One widely followed crypto analyst says one low-cap artificial intelligence (AI) token is poised to come to life. Crypto trader Michaël van de Poppe tells his 722,600 followers on the social media platform X that the 346th-largest crypto by market cap, Covalent (CQT), is primed to rally. “CQT is currently back to the levels of […]
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A widely followed crypto analyst is keeping an eye on Bitcoin (BTC) and altcoins as the crypto markets rage. Crypto trader Michaël van de Poppe tells his 697,000 followers on the social media platform X that the altcoin markets are about to explode. The analyst uses the blockchain data provider Covalent (CQT) as an example. “The rotation […]
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The demand for on-chain analysts is set to further increase with Web3 data outgrowing Web2 data over the next 20-30 years, says Covalent's Ganesh Swami.
Ganesh Swami, CEO of blockchain data aggregator Covalent says there continues to be an “intense demand” for on-chain data analysts, that is yet to be satisfied.
Speaking to Cointelegraph, Swami said that analysts are in “intense demand” as there’s a “real need” for data experts to “make sense” of on-chain data, explaining:
“There is an unresolved backlog of unfilled data-driven roles. This demand is a testament to how eager blockchain and non-blockchain companies alike are to make sense of their own and competitors’ on-chain data.”
Swami explained that while the demand for on-chain data analysts has yet to eclipse their Web2 counterpart, the growth of stablecoin usage, lending, and decentralized finance (DeFi) products over the last 18 months has led to increasing demand for the job title.
Swami said similar to data analysts in traditional industries, on-chain data analysts can expect to analyze a company's “reach, retention and revenue” metrics, except, in this case, the intelligence would be found on-chain data across multiple blockchains.
For example, in the case of an NFT project, Swami explained that "reach" would look into “how many people mint your tokens” and "retention" would relate to “what is the average holding period for these tokens" which is important to know whether investors are using these for “quick flips” or “holding on to them” long term.
"Revenue" is about sales — with blockchain analysts able to determine whether the sales are “concentrated through a handful of sales or distributed across multiple collections," he explained.
But the role doesn't e there. Swami said that “to make better protocols and better serve users,” on-chain analysts can “cross-target users for marketing purposes or for user acquisition purposes” by reviewing what’s happened on competitor protocols, as the blockchain leaves what Swami likes to call “historical breadcrumbs.”
Swami also predicted that “Web3 data will exceed Web2 data” at some point in the next 20-30 years, and that Web3 data analysis “will be much, much bigger than the current business intelligence market, which is currently worth hundreds of billions of dollars.”
Addressing the current deficit of on-chain analysts, Covalent is set to launch a four-week “Data Alchemist Boot-Camp” on Oct. 19, which aims to train over 1,000 individuals in on-chain analytics.
“The only prerequisite to joining our Data Alchemist Boot-Camp is a desire to learn about Web3; come with that, and we’ll pay you to learn,” said Swami.
Related: Six helpful tips for Web3 companies searching for top data analysts
Over the near term, however, Swami said on-chain analysts will likely find more job opportunities in Web2 companies which are entering Web3, rather than Web3 native projects themselves:
“It will be faster and better for a Web2 company with their hundreds of millions of players or users to add over Web3 experiences, and what we can see, immediately what we have a line of sight to is Web2 businesses, adding a Web3 experience.”
“Companies such as Adidas and Samsung also now have departments of metaverse data scientists and analysts to serve the dashboards and metrics management,” he added.
Coinbase is continuing to expand its crypto footprint by extending custodial services support to a diverse array of digital assets. In a new announcement, the US-based cryptocurrency exchange says it’s adding eight cryptos to its roster of 200+ assets that are part of the Coinbase Custody cold storage trust. Coinbase Custody now supports deposits and […]
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One crypto whale just embarked on an altcoin shopping spree to the tune of $14.1 million. The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 642,999 Decentraland (MANA) for $1,845,409. Decentraland is a 3D virtual reality world that runs on Ethereum. The 43rd-ranked crypto asset is priced at $2.81. The 3rd-richest […]
The post Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets appeared first on The Daily Hodl.
The blockchain data space is getting more and more heated.
A number of notable investors and projects have provided $2 million 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 like Moonbeam, Avalanche, NEAR and Elrond also 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 it focuses on a “no-code” approach that distinguishes it from The Graph:
“We do not require developers to write subgraphs or SQL, which means Covalent is more broadly applicable, more mainstream with a bigger addressable market. 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, allowing any kind of granular query into historical blockchain data. Blockchain data projects, in general, can be considered as more advanced and generic blockchain explorers, allowing a much wider selection of data. DuneAnalytics is another project in this field, and it is often used by developers to build custom statistical queries about 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 six blockchains, with the team expecting to index a total of 12 blockchains by the end of the year.
