Cryptonews Press Releases Covalent Grows Global Wallet Reach by +40 Million in Q1, Now Powering 280 Million with its Structured Data

Covalent Grows Global Wallet Reach by +40 Million in Q1, Now Powering 280 Million with its Structured Data

Covalent (CQT) has reported significant growth in active wallets using its data, now surpassing 280 million across the Web3 ecosystem, up from +240 million at the beginning of January 2024. This increase underscores Covalent’s substantial impact and its commitment to delivering structured, comprehensive and verifiable blockchain data provides performant structured onchain data to downstream consumers like AI. Serving as the backbone for a wide range of applications, from DeFi to AI, Covalent is pivotal in navigating the challenges of modern blockchain data needs and driving innovation across multiple sectors.

Supporting Diverse Web3 Applications and AI Integration

Covalent’s structured data is designed to overcome substantial challenges in acquiring, storaging, and providing useful blockchain data at scale–benefiting both developers and end users. The necessity for real-time structured blockchain data across multiple ecosystems has never been more critical, especially as other methods like running public blockchain nodes prove unscalable in a burgeoning multi-chain environment with no unified data schema.

The cumulative number of active wallets engaging with Covalent’s data.

These active wallets represent a diverse user base: from DeFi protocols, NFT collectors, GameFi players, SocialFi users for a variety of cases. A leader in structured data and long-term data availability in Web3, Covalent is positioned to support exponentially growing verticals such as AI, which depend heavily on structured data. By pursuing advancements in real-time data enrichment, Covalent will continue to empower an increasing number of wallets with timely, accurate, and comprehensive information, while also fostering the Web3 ecosystem.

The cumulative number of wallets engaging with Covalent’s data, broken down by blockchain.

With the emergence of ChatGPT and other Large Language Model (LLM) applications, AI and machine learning’s reliance on massive datasets of structured data has come to the forefront. The transformative potential of AI in various industries and everyday life critically depends on the quality and scale of these data sources. Covalent’s intersection with AI and Web3 heralds a new era where its constantly updating dataset—expanding with each new block and blockchain structured—becomes increasingly vital. Currently, thousands of Web3-specific applications utilize this data, but the surging interest in AI heralds a wave of new developers eager to explore innovative use cases with Covalent’s resources.

Future Outlook

Looking ahead, Covalent is dedicated to deepening its technology stack and broadening its service offerings to address the evolving demands of the blockchain industry. The organization is well-prepared to sustain its growth trajectory with upcoming innovations that aim to improve data accessibility and quality—elements that are crucial for the next wave of blockchain technology adoption.

About Covalent

Covalent (CQT) has created the largest data availability layer of Web3, enabling millions of users to build the new economy of products in AI, Big Data and DeFi. Its deep commitment to democratizing access to structured data is delivered through a singular Unified API for everyone. A core aspect of the DePIN ecosystem, Covalent serves developers, analysts, innovators & 1000’s of customers with comprehensive, real-time data access to +225 blockchains & growing. Learn how Covalent is building the long term data availability ‘Ethereum Wayback Machine’.