TI Rating Report: Covalent

What is Covalent (CQT)?

Covalent is a blockchain long-term data availability solution offering APIs of structured onchain data that allows developers to access comprehensive structured onchain data for over 225 blockchains.

$CQT is the native token of Covalent and the core element of the Covalent ecosystem. It plays a crucial role in supporting the operation of Covalent’s long-term data availability infrastructure. $CQT has governance and staking functionalities and serves as rewards for operators within the Covalent Network.

Rating Rationale（BreakDown）

TokenInsight has evaluated Covalent from 6 dimensions based on our standardized rating methodology. A summary of the assessments in each dimension is provided below.

Note: The ratings are based on automated data analysis and are updated daily. To obtain the real-time rating result for the project, please visit the project's profile for detailed information.

Technology & Security

• Started in 2018, Covalent launched mainnet in April 2021, the platform has captured data from over 225 blockchains using a network of operators then structured into API endpoints.
• Both the token smart contract and staking contract have been audited multiple times with all high-level vulnerabilities resolved or acknowledged as design choice.

Roadmap & Progress

• Covalent has clear roadmap consists of major achievements since the project started with development plans until 2024 Q4.

Token Economics

• Native token $CQT plays a crucial role in Covalent ecosystem, it has governance and staking functionalities and serves as rewards for operators within the Covalent Network.

Token Performance

• $CQT has been listed in many CEX including OKX and KuCoin and over 15 DEX, however the trading activities is not very active.

Team, Partners & Investors

• Core team members have comprehensive education backgrounds with work experiences in Blockchain and Internet industries.
• Covalent has strong investors including Binance Labs, Hashed, 1kx.

Ecosystem Development

• The community of Covalent is relatively active based on posts’ status and posting frequency.
• Covalent has started decentralized governance, token holders can vote on proposals that involve changing system parameters, such as migrating staking back to Ethereum.

About TokenInsight Rating

TokenInsight, established in 2018, is a data-driven blockchain institution that provides market intelligence through ratings, industry research, and data analysis. Our rating methodology utilizes standardized criteria, combining quantitative and qualitative analysis to ensure objective and consistent evaluations. For a detailed understanding of our methodology, rating symbols, and outlooks, please refer to the TokenInsight Token Rating Methodology.