Covalent Reaches Milestone of 300 Million Active Wallets, Achieving Significant 20% Growth Since Beginning of Q1 2024

Covalent Reaches Milestone: A Testament to Its User-Friendly Interface

Covalent has achieved a significant milestone, reaching 300 million active wallets utilizing its extensive and comprehensive data services. This marks a notable increase from the 280 million wallets reported at the end of March 2024 and represents a substantial 20% growth since the beginning of the year. The significant surge is driven by Covalent’s advanced querying technologies, which deliver real-time, structured data essential for developers and end-users in a complex, multi-chain environment. Traditional methods, like running public blockchain nodes, often fall short due to scalability issues and the lack of a unified data schema, making Covalent’s approach indispensable.

Supporting the Next Wave of Innovation in AI

The consistent growth in active wallets highlights Covalent’s role as a cornerstone in the industry, providing historical, structured, and verifiable data that supports millions of use cases. These wallets serve a diverse range of users, including operators of DeFi protocols, NFT collectors, GameFi players, SocialFi participants, and most notably in AI. Covalent’s high-performance on-chain data benefits downstream consumers, enabling developers and businesses to leverage accurate and reliable data for myriad applications. This drives innovation and efficiency in the rapidly evolving blockchain landscape.

AI is emerging as a transformative force, with explosive development and continuous innovation within the Web3 landscape. The new wave of AI relies heavily on high-quality data to improve the performance of large models and expand training parameters. Covalent’s structured data solutions are crucial in meeting this demand, providing the necessary data infrastructure to support existing and emerging AI projects. By advancing real-time data enrichment, Covalent empowers an increasing number of wallets with timely, accurate, and comprehensive information, fostering the growth of the Web3 ecosystem.

Established Market Position with MoM Growth

Covalent is dedicated to further enhancing its technology stack and broadening its service offerings to meet the evolving demands of the blockchain industry. Its focus on improving data accessibility and quality through innovations in data infrastructure, querying, and real-time updates is essential for sustaining its impressive growth trajectory and supporting the next wave of blockchain technology adoption. Covalent’s commitment to innovation ensures that it remains at the forefront of the industry, providing critical data solutions that drive progress and empower more use cases with its robust resources.

Looking forward, Covalent is committed to sustaining its steady month-over-month growth in active wallet enrichment, as demonstrated by the consistent increases in previous months. Having already reached the milestone of reaching 300 million wallets while growing its ecosystem of over 225 blockchains, Covalent will continue to build its onchain structured dataset for evolving use cases that will power the future of Web3.

About Covalent

Covalent (CQT) is shipping data infrastructure for the decentralized ecosystem, solving Long-Term Data Availability for Ethereum—infrastructure that can re-execute blobs and shape AI. With CQT staking now back on Ethereum, The New Dawn of network expansion towards the Ethereum Wayback Machine commences. Today, this means AI, DeFi, and other use cases have unfettered access to structured onchain data from over +225 blockchains and growing.

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