Covalent partners with Boba Network to provide high-quality data that allows developers to build faster and easier across multiple chains
One of the keys to the success of crypto exchanges, trading firms, and market makers is quick access to reliable and high-quality data. That’s why the leading provider of indexing solutions for blockchains with their Unified API Covalent partnered with Boba Network to provide layer-2 blockchain data as Boba Network scales its solution.
Today, the Coinbase Ventures and Binance Labs-backed Covalent announced a new integration with Boba Network, marking a significant milestone with the blockchain Layer 2 (L2) scaling solution Boba Network. Right out of the box, Covalent brings full transparency and visibility to assets across over 32 blockchain networks and is trusted by over 27,000 developers.
The announcement comes just a day after Boba Network deployed the first layer-two to BNB Chain, offering enhanced scalability and low fees computation to a top-3 popular blockchain by total value locked.
As part of the partnership, Covalent will serve as the first data provider to offer full data visibility into all four of Boba’s L2 mainnet and testnet chains inclujdinAvalanche, Ethereum, Moonbeam, and BNB chain. The integration will also allow developers to search through all the Boba L2s, including the capabilities to pull token balances per address, get NFT transactions for contracts, retrieve historical transactions per address, and also access all contract metadata.
In a post on Twitter, Boba wrote: “Let’s welcome @Covalent_HQ to the Boba Family! Boba Network is partnering with Covalent to provide reliable, high-quality data that allows developers to build faster and easier.”
Let's welcome @Covalent_HQ to the Boba Family!
Boba Network is partnering with Covalent to provide reliable, high quality data that allows developers to build faster and easier 🤩
— Boba Network 🧋 (@bobanetwork) November 3, 2022
This partnership comes at a time when L2 activities within the larger Web3 ecosystem continue to accelerate. A recent report by Covalent tracked a 15 percent rise in the number of API calls from the L2 chains it has indexed.
Boba Network’s L2 solution is the most recent addition to Covalent’s mission of providing full visibility to the billions of valuable blockchain data points. Offering the widest breadth of blockchain data available, Covalent supports 25+ mainnets and 50+ testnets combined.
Alongside expanding to L2 solutions, Covalent is onboarding app-chains (application-specific blockchains) to further add depth, granularity, and a broader metrics pool for users, most recently via play-to-earn games DeFi Kingdoms and Crabada within the Avalanche subnet ecosystem.
Covalent’s data collection process ensures latency for the most up-to-date information retrieval, tremendous breadth spanning 50+ blockchains and alternative sources (app-chains, L2s, etc), and impressive depth – ensuring all data is analyzed from the genesis block and beyond. From the protocol’s perspective, leveraging these findings to unlock the power of Web3 data and provide users with the highest-quality analytics remains in great demand by protocols, institutions, and dApp developers. Transaction history and analysis 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 the same trajectory and expand to other sectors.
“As the need for Web3 data continues to grow, Covalent acknowledges that the key to the success for organizations like exchanges, trading firms, and market makers is quick access to reliable and easy-to-understand data,” said Ganesh Swami, CEO and co-founder of Covalent. “The power of Web3 and decentralized storage is helping to eliminate traditional obstacles like time, cost, and the need for a technical skillset when accessing data. By increasing visibility to trusted chains like Avalanche, Ethereum, Moonbeam, and BNB chain, the Boba Network is scaling for future growth.”
“We’re excited about the partnership with Covalent. As the first and only multi-chain L2 with deployments on Avalanche, BNB Chain, Ethereum, and Moonbeam, it’s important to provide our community of developers access to tools like Covalent. Their unified API is a great added value to our multichain community,” said Alan Chiu, CEO of Enya Labs, the core contributor to Boba Network.
Founded in 2018 by CEO Ganesh Swami and Levi Aul, Covalent is a Web3 data provider and Unified API Key creator. The startup provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers and analysts use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 50+ blockchains. Covalent is trusted by a community of 32,000+ developers and powers data for 3000+ applications, including 0x, Zerion, Rainbow Wallet, Rotki, Bitski, and many others.