🔥The fire burns in the bellies of all of us at Covalent. We ship and ship hard, and If you ask our allies, their response is “LFG”!!!! ​ Gewm this is Ganesh Swami co-founder at Covalent, ​ As we start winding down for the year post-Devcon, let’s review what's been shipped in the last four months with the metrics below showcasing our progress on the verifiable data mission.  Covalent went through a big transformation with a new brand, better architecture, and a new token ($CXT)—all to double down on DA and AI. ​ In the last four months, post-migration, we’ve: ​ 1️⃣ Doubling Down On Increasing Chain Support ​ Onboarded 6 more chains to the Covalent network including, @SeiNetwork, @cronosapp (crypto.com chain), @unichain (Uniswap L2), @apecoin (Apechain), @LensProtocol (Built by Aave), and @worldnetwork (Worldchain). With 4 more big new chains being onboarded before year end. -- ​ 2️⃣ Protocol Validated With Growing Revenue ​ Covalent’s products have real adoption with paying customers. The protocol processed over 22 Billion paid API queries in this period, with the revenue collected directly going into $CXT buybacks. This is the #DePin network flywheel for the Ethereum Wayback Machine. We don’t count free API queries as they don’t contribute to the flywheel. -- ​ 3️⃣ Marquee Demand-Side Customer Adoption ​ Welcomed new customers including the #1 RWA platform @ondofinance, Aave’s consumer wallet @family, the most well known Bitcoin bridge/atomic swaps protocol @THORChain, and one of the largest custodians in APAC. The adoption is diverse across consumer and enterprise use-cases—including AI inference workloads. -- ​ 4️⃣ Covalent Available Globally With Increasing Adoption ​ Covalent’s @goldrushdev API completed its integration into @QuickNode marketplace and started to see 40% month-on-month customer growth. We are expanding this approach with another major cloud marketplace going live in the next 30 days. -- ​ 5️⃣ The First Million is The Hardest ​ Paid customer revenue growth is accelerating at 15% month-on-month and on target to hit $1 Million ARR (annual recurring revenue) in the next few months. As mentioned before, the revenue collected goes towards $CXT buybacks. Revenue growth should accelerate with new AI inference workloads coming online Q1 2025. -- ​ 6️⃣ EWM Testnet Launch With Community Support ​ Over 8000 signups to participate in the EWM testnet campaign with over 2000+ live EWM Light Clients performing data availability sampling (DAS) to secure the network. Audits for mainnet are pending and expected to launch in Q1 2025. The EWM (Ethereum Wayback Machine) Light Clients ensure the integrity of the data before it's accessed by a global audience needing Long Term DA (Data Availability). -- ​ 7️⃣ Overwhelming support for $CXT Staking Program ​ 30% of the $CXT circulating supply is now staked to secure the protocol. Onboarded 4 new operators with another unannounced Tier 1 partner coming online in the next 14 days. -- ​ 🫡 Big thank you to our operators, @GraphyteLabs, @1kxnetwork, @Woodstockfund, @MoonrockCapital, @PierTwo_com, @MatrixedLink, @SenseiNode, @stakecraft, Corthos Capital, @restakestaking, @Allnodes, @ThunderheadLabs, @dapplooker, @UCalgary, @ChorusOne, @luganodes, @Stakely_io, @Meria_Finance, Low Fee Validation, Mind Heart Soul, @BwareLabs, @POpsTeam1. -- ​ 🚢 Thank you to our amazing investors @1kxnetwork, @Woodstockfund, @hashed_official, @BinanceLabs, @cbventures, @RockTreeCapital, @MaelstromFund.

Step 1 is DONE ✅ The governance proposal has passed! Staking emissions are now live at ~10% APY for BSPs, helping the Covalent Network hit market equilibrium as Ethereum moves toward giga-level gas limits ⛽️. Up next, we’re bringing bCXT to @aeroxyz. Coming soon 👀