Covalent announced the latest governance proposal, as part of the "New Dawn" plan, which is actually the finale. Covalent plans to change the token $CQT to $CXT, migrate the staking contract to ETH, and enhance the market liquidity of the token. After the proposal is passed, $CQT will be abolished and $CXT will be issued to $CQT holders.

Voting has begun, and the support amount required for the proposal to take effect is 10 million $CQT. Holders should vote as soon as possible.

This token upgrade is mainly because after many technical and planning upgrades, Covalent has become a modular data infrastructure designed for AI and long-term data availability. The old token can no longer represent the new vision and goals.

Covalent's "New Dawn" plan helped the project rebrand and upgrade its strategy, and achieved good results. Including inviting Arthur Hayes as a strategic advisor, raising $5 million in financing, providing airdrops for staking users to migrate staking back to ETH and a series of systematic adjustments, more than 22% of $CQT has been staked.

To celebrate this upgrade, the official Galxe event was launched to share 2500U of $CQT. It ends at 4 am on the 11th. Participate as early as possible. The event is not competitive and should be easy to win.

Event link: https://app.galxe.com/quest/Covalent/GCqEdtknfn