Covalent and CQT Frequently Asked Questions
This page is last updated: 05/17/2021
We are receiving a lot of questions and feedback about Covalent especially regarding the Covalent as a community and its products, the Coinlist CQT Sale, community events, and the future of Covalent.
This FAQ page aims to answer all of those questions.
What is Covalent?
One Unified API, One Billion Possibilities. This line says it all.
If you want to learn more, it is best to navigate through the website https://www.covalenthq.com/. There is also a video you can watch there.
Which is better Covalent or The Graph?
Read this article for a competitive analysis between the two: https://www.covalenthq.com/covalent-vs-graph/
Some Advantages of Covalent
- Complete Granular Visibility — Covalent has indexed and decoded entire blockchains making it available to the developer via a unified API. Visibility to billions of blockchain data points for every single wallet.
- Multiple Blockchains Supported — The same API works across 13 different blockchains and counting. Developers cut down time to market from 2 weeks to a matter of hours with Covalent.
- A Marketplace for Use-Cases — Developers can create their own API endpoints for their projects and list them on the marketplace for others to consume. — coming soon
- No Code Solution — Covalent does not require the developer to write indexing code or understand the nuances of blockchain data structures. Approachable to a non-technical user.
- Decentralized Indexing-Querying Middleware — The Covalent network features a fully decentralized storage and compute layer with low fees and high throughput.
- Low Refresh Rate — The fastest and lowest refresh rate at only 30 seconds!
- 100+ projects building with Covalent
Some that are currently in-use
- Reef Finance’s DeFi Analytics Protocol
- Chain Guardian’s migration from Infura & Etherscan to Covalent.
- Zerion’s DeFi portfolio platform for BSC and Polygon(MATIC)
- NFTX’s NFT gallery
How Does the Covalent Technology Work?
The Covalent Network
Watch this teaser video: https://www.youtube.com/watch?v=Gl9CxnMqpUs
I want to build using the API. Where should I start?
First you have to get your very own API key.
You can register from below to get an API key: https://www.covalenthq.com/platform/#/auth/register/
Where can I find the Covalent API documentation?
You can find the docs here: https://www.covalenthq.com/docs/api/#overview
I need more help. Who can I talk to?
You can ask for help from our esteemed individuals, devs and non-devs alike.
Join here: https://discord.com/invite/fgZPpq69Dd
ABOUT THE TOKEN
What is the Covalent Query Token (CQT)?
CQT is the native token of the Covalent Network.
What is the use of CQT?
- As a Governance Token — token holders can vote on proposals to change the system parameters.
- As a Staking Asset — Staked CQT earns a variable 3%-20% in rewards based in the amount staked in the network. This reward amount is not guaranteed.
- As a Network Access Token — CQT can be used to access the Covalent Network to fulfill data queries for users of the API.
- As a fee — Validators will earn fees for answering queries.
Total Supply: 1 Billion CQT
ABOUT THE TOKEN SALES
Fund Raising History and the Vesting Periods(Lockups)
Who were some of the participants for the funding periods?
Some notable participants for the funding periods were Binance Labs, WoodStock, Alameda Research, Coingecko, etc.
Find them all here: https://www.covalenthq.com/about/#backers
Why does the Seed & Private Sale investors have more allocations at lower prices? Will they not dump once their tokens are released?
We cannot control individual purchaser behavior. However, all the participants in the early private sales were carefully screened for long-term alignment and support of the Covalent Network vision and mission. The private purchasers are committed for the long-term and intend to unlock much more additional value than the increase in value between the private sale and public sale. This is not financial advice!
Watch our CEO, Ganesh explaining most of these: https://www.youtube.com/watch?v=DC7Ek-w_Tdc&t=654s
Where can I find more info on the previous public sale on Coinlist?
I have an issue on the last public sale on CoinList. Who can I contact?
Please contact the Coinlist team HERE or send them an email at firstname.lastname@example.org .
I got an allocation on the public sale. When and where can I expect distribution?
Tokens are expected to be distributed within 30 days from May 6 until June 6(on or around this date). You will receive an email from CoinList or from Covalent on how to claim your tokens.
My tokens are locked. When will it be unlocked?
Some tokens are subject to a release schedule. Please check the release schedule from above and below.
How many tokens will be unlocked on TGE? From what funding period?
I am confused on the release schedule of Options 2 and 3. How will these be released?
Options 2 and 3 will be released every month(end of the month) until 12th and 24th month, respectively.
*Example, if the TGE date is June 6, then Options 2 and 3’s first release will be on June 30(end of month), July 31, August 31 and so on.
What will be the price at launch? Can it go 50x? 100x?
We can’t control investor’s behavior thus we can’t predict the price. We suggest reading again above if you are worried about its future value.
When will it be listed on exchanges? On what exchanges?
There are no info on this yet. To be announced soon. Please be wary of people or platform claiming you can currently buy CQT.
Again, no info on this yet.
Where can I find the token contract address?
CQT contract address is not yet released. Any contract addresses you can find and undisclosed by us as of now are scam. Please be vigilant.
Wen Moon? Wen Lambo?
Speculating price is not our game. It’s you guys which give value to the Covalent Ecosystem, while we deliver. We are more focused on Covalent itself, and not the price.
We suggest you to stay a little longer and you will see what we are talking about.
Any official price/trading channel?
None. Maybe soon.
I see an IOU on the market. Did Covalent conduct this?
No, we are not in any way affiliated with those markets unless we give announcements about it. IOUs are speculative and does not reflect what the future value of CQT will be.
I see another Covalent on Coinmarketcap. Which one refers to this Covalent?
We are not in any way affiliated with Covalent.ai.
Please note that the official ticker of our Covalent is CQT and this is our logo.
Where can I check analytics for Covalent?
Where can I find the whitepaper?
You can download a pdf of the whitepaper here (note: this page is currently behind a geo-fence preventing US IP addresses from viewing): https://www.covalenthq.com/static/documents/Covalent Whitepaper Apr 2021 v1 Branded.pdf.
I want to see what’s next. Is there a roadmap?
To be released.
I always hear about this Alchemist thingy. What is it? How can I apply?
The Alchemist Ambassador Program is the way the community can get involved in supporting Covalent while receiving rewards for their contributions.
Watch this video by our CEO @3:30 to learn more about the ambassador program: https://www.youtube.com/watch?v=JFkj4UICuho&t=216s
Also, Season 4 is currently ongoing and everyone are free to apply. Register HERE.
How can I be updated on what’s new from Covalent?
Join our Official Announcement Telegram Channel here.
Are there any regional communities I can join?
Yes, there are!
- Covalent Governance Forum
- Alchemists Dashboard — for Alchemists
- CQTScan — Covalent Network Block Explorer
- Dungeons and Data III with 1inch Network — earn rewards!
- Alchemist Ambassador Program
- CEO Ganesh on REIMAGINE 2021
Covalent Docs: https://www.covalenthq.com/docs