Covalent 扩大网络，推出 CQT 回购计划

2024 年第一季度，Covalent 的网络增长依然强劲，尽管供应量增加了 20%，但质押的 CQT 从 22% 增加到 29%。 CQT 市值多次达到 2.75 亿美元，本季度末达到 1.99 亿美元。 Covalent 宣布了收入分享计划，于 1 月份实施了 CQT 回购计划，到第一季度末回购了 219,000 CQT。此外，还推出了以太坊回溯机（EWM），支持以太坊历史数据的可用性，并且通过去中心化区块结果生成器（BRP）并向区块样本生成器（BSP）添加更多验证器来扩展网络运营商集。

Covalent: A Comprehensive Network Enhancing Blockchain Data Accessibility

共价：增强区块链数据可访问性的综合网络

Key Insights

重要见解

• 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

尽管流通量增加了 20%，但 CQT 质押比例从 2023 年第一季度的 22% 飙升至 2024 年第一季度的 29%。 CQT 市值环比飙升 28%，多次达到 2.75 亿美元，最终稳定在 1.99 亿美元第一季度，Covalent 宣布了未来收入共享模式的计划，并实施了回购计划，在第一季度末回购了 219,000 CQT。第四季度，Covalent 推出了以太坊 Wayback Machine (EWM)，这是一种保存历史以太坊数据的解决方案。 Covalent通过分散区块结果生产者 (BRP) 角色并向 2023 年第三季度的区块样本生产者 (BSP) 集合添加验证器来扩展其网络运营商集合。 关键指标

Performance Analysis

绩效分析

Network

网络

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 强大的基础设施可满足数百家企业和数千家加密行业客户的需求，提供对结构化区块链数据的访问。其用户群包括传统金融和咨询公司、人工智能应用程序、DeFi 平台和投资工具。著名客户包括 Fidelity、EY、Consensys、Matcha、Rainbow Wallet 和 CoinLedger。为了提供这些数据，Covalent 提取、转换和丰富原始区块链数据。

Staked CQT

质押 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”模型允许网络运营商（BSP 和 BRP）通过质押 CQT 来参与网络运营。质押参数（包括最小值和最大值）确保了运营商之间的 CQT 分配。 BSP 的最低权益为 175,000 CQT，最高为 350,000 CQT，而 BRP 的最低权益为 35,000 CQT，最高为 70,000 CQT，无需委托。 Covalent 已将其质押合约从 Moonbeam 迁移到以太坊。

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.

尽管流通量增加了 20%，但质押 CQT 的百分比从 2023 年第一季度的 22% 增长到 2024 年第一季度的 29%。2023 年 8 月中旬 BRP 角色的增加使更多运营商能够质押 CQT。然而，BRP 节点占质押 CQT 的比例不到 0.3%。质押 CQT 的增长可归因于活跃委托人同比增长 9%，以及 2023 年第三季度新增两个 BSP，质押容量增加了 1,960 万 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 市值环比增长 28%，多次达到 2.75 亿美元，第一季度稳定在 1.99 亿美元。自 2023 年 8 月中旬引入 BRP 角色并增加两家运营商以来，CQT 价格已上涨 232%，而大盘涨幅为 132%。虽然 BRP 角色对质押 CQT 的影响很小，但两个 BSP 的加入使质押容量增加了 1960 万 CQT，减少了可交易的 CQT 并推动了资产价格的上行压力。

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 启动了 CQT 回购计划。尽管到第一季度末仅回购了 219,000 个 CQT，但该计划为将网络需求与增加的 CQT 购买压力联系起来奠定了基础。随着 API 查询需求的增加，Covalent 的收入将会增长，从而能够通过额外的收入进行进一步的回购。

Qualitative Analysis

定性分析

Ethereum Wayback Machine

以太坊回溯机

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)，这是一种针对历史以太坊数据的长期数据可用性解决方案。它解决了以太坊的状态过期问题，该问题可能导致性能下降、存储成本高以及节点同步时间延长。

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 永久存储 blob 数据，为归档汇总历史提供可验证的层。除了存档目的之外，EWM 还支持从合规性到 AI 模型训练等各种应用。

AI Use Cases

人工智能用例

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 的结构化数据为广泛的应用程序提供支持，包括税务工具 (CoinLedger)、投资者仪表板 (Consensys) 和用户钱包 (Rainbow)。人工智能 (AI) 是一种新兴的数据消费者，非常适合 Covalent 的数据基础设施产品。为了吸引人工智能人才，Covalent 向在应用程序中利用其数据的人工智能项目提供资助。

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

SmartWhales：一个链上跟单交易平台，使投资者能够关注 DEX 交易者并实现交易自动化。

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：一种促进自动化 DeFi 任务的协议，例如复制交易、美元成本平均和限价订单调度。它还提供人工智能代币筛选器和其他工具来增强 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：浏览器扩展，提供链上分析、代币合约分析、钱包跟踪和链上活动的人工智能警报。

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

Entender Finance：一种人工智能会计工具，用于聚合跨平台的链上活动，自动进行交易跟踪、分析和记录保存。

Closing Summary

结束总结

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 Messari 在 2022 年第四季度发布上一份报告以来，Covalent 取得了重大进展。它已将支持范围扩大到超过 225 个区块链，在供应方运营中又去中心化了一层，推出了 GoldRush 开发人员套件，实施了 CQT 回购计划，并宣布了以太坊 Wayback Machine 。随着 2024 年剩余时间及以后的时间的临近，Covalent 已做好充分准备，可以增加其 API 使用量，同时在下一个市场周期中不断增强其协议。