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Covalent (CQT)
What is Covalent?
Covalent (CQT) is a blockchain data aggregation platform launched in 2020 by a team led by Ganesh Swami and Aakanksha Dhanuka. It aims to simplify access to blockchain data by providing a unified API that allows developers to retrieve and analyze data from multiple blockchains without the need for complex infrastructure. The project operates on various blockchains, utilizing a unique indexing mechanism that enables efficient querying of blockchain data. Its native token, CQT, serves multiple roles within the ecosystem, including governance, staking, and payment for data queries. Users can stake CQT to earn rewards and participate in the decision-making process regarding protocol upgrades and changes. Covalent stands out for its comprehensive data coverage and user-friendly API, which significantly reduces the barriers for developers looking to build decentralized applications (dApps) and analytics tools. This positions Covalent as a crucial player in the blockchain ecosystem, facilitating greater accessibility and usability of blockchain data for various applications.
When and how did Covalent start?
Covalent originated in October 2020 when the founding team, led by co-founder and CEO Ganesh Swami, released its whitepaper outlining the vision for a comprehensive data aggregation platform for blockchain networks. The project launched its testnet in early 2021, allowing developers to experiment with the platform's capabilities and gather feedback from the community. Following successful testing, Covalent transitioned to its mainnet launch in July 2021, marking its official entry into the market. Early development focused on creating a robust API that enables users to access blockchain data seamlessly, catering to developers and businesses looking to build on various blockchain ecosystems. The initial distribution of Covalent's native token, CQT, occurred through a token sale in May 2021, which helped fund the project's growth and establish a community of early adopters. These foundational steps set the stage for Covalent's ongoing development and expansion within the blockchain data space.
What’s coming up for Covalent?
According to official updates, Covalent is preparing for the launch of its next major feature, the Covalent API v2, targeted for Q1 2024. This upgrade aims to enhance data retrieval capabilities and improve overall performance for developers utilizing the API. Additionally, Covalent is working on expanding its partnerships with various blockchain networks to facilitate broader integration and accessibility of its services, with several collaborations expected to be announced in the coming months. These initiatives are designed to enhance user experience and increase the utility of Covalent's offerings within the decentralized finance (DeFi) ecosystem. Progress on these milestones will be tracked through their official channels and roadmap updates.
What makes Covalent stand out?
Covalent distinguishes itself through its unique data aggregation technology, which provides a unified API for accessing blockchain data across multiple networks. This architecture enables seamless interoperability, allowing developers to retrieve and analyze on-chain data without the complexities typically associated with different blockchain ecosystems. Covalent's focus on delivering comprehensive and granular data sets enhances the user experience for developers, making it easier to build applications that require detailed blockchain insights. Additionally, Covalent employs a unique indexing mechanism that ensures high availability and low latency of data retrieval, which is crucial for applications that demand real-time information. The ecosystem is further enriched by strategic partnerships with various blockchain projects, enhancing its utility and reach. Covalent's governance model also encourages community involvement, allowing stakeholders to participate in decision-making processes, which adds a layer of decentralization and user engagement to its operations. Overall, these features contribute to Covalent’s distinct role in the blockchain data landscape, positioning it as a vital resource for developers and businesses alike.
What can you do with Covalent?
Covalent provides a comprehensive data solution for blockchain applications, enabling users to access and utilize on-chain data seamlessly. The CVT token serves multiple functions within the ecosystem, including transaction fees for accessing data services and APIs. Holders can participate in governance voting, influencing the direction of the project and its features. Developers leverage Covalent's robust API to build decentralized applications (dApps) and integrate blockchain data into their projects without the need for complex infrastructure. This allows for easier access to blockchain information, such as transaction histories and token balances, enhancing the user experience in various applications. Additionally, Covalent supports various blockchain networks, making it versatile for developers working across different ecosystems. Users can also benefit from tools and resources that simplify the interaction with blockchain data, fostering innovation and efficiency in the DeFi, NFT, and broader blockchain sectors. Overall, Covalent empowers both users and developers by providing essential tools and functionalities to navigate the blockchain landscape effectively.
Is Covalent still active or relevant?
