According to Odaily, AI data infrastructure company Covalent has announced a governance proposal to migrate its existing CQT tokens to CXT. The voting on this proposal on Snapshot will conclude on July 11.
The proposal suggests several key changes: 1. Changing the token code from CQT to CXT. 2. Migrating the staking contract on the Ethereum chain from CQT to CXT. 3. Moving future governance on the Ethereum chain from CQT to CXT. 4. Distributing CXT to all current CQT holders. 5. Enhancing the overall token liquidity.
Covalent assures that all tokens are secure throughout the migration process. The CQT holdings of all token holders, operators, and delegates will be automatically migrated to CXT at a 1:1 ratio. CQT trading will cease at 00:00 UTC on July 9, and CXT trading will resume after the successful completion of the governance vote and migration.