Governance Vote Passes, Migration Complete
The Covalent Network, a modular data infrastructure for AI and Web3, has announced the successful approval and completion of its governance proposal to migrate its native token from the old CQT to the new CXT ticker and network contract. This pivotal change marks a significant milestone in Covalent’s commitment to evolving its infrastructure to better support modular data solutions for AI and Long-Term Data Availability. The new CXT network contract is now live and operational.
New Dawn Initiative Concluded
The successful migration to CXT also marks the completion of the New Dawn initiative. Key highlights included Arthur Hayes joining as a strategic advisor, a $5 million fundraise led by RockTree Capital, the migration of staking from Moonbeam to Ethereum, and more. The migration sets the stage for Covalent’s next growth phase of community expansion, long-term data availability, a refreshed brand, additional advisors, and new funding.
CXT: A New Era for Covalent
The transition from CQT to CXT is more than a ticker change; it marks the beginning of a new era. CXT aligns with Covalent’s enhanced mission of providing robust, decentralized modular data infrastructure tailored for the future of AI and secure, long-term data storage. The new ticker symbolizes limitless potential and a broader scope, encompassing operations securing thousands of network customers, over 230 chains, and enriching more than 300 million wallets with Covalent Network data.
Key Changes and Benefits of CXT
Improved Mission Alignment: The new CXT token better represents Covalent’s evolved mission focusing on modular data infrastructure and AI. Enhanced Staking and Governance: The migration moves staking and governance to CXT, boosting efficiency and security. Distribution and Security: CXT tokens are distributed directly to CQT holders on Ethereum; users of Safe, Metamask, Rabby, or Ledger automatically receive their tokens. Liquidity Enhancement: Measures are implemented to improve overall liquidity, offering a more stable and active trading environment. Deprecation of CQT: With the ratification, CQT is deprecated, and the community fully transitions to CXT, providing better on-chain metrics and token management.
Security and Audits
Covalent ensured a secure migration through thorough audits by Quantstamp, Hacken, and QuillAudit. These audits confirm the integrity and security of the process. No action is required from existing token holders: stakers’ positions are automatically migrated, centralized exchanges handle customer distribution, and self-hosted wallets receive CXT directly.
Centralized Exchange Support
Centralized exchanges including OKX, Gate, Crypto.com, KuCoin, BingX, and MEXC are prepared to support the transition. Trading of CQT was halted on July 9, 2024, at 00:00 UTC, with each exchange setting its own schedule for resumption.
Looking Ahead
The successful migration to CXT signifies a new dawn for Covalent Network. With CXT, Covalent is uniquely positioned to lead advancements in AI and decentralized data infrastructure. The unwavering support and active engagement of the community are essential as Covalent embarks on this transformative path, with no plans to halt or scale back.