DJing Kid, in collaboration with Crypto Gem Hunters, highlights a potential gem in the cryptocurrency market – Covalent. Covalent is an indexing protocol that competes with other indexing protocols like The Graph. It brings visibility to billions of web-free data points by finding specific information from blockchains and providing it to developers for use in creating blockchain tools. Covalent supports 60+ blockchains, including Ethereum, Binance, Avalanche, Solana, and Oasis Foundation. The project is currently trading at around 10 cents, with a market cap of $47 million and a total supply of approximately a billion tokens. Covalent has seen an all-time high of $2.08 and is not yet listed on exchanges such as Coinbase and Binance.
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Looking at Covalent: An Indexing Protocol Competing with The Graph
In this edition of DJing Kid in collaboration with Crypto Gem Hunters, we bring you a hot gem that can potentially 50x or more. The gem we’re talking about is Covalent, which is an indexing protocol competing with The Graph. Let’s take a closer look at Covalent’s features.
Ticker and Financials
Covalent’s ticker is CQT, and it is currently valued at $0.10 with an approximate five percent increase in the last 24 hours. The Crypto Market Cap for Covalent is $47 million, and its fully diluted valuation is $104 million. Covalent’s circulating supply is 452 million tokens, and its total supply of tokens is approximately one billion.
Website and API
Covalent provides a unified API that brings visibility to billions of web-free data points. It’s an indexing protocol that finds specific information from different blockchains that developers can access and use to create various tools on blockchain effortlessly. Covalent supports 60 plus blockchains, including Binance, Ethereum, Avalanche, Moonbeam, Solana, Oasis Foundation, ZK sync, and many more.
In terms of Covalent’s statistical information, it has 100 billion rich transactions indexed for 60 plus blockchains since Genesis, and it has 200k plus smart contracts available with internal data structures for querying. Additionally, Covalent has over 30,000 price feeds for fiat and crypto pairs.
Covalent’s Functionality and Staking
Covalent’s main functionality is to support the accessibility of the data points such as transactions, wallet balances, NFTs, and D5 data from multiple blockchains through one single API. You can also stake Covalent, which allows you to join the most comprehensive blockchain ecosystems.
Covalent’s Partners and Private Sale
Some of the companies that work with Covalent include CoinGecko, DAP Radar, Rainbow, Nifty Frontier, and more than 3,000 projects building and succeeding with the Covalent API. Covalent’s private sale participants include big players like Binance, Coinbase, CoinGecko, Ledger Prime, and more.
Conclusion
Covalent is an indexing protocol that enables developers to access specific blockchain data points efficiently. With support for over 60 blockchains and partnerships with multiple big players, Covalent is an up-and-coming gem that can potentially 50x or even more. However, as always, please do your own research before investing in any cryptocurrency.
