Covalent Network, a blockchain data infrastructure project serving AI and Web3, announced that it has passed the governance proposal and successfully converted the CQT token to CXT. This is an important milestone in Covalent's commitment to better support long-term data solutions and artificial intelligence uses.
The successful migration to the CXT token also marks the end of The New Dawn strategy, with key changes including the appointment of Mr. Arthur Hayes to the advisory board, raising $5 million in capital from RockTree Capital, Transfer staking from Moonbeam back to Ethereum.
The CXT token will open a new stage of development for the Covalent community, strengthening its data offering, refreshing its brand, adding more advisors, and mobilizing more assets.
CXT represents the limitless potential of Covalent, no longer limited by CQT - Covalent Query Token. CXT will now be at the center of an ecosystem with thousands of users, supporting 230 blockchains and supporting more than 300 million cryptocurrency wallets.
The new CXT contract has been audited by Quantstamp, Hacken and QuillAudit.
The main changes that CXT brings include:
- Aligns with Covalent's new mission, with a greater focus on AI and long-term data availability.
- Improved staking and governance of the network through CXT.
- New CXT tokens will be distributed to CQT users on Ethereum via MetaMask, Safe, Rabby and Ledger wallets.
- Users holding tokens on OKX, Gate, Crypto.com, Kucoin, BingX and MEXC will all be supported with token transfers, with the time to resume trading to be determined by the exchange.
- CXT liquidity will also be increased on trading platforms.
- CQT token will be removed, switching to using CXT completely.
Stay tuned for more updates from Covalent, with many other big changes on the way.
About Covalent
Covalent (CQT) a decentralized blockchain data infrastructure solution that solves the problem of long-term blob data storage for Ethereum. The project is also committed to democratizing the data availability layer of blockchain. Since its inception, Covalent has helped countless users, development teams, and enthusiasts with the Web3 sector with comprehensive data compiled from more than 225 blockchains. Learn more about how Covalent is building the Ethereum Wayback Machine. Covalent's partners currently include Fidelity, Rainbow Wallet, Consensys and hundreds of other projects.
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