Background

Over the last few years, the Covalent Network has achieved a lot to drive towards the verifiable data mission - launching the Block Specimen Producers and Block Results Producers, decentralizing via 32 geo-distributed operators, launching a revenue buyback program, expanding to the APAC region, doubling down on AI/LLM use-cases, supporting 50,000+ developers via the GoldRush API (formerly known as the Unified API) and new industry-leading products like Increment.

To double down on the conviction behind our vision of building a modular, decentralized data infrastructure, we launched the New Dawn initiative, to compress time by introducing a series of critical announcements, technical, and tokenomics changes via the governance process. These include Arthur Hayes joining the team as a strategic advisor, a funding announcement of “5 milo” to expand into the APAC region, airdrops, and migrating the staking operations back to Ethereum. The traction speaks for itself - with over 22% of the circulating supply now staked to secure the verifiable data mission.

Day Zero of The New Dawn is Here with CXT

Day Zero is marking the end of The New Dawn, with the introduction of a new network token CXT to replace the existing network token CQT. The Covalent Network’s evolution from being merely a query provider to becoming the “Ethereum Wayback Machine” necessitates a redefinition of its core mission. The focus now extends to a modular data infrastructure network tailored for AI and Long-Term Data Availability. The current token ticker, CQT, fails to encapsulate this expanded vision and the broader scope of the decentralized data infrastructure.

Come celebrate with us by taking part in some fun-filled Galxe tasks throughout the week!