Q2 2023 Product Update

TL;DR

This quarter at Covalent, we shipped:

1. Human-readable transactions - Decoded, classified and easy-to-read transaction data.

2. Security endpoints - Starting with a Token Approvals endpoint to help users understand who can access their tokens and the amount at risk if hacked.

3. Unstoppable Domains support - Use readable domain names like demo.crypto and my.wallet instead of 0x1234567....

4. Wallet activity tracking - Get a list of every chain a wallet has been active on, including the timestamp of the last activity, with just ONE API call. Exclusively available to our Premium users.

5. Pretty value quotes - Get fiat quotes for token values formatted as $123.45 and switch currencies based on locale.

6. Wallet transaction summaries - Get the earliest, latest and total transaction count for quick insights into a wallet’s activity.

7. NFT spam filtering - A new is_spam field and no-spam query parameter to filter out potential spam NFT data.

8. A testnet faucet - Get free test ETH for developers building on Linea, Base and more.

9. 15+ new blockchains - Make any Class A query on over 15 new indexed blockchains

10. Changes to our Premium API tier - Improved performance and new Premium endpoints.

Introduction

The second quarter of 2023 has been buzzing with activity at Covalent! These past few months, we introduced innovative features, improved existing endpoints, and strengthened the depth of our services. We launched several new endpoints and enhanced many others to ensure our users enjoy an unmatched experience. On the blockchain front, we're proud to say that our vision of a multi-chain future is becoming a reality as we've now added another 16 blockchains to our industry-leading position with 100+ supported networks.

This blog post is your one-stop shop for all the exciting details on our Q2 updates. So, without further ado, let's dive into the specifics of what we've accomplished this quarter!

Please note - the “What’s Next” section is subject to change based on several factors, including consumer demand, user feedback and market conditions. We are actively working towards these goals, but priorities can shift based on what is best for the company and our overall vision.

Human-Readable Transactions

What Shipped:

• Covalent has decoded, classified and standardized complex transaction data across multiple blockchains and markets, including 80 DEXs, 25 lending protocols, and 40 NFT markets to date. The following events are now classified in our Get a transaction endpoint response, as well as a simple and standardized API response for all NFT sales:

  • DEX events:

    • add_liquidity

    • pair_created

    • remove_liquidity

    • swap

  • Lending events:

    • borrow

    • deposit

    • flashloan

    • liquidation

    • repay

    • withdraw

  Read more.

Why This Matters:

• Human-readable transactions solve the challenge that developers face when grappling with heterogenous blockchain data, presenting data in an easy-to-read format that makes development easier.

What’s Next:

• Integrating human-readable transaction data into our bulk v3 transaction endpoints to ensure greater usability and understanding for our users.

• Covalent's ultimate goal is to provide human-readable transaction data, paving the way for the seamless onboarding of new users and empowering developers.

Security Endpoints

What Shipped:

• We developed an approvals endpoint, a powerful tool that gives users and developers insights into token allowances and potential hazards. Get token approvals for address summarizes all the approvals across all token contracts categorized by spenders for a wallet’s assets. The API response also includes categorized risk factors like “consider revoking.” Approvals are currently available on Ethereum, BNB Smart Chain and Polygon.

  Read more.

Why This Matters:

• Many Web3 users are unaware of the token approvals they’ve granted on different protocols over time, potentially leaving their funds at risk. Covalent’s approval endpoint allows developers to build better applications that alert users and eliminate these threats.

What’s Next:

• Enhancing the approvals endpoint to extend its support across all the networks featured in our supported networks.

• Expanding the scope of our approvals endpoint to encapsulate not only ERC-20 tokens but also NFT approvals for more comprehensive coverage.

Unstoppable Domains Support

What Shipped:

• Moving forward, when you engage with any of our relevant endpoints where there’s a walletAddress parameter, you no longer need to enter the cumbersome hexadecimal wallet address. Instead, you can use any Unstoppable Domains handle (all possible name extensions are supported). Additionally, our implementation supports the multi-chain address resolution feature.

  Read more.

Why This Matters:

• This integration furthers our mission to enhance the developer experience on our platform by shifting away from complex data strings toward more readable inputs.

What’s Next:

• Covalent is working to support Lens domain resolution next, meaning developers will be able to directly integrate and interact with Lens Protocol's user-owned social graph through the Covalent API.

Wallet Activity Tracking

What Shipped:

• We introduced a wallet activity endpoint (currently in beta for Premium users) which is designed to locate a wallet’s activity across all 100+ supported chains through a single API call, providing the last active timestamp in return. For developers, this means significant savings in both time and resources. Instead of submitting individual requests for each chain, they can now leverage this single endpoint to query multiple chains simultaneously.

  Read more.

