Covalent ($CQT) has experienced a significant rebound, with its value surging by 25% in the past 24 hours and a 70% increase in trading volume.
This uptick comes as Covalent announces a pivotal Governance Proposal to transition from $CQT to $CXT tokens.
The Governance Proposal outlines several key changes:
1. Token Ticker Change: The proposal aims to change the token ticker from CQT to CXT.
2. Staking Contracts Migration: Staking contracts will be migrated from CQT to CXT on the Ethereum blockchain.
3. Future Governance Migration: Future governance will also transition from CQT to CXT on Ethereum.
4. Token Distribution: All current CQT holders will receive an equivalent amount of CXT tokens.
5. Improved Token Liquidity: The transition is expected to enhance overall token liquidity.
1/ The moment you’ve all been waiting for: DAY ZERO of The New Dawn is upon us 🌅
🚨 We're excited to announce a Governance Proposal for a crucial transition from Covalent Network’s existing token, CQT, to CXT. This is the most significant step of our journey thus far and marks…
— Covalent (@Covalent_HQ) July 8, 2024
CQT and CXT 1:1 Token Migration And Trading
The Covalent team has assured stakeholders that the tokens will remain secure throughout this transition. All token holders, operators, and delegators will have their CQT positions automatically migrated to CXT on a 1:1 ratio, ensuring a seamless transition.
Trading for CQT will cease on July 9, 2024, at 00:00 UTC. Following a successful governance vote and migration, trading for CXT will resume. Major exchanges, including OKX, Gate.io, Crypto.com, and KuCoin, have expressed readiness to support this transition.
This governance proposal marks a significant step for Covalent, aiming to enhance the ecosystem’s efficiency and liquidity. As the market reacts to these changes, the recent price surge reflects growing confidence in Covalent’s future prospects.
Covalent’s proactive approach in upgrading its tokenomics and governance structure positions it well for continued growth and adoption within the crypto space. The community and investors alike will be closely watching the upcoming governance vote and the subsequent migration process.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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