Where Does Covalent fit in the DeFi Stack?
Today we will talk about Covalent and how much it is an integral part of the DeFi stack. Decentralized finance is perhaps the most popular in the crypto space right now, and such technology companies that are solving the huge infrastructure problems inhibiting blockchain adoption and such companies like Covalent are essential to being a part of it all. It is impossible to imagine the future without blockchain and not only for development for enterprises, consumers and software developers, almost every field of activity in the future will be associated with cryptocurrencies.
Even today it makes it easier for entrepreneurs to build new products on Ethereum because they can leverage all of the existing infrastructure, which allows them to come to market faster, which allows them to iterate and find product-market fit faster, which makes the products better, which makes more people want to use the products. The network effect of the DeFi ecosystem is potent. In the nearly future decentralized architecture, immutable ledger and highly secure framework, applications of the technology will impact industries ranging from finance and retail to personal identity and cryptocurrency. Covalent will exponentially increase access to and adoption of distributed blockchain technologies for enterprise and consumer use cases.
Even now, Covalent supports the following blockchains:
Defi potential has no limits. Everyone is looking for friction-less solutions that ensure efficiency, security, and scalability. In general, integrating blockchain technology on top of the current infrastructure is often very expensive. The blockchain market as a whole lacks an integrated approach towards ensuring transparency and visibility of digital assets and Covalent was created to bridge these gaps in hopes of encouraging adoption and fostering innovation.
Covalent has built a unified API meant to enhance the transparency and visibility of blockchain networks. Adoption bottlenecks are therefore removed, and smooth transitions are assured. The API has been specifically designed to support a series of enterprise-grade use case scenarios(wallets, exchanges, custodian services, and taxation systems). API is a zero-config and no-code solution that can be utilized by anyone with a basic understanding of blockchain technology. You can try it now.
Request on the official website Get an API key
You can also explore API in Covalent Docs
In nearly feature clients will unlock complete access to multiple data subsets, further aiding blockchain analysis and overall market innovation. Covalent exists to fulfill the demand for crypto and blockchain data by providing its clients with enterprise-grade data querying services.
The first version of Covalent was built in a weekend at a distributed systems hackathon in the fall of 2017. After winning the hackathon, they decided to turn it into a hosted service and start commercialization. Who would have thought that everything would turn out like this. Covalent is very important in the Defi stack, because it’s directly accelerating the mainstream adoption of digital assets and blockchain technology.
More information: covalenthq.com
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