Covalent, a prominent network for historical data availability, is adapting its innovative solution to meet the future needs of Ethereum. With its robust infrastructure, Covalent allows users and developers to access structured and verifiable data from a vast repository, enriching millions of wallets and shaping the AI and DeFi industries. As Ethereum scales, the need for a permanent solution to ensure long-term data availability becomes crucial. Covalent emerges as the primary solution with its “Ethereum Wayback Machine,” providing a decentralized gateway to historical data vital for Ethereum’s evolving ecosystem.
To understand the impact of Covalent’s solution, let’s examine the Total Value Locked (TVL) in different Ethereum Layer 2 (L2) solutions that utilize Ethereum’s Blob storage. These L2 platforms, with a TVL of approximately $5.4 billion, heavily rely on Covalent’s Ethereum Wayback Machine. Covalent supports six of the top ten L2 projects that utilize blob storage, affirming its essential role in enhancing data access across these networks. The utility of blobs is currently being explored for other applications, highlighting the increasing importance of long-term data.
Ethereum introduced blobs to reduce gas fees by temporarily posting L2 rollup data on the beacon chain. However, blobs are only available for about 18 days, making long-term data availability a challenging problem. Covalent’s Ethereum Wayback Machine offers a permanent solution by providing perpetual access to this data. Unlike temporary solutions, Covalent ensures that historical data is always accessible, meeting the immediate needs of developers and users and capturing the growing market demand for decentralized data infrastructure.
Covalent’s ability to capitalize on the market’s preference for Ethereum’s native Data Availability solutions sets it apart. With an extensive network and an expanding database of structured and verifiable data, Covalent addresses scalability issues while improving decentralization and efficiency across the Ethereum ecosystem. As the Ethereum network grows, the significance of Covalent’s Ethereum Wayback Machine becomes increasingly evident. Covalent’s commitment to providing immediate data access fosters a decentralized and accessible environment, tackling key challenges in Ethereum’s scalability.
Covalent is a trusted provider of data infrastructure for the decentralized ecosystem. With its Ethereum Wayback Machine, Covalent solves the problem of Long-Term Data Availability for Ethereum, enabling AI use cases to access data from over 225 blockchains. Trusted by industry leaders like Fidelity and Consensys, Covalent is dedicated to expanding its network and fostering a more accessible and decentralized environment.
For more information about Covalent, visit their official website or follow them on Twitter.