Why This Matters:

• This is a fundamental shift in how wallet applications are built today, which lacks efficiency and doesn’t optimize the user journey. Think of the wallet activity endpoint as a blueprint, where the build process was previously directionless.

Pretty Value Quotes

What Shipped:

• This quarter, we introduced additional "pretty" quotes. These quotes come with a dollar sign ($) and are rounded to make them more digestible. Like the quote field, they default to USD but can be configured to different currencies based on locale. The following pretty fields can be found throughout all relevant Class A endpoints:

  • pretty_quote

  • pretty_gas_quote

  • pretty_quote_24h

  • pretty_value_quote

  Read more.

Why This Matters:

• This convenient update reduces the need for developers to transform the data from the API response to show fiat values.

What’s Next:

• Implementing pretty quotes for token amounts and other essential details -enhancing the readability of our transaction endpoint responses.

Wallet Transaction Summaries

What Shipped:

• The first endpoint we shipped is Get transaction summary for address. This endpoint offers a quick and easy way for anyone to gain insights into a user's activity. It returns the earliest and latest transactions for a specific address and provides a total transaction count.

• Next, we have the Get earliest transactions for address endpoint. This feature provides comprehensive decoded details of a wallet's very first transaction on a chain. It also includes a next URL, allowing you to efficiently bulk fetch the rest of the wallet's transaction history.

  Read more.

Why This Matters:

• These new endpoints don’t surface any new data, but they make it a lot easier to access, reducing the time and cost developers previously spent on finding this information.

NFT Spam Filtering

What Shipped:

• We added an is_spam field which returns true if an NFT is part of a collection identified as spam. This tool can be used to safeguard users from interacting with potentially fraudulent or scam-related tokens. The is_spam field is supported on:

  • Check ownership in NFT collection

  • Check ownership in NFT collection for specific token

  • Get chain collections

  • Get NFTs for address

  • Get NFTs from contract with metadata

  • Get single NFT with metadata from contract

  • Get single NFT with external metadata from contract

  • Get token balances for address

  • Get NFT transactions for contract

• In addition to this, we have also rolled out a no-spam query parameter. This newly introduced parameter complements the is_spam field by enabling you to exclude spam contracts and transactions from your queries. When is_spam returns true, the suspected spam NFT is removed from the result set. The no-spam query parameter applies to the following endpoints:

  • Get chain collections

  • Get NFTs for address

  • Get token balances for address

  • Get NFT transactions for contract

  Read more.

Why This Matters:

• NFT spam plagues Web3 users and developers, cluttering up wallets and API responses. The spam flag and filter allow developers to give more context to their users and improve the quality of their API calls.

What’s Next:

• At present, our NFT spam features are operational on both Ethereum and Polygon networks. Moving forward, we plan to broaden the applicability of these features by extending their support to additional blockchain networks.

Testnet Faucet

What Shipped:

• We released a new testnet faucet with our partner Linea, providing free Linea ETH for developers who want to build on Linea Testnet.

• The following week, we also added support for Base Testnet!

Why This Matters:

• Many test token faucets are unreliable and clunky, posing a challenge for developers building new dApps. Covalent’s testnet faucet will be a valuable resource to make it easier for developers to test their projects. This release was also just in time for the Linea Voyage campaign, where thousands of developers are learning to interact with the Linea testnet.

What’s Next:

• Soon this faucet will expand to more supported networks to make it easier for developers to deploy and test their dApps in various ecosystems.

15+ New Blockchains

What Shipped:

TABLERECORD

Changes to Our Premium API Tier

In the second quarter of 2023, we made several substantial enhancements to our Premium API tier. We not only updated numerous endpoints to provide better performance but also revised our policy regarding unlimited free API calls.

Beginning May 26, our Premium tier no longer offered unlimited free API calls. Instead, we provided users with 100,000 premium credits that can be used across all services. To ensure uninterrupted service, we encouraged users to enable auto-scale, as access would be paused once these credits were consumed and if auto-scale was not activated.

Additionally, we made it so that all of our endpoints, irrespective of the chain, now consume credits from your monthly allocation, including those previously available for free. These changes were all part of our ongoing commitment to deliver top-tier, sustainable services to our users.

Conclusion

Reflecting on the strides made in Q2 of 2023, we're thrilled to witness the progress Covalent has made in equipping both developers and users for success. Despite the fast-paced and complex nature of the blockchain sector, our dedication to enhancing usability and simplifying the user experience remains steadfast.

Looking forward, we're excited to continue supporting the pioneers of tomorrow, providing them with the tools they need to navigate the vibrant blockchain landscape. We’re excited to keep expanding our network, reaching more users and developers, and broadening our range of services based on their needs and feedback.

We're deeply grateful for your consistent support. Together, we're helping shape the future of blockchain technology, facilitating the growth of decentralized applications and unlocking the true potential of the blockchain. Thank you for joining us on this journey. We can't wait to see what the future holds!