- Covalent Network migrates from CQT to CXT token
- Governance proposal for migration successfully approved
- Staking and governance transition from CQT to CXT
- CXT tokens distributed directly to CQT holders and centralized exchanges
Covalent Network’s Big Shift: CQT to CXT
Covalent Network has successfully completed its highly anticipated migration from the old CQT token to the new CXT token. This change marks a significant milestone in the network’s evolution, aimed at enhancing its operational efficiency and governance mechanisms.
Successful Governance Proposal
The transition was facilitated by a governance proposal that received overwhelming approval from the Covalent community. This proposal laid out the roadmap for migrating the token and associated staking and governance operations from CQT to CXT, ensuring a seamless shift for all stakeholders involved. This move is expected to bolster the network’s functionality and provide a more robust framework for future developments.
Direct Distribution of CXT Tokens
To ensure a smooth transition, Covalent Network has arranged for the new CXT tokens to be distributed directly to all CQT holders on the Ethereum blockchain. This method guarantees that existing token holders can effortlessly convert their assets without navigating complex processes. Additionally, centralized exchanges that previously supported CQT will also receive CXT tokens. These exchanges will manage the distribution of CXT to their customers, making the process straightforward for users who prefer to manage their crypto assets through these platforms.
This migration is more than just a token swap; it represents a strategic move to enhance Covalent Network’s capabilities and better serve its community. By transitioning to the CXT token, Covalent is poised to offer improved governance, more efficient staking, and a more secure network overall.
