Blockchain data infrastructure provider Covalent revealed its intention to initiate the partner ecosystem airdrop, allocating $100,000 in TAIKO tokens to CXT stakers. The tokens will be distributed automatically, requiring no action from users. Currently, users can check their eligibility for token distribution through the Covalent airdrop portal.
The ecosystem airdrop aims to reward loyal CXT token holders by providing them with incentives from a wide range of Covalent’s ecosystem partner networks.
In order to qualify for the airdrop, users must have staked CXT tokens before the snapshot date of July 30th. To guarantee a fair distribution, the airdrop amount is determined by the duration of the CXT tokens’ staking, a normalized staked amount, and rewards.
The Covalent Ecosystem Airdrop Program constitutes a part of the New Dawn initiative, which focuses on enhancing the network and decentralizing its infrastructure to ensure long-term data availability (DA). It is aimed at stimulating market dynamics and promoting greater engagement among members of the Covalent community.
The secret is out: our Partner Ecosystem Airdrop is here 
First up on the list: TAIKO
Here’s the info: 
Date: August 1st 
Amount: $100K in TAIKO tokens 
Eligibility: CXT stakers
The best part? No action needed –– tokens will magically appear in your wallet! 
— Covalent (@Covalent_HQ) July 30, 2024
How Does Covalent X Token Staking Work?
Covalent functions a modular data infrastructure layer created to deal with the issues in blockchain and AI. Its primary focus areas are verifiability, decentralized AI inference, and long-term DA. Additionally, the Ethereum Wayback Machine (EWM) offers secure and decentralized access to transaction data on Ethereum.
Central to the Covalent ecosystem is the Covalent X token, essential for the decentralized long-term data availability network. It represents the native token of the network, utilized for all settlement transactions.
Staking Covalent X token involves engaging in the verification process of the Proof-of-Stake (PoS) consensus protocol, which is an alternative method for earning cryptocurrencies. By staking CXT, users contribute to validating transactions and supporting the decentralized network, and in return, they receive rewards in CXT. Consequently, staking X can be an appealing way to generate earnings and rewards.
Furthermore, CXT holders have the option to earn rewards either by delegating their tokens to a staking pool managed by others or by setting up and managing their own pool. The consensus mechanism for X utilizes the Ouroboros protocol, which involves both delegators and Stake Pool Operators (SPO).
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