A number of notable investors and projects take provided $2 one thousand thousand to Covalent, a project building a decentralized blockchain data provider.

Hashed Ventures led the round with participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures and others. Blockchain projects similar Moonbeam, Avalanche, NEAR and Elrond likewise pitched in the funding round.

Covalent serves data to a number of projects in the DeFi and NFT spaces, including 0x, Zerion and Balancer, and it occupies a similar niche to The Graph (GRT). Ganesh Swami, CEO and co-founder of Covalent, told Cointelegraph that information technology focuses on a "no-code" approach that distinguishes it from The Graph:

"We do non crave developers to write subgraphs or SQL, which means Covalent is more than broadly applicable, more than mainstream with a bigger addressable marketplace. Covalent is built for the eventual and inevitable merge of DeFi and Fintech."

The architectural vision for Covalent is that of a decentralized and sharded global database, assuasive whatever kind of granular query into historical blockchain data. Blockchain information projects, in general, tin be considered as more advanced and generic blockchain explorers, assuasive a much wider choice of data. DuneAnalytics is another project in this field, and it is oftentimes used by developers to build custom statistical queries well-nigh individual DeFi projects.

The funding obtained by Covalent will be used to decentralize its network, onboarding professional data providers and validators, as well as expanding to more networks. It currently indexes 6 blockchains, with the team expecting to index a full of 12 blockchains by the end of the year.