A number of well-known investors and projects have donated $ 2 million to Covalent, a project to create a decentralized blockchain data provider.
Hashed Ventures topped the tour with Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and more. Blockchain projects such as Moonbeam, Avalanche, NEAR and Elrond have also entered the funding round.
Covalent serves data for a host of Defi and NFT projects, including 0x, Zerion and Balancer, and is in the same league as The Graph (GRT). Covalent CEO and co-founder Ganesh Swamy told Cointelegraph that it’s focusing on its no-symbol approach that differentiates it from the chart:
We don’t require developers to write child images or SQL, which means Covalent is used more widely and is more prevalent in a larger marketplace to work with. Covalent is built for the final and imminent merger between DeFi and Fintech. ”
Covalent’s Architectural Vision is a global, decentralized, modern database that allows to address all kinds of detailed issues in blockchain historical data. Blockchain data projects are often seen as the more advanced and diverse pioneers of the blockchain, providing a wider range of data. DuneAnalytics is another project in the field that developers often use to create custom statistical questions about individual DeFi projects.
The funding Covalent receives will be used to decentralize the network, attract professional data providers and auditors, and expand into more networks. It currently indexes six blockchains and the team plans to index a total of 12 blockchains by the end of the year.