Covalent

What Covalent does

Covalent is a modular blockchain data infrastructure company founded in 2018 and headquartered in Vancouver, Canada, operating a decentralized network that delivers verifiable, structured onchain data across 100+ blockchains (230+ per the tokenomics documentation) at sub-second indexing speeds. The core product, GoldRush (rebranded from the Unified API in July 2024), is a unified REST and WebSocket API that normalizes wallet balances, transactions, token transfers, NFT data, DeFi swaps, OHLCV candles, and cross-chain bridge events into a single schema. Underlying the API is a three-tier data architecture: Bronze stores raw blockchain data losslessly from genesis, Silver applies ABI decoding, token metadata resolution, and USD pricing, and Gold exposes the standardized unified surface across chains with parity between historical and real-time delivery. Proprietary components include Block Specimens and Block Results canonical storage formats, the Ethereum Wayback Machine (EWM) for preserving historical data against EIP-4444 deletion, and an industry-first Model Context Protocol (MCP) server exposing blockchain data to AI agents.

The company serves a horizontal developer and enterprise base including Web3 wallets (Rainbow, Atomic, ThorWallet), DeFi protocols (Matcha, Velora, Ondo), tax and accounting platforms (Koinly, CoinLedger, Crypto Tax Calculator), compliance and analytics firms (Chainalysis, Bubblemaps), and large enterprises (EY, Fidelity, Consensys, Jump). Revenue is generated through usage-based GoldRush API fees (paid in fiat or USDC), a $10/month Vibe Coding subscription tier targeting AI agents and vibe coding tools, the x402 pay-per-call protocol enabling direct wallet payments, and the SpeedRun no-code platform launched in Q4 2025. Distribution is API-first self-serve supplemented by Google Cloud Marketplace and QuickNode Marketplace for enterprise reach. The network is secured by the CXT token (ERC-20, fixed 1B supply), with on-chain governance, programmatic buybacks funded by revenue (~17M CXT purchased in 2025), and a Strategic Reserve targeting ~10% of supply. Backers include Binance Labs, Coinbase Ventures, 1kx, Woodstock, Delphi Digital, Maelstrom, and Rocktree.

The strategic positioning has shifted decisively in 2024-2026 toward AI and agentic systems as a primary customer segment, with dedicated infrastructure including the AI Agent SDK, MCP server, GoldRush CLI with native MCP, GoldRush Skills knowledge modules, and the x402 micropayment protocol. The company is led by co-founder and CEO Ganesh Swami, co-founder and CTO Levi Aul, and CFO/COO Adrian Jonklaas. Operational footprint remains small (11-50 employees) with offices in Vancouver, and the most recent disclosed funding was a $5M round in June 2024 earmarked for APAC expansion, AI integration, and Long-Term Data Availability.

Name

Covalent

Legal name

Covalent

Website

https://covalenthq.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Covalent, founded in 2018, operates GoldRush, a unified API delivering structured, verifiable blockchain data across 100+ chains to wallets, DeFi, tax platforms, and AI agents via a decentralized network secured by the CXT token.

Ownership category

akta.pro rank

Product category

Blockchain Data Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Interoperability & Cross-Chain Infrastructure (Bridges, Messaging, Atomic Swaps) (FSAGAMAI)

akta.pro secondary industries

Deployment, Automation & DevOps (build pipelines, contract deployment tools) (FSAPABAH), Protocol Security, Monitoring & Risk Tooling (audits, formal verification, analytics) (FSAPAAAL)

Keywords

• Blockchain data infrastructure
• Multichain data API
• AI agent data layer
• Onchain analytics platform
• Structured blockchain indexing

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Operations

Revenue model

1. GoldRush API Usage: API usage-based revenue from developers, enterprises, and AI agents querying blockchain data through GoldRush API. Customers pay in fiat or stablecoins like USDC, which triggers programmatic CXT buyback.
2. SpeedRun Platform: Visual no-code platform for building on-chain applications and autonomous agents, launched Q4 2025. Revenue flows into CXT buyback program.
3. x402 Pay-Per-Call: Blockchain data accessible via direct wallet payment, enabling AI agents to pay for data without API keys or accounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels10 records

Core offering

Covalent operates modular blockchain data infrastructure that structures, verifies, and indexes raw onchain data across 100+ chains via the GoldRush unified API. It delivers sub-second, deterministic JSON data to wallets, dashboards, DeFi protocols, tax platforms, and AI agents through REST and WebSocket endpoints, with a Bronze/Silver/Gold processing pipeline and complementary products including the AI Agent SDK, SpeedRun no-code platform, and x402 pay-per-call payments.

