Numerous notable investors and initiatives have contributed $2 million to Covalent, which will be directed to design a decentralized blockchain data provider.
Specifically, Hashed Ventures reportedly led the round, where numerous big names in the sector, nominally Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures and others, have joined. Blockchain initiatives such as Moonbeam, Avalanche, NEAR and Elrond also conducted pitching in the funding round.
Covalent reportedly offers data to a wide array of initiatives across the DeFi and NFT sectors, including 0x, Zerion and Balancer, as well as occupying the same type of niche as The Graph (GRT).
Ganesh Swami – co-founder and Head of Covalent – reportedly disclosed that it mainly works on a “no-code” approach that is completely different from The Graph.
“We do not require developers to write subgraphs or SQL, which means Covalent is more broadly applicable, more mainstream with a bigger addressable market. Covalent is built for the eventual and inevitable merge of DeFi and Fintech.”
The architectural way for Covalent is reportedly the one of a decentralized and sharded international database, enabling all types of granular query into historical blockchain information.
Blockchain data initiatives – generally speaking – can reportedly be viewed as high-level and generic blockchain explorers, enabling data selection at an enhanced scope.
DuneAnalytics is another project in this sector, and is normally utilized by developers to create custom statistical queries about stand-alone DeFi initiatives.