Injective has formed a technical collaboration with Covalent, a unified API that seeks to bring full transparency and visibility to assets across all blockchain networks.
At the heart of this collaboration is the user. By partnering with Covalent, Injective will gain further access to real-time and granular blockchain data through the enterprise-grade Covalent API. Such data will not only provide valuable insight into the domain of DeFi, but traders will be able to export their trading data with full historical context which will allow benchmarking of investor performance and record-keeping as evidence for tax purposes.
In recent months, Injective contributors have been working with The Graph on similar efforts. This integration will aid in bolstering the Injective ecosystem further moving forward. In addition, the community will explore introducing new derivative products based on the native Covalent token.
“At Covalent, we have a lot of admiration for Injective Protocol given the decentralized approach they have taken in building their DEX. Now, as a major component of Injective’s ecosystem, Covalent looks forward to mutually building our respective communities and elevating the DeFi user experience to new levels,” said Ganesh, Covalent CEO.
A core backbone to Injective’s layer-2 derivatives platform is the Injective Chain which hosts a fully decentralized orderbook, trade execution coordinator, EVM execution environment, and bi-directional token bridge to Ethereum. Once live, Covalent will be indexing the Injective Chain. By enabling instant access to the data on the Injective Chain, the community will be able to expand the capabilities of the platform through, for example, the release of optimized analytical dashboards and terminals.
“We are excited to be working with the team at Covalent. Proper data feeds are an integral component of building a robust derivatives DEX, so this integration can aid in bolstering the ecosystem further,” said Eric Chen, Injective Labs CEO.
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.
Injective is the first cross-chain protocol built for decentralized finance applications. On the Injective exchange, anyone can access, create, and trade unlimited DeFi markets such as futures and perpetuals. Developers can also build cross-chain Ethereum-compatible projects that are lightning fast and achieve instant transaction finality. Injective is backed by a prominent group of stakeholders including Binance, Pantera Capital and Mark Cuban.