TL;DR:

• The Refiner is a lightweight tool that transforms blockchain data, providing real-time and historical ETH mainnet data without relying on expensive and slow node operations.

• The incentivized testnet invites a total of 50 projects, individuals and users to participate, offering $100k in CQT rewards and the opportunity to provide feedback that will shape the development of the Refiner. Ten outstanding participants will be selected to join the Covalent Network Mainnet as Refiners.

• Participants can earn rewards by running the Refiner, participating in the bug bounty program, and/or creating written content. The testnet runs from July 5th to July 19th, while the Refiner will go live on mainnet on August 1st.

• Spots are limited so sign up now!

Introducing the Refiner

Over the past year, Covalent has been developing the much anticipated second phase of the Covalent Network; the Refiner. Today, we are excited to invite the Covalent community to participate in the Refiner Testnet, in which individuals will have the opportunity to experience the future of Web3 data infrastructure. The testnet starts on July 5th and runs for a 2-week period with a reward pool of $100k in CQT.

The Refiner is a super lightweight tool that anyone can run (and we mean anyone). Just as an oil refinery takes crude oil as input and processes it to produce different products (such as gasoline and diesel), the Refiner takes raw blockchain data as input and processes it to produce different outputs. The Refiner can run multiple transformations concurrently, just like an oil refinery can process multiple streams of crude oil at the same time, to produce different products.

With the Refiner, data providers will no longer need to rely on expensive and slow node operations. Rather, anyone will be able to capture, splice, and trace real-time and historical ETH mainnet data without relying on RPC calls.

More information regarding the Refiner, including a whitepaper, will be released in the coming weeks.

Testnet Overview

Covalent firmly believes that our community and current customers are invaluable stakeholders who can profoundly shape the Covalent Network's future. So, we are actively inviting a total of 50 projects, individuals and users to participate in the testing of the Refiner. This testnet period will run from July 5th to July 19th, with participants expected to maintain an uptime of at least 80% over this period to be eligible for rewards. Furthermore, the goals of this testnet are:

• Solicit Feedback: Every participant will be able to provide direct feedback to Covalent Engineers which will be incorporated into the development of the Refiner; and

• Onboard New Network Operators: 10 outstanding participants will be selected to onboard to Covalent Network Mainnet after the testnet period as Refiners.

Upon applying, the Covalent team will judge applications based on prior experience with running Web3 infra and willingness to join the Covalent Network.

Let’s dive into the testnet tasks.

Task 1: Run the Refiner

Testnet participants are required to run the Refiner for the duration of the campaign. While mandatory, the Refiner is nothing more than a Docker instance and has been designed to be extremely easy to run and maintain. There is a generous prize pool of $80,000 worth of CQT tokens available for this task. The top 10 participants with the highest uptime will receive the minimum stake for running the Refiner and be onboarded to the Covalent Network's mainnet. The remaining CQT tokens will be distributed among participants who achieved an uptime of 80% or more, pro-rated to their uptime.

Task 2: Bug Bounty

For participants who love to hunt for bugs, Covalent is offering an optional bug bounty program. During the testnet campaign, you have the opportunity to identify and submit any bugs you encounter. The rewards for the bug bounty program will be based on the complexity and significance of the reported bugs. A prize pool of $10,000 worth of CQT tokens is set aside for this task, with the top bug finders receiving well-deserved recognition and rewards.

Task 3: Written Content

If you have a flair for writing and a passion for Web3, the Refiner Testnet campaign offers an optional task. Participants can create written content on provided topics and share their insights with the community. The content should be in the form of a blog post and a Twitter thread. Submissions will be based on originality, insight, clarity, and relevance to the given topic. There will be 15 winners selected for this task, with a prize pool of $10,000 worth of CQT tokens awaiting the top contributors.

Key Dates

• Application closes: June 27th

• Participants selected and announced: June 29th

• Onboarding: July 4th and July 5th

• Testnet: July 5th - July 19th

• Mainnet launch: August 1st

Shape the Future of the Covalent Network

The Covalent Network's Refiner testnet campaign presents an incredible opportunity to be part of our mission. By running the Refiner, participating in the bug bounty program, or creating engaging written content, you can contribute to the growth and success of the Covalent Network while earning CQT rewards. Don't miss out on the chance to shape the future of Web3 data infra and be rewarded for your efforts. Apply now and join the Covalent community on this exciting journey.