Covalent Awarded $200,000 Ecosystem Grant by Optimism Collective for Multi-Year Support

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Covalent (CQT), the key ‘data availability’ layer of Web3 ecosystems, proudly announces the culmination of a multi-year collaboration with the Optimism Collective. Covalent’s data and direct impact on cross-chain growth for Optimism is now being recognized with this noteworthy milestone. A proud recipient of a USD $200,000 grant from the Optimism Collective, Covalent is being awarded for those who create or sustain public goods supporting projects and communities building for the common good.

Covalent’s awarded grant, distributed in approximately 50,000 Optimism (OP) tokens, symbolizes the recognition of Covalent’s substantial contributions to the Optimism ecosystem. Covalent, among the 501 recognized projects and individuals, played a pivotal role in the positive growth and impact of the Optimism Collective over the past two years.

In addition to its comprehensive application data provisioning, Covalent stands out as Web3’s leader for data availability. With substantial month-over-month growth, it enriches over +240 million wallets, solidifying its position in the Web3 landscape.

Congrats to @Optimism on RetroPGF round 3.

Over $100m distributed
Over $2m has gone to projects building on Covalent
$18.6m given away to the developer ecosystem

Huge thank you to the voters!
This will go directly into funding open-source products. pic.twitter.com/YFjzsLtXib

— Covalent (@Covalent_HQ) January 12, 2024

The Retroactive Public Goods Funding (RetroPGF) is marked as the largest public goods funding experiment in the crypto space, aimed at rewarding contributors across four essential categories: OP Stack, Collective Governance, Developer Ecosystem, and End User Experience and Adoption.

Quote from Ganesh Swami, Co-Founder and CEO at Covalent

“We are deeply humbled and extremely grateful to be a recipient of the RetroPGF Round 3. This acknowledgement only fuels our excitement for the ongoing collaboration with Optimism. Together, we are committed to furthering our collaboration and fostering an open-source ecosystem fueled by public goods.”

Covalent addresses the challenges faced by OP Stack developers and analysts by offering seamless access to real-time data, effectively streamlining cross-chain development. By eliminating the complexities associated with building chain indexers, data stacks and dApps, Covalent liberates developers time with access to a unified singular API, allowing them to concentrate on their core activities. In return, Optimism gains streamlined access to Covalent’s comprehensive structured data, data availability and multi-chain infrastructure, fostering growth and user adoption within the Optimism Collective.

Covalent’s Benefits for the Optimism Ecosystem

The Covalent unified API empowers users to effortlessly extract billions of on-chain data points for diverse applications and comprehensive research. Since November 2021, Covalent has served as a key data infrastructure provider for Optimism, indexing OP mainnet, OP Sepolia, OP Goerili, four OP Chains (Base, Zora, Public Goods Network, Mode), and six OP Stack Forks (opBNB, Mantle, Metis, Boba, Kinto, Loot Chain).

As Covalent extends its operations to enhance universal blockchain data accessibility, the grant from Optimism stands as a signal and testament to the quality of structured data and data availability provided by CQT’s unified API.

Covalent’s Data Fosters a Thriving Ecosystem for Builders and Users

This collaborative effort has solidified a thriving ecosystem for builders and users, promoting innovation and efficiency within the Web3 landscape. Developers within the Optimism Collective have consistently reaped the benefits of transparent data access provided by Covalent’s Unified API, currently supporting over 200 blockchains. This access enables the extraction of valuable insights and facilitates data visualization through tools like Increment.

As Covalent and Optimism continue their collaboration, the Web3 community can expect a transformative era marked by enhanced data dynamics, streamlined development processes, and increased accessibility, affirming the pivotal role of collaboration in shaping the future of decentralized technologies.

About Covalent

Covalent (CQT) powers the data layer in blockchain, enabling millions of users to build the new economy. It stands out for its deep commitment to democratizing blockchain data availability. Since its inception, Covalent has been helping developers, analysts, and enthusiasts with comprehensive, real-time data across over 200 blockchains. Learn how Covalent is building the Ethereum Wayback Machine.

For more information, check out Covalent’s: Official Website | Twitter | Discord | Telegram | Blog | API Guides

About Optimism

Optimism (OP) is a layer-two scaling solution blockchain built on top of Ethereum. Optimism provides benefits to the Ethereum mainnet by using Optimistic Rollups, a scaling solution that relies on off-chain computation to trustlessly record transactions while still relying on the security of Ethereum. We will cover Optimistic Rollups in the next section.

Follow Optimism on Twitter and join them on Discord

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