Covalent remains active through a series of recent updates and developments, with the latest significant release announced in September 2023. The project is currently focusing on enhancing its data aggregation capabilities and expanding its API offerings, which are crucial for developers and businesses looking to access blockchain data seamlessly. Covalent's integration with various DeFi platforms and NFT projects continues to grow, showcasing its relevance in the broader blockchain ecosystem. The project has also maintained an active presence on social media and community forums, engaging with users and developers alike. Additionally, Covalent's governance model allows for community participation in decision-making, with recent proposals being discussed and voted on, further indicating its ongoing activity and relevance in the crypto space. These indicators collectively support Covalent's position as a vital player in the blockchain data aggregation sector.
Who is Covalent designed for?
Covalent is designed for developers and institutions, enabling them to access and utilize blockchain data seamlessly. It provides a comprehensive suite of tools and resources, including APIs and SDKs, which facilitate the integration of blockchain data into applications and services. This empowers developers to build data-driven applications without the need to manage complex blockchain infrastructure. Secondary participants, such as data analysts and researchers, can leverage Covalent’s extensive data offerings to gain insights and perform analytics on blockchain transactions and activities. By providing a unified API that aggregates data from multiple blockchains, Covalent supports a wide range of use cases, from DeFi applications to enterprise solutions. This accessibility allows users to focus on innovation and development while relying on Covalent for reliable and structured blockchain data.
How is Covalent secured?
Covalent utilizes a robust security framework that incorporates a combination of consensus mechanisms and cryptographic techniques to ensure the integrity and reliability of its network. The protocol primarily operates on Ethereum and other compatible blockchains, leveraging their established security features. Covalent employs a proof-of-stake (PoS) consensus mechanism, where validators are responsible for confirming transactions and maintaining the network's integrity. These validators are selected based on the amount of cryptocurrency they stake, which aligns their financial incentives with the health of the network. This staking model not only encourages honest behavior but also includes slashing penalties for malicious actions, thereby deterring potential attacks. For cryptographic security, Covalent utilizes advanced techniques such as Elliptic Curve Digital Signature Algorithm (ECDSA) to ensure authentication and data integrity. This cryptographic approach safeguards transactions against forgery and unauthorized access. Additionally, Covalent emphasizes security through regular audits and a bug bounty program, which helps identify and mitigate vulnerabilities. Governance processes are in place to facilitate community involvement in decision-making, further enhancing the network's resilience and adaptability. Overall, these elements work together to create a secure and trustworthy environment for users and developers alike.
Has Covalent faced any controversy or risks?
Covalent has faced some risks primarily related to the broader blockchain ecosystem, particularly concerning data privacy and security. As a data aggregation platform, it relies on various blockchain networks, which can expose it to vulnerabilities inherent in those networks, such as potential exploits or outages. While there have been no major documented controversies directly involving Covalent, the project has remained vigilant about the security of its infrastructure. To mitigate risks, Covalent has implemented robust security measures, including regular audits and updates to its systems. The team actively monitors for vulnerabilities and engages in community discussions to address any concerns. Additionally, they maintain transparency regarding their operations and security practices, which helps build trust within the community. Ongoing risks for Covalent include market volatility and regulatory challenges that affect the broader cryptocurrency landscape. The team continues to focus on enhancing their platform's security and compliance measures to navigate these challenges effectively.
Covalent (CQT) FAQ – Key Metrics & Market Insights
Where can I buy Covalent (CQT)?
Covalent (CQT) is widely available on centralized cryptocurrency exchanges. The most active platform is Kraken, where the CQT/USD trading pair recorded a 24-hour volume of over $295.02. Other exchanges include Kraken and SushiSwap.
What's the current daily trading volume of Covalent?
As of the last 24 hours, Covalent's trading volume stands at $371.85 , showing a 85.69% decline compared to the previous day. This suggests a short-term reduction in trading activity.
What's Covalent's price range history?
All-Time High (ATH): $0.459235
All-Time Low (ATL): $0.00000000
Covalent is currently trading ~99.87% below its ATH
.
What's Covalent's current market capitalization?
Covalent's market cap is approximately $372 991.00, ranking it #4767 globally by market size. This figure is calculated based on its circulating supply of 634 051 477 CQT tokens.
