🚀 Covalent, a leading blockchain data infrastructure provider, has launched a governance proposal under its "New Dawn" initiative, aiming to transition from its existing token, CQT, to a new token, CXT. This move is set to advance AI and ensure long-term data availability.
Key changes include:
- Changing the token symbol from CQT to CXT
- Migrating staking contracts from CQT to CXT on the Ethereum network
- Allocating CXT to all CQT holders
- Increasing token liquidity
The CQT token will be phased out after the proposal is ratified. All CQT positions will be automatically converted to CXT on a one-to-one basis. Trading for CQT ceases on July 9th, with CXT trading commencing after a governance vote and migration. Major exchanges like OKX, Gate.io, Crypto.com, and KuCoin will support this transition. 🔄
Covalent emphasizes community participation in this process. The proposal is up for voting on the Snapshot platform for the next two days. A quorum of 10 million CQT is required to proceed.
What are your thoughts on this transition? Share in the comments! 👇
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