According to ChainCatcher, AI data infrastructure Covalent announced a governance proposal to migrate Covalent Network's existing token CQT to CXT. The voting for the proposal on Snapshot will end on July 11.
The proposal proposes the following major changes:
Changed token ticker from CQT to CXT.
Migrate the staking contract from CQT to CXT on the Ethereum chain.
Migrate future governance on the Ethereum chain from CQT to CXT.
Distribute CXT to all current CQT holders.
Improve overall token liquidity.
Covalent said that all tokens are safe throughout the migration period. The CQT holdings of all token holders, operators, and delegators will be automatically migrated to CXT at a 1:1 ratio. CQT trading will stop at 00:00 UTC on July 9, and CXT trading will resume after the governance vote and migration are successfully completed.
