We are delighted to announce a technical partnership with Covalent, a unified API that seeks to bring full transparency and visibility to assets across all blockchain networks.
At the heart of this partnership is the user. By partnering with Covalent, we 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, we have been working with The Graph on similar efforts. This integration will aid in bolstering our ecosystem further moving forward. In addition, we 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, we will be able to expand the capabilities of the platform through, for example, the release of optimized analytical dashboards and terminals.
“Injective is 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 our ecosystem further,” said Eric Chen, Injective 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.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Want to learn more about Injective? Join us via the channels below!