Covalent Q2 2024 Wrap-Up: Major Milestones, New Initiatives, and Exciting Updates
TL;DR
Q2 has been an action-packed quarter for Covalent, filled with significant achievements and exciting updates such as:
The launch of the New Dawn Initiative and migration of CQT staking to Ethereum
Successful rebrand and $5 million in strategic funding
Introduction of a Max Multiplier increase and onboarding 5 new operators
Exciting new partnership with Arthur Hayes
Launch of the Covalent Ecosystem Airdrop Program
Introduction
As we conclude the second quarter of 2024, we are thrilled to share the remarkable milestones and updates we have achieved together. This quarter has been packed with significant developments, from our major rebrand and securing $5 million in strategic funding to our innovative New Dawn Initiative and exciting new partnerships. Without further ado, let’s dive into the highlights and explore how the Covalent ecosystem continues to evolve and strengthen.
Metrics Update
Here’s an overview of the incredible progress Covalent made in Q2:
The Covalent Network Staking Update
The Introduction of the New Dawn Initiative
This quarter, we have been deeply engaged with the New Dawn Initiative, a series of network upgrades and proposed governance changes aimed at achieving Long-Term Data Availability for AI. This initiative focuses on fortifying our infrastructure, enhancing decentralization, and ensuring that Covalent remains at the forefront of the decentralized data landscape.
As many of you may have noticed, the New Dawn is 95% complete. We are in the final stages of this transformation and are excited to share what lies ahead.
CQT Staking Migration to Ethereum and Launch of the Staking Dashboard
We began Q2 with a significant milestone: migrating the Covalent Network’s staking from Moonbeam to Ethereum. This community-backed governance decision was a critical step in integrating with Covalent’s Ethereum Wayback Machine (EWM). It has simplified the CQT staking process, establishing a robust and scalable infrastructure for the decentralized ecosystem.
For detailed insights, please read our blog here.
Check out our staking dashboard here if you haven’t already.
Max Multiplier Increase
In addition to migrating Covalent’s staking to Ethereum, we approved a second governance proposal to increase the Staking Max Multiplier. This change raised the staking max multiplier from 27X to 34X, targeting approximately 20% of the total supply staked to create more delegation room for CQT token holders.
Since implementing this proposal, the Covalent Network’s delegation has already been filled to 100%. However, we have three strategies to introduce more delegation room, all requiring governance processes:
Increase the max multiplier (again)
Onboard more operators (in progress)
Allow operators to increase their self-stake beyond 350K CQT
Stay tuned for more updates on how we will add more delegation room in the near future.
Onboarding 5 New Operators
This quarter, we expanded the Covalent Network by welcoming several new operators, further strengthening our ecosystem and enhancing data integrity. Here are the new operators that joined our ecosystem:
Thunderhead Labs: Provides non-custodial staking solutions, public goods, and advisory support to nascent ecosystems, institutions, and retail entities.
Restake: A Web3 infrastructure provider offering institutional-grade infrastructure, operating validators, and RPC nodes for leading blockchain protocols.
DappLooker: An AI-enabled business intelligence and analytics hub empowering seamless transformation of Web3 data into revenue.
Corthos Capital: A blockchain venture capital fund offering investors secure access to a diverse range of both innovative and established blockchain platforms.
Allnodes: Provides non-custodial staking and masternode services.
We are excited to be in the process of welcoming even more new operators to the Covalent Network. Look out for an upcoming announcement very soon.
More Covalent Updates
Arthur Hayes Partnership
This quarter, we announced an exciting partnership with Arthur Hayes, a prominent figure in the crypto space and former CEO of BitMEX. Arthur’s collaboration with Covalent signifies a shared vision of driving innovation in Long-Term Data Availability and Decentralized AI. His strategic insights and influence in the blockchain industry will be invaluable as we work together to push the boundaries of what’s possible in decentralized data infrastructure.
Read more about this partnership here.
Major Rebrand and $5 Million Funding
We recently completed a major rebrand to showcase Covalent’s new vision. Alongside this, we secured a $5 million strategic funding round, fueling our mission to revolutionize decentralized data infrastructure. This rebrand marks a significant milestone in the New Dawn Initiative, bringing us to the final stretch before completion.
Ecosystem Airdrop Campaign Launch
We launched the Covalent Ecosystem Airdrop Program to upgrade the network and further decentralize its infrastructure for Long-Term Data Availability. This program focuses on rewarding CQT token holders who have staked, recognizing their unwavering support and contributions to the Covalent ecosystem.
Check your eligibility for our ecosystem airdrops here.
GoldRush API Product Updates
This quarter, the GoldRush team delivered several highly anticipated updates, including:
Enhanced NFT API: Improved thumbnails, blurred previews, and detailed asset insights to boost visual presentation and functionality across platforms.
DFK Decoders: New event decoders for Defi-Kingdoms targeting Pet feeding and Hero contracts to enhance in-game tracking and management.
Renzo Decoders: Event decoders for Renzo and EigenLayer to streamline monitoring and managing staking activities.
Wormhole Decoders: Event decoders for cross-chain communication through Wormhole, supporting multiple chains for better transaction management.
Launch on QuickNode Marketplace: GoldRush’s suite of structured data tools, including various APIs and the GoldRush Kit, is now available on QuickNode Marketplace.
New Chains Indexed: Added support for Lisk Sepolia Testnet, Polygon Amoy Testnet, Polygon zkEVM Cardona Testnet, Taiko, X Layer, and X Layer Testnet.
Important Update: To enhance our offerings and clarify our brand identity, we have rebranded the Unified API to "GoldRush." This change separates our network from our suite of data products, which includes our APIs, SDKs, and other tools, now operating under goldrush.dev.
For more details on GoldRush’s latest updates, visit here.
On the Road
Our team has an exciting schedule of events lined up for the upcoming months, providing us with numerous opportunities to connect with our community, share our latest developments, and collaborate with other industry leaders. You can catch us at the following events:
EthCC Brussels 2024
Date: July 8-11
Location: Square - Mont des Arts 1000 Brussels
KBW2024
Date: Sept 1-7
Location: Seoul, Korea
TOKEN2049 Singapore
Date: Sept 18-19
Location: Marina Bay Sands
Conclusion
As we wrap up Q2, we’re thrilled to give you a glimpse of what’s on the horizon for next quarter. We're preparing to launch several exciting new features and enhancements that will further strengthen our infrastructure and expand our capabilities.
Among the anticipated updates are the Olympic Light Clients, which will make network participation more accessible, and the Ethereum Wayback Machine (EWM) testnet, providing groundbreaking access to historical blockchain data. These developments will enhance transparency, improve data availability, and drive innovation within the Covalent ecosystem.
Stay tuned for more updates!
