Covalent Grows Global Wallet Reach by +40 Million in Q1, Now Powering 280 Million with its Structured Data

cryptonews.com:

Covalent (CQT) has reported significant growth in active wallets using its data, now surpassing 280 million across the Web3 ecosystem, up from +240 million at the beginning of January 2024. This increase underscores Covalent’s substantial impact and its commitment to delivering structured, comprehensive and verifiable blockchain data provides performant structured onchain data to downstream consumers like AI. Serving as the backbone for a wide range of applications, from DeFi to AI, Covalent is pivotal in navigating the challenges of modern blockchain data needs and driving innovation across multiple sectors.

Covalent’s structured data is designed to overcome substantial challenges in acquiring, storaging, and providing useful blockchain data at scale–benefiting both developers and end users. The necessity for real-time structured blockchain data across multiple ecosystems has never been more critical, especially as other methods like running public blockchain nodes prove unscalable in a burgeoning multi-chain environment with no unified data schema.

These active wallets represent a diverse user base: from DeFi protocols, NFT collectors, GameFi players, SocialFi users for a variety of cases. A leader in structured data and long-term data availability in Web3, Covalent is positioned to support exponentially growing verticals such as AI, which depend heavily on structured data. By pursuing advancements in real-time data enrichment, Covalent will continue to empower an increasing number of wallets with timely, accurate, and comprehensive information, while also fostering the Web3 ecosystem.

With the emergence of ChatGPT and other Large Language Model (LLM) applications, AI and machine learning’s reliance on massive