TLDR:
- We kicked off the beginning of the quarter with diversifying our ecosystem to indexing a record number of Layer 2 chains.
- We continued the momentum by receiving a counter offer proposal from the EVMOS community for an increased $100K DAO bounty, with a vote that was passed for all in favour by the community with a 92% approval.
- In September, we announced the launch of a first of its kind SQL based bootcamp for data analysts looking to enter the Web3 job field.
Now, let's take a closer look at how much we were able to grow over the entirety of the quarter, while also including our press related highlights from September. Make sure to read our summer update for more information, August 2022: Five New Blockchain Integrations, Nomad Bridge Hack Update And Covalent On The Road
Product Launches & Updates
On August 1st, 2022, the Nomad bridge was exploited and over $190M in various assets were withdrawn to the Ethereum network. These assets included 113.55M (11.3%) of the total Covalent Network ($CQT) supply on the Ethereum network contributed from 255 unique wallet addresses. Covalent has continued to work with Nomad on recovery efforts, as outlined in our response statement The Nomad Bridge Hack Incident, Covalent’s Response, Recovery Efforts & Plan Ahead and in accordance with Nomad's recovery progress.
On September 21st, 2022, at Messari Mainnet in New York City, Covalent announced the kickoff of the Data Alchemist Boot Camp, an industry leading, online four week course that pays you $2000 CQT to learn the fundamentals of Web3 data. We were ecstatic to see the quality of the individuals that applied, receiving over 1000 submissions from extremely qualified individuals, ranging from students to senior executives.
Growth
The time for a Layer 1 dominant space is over, and leading the charge with Polygon we’ve seen an absolute explosion of growth in number of API calls in our Layer 2 blockchains. Our other key players include Arbitrum, Optimism, Aurora, Cronos, Harmony, and Astar, all of which doubled in traction across the board with our industry leading balances endpoints. By boldly expanding Covalent’s community to support Layer 2’s and exploring the intersection of Cosmos and NEAR, we’ve been able to see holistic growth over the entirety of the quarter.
Network
While the team continued to develop Phase Two (the refiner engine), attention turned on the first week of September to accommodate Ethereum’s biggest milestone yet, the Merge. With an update to the BSP patch, which operators were quick to employ, the Covalent Network immediately began supporting Ethereum in a post merge world.
Highlights
It’s exciting to see usage of our Unified API across our indexed blockchain networks from hundreds of developers participating in hackathons. This is indicative of how easy it is for developers to build multi-chain apps using our API.
(Chart using data from our latest sponsorship for ETHOnline)
Check out some of our recap posts from our most recent hackathons:
Honourable Mentions:
On October 3rd: Covalent CEO on Cointelegraph: This piece focuses on the need and value of on-chain data analysts, and the reporter includes insight from Ganesh spanning Covalent’s Reach, Retention, Revenue framework, Web3 data volume predictions, and the influx of Web2 companies entering the Web3 space.
September 9th: EVMOS DAO Gov Proposal Passed Announcement
September 1st: Coinbase Cloud Feature in Index & Query of Developer Tools Stack
Covalent Bonds
We’re proud to boast a thriving company culture at Covalent. This section here is to give our community VIP access to the articles we author, the events we attend, and the lessons we learn here. Check out what we got up to in September:
September 1st: Daniel Park, Data Journalist, Covalent as a Public Good
September 8th: Community Call 15
September 16th: Terry Williams, Chief of Staff: “Act One Up. Think Two Up”
September 16th: Erik Ashdown, Head of Ecosystem, speaks on a panel at: The Web3 Evolution by YVR DAO
September 20th: Ganesh Swami, Chaindebrief Interview: Keep Your Head Down and Continue Building
September 30th: Covalent Blows Off Some Steam At Harrison Hot Springs!
Covalent Roadshow
Where we've been:
- The Science of Blockchain August 29th to 31st Stanford, USA
- NearCon: September 11th to 13th, Lisbon, Portugal
- Mainnet: September 21st to 23rd, New York City, USA
Where we're going:
Looking ahead
Network
- With an emphasis on making our infrastructure best in class by constantly improving the capabilities of our API, Phase 2 of the Covalent Network is currently in progress so that by the end of the next quarter, anyone building with the Covalent Unified API will be able to pull blockchain data from an even deeper, granular level.
Product
- We’re constantly improving our best-in-class API endpoints, and soon users will be able to instantly access NFT metadata with richer data models for broader use cases.
Building
- There’s truly no bear market for builders- take a look at the hackathons we’ll be sponsoring below and come show us what you’ve got building with the Covalent Unified API.
- October
- Moralis x Google Cloud
- Encode <> Harmony
- EVMOS #OneMillionWallets - stay tuned for more information
Community
- Join us for Community Call 16 happening on October 20th. Don't miss out by making sure to follow us on Twitter, links to RSVP will be sent out soon.
Thank you for all of your continued support! We look forward to sharing more exciting updates. Make sure to join our mailing list for regular news or reach out to me directly.