Buy Covalent X Token (CXT)

What is Covalent X Token?

Covalent X Token (CXT) is the native crypto asset of the Covalent Network, which acts as a decentralized data infrastructure offering access to blockchain data. The token is integral to the network's operations, facilitating governance, staking, and network access functionalities.

How does Covalent X Token work?

Covalent X Token operates within the Covalent Network, leveraging a decentralized structure to aggregate, process, and standardise blockchain data. With a consensus mechanism based on Proof of Stake (PoS), the network uses novel storage methods to maintain data integrity efficiently. Smart contract functionalities, secured through extensive audits, enable governance participation and staking activities, further securing the network.

What are the potential use cases for Covalent X Token?

CXT is used primarily to access Covalent's comprehensive data services, including executing data queries and making API calls. It also serves governance purposes, allowing holders to vote on critical system proposals. Beyond its use for staking, CXT incentivises contributions across the Covalent ecosystem and supports innovative decentralised applications, research initiatives like those with the University of Calgary, and more.

What is the history of Covalent X Token?

Covalent X Token was co-founded by Ganesh Swami and Levi Aul, driven by their expertise in technology and blockchain. Since its inception, the token has undergone significant milestones, including expanding globally and migrating from CQT to CXT to enhance its roles in AI and data availability. Originally a data query provider, Covalent now aims to support long-term blockchain data integrity and availability, reflecting its evolving focus and market expansion endeavours.