.@Covalent_HQ is building one of the most monetized infrastructures in crypto. In mid-May, the project’s API hit a new all-time high in premium credit consumption - tripling its previous peak and marking a 5x usage surge within a single week. Daily call volume now consistently exceeds 2–3 million, with 95% of requests being paid.
This isn’t just technical growth: it’s business execution. The vast majority of Covalent’s API usage is directly monetized, translating into 300M–400M premium credits consumed per day, compared to just 7M–15M in free credits.
Even more notably, Covalent channels a large portion of this revenue into market buying $CXT, its native token. Since the start of 2024, over 5.2M $CXT have been bought back using API-generated revenue - accounting for $400K+ in buybacks and 1.4% of the token’s current market cap.
More in the latest @ournetwork__ edition:
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