Covalent (CQT) Project Analysis

1. Institute Review

Since the token sale on CoinList in 2021, Covalent has sponsored more than 40 hackathons. Hackathons include their flagship events, such as #OneMillionWallets; and externally hosted hackathons, such as EthGlobal. as a result, over 600 projects have used the Covalent API during hackathons, attracting the attention of a large number of developers.

2. Recent breaking points

WEB3

3. Projects

Covalent (CQT) is a blockchain data indexing project similar to Graph. covalent provides a unified API that can be used to extract transaction data from other blockchains.

4. Token Role

(1) Infrastructure Token: CQT is a platform token that powers interactions between users on the Covalent network. When each API query is completed, the verifier who provided the data is rewarded with CQT.

(2) Rewards for indexing, hosting and service query requests: Users who provide niche, hard-to-find datasets will be rewarded with CQT.

(3) Collateral and validators: In order to process queries, users need to interact with a query node in the decentralized Covalent network, providing payment in stable coins or CQT tokens.

(4) Governance: Covalent creates an ecosystem of multiple data-vendors that can also make decisions about the fee model, the nature of buyer-seller interactions, and the various data sold on the network, without the need for a single party to decide.

5. Token economic model

CQT is issued in a total of 1 billion tokens, of which

10% seed round financing at $0.005, valued at $5 million, with 25% unlocked at 6, 12, 15 and 18 months after launch.

Private round 1 financing of 20% at $0.013, valued at $13 million, with 25% unlocked at go-live and 25% at 3, 6 and 9 months after go-live.

Private round 2 financing 3.042% at $0.085, valued at $85 million, unlocked at 3 to 6 month intervals (details not disclosed).

Public round 3.1%, sold on Coinlist at $0.125-$0.35, valued at $125 to $350 million, with specific unlocking as disclosed at the beginning of the article.

Team 14.4%, unlocked 25% after 1 year and 2 years thereafter.

Advisors 2%, unlocked 13 to 24 months after go-live.

Reserves 19.1 - 19.5%, unlocked 6.25% after go-live and 6.25% every 3 months after go-live until 45 months have elapsed.

Staking bonus 8%, unlocked from 6 months after go-live and linearly for 48 months thereafter.

Ecobuild 20%, unlocked linearly for 48 months from launch.

6. Program Highlights

Since 2021, Covalent has made impressive progress with its unified API that has attracted developers. Starting with just 500 developers, today the Covalent network proudly supports a growing community of more than 32,000 Web3 builders. These developers are building the next generation of products for users around the world under names such as Rainbow Wallet, XDeFi, Bitski, Paraswap, Prysm, Zerion, Rotki, and more. covalent is now a trusted API provider for over 3,000 applications. With its strengths in compatibility, multi-blockchain support, and being the only project to index and decrypt the entire blockchain, Covalent has clearly demonstrated its competitive advantage.

7. Investment Institutions

Coinbase Ventures, Alameda Research, Starfire Digital Capital, Hash Fund, LedgerPrime, Coin Labs

8. Community

twitter: 52,000 people

9. Future outlook

As the capital layout of WEB3 project, the network of commissioned Staking upgrade has been announced on May 4, 2022 and successfully launched, pledge is the economic engine that powers the decentralized covalent network. binance Labs and coinbase investment, April 2021 bull market when on OKEX. online when the private placement price to the secondary market has 150 times, most of the current participation in private placement Loss of about 65%, can be used as a long-term layout of the project. During the bear market as a seed round of investment institutions binance, coinbase and 20 times the profit margin, most of the tokens released. The rest of the seed round to April 2023 all unlocked and released, the current market value of $ 46 million, the probability of the follow-up will be online coinbase ,binance.