Product overview

Covalent operates as a modular data infrastructure layer providing verified, structured blockchain data across 100+ chains (230+ per tokenomics) at sub-second speeds. The product portfolio centers on GoldRush as the primary commercial multichain API, supplemented by SpeedRun (a no-code app-building platform), the AI Agent SDK, GoldRush CLI, GoldRush x402 (pay-per-call payments), and GoldRush Skills (structured knowledge modules for agents). The Covalent Network, secured by the CXT token, is the underlying decentralized infrastructure delivering the data. The Bronze/Silver/Gold data architecture (lossless raw storage, decoded/priced enrichment, unified API surface) underpins the entire product stack. Key differentiators include sub-200ms latency, 99.99% uptime, unified schemas across all chains, MCP support for AI agents, and x402 payment integration for autonomous agent billing.

Differentiator

Problem solved

Functional benefit

Brands

• GoldRush: The multichain API powering wallets, dashboards, and AI agents. Formerly known as the Unified API.
• SpeedRun

Products and services

• GoldRush API Unified multichain blockchain data API delivering structured, typed, deterministic JSON data across 100+ chains at sub-second speeds via REST and WebSocket. Powers wallets, dashboards, tax platforms, AI agents, and trading systems with endpoints for balances, transactions, token transfers, DeFi swaps, NFTs, OHLCV candles, internal transactions, and cross-chain bridge lifecycle data.
• SpeedRun Visual no-code platform for building and scaling full-stack onchain applications and autonomous agents, integrating x402 payments and Clanker for a prompt-to-earn workflow on Base. Revenue flows into the CXT buyback program.
• AI Agent SDK v0.2.0 Software development kit for building, deploying, and interacting with AI agents that consume onchain blockchain data via GoldRush, enabling the 'Zero Employee Enterprise' model of autonomous agent operations.
• GoldRush MCP Server Industry-first Model Context Protocol server for blockchain data, enabling AI models and agents to access structured onchain data through the MCP standard for agent interoperability.
• Hyperliquid Data on GoldRush Dedicated Hyperliquid data offering with custom co-located nodes, zero rate limits, unlimited wallet tracking, and exclusive data on liquidations and vault actions through the GoldRush Streaming API, targeted at HIP-3 builders.
• GoldRush CLI Terminal-first blockchain data tool with 17 commands supporting 100+ chains, real-time streaming, and native MCP support for AI agents, providing direct command-line access to GoldRush API functionality.
• GoldRush x402 Pay-per-call blockchain data payment system powered by the x402 HTTP payment protocol, enabling AI agents and applications to pay for GoldRush API calls using a crypto wallet directly without API keys.
• GoldRush Vibe Coding Plan Low-cost subscription tier ($10/month) providing AI agents, vibe coding tools, and developers low-friction entry access to onchain blockchain data for experimentation and iteration.
• CXT Token Native staking and governance token of the Covalent Network, serving as settlement currency, staking asset, governance token for on-chain proposals, and the medium through which revenue from GoldRush triggers programmatic buybacks feeding the Strategic Reserve.

