Covalent 擴大網絡，推出 CQT 回購計劃

2024 年第一季度，Covalent 的網路成長依然強勁，儘管供應量增加了 20%，但質押的 CQT 從 22% 增加到 29%。 CQT 市值多次達到 2.75 億美元，本季末達到 1.99 億美元。 Covalent 宣布了收入分享計劃，並於 1 月份實施了 CQT 回購計劃，到第一季末回購了 219,000 CQT。此外，還推出了以太坊回溯機（EWM），支援以太坊歷史資料的可用性，並且透過去中心化區塊結果產生器（BRP）並向區塊樣本生成器（BSP）添加更多驗證器來擴展網路營運商集。

Covalent: A Comprehensive Network Enhancing Blockchain Data Accessibility

共價：增強區塊鏈數據可訪問性的綜合網絡

Key Insights

重要見解

• The percentage of staked CQT surged from 22% in Q1 2023 to 29% in Q1 2024, despite a 20% increase in circulating supply.
• CQT market capitalization surged 28% quarter-over-quarter, reaching $275 million multiple times before settling at $199 million in Q1.
• Covalent announced plans for a future revenue-sharing model and implemented a buyback program, repurchasing 219,000 CQT by the end of Q1.
• In Q4, Covalent launched the Ethereum Wayback Machine (EWM), a solution for preserving historical Ethereum data.
• Covalent expanded its network operator set by decentralizing the Block Results Producer (BRP) role and adding validators to the Block Specimen Producer (BSP) set in Q3 2023.

Key Metrics

儘管流通量增加了20%，但CQT 質押比例從2023 年第一季的22% 飆升至2024 年第一季的29%。億美元第一季度，Covalent 宣布了未來收入共享模式的計劃，並實施了回購計劃，在第一季度末回購了219,000 CQT。是一種保存歷史以太坊資料的解決方案。集合。

Performance Analysis

績效分析

Network

網路

Covalent's robust infrastructure caters to hundreds of enterprise and thousands of crypto industry clients, providing access to structured blockchain data. Its user base includes traditional finance and consulting firms, AI applications, DeFi platforms, and investment tools. Notable clients include Fidelity, EY, Consensys, Matcha, Rainbow Wallet, and CoinLedger. To deliver this data, Covalent extracts, transforms, and enriches raw blockchain data.

Covalent 強大的基礎設施可滿足數百家企業和數千家加密行業客戶的需求，提供對結構化區塊鏈資料的存取。其用戶群包括傳統金融和諮詢公司、人工智慧應用程式、DeFi 平台和投資工具。著名客戶包括 Fidelity、EY、Consensys、Matcha、Rainbow Wallet 和 CoinLedger。為了提供這些數據，Covalent 提取、轉換和豐富原始區塊鏈數據。

Staked CQT

質押 CQT

Covalent's "Stake-for-Access" model allows network operators (BSPs and BRPs) to stake CQT to participate in network operations. Staking parameters, including minimum and maximum values, ensure CQT distribution among operators. BSPs have a minimum stake of 175,000 CQT and a maximum of 350,000 CQT, while BRPs have a minimum stake of 35,000 CQT and a maximum of 70,000 CQT without delegation. Covalent has migrated its staking contract from Moonbeam to Ethereum.

Covalent 的「Stake-for-Access」模型允許網路營運商（BSP 和 BRP）透過質押 CQT 來參與網路運作。質押參數（包括最小值和最大值）確保了運營商之間的 CQT 分配。 BSP 的最低權益為 175,000 CQT，最高為 350,000 CQT，而 BRP 的最低權益為 35,000 CQT，最高為 70,000 CQT，無需委託。 Covalent 已將其質押合約從 Moonbeam 遷移到以太坊。

Despite a 20% increase in circulating supply, the percentage of staked CQT grew from 22% in Q1 2023 to 29% in Q1 2024. The addition of the BRP role in mid-August 2023 enabled more operators to stake CQT. However, BRP nodes account for less than 0.3% of staked CQT. The growth in staked CQT can be attributed to a 9% year-over-year increase in active delegators and the addition of two BSPs in Q3 2023, increasing stake capacity by 19.6 million CQT.

儘管流通量增加了20%，但質押CQT 的百分比從2023 年第一季的22% 增長到2024 年第一季的29%。 。然而，BRP 節點佔質押 CQT 的比例不到 0.3%。質押 CQT 的成長可歸因於活躍委託人年增 9%，以及 2023 年第三季新增兩個 BSP，質押容量增加了 1,960 萬 CQT。

Financial

金融的

Market Cap

市值

CQT market capitalization increased 28% quarter-over-quarter, reaching $275 million several times before settling at $199 million in Q1. Since the introduction of the BRP role and the addition of two operators in mid-August 2023, CQT price has risen 232%, compared to a 132% increase in the broader market. While the BRP role had a minimal impact on staked CQT, the addition of two BSPs increased stake capacity by 19.6 million CQT, reducing tradable CQT and driving upward pressure on the asset price.

