Ganesh Swami is a tech entrepreneur, CEO, and co-founder of Covalent, a blockchain data infrastructure company that provides unified APIs for accessing blockchain data. He previously founded Silota, a data analytics company, before establishing Covalent to address data accessibility challenges in the blockchain space. ^[3]

Education

Swami graduated from Simon Fraser University with a degree in Engineering Physics. ^[1]

Career

In an interview with Launch Academy, Swami recounted his journey in building his companies during a discussion about his entrepreneurial experiences. He began with a background in engineering, specifically technical engineering physics, and initially worked at a startup before pursuing entrepreneurship full-time. His family, from a traditional background, was initially supportive but encouraged him to return to a conventional job if his entrepreneurial efforts did not succeed. Swami shared his challenges, particularly in sales and marketing, and highlighted the importance of understanding the market and identifying early adopters for his projects. His first company focused on data analysis platforms, while his second venture, Covalent, aimed to create a universal connector for various blockchain networks. Swami emphasized the importance of timing and market dynamics in startups, recognizing that the blockchain space presented significant opportunities at the time. He also discussed the need for a holistic approach to product and marketing strategies, aiming to engage potential users by offering easy-to-understand tools to navigate blockchain technology. As he prepared for Covalent's public launch, he reflected on building a strong foundation for the company with a focus on connecting with interested communities and delivering valuable digital tools. ^{[2] [3]}

Interviews

Covalent’s Blockchain

During an interview at Korea Blockchain Week, Swami detailed Covalent's blockchain innovations. Covalent aimed to address long-term data availability and provide structured, immutable, and verifiable data for AI applications. Swami shared that his journey began unexpectedly when he participated in a hackathon in Vancouver, where he created a system to extract blockchain transaction data easily. Since founding Covalent in 2018, the company has evolved through various market challenges, expanding its support to over 200 blockchains and fostering numerous applications. He highlighted the potential of Ethereum amidst competition and emphasized the importance of verified data in AI and the recent rise of stablecoins in improving transactional efficiency. Swami also introduced a forthcoming project—the Ethereum Wayback Machine—designed to ensure access to historical blockchain data, addressing concerns about data retention. As he reflected on the unique dynamics of the Korean crypto market, he expressed excitement over the advancements and potential within the industry. ^[4]

About Covalent

In an interview hosted by Economics Design, Swami shared insights about Covalent and his background. He explained that Covalent was created to provide a unified interface for blockchain data across multiple systems, addressing the fragmented data and assets challenge. Covalent, which acts as a bridge between centralized and decentralized databases, offers tools such as APIs and analytical products for developers. Swami detailed the differences between Covalent and other platforms like Etherscan, highlighting that Covalent is designed as a developer-centric product without a UI. At the same time, Etherscan caters primarily to retail users. He also discussed the evolution of Covalent from a centralized to a decentralized system, incorporating a governance and staking token, CQT, and addressing past challenges, including a significant loss from the Nomad hack. Looking forward, Swami emphasized the vision of user empowerment and data ownership in the Web3 space as essential themes for the future of Covalent and the broader technological landscape. ^[5]

Covalent 2023 Q1

In an update on Covalent's product offerings, Swami discussed the developments in the first quarter of 2023. He reintroduced the "Hidden Gems" initiative, highlighting lesser-known projects and builders in the Web3 space, stemming from significant growth and innovation. Covalent released over 50 API endpoints during this period, including key features such as Balances V3 and Transactions V3, improving scalability and performance. Balances V3 specifically enhanced how token balances were retrieved, while Transactions V3 allowed for comprehensive transaction tracking, adapting to the complexities of modern blockchain interactions. Additionally, Swami noted the introduction of Class C endpoints, enabling developers to generate custom SQL endpoints, and the rollout of a premium API, which aimed to enhance user experience and efficiency. The company looked forward to further developments in the upcoming quarters. ^[6]

Presentations

Modular Data

At ETHGlobal, Swami provided an overview of Covalent’s recently released AI Agent SDK, a TypeScript toolkit designed for developers to create autonomous agents capable of solving complex problems collaboratively. He introduced the concept of a Zero Employee Enterprise (ZEE), wherein these agents could engage in iterative problem-solving using advanced Chain of Thought techniques. The SDK, which was restructured from its earlier version due to rapidly changing technology, focuses on crypto-related applications, allowing developers to harness various language models and integrate external tools. Swami emphasized the open-source nature of the SDK. He encouraged contributions to enhance its functionality while outlining potential use cases and the ease of initializing projects through a helper tool. He concluded by reflecting on his journey with Covalent, starting from a hackathon and motivating developers to pursue innovative ideas. ^[7]

Covalent Token

Swami discussed the features and advantages of the Covalent Query Token (CQT). He explained that CQT is an ERC-20 token that ensures broad compatibility with various wallets and blockchains, facilitating easy platform integration. Unlike payment tokens, CQT acts as a settlement token within Covalent's decentralized network, allowing customers to pay in stablecoins and thus avoiding volatility exposure. Swami highlighted that CQT may offer potential benefits such as subsidizing gas fees and enabling a withdrawal function, both aimed at improving user experience. He also emphasized the importance of the token being compatible with decentralized finance (DeFi) applications, predicting its future use across multiple chains while delineating key differences from competitors in the indexing and querying space. Ultimately, he noted that the design of CQT reflects lessons learned from earlier industry developments and aligns with the project's revenue-generating model. ^[8]