAR and Elrond also participated in the funding round.
Covalent offers data for a number of projects in the Defi and NFT areas, including 0x, Zerion and Balancer, and sits in the same way as The Graph (GRT). Covalent CEO and co-founder Ganesh Swami told the Cointelegraph that he focuses on an approach without a symbol that separates it from the chart:
We do not ask developers to write sub-images or SQL, which means that covalent is more useful and more widespread in a larger market to handle. Covalent is designed for the ultimate and impending merger of DeFi and Fintech. ”
Covalent’s architectural vision is to have a decentralized, cutting-edge, global database that makes it possible to fulfill all exact questions about blockchain historical data. Blockchain data projects can generally be seen as more advanced and general blockchain researchers that provide a wider range of data. DuneAnalytics is another project in this area, and developers often use it to create custom statistical questions about individual DeFi projects.
Covalent’s funding will be used to decentralize the network, attract professional data providers and auditors, and expand the networks. It is currently indexing six blockchains, and the team plans to index a total of 12 blockchains by the end of the year.