Covalent CEO Explains CXT Token Migration, Emphasizing New Era for Data Infrastructure

IconCryptoNewsTerminal Staff24 Jul, 2024

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Covalent CEO Explains CXT Token Migration, Emphasizing New Era for Data Infrastructure

Ganesh Swami, CEO of Covalent, recently spoke on CoinDesk's ongoing CoinDesk Night Live (CNL) Ask Me Anything (AMA) series on Telegram, where he discussed the implications of the token ticker change from CQT to CXT. "The transition from CQT to CXT isn't just a ticker change; it signals the beginning of a new era for Covalent," Swami stated. "This token migration aligns with Covalent's mission to provide a powerful, decentralized, and modular data infrastructure focused on the future of AI and secure, perpetually preservable data archives." Swami explained that moving forward, CXT will take center stage as a core element of network operations, powering Covalent's data network for thousands of customers across 230+ chains, serving data to 300M+ wallets. He outlined key changes and benefits of the CXT migration, including: Improved staking and governance capabilities Enhanced liquidity Swami's comments highlight Covalent's commitment to providing a robust and reliable data infrastructure for the blockchain industry. The CXT token migration is a significant step in this direction, empowering the network and enabling Covalent to continue delivering valuable data solutions.

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