Quantifiable outcome

• Sub-second indexing with <200ms latency and 99.99% uptime
• +4 more outcomes

Named customers19 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature6 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Cronos zkEVMcoreTechnology or Integration · 14 August 2025Integration with Cronos zkEVM advancing data availability and scaling across the Covalent network, now covering 230+ blockchains.
• TaikominorGTM or Marketing Partner · 29 July 2025Ecosystem airdrop partnership distributing $100,000 worth of TAIKO tokens to CXT stakers as part of the Ecosystem Airdrop Program.
• BerachaincoreTechnology or Integration · 11 February 2025Integration with Berachain introducing modular data infrastructure for its ecosystem, delivering verifiable and structured data.
• Google CloudcoreTechnology or Integration · 12 January 2025GoldRush Blockchain Data APIs made available on Google Cloud Marketplace, enabling enterprise customers to access structured blockchain data through existing GCP contracts and infrastructure.
• OKXcoreStrategic or Co-development Partner · 27 November 2024OKX operating as EWM (Ethereum Wayback Machine) Block Specimen Producer, preserving blockchain history. OKX also offers CXT staking with enhanced yields through the OKX platform.
• UnichaincoreTechnology or Integration · 28 October 2024Integration with Unichain enabling scalable, data-driven solutions for Ethereum's DeFi ecosystem.
• SeicoreTechnology or Integration · 7 August 2024Covalent integrated with Sei blockchain to provide long-term data solutions for scaling Ethereum applications, delivering verifiable and structured data for the Sei ecosystem.
• Aerodrome FinancecoreStrategic or Co-development Partner · 30 July 2024CXT token launched on Base, powering DeFi and AI opportunities through Aerodrome Finance liquidity provision.
• QuickNodecoreTechnology or Integration · 8 May 2024Covalent launched on QuickNode Marketplace, providing onchain data add-ons for developers accessing blockchain infrastructure through QuickNode.
• ChainlinkminorStrategic or Co-development Partner · 27 July 2023Partnership with Chainlink Labs to support Chainlink BUILD participants with GTM expertise, mentorship, and up to $25,000 in grants.
• Consensys (Linea)coreTechnology or Integration · 27 March 2023Partnership with Consensys Linea to provide structured blockchain data for Ethereum scaling solutions.
• MantlecoreTechnology or Integration · 15 March 2023Integration with Mantle, Ethereum's first modular Layer 2, for next-level scalability and comprehensive blockchain data support.
• Polygon zkEVMcoreTechnology or Integration · 8 March 2023Partnership with Polygon zkEVM to support scaling the Ethereum ecosystem, bringing visibility to Polygon zkEVM analytics as the first data provider.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Subscan: Multi-chain blockchain explorer and API provider primarily serving Polkadot, Substrate, and EVM ecosystems. Comparable in providing structured onchain data APIs for builders across multiple chains.
• Alchemy: Leading blockchain developer platform offering multi-chain APIs, indexed data, and webhooks — directly overlapping with GoldRush's unified API across 100+ chains and targeting the same wallet, DeFi, and AI-agent developer segments.
• Moralis: Web3 API platform offering cross-chain wallet, token, NFT, and DeFi data to developers. Directly comparable to GoldRush for wallet/portfolio tracker builders and crypto tax platforms.
• QuickNode: Blockchain infrastructure provider offering RPC endpoints, hosted chains, and a marketplace of add-on data services (where Covalent itself is listed). Competes head-to-head for developer mindshare and increasingly bundles indexed data APIs.
• The Graph: Decentralized protocol for indexing and querying blockchain data via subgraphs across 40+ chains. Most direct competitor to Covalent's GoldRush API in the multichain data indexing category, serving wallets, dashboards, and DeFi apps.
• Chainstack: Managed blockchain infrastructure and API platform supporting 50+ chains with indexed endpoints. Targets similar enterprise and developer use cases for unified multichain data access.

Broad incumbents

• Infura (Consensys): Established Ethereum and multi-chain RPC/API provider owned by Consensys. Collaborates with Covalent on the decentralized Infura DIN but competes broadly in the same blockchain data infrastructure category; serves as a Linea partner.
• Ankr: Decentralized Web3 infrastructure provider offering RPC, staking, and AppChain services (and an investor in Covalent). Broader portfolio but overlaps with GoldRush on multichain data and developer APIs.

Emerging players

• Goldsky: Web3 data infrastructure offering subgraph hosting, mirrored subgraphs, and indexed APIs across EVM chains. Comparable to Covalent for developers needing custom indexing with API access.
• Flare Network: Layer 1 blockchain focused on cross-chain data oracle and interoperability. Overlaps with Covalent's structured-data mission through its FAsset system and cross-chain data delivery primitives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Covalent_HQ
• GitHubgithub.com/covalenthq
• YouTubeyoutube.com/@CovalentHQ

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds6 records

Investors31 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Covalent