How is Covalent performing compared to the broader crypto market?
Over the past 7 days, Covalent has gained 32.31%, outperforming the overall crypto market which posted a 0.93% decline. This indicates strong performance in CQT's price action relative to the broader market momentum.
Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment.
All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions.
Coinpaprika is not liable for any losses resulting from the use of this information.
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Covalent Basics
| Consensus Mechanism | Not mineable |
|---|---|
| Algorithm | None |
| Hardware wallet | Yes |
| Website | covalenthq.com |
|---|---|
| Wallet | Coins Mobile App |
| Source code | github.com |
|---|---|
| Asset type | Token |
| Contract Address |
| Explorers (1) | etherscan.io |
|---|
| Tags |
|
|---|
| reddit.com |
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Popular Calculators
Covalent Exchanges
Covalent Markets
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
How to use it?
By default Market depth is showing the most liquid markets sorted by Combined Orders (which is a sum of buy and sell orders). This way it provides the most interesting information already. Left (green) side of the market depth bar is showing how many buy orders are open, and right (red) side of the bar is showing how many sell orders are open (both can be recalculated to BTC, ETH or any fiat we have available on the site).


Confidence
Due to rampant malicious practices in the crypto exchanges environment, we have introduced in 2019 and 2020 new ways of evaluating exchanges and one of them is - Confidence. Because it's a new metric - it's essential to know how it works.
Confidence is weighted based on 3 principles:
Based on the liquidity from order books (75%) - including overall liquidity and market depth/volume ratio, volumes included, if exchange is low volume (below 2M USD volume 24h)
Based on web traffic (20%) - using Alexa rank as a main indicator of site popularity
Based on regulation (5%) - researching and evaluating licensing for exchange - by respective institutions
Adding all of these subscores give overall main result - Confidence
Confidence is mainly based on liquidity, because it's the most important aspect of cryptocurrency exchanges. Without liquidity there is no trading, illiquid markets tend to collapse in the long term. Besides liquidity - there is also an additional factor in calculation of score - market depth/volume ratio. If volume is huge (especially when it’s growing much faster than liquidity), and market depth seems to not keep pace with - it's reducing overall score. Exchanges that keep market makers liquidity with expanding volume are those that keep all ratios in-tact and have overall score above 75-80% (it means that they have all liquidity ratios above minimum requirements, high web traffic participation, and are often regulated).
Other coins worth interest - similar to Covalent
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 42 | BitTensor TAO | $2 330 350 356 | $242.81 | $171 487 321 | 9,597,491 | |||
| 51 | Near Protocol NEAR | $1 609 399 627 | $1.36 | $200 517 349 | 1,185,165,436 | |||
| 73 | Render RENDER | $919 142 658 | $1.78 | $45 505 647 | 517,690,747 | |||
| 100 | Artificial Superintelligence Alliance FET | $554 720 224 | $0.212540 | $54 375 428 | 2,609,959,126 | |||
| 114 | Virtuals Protocol VIRTUAL | $447 837 386 | $0.690474 | $60 684 283 | 648,594,347 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 56 | Internet Computer ICP | $1 347 833 264 | $2.44 | $24 824 963 | 551,883,372 | |||
| 77 | Worldcoin WLD | $870 211 409 | $0.264815 | $66 934 558 | 3,286,112,332 | |||
| 103 | PancakeSwap CAKE | $501 798 723 | $1.53 | $24 602 186 | 327,608,956 | |||
