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Covalent Reaches 300 Million Active Wallets, Driving AI Innovation in Web3

Covalent has achieved a significant milestone, surpassing 300 million active wallets utilizing its extensive data services. This marks a notable increase from the 280 million wallets reported at the end of March 2024 and represents a substantial 20% growth since the beginning of the year.

This surge is driven by Covalent’s advanced querying technologies, which deliver real-time, structured data essential for developers and end-users in a complex, multi-chain environment. Traditional methods, like running public blockchain nodes, often fall short due to scalability issues and the lack of a unified data schema, making Covalent’s approach indispensable.

Supporting the Next Wave of Innovation in AI

The consistent growth in active wallets underscores Covalent’s critical role in the industry, providing historical, structured, and verifiable data that supports millions of use cases. These wallets serve a diverse range of users, including DeFi protocol operators, NFT collectors, GameFi players, SocialFi participants, and notably, AI developers. Covalent’s high-performance on-chain data benefits downstream consumers, enabling developers and businesses to leverage accurate and reliable data for myriad applications. This drives innovation and efficiency in the rapidly evolving blockchain landscape.

AI and the Demand for High-Quality Data

AI is emerging as a transformative force, with explosive development and continuous innovation within the Web3 landscape. The new wave of AI relies heavily on high-quality data to improve the performance of large models and expand training parameters. Covalent’s structured data solutions are crucial in meeting this demand, providing the necessary data infrastructure to support existing and emerging AI projects. By advancing real-time data enrichment, Covalent empowers an increasing number of wallets with timely, accurate, and comprehensive information, fostering the growth of the Web3 ecosystem.

Established Market Position and MoM Growth

Covalent is dedicated to further enhancing its technology stack and broadening its service offerings to meet the evolving demands of the blockchain industry. Its focus on improving data accessibility and quality through innovations in data infrastructure, querying, and real-time updates is essential for sustaining its impressive growth trajectory and supporting the next wave of blockchain technology adoption. Covalent’s commitment to innovation ensures that it remains at the forefront of the industry, providing critical data solutions that drive progress and empower more use cases with its robust resources.

Looking forward, Covalent aims to maintain its steady month-over-month growth in active wallet enrichment. Having reached the milestone of 300 million wallets while expanding its ecosystem to over 225 blockchains, Covalent will continue to build its on-chain structured dataset for evolving use cases that will power the future of Web3.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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