Covalent Onboards Layer 2 Blockchain Data as the Boba Network Scales

Coinbase Ventures and Binance Labs backed Covalent, a Web3 data provider and Unified API Key creator, today announced a significant milestone with blockchain Layer 2 scaling solution Boba Network: Covalent will serve as the first data provider to offer full data visibility across all four of Boba’s Create 2 mainnet and testnet chains across Avalanche, Ethereum, Moonbeam and BNB chain. This partnership comes at a time when Layer 2 activities within the larger Web3 ecosystem continue to accelerate. A recent report from Covalent tracked a 15 percent increase in the number of API calls from the Layer 2 chains it has indexed.

Unlocking the power of Web3 data

Boba Network’s Layer 2 solution is the latest addition to Covalent’s mission to provide full visibility to billions of valuable blockchain data points. Covalent offers the widest breadth of blockchain data available, supporting 25+ mainnets and 50+ testnets combined.

Alongside expanding into Layer 2 solutions, Covalent is bringing in app chains (application-specific blockchains) to further add depth, granularity and a wider metrics pool for users, most recently via games to serve games DeFi Kingdoms and Crabada in the Avalanche subnet ecosystem.

Covalent’s data collection process ensures latency for the most up-to-date information collection, massive breadth spanning 50+ blockchains and alternative sources (app chains, layer 2s, etc.), and impressive depth – ensuring that all data is analyzed from the genesis block and beyond . From the protocol’s perspective, there is still great demand for protocols, institutions and dApp developers to leverage these findings to unlock the power of Web3 data and provide users with the highest quality analytics. Transaction history and analytics is a significant revenue generator in the traditional financial services sector, and as more traditional financial firms increase their crypto holdings, the need for fast and reliable Web3 data will follow suit and expand into other sectors.

Ganesh Swami, CEO and co-founder of Covalent, said:

“As the need for Web3 data continues to grow, Covalent recognizes that the key to success for organizations such as exchanges, trading firms and market makers is rapid access to reliable and easy-to-understand data. The power of Web3 and decentralized storage help eliminate traditional obstacles such as time, cost and the need for a technical expertise when accessing data. By increasing the visibility of trusted chains such as Avalanche, Ethereum, Moonbeam and the BNB chain, the Boba Network scales for future growth.”

Alan Chiu, CEO of Enya Labs, the core contributor to the Boba Network, added:

“We are excited about the partnership with Covalent. As the first and only multi-chain Layer 2 with deployments on Avalanche, BNB Chain, Ethereum and Moonbeam, it is important to give our community of developers access to tools like Covalent. Their unified API is a great added value for our multi-chain community.”

Covalent provides the industry-leading Unified API that provides visibility into billions of Web3 data points. Developers and analysts use Covalent to build exciting multi-chain applications such as crypto wallets, NFT galleries and investor dashboard tools using data from 50+ blockchains. Covalent is trusted by a community of 32,000+ developers and powers data for 3,000+ applications, including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

Covalent was conceived at a hackathon and built during a bear market through a relentless and passionate pursuit of innovation. This creative, tenacious spirit is at the heart of Covalent’s team, and evident in its mission to create opportunities for professionals to develop their skills.

Boba network is a blockchain Layer 2 scaling solution and Hybrid Compute platform that offers lightning-fast transactions and fees up to 60 times less than Ethereum. Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain and real-world data to deliver an enriched experience unlike anything else on the market today.