Covalent
Crypto Overview
Purpose and Utility
Covalent is a blockchain data indexing protocol that provides a unified API to access data across multiple blockchain networks. The CQT token serves as a utility and governance token within the Covalent Network. It is used for staking by network operators, paying for query fees, and participating in network governance.
Business Model
The project's business model centers around providing accessible blockchain data infrastructure. Network operators stake CQT to run nodes and receive rewards for processing queries. Users pay for API access using CQT tokens. This model aligns with halal principles as it provides clear utility and value exchange without involving prohibited activities.
Real-World Adoption
Covalent has established partnerships with multiple blockchain networks and serves numerous Web3 applications. The protocol currently supports data queries across more than 40 blockchain networks and is actively used by developers and enterprises for accessing on-chain data.
Development Activity
The project maintains active development with regular updates to its infrastructure and API capabilities. The team consistently releases new features and network integrations, demonstrating ongoing commitment to the project's development.
Token Distribution and Vesting
The token distribution includes allocations for team members and investors with appropriate vesting schedules to ensure long-term alignment. The project demonstrates transparency in its token economics and distribution model.
Crypto Impact
To assign a comfort level investing in Covalent from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Covalent.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.