CQT 市值季增 28%，多次達到 2.75 億美元，第一季穩定在 1.99 億美元。自 2023 年 8 月中旬引入 BRP 角色並增加兩家營運商以來，CQT 價格已上漲 232%，而大盤漲幅為 132%。雖然 BRP 角色對質押 CQT 的影響很小，但兩個 BSP 的加入使質押容量增加了 1960 萬 CQT，減少了可交易的 CQT 並推動了資產價格的上行壓力。

In late January, Covalent launched a CQT buyback program. Although only 219,000 CQT were repurchased by the end of Q1, this program establishes a foundation for linking network demand to increased CQT buying pressure. As API query demand increases, Covalent's revenue will grow, enabling further buybacks with additional revenue.

1 月下旬，Covalent 啟動了 CQT 回購計畫。儘管到第一季末僅回購了 219,000 個 CQT，但該計劃為將網路需求與增加的 CQT 購買壓力聯繫起來奠定了基礎。隨著 API 查詢需求的增加，Covalent 的收入將會成長，從而能夠透過額外的收入進行進一步的回購。

Qualitative Analysis

定性分析

Ethereum Wayback Machine

以太坊回溯機

In Q4, Covalent introduced the Ethereum Wayback Machine (EWM), a long-term data availability solution for historical Ethereum data. It addresses Ethereum's state expiry issue, which could lead to performance degradation, high storage costs, and prolonged synchronization times for nodes.

在第四季度，Covalent 推出了以太坊 Wayback Machine (EWM)，這是一種針對歷史以太坊數據的長期數據可用性解決方案。它解決了以太坊的狀態過期問題，該問題可能導致效能下降、儲存成本高以及節點同步時間延長。

Covalent's EWM permanently stores blob data, providing a verifiable layer for archiving rollup history. Beyond archival purposes, the EWM supports applications ranging from compliance to AI model training.

Covalent 的 EWM 永久儲存 blob 數據，為歸檔匯總歷史提供可驗證的層。除了存檔目的之外，EWM 還支援從合規性到 AI 模型訓練等各種應用。

AI Use Cases

人工智慧用例

Covalent's structured data powers a wide range of applications, including taxation tools (CoinLedger), investor dashboards (Consensys), and user wallets (Rainbow). Artificial intelligence (AI) is an emerging data consumer well-suited for Covalent's data infrastructure products. To attract AI talent, Covalent has provided grants to AI projects that utilize its data in their applications.

Covalent 的結構化資料為廣泛的應用程式提供支持，包括稅務工具 (CoinLedger)、投資者儀表板 (Consensys) 和用戶錢包 (Rainbow)。人工智慧 (AI) 是一種新興的數據消費者，非常適合 Covalent 的數據基礎設施產品。為了吸引人工智慧人才，Covalent 向在應用程式中利用其數據的人工智慧計畫提供資助。

SmartWhales: An on-chain copy-trading platform enabling investors to follow DEX traders and automate trades.

SmartWhales：一個鏈上跟單交易平台，使投資者能夠專注於 DEX 交易者並實現交易自動化。

BotFi: A protocol facilitating automated DeFi tasks such as copy trading, dollar cost averaging, and limit order scheduling. It also offers an AI token screener and other tools to enhance DEX trading.

BotFi：一種促進自動化 DeFi 任務的協議，例如複製交易、美元成本平均和限價訂單調度。它還提供人工智慧代幣篩選器和其他工具來增強 DEX 交易。

Laika AI: A browser extension providing on-chain analytics, token contract analysis, wallet tracking, and AI alerts for on-chain activity.

Laika AI：瀏覽器擴展，提供鏈上分析、代幣合約分析、錢包追蹤和鏈上活動的人工智慧警報。

Entendre Finance: An AI accounting tool for aggregating on-chain activity across platforms, automating transaction tracking, analysis, and record-keeping.

Entender Finance：一種人工智慧會計工具，用於聚合跨平台的鏈上活動，自動進行交易追蹤、分析和記錄保存。

Closing Summary

結束總結

Covalent has made significant strides since Messari's last report in Q4 2022. It has expanded support to over 225 blockchains, decentralized another layer in its supply-side operations, launched the GoldRush developer kit, implemented a CQT buyback program, and announced the Ethereum Wayback Machine. As we approach the remainder of 2024 and beyond, Covalent is well-positioned to increase its API usage while continuously enhancing its protocol in the next market cycle.

自從Messari 在2022 年第四季發布上一份報告以來，Covalent 取得了重大進展。 它已將支援範圍擴大到超過225 個區塊鏈，在供應方運營中又去中心化了一層，推出了GoldRush 開發人員套件，實施了CQT 回購計劃，並宣布了以太坊Wayback Machine 。隨著 2024 年剩餘時間及以後的時間的臨近，Covalent 已做好充分準備，可以增加其 API 使用量，同時在下一個市場週期中不斷增強其協議。