Covalent provides data management services where developers can use Covalent's API to fetch blockchain data such as blocks data, transactions, log events, state transitions, trace events, etc. It started as an API service for blockchain data. After achieving product-market fit, the project is now planning to execute the next phase of Covalent, which is a progressive decentralization that will enable the Covalent Network to be operated by its users and incentivize them appropriately.