| 113 | Stable STABLE | $448 977 098 | $0.025510 | $11 094 274 | 17,600,000,000 | |||
| 118 | Dash DASH | $429 179 814 | $33.88 | $52 630 508 | 12,666,132 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 86 | Filecoin FIL | $718 486 530 | $0.929706 | $92 422 837 | 772,810,611 | |||
| 143 | DoubleZero 2Z | $295 066 074 | $0.084999 | $2 234 766 | 3,471,417,500 | |||
| 219 | THORChain RUNE | $142 098 880 | $0.419421 | $2 871 263 | 338,797,570 | |||
| 482 | Perle PRL | $38 174 839 | $0.218142 | $6 566 085 | 175,000,000 | |||
| 487 | Naoris Protocol NAORIS | $37 240 607 | $0.062144 | $1 543 662 | 599,260,000 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 11 | Hyperliquid HYPE | $13 763 048 209 | $41.22 | $217 223 190 | 333,928,180 | |||
| 22 | Chainlink LINK | $5 782 554 403 | $9.22 | $369 770 273 | 626,849,970 | |||
| 37 | Dai DAI | $3 329 420 547 | $1.000058 | $1 817 354 834 | 3,329,226,824 | |||
| 45 | Uniswap UNI | $1 956 303 309 | $3.26 | $140 280 591 | 600,425,074 | |||
| 46 | Official World Liberty Financial WLFI | $1 923 270 478 | $0.077963 | $18 873 444 | 24,669,070,265 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 169 | THETA THETA | $214 703 243 | $0.214703 | $27 933 706 | 1,000,000,000 | |||
| 217 | OriginTrail TRAC | $145 789 797 | $0.291582 | $2 672 857 | 499,995,033 | |||
| 518 | iExec RLC RLC | $33 778 170 | $0.466662 | $11 939 361 | 72,382,548 | |||
| 1073 | Phoenix Global PHB | $6 252 950 | $0.125648 | $17 370 390 | 49,765,580 | |||
| 1199 | Dock DOCK | $4 259 017 | $0.004860 | $2 670.65 | 876,417,166 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 73 | Render RENDER | $919 142 658 | $1.78 | $45 505 647 | 517,690,747 | |||
| 100 | Artificial Superintelligence Alliance FET | $554 720 224 | $0.212540 | $54 375 428 | 2,609,959,126 | |||
| 165 | The Graph GRT | $239 948 883 | $0.025129 | $9 308 116 | 9,548,531,509 | |||
| 169 | THETA THETA | $214 703 243 | $0.214703 | $27 933 706 | 1,000,000,000 | |||
| 217 | OriginTrail TRAC | $145 789 797 | $0.291582 | $2 672 857 | 499,995,033 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 73 | Render RENDER | $919 142 658 | $1.78 | $45 505 647 | 517,690,747 | |||
| 86 | Filecoin FIL | $718 486 530 | $0.929706 | $92 422 837 | 772,810,611 | |||
| 133 | BitTorrent BTT | $320 584 463 | $0.000000 | $9 148 420 | 987,037,885,840,675 | |||
| 159 | IOTA IOTA | $251 351 133 | $0.058291 | $5 076 225 | 4,311,998,937 | |||
| 165 | The Graph GRT | $239 948 883 | $0.025129 | $9 308 116 | 9,548,531,509 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 6 | USDC USDC | $78 060 965 817 | $1.000136 | $17 412 989 734 | 78,050,333,965 | |||
| 9 | Lido Staked Ether STETH | $22 471 487 014 | $2 294.32 | $241 659 596 | 9,794,399 | |||
| 12 | Wrapped Liquid Staked Ether 2.0 WSTETH | $10 056 364 135 | $2 828.21 | $116 441 717 | 3,555,731 | |||
| 13 | Wrapped Bitcoin WBTC | $9 834 049 673 | $74 967.22 | $315 866 677 | 131,178 | |||
| 17 | WETH WETH | $8 675 631 385 | $2 303.74 | $865 821 813 | 3,765,896 |
| # | Name | Market Cap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 8 | TRON TRX | $28 354 219 990 | $0.328313 | $709 828 440 | 86,363,298,503 | |||
| 42 | BitTensor TAO | $2 330 350 356 | $242.81 | $171 487 321 | 9,597,491 | |||
| 56 | Internet Computer ICP | $1 347 833 264 | $2.44 | $24 824 963 | 551,883,372 | |||
| 86 | Filecoin FIL | $718 486 530 | $0.929706 | $92 422 837 | 772,810,611 | |||
| 133 | BitTorrent BTT | $320 584 463 | $0.000000 | $9 148 420 | 987,037,885,840,675 |
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
What is showing Historical Market Depth?
Historical Market Depth is showing the history of liquidity from the markets for a given asset. It’s a measure of combined liquidity from all integrated markets on the coinpaprika’s market depth module.
Covalent



