On July 8, 2024, Covalent announced a governance proposal to convert the current token, CQT, to a new token, CXT. This proposal is intended to reflect Covalent's expanding mission of providing modular data infrastructure for artificial intelligence (AI) and ensuring long-term data persistence. Voting for the proposal began at 17:00 PM (Vietnam time) and is open to all token holders, token stakers and delegates.

If the proposal is approved, CXT will be released to all current holders of CQT on the Ethereum network, and CQT will cease operations. Covalent listed key changes in the announcement including: change of token symbol from CQT to CXT, transfer of staking contracts and future governance rights from CQT to CXT on Ethereum, distribution of CXT to all holders current ownership of CQT, and improve the overall liquidity of the token.

Source: Covalent

Covalent representatives affirmed that users' assets will be kept safe throughout the conversion process. All token holders, operators and delegators will automatically have their CQT positions converted to CXT at a 1:1 ratio. CQT trading will cease on July 9, 2024 at 07:00.

Voting for this proposal will take place on the Snapshot platform, with a quorum requirement of 10 million CQT. All eligible token holders, operators, and delegators can participate in the voting over a two-day period, starting at 5 a.m. Vietnam time.

Covalent is a platform that provides blockchain data retrieval and analysis services through an API (application programming interface). The platform makes it easy for developers, businesses, and researchers to access and analyze data from various blockchains without having to build complex systems. Covalent provides comprehensive and detailed data from blockchains, including transaction history, information about smart contracts, and more.

Source: https://tapchibitcoin.io/covalent-token-tu-cqt-sang-cxt.html