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What did CQT do in 2022 and what are the plans for 2023?

+App Chain Frontier

In 2022, Covalent achieved a significant milestone by becoming the first indexer in the industry to index app chains, thanks to its partnerships with two play-to-earn games, DeFi Kingdoms (DFK) and Crabada (CRA), on the Avalanche ecosystem. As a result, developers can now access in-depth and detailed data on GameFI, which was previously difficult to obtain.

+Indexing Zero-Knowledge Roll-Ups

In 2022, Covalent achieved another milestone by being the first indexer to index Zero Knowledge Roll-Ups, which allowed for complete data transparency on zkEVM blockchains. By incorporating zero knowledge functionality into Ethereum's Virtual Machine, these blockchains can enhance efficiency and decrease data demands by consolidating numerous data transactions into a single block. With Covalent, developers can obtain previously inaccessible data from scaling solutions developed on Ethereum.

+Over 50 Chains Indexed in One Year!

In 2022, Covalent indexed more than 50 new chains. As a result, developers can now access a wider range of EVM blockchains in Web3, providing the most extensive breadth of trustless, verifiable data by using Covalent

+First External Governance Proposal

During the first half of 2022, Covalent was presented with a governance proposal to index the Cronos Chain, which is the first blockchain network to interoperate with both the Ethereum and Cosmos ecosystems. In the latter half of the year, Covalent also received a governance proposal from Evmos, which is the EVM implementation and a cornerstone of the Cosmos ecosystem.

+Premium API

In 2022, Covalent unveiled Premium API, a new and upgraded endpoint service with significantly higher rate limits that can be accessed through a paid subscription.

+Inner Circle

Covalent launched the Inner Circle program in 2022, which allows users to provide feedback on the product and data, thereby contributing to the improvement of the overall user experience. By joining the program, Inner Circle users can also gain early access to new features and products

+First Non-EVM Indexing

In 2022, Covalent took its first strides in the realm of non-EVM indexing, as it added Solana Balances support to its API Reference. By doing so, it has provided access to the renowned Unified API experience to tens of thousands of Solana ecosystem developers, allowing them to retrieve token balances for a specific address.

+Data Verifiability and the Covalent Network

In May 2022, Covalent made a significant breakthrough with the launch of Phase One of the Covalent Network. In the Web3 space, the authenticity and security of data is a major concern. To address this, Covalent introduced the Block Specimen, a unique and innovative technology that standardizes the storage structure that supports the Covalent Unified API.

f**k up 2022:

In 2022, Covalent and its community faced a setback when Nomad Bridge was hacked, resulting in the loss of 11.3% of the CQT supply and affecting a few hundred members of the network operators and delegators. In response, Covalent announced The Covalent Recovery Plan in November, which aims to make all those impacted by the Nomad Hack whole again with a 100% recovery solution.

Plans for 2023:

  • Fee Switch and Move to L1 As Covalent continues to build on the momentum of its Premium API launch, the new year will see a major focus on activating the Covalent Token Value Accrual Mechanism through "turning on the fee switch." This mechanism will incentivize network operators to participate via CQT, ensuring the Covalent Network's scalability and sustainability. Another key initiative for the year is the move to Cosmos SDK, which will effectively make Covalent its own Layer 1. This move will allow Covalent to tailor the chain precisely to its needs, while network operators will no longer have to pay gas fees for each proof of work completed (which is the current process despite scaling solutions).

  • NFT Cache Endpoints Covalent adheres to the principle of "better, faster, cheaper," and constantly works to improve and scale our products. Our endpoints are continuously refined to provide top-of-the-line quality to our developers. As we move into 2023, builders utilizing the Unified API will now have access to NFT metadata directly from the blockchain, enabling them to incorporate even richer data models and expand use cases.

  • Blockchain Data Refiner As a new year dawns, Covalent is entering a new phase: Phase 2 of the Covalent Network. This next step in our evolution involves enhancing our original Block Specimen Technology. To achieve this, we will be introducing the Blockchain Data Refiner - an engine designed to enrich and transform Block Specimens. The Blockchain Data Refiner will be able to retrieve information directly from the Covalent network, allowing for even more advanced data processing and analysis.

Although 2022 was a tumultuous year for the crypto industry, with numerous financial companies facing issues (To have Terra/Luna, Celsius, 3AC, FTX, and others successively evaporate has shaken the confidence of many. But these were financial companies knee-deep in speculation, leveraged trading, and in some cases outright fraud.), Covalent's long-term roadmap provided an advantage. By the end of 2022, Covalent had made significant progress. In contrast, the CQT motto "No bear markets for builders" highlights the potential in the data processing market. its one of the biggest markets. whenever a sector formalises (say finance in 80s (bloomberg) or internet (google, yahoo) - the data layer is one fo the most lucrative and straightforward to monetise. Covalent are well positioned but lots of gaps / early stage opps even now. Ultimately, only time will tell how the industry will evolve. There is no bullish